Planning/advantage

Question 0

Goal of strategic planning

Answer 0

Long-run profitability and growth

Thus, strategic decisions require long term commitments of resources

Question 1

The managerial process of creating and maintaining a fit between the organizations objectives and resources and the evolving memory opportunities

Answer 1

Strategic planning

Question 2

Designing activities relating to marketing objectives and the changing marketing environment

Answer 2

Marketing planning

Question 3

A written document that acts as a guidebook of marketing activities for the marketing manager

Answer 3

Marketing plan

Question 4

A statement of the firms business based on a careful analysis of benefits sought by present and potential customers and an analysis of existing and anticipated environmental conditions

Answer 4

Mission statement

Question 5

Defining a business in terms of goods and services rather than in terms of the benefits customers seek

Answer 5

Marketing myopia

Question 6

A subgroup of a single business or collection of related businesses within the larger organization

Answer 6

Strategic business unit (SBU)

Question 7

Identifying internal strengths and weaknesses and also examining external opportunities and threats

Answer 7

SWOT analysis

Question 8

Collection and interpretation of information about forces, events, and relationships in the external environment that may affect the future of the organization or the implementation of the marketing plan

Answer 8

Environmental scanning

Question 9

Doc most often studied macro environmental forces

Answer 9

Social
Demographic
Economic
Technological
Political & Legal
Competitive

Question 10

A statement of what is to be accomplished through marketing activities

Answer 10

Marketing objective

Question 11

A set of unique features of a company and its products that are perceived by the target market as significant and superior to the competition

Answer 11

Competitive advantage

Question 12

Being the low-cost competitor in an industry while maintaining satisfactory profit margins

Answer 12

Cost competitive advantage

Question 13

Three types of competitive advantage

Answer 13

Cost
Product/service differentiation
Niche

Question 14

Curved that show costs declining at a predictable rate as experience with s product increases

Answer 14

Experience curves

Question 15

The provision of one thing that is unique and valuable to buyers beyond simply offering a lower price than that of the competition

Answer 15

Product/service differentiation competitive advantage

Question 16

The advantage achieved when a firm seeks to target and effectively serve a small segment of the market

Answer 16

Niche competitive advantage

Question 17

An advantage that cannot be copied by the competition

Answer 17

Sustainable competitive advantage

Question 18

A marketing strategy that tried to increase market share among existing customers

Answer 18

Market penetration

Question 19

A marketing strategy that entails attractive new customers to existing products

Answer 19

Market development

Question 20

A marketing strategy that entails the creation of new products for present markets

Answer 20

Product development

Question 21

A strategy of increasing sales by introducing new products into new markets

Answer 21

Diversification

Question 22

A tool for allocating resources among products or strategic business units on the basis of relative market share and market growth rate

Answer 22

Portfolio matrix

Question 23

In the portfolio matrix, a business unit that is a fast growing market leader

Answer 23

Star

Question 24

In the portfolio matrix, a business unit that generated more cash than it needs to maintain its market share

Answer 24

Cash cow

Question 25

The measure of market share used in the portfolio approach

Answer 25

Relative market share

Question 26

In the portfolio matrix, a business unit that shows rapid growth but poor profit margins

Answer 26

Problem child (question mark)

Question 27

In the portfolio matrix a business unit that has low growth potential and a small market share

Answer 27

Dog

Question 28

The activities of selecting and describing one or more target markets and developing and maintaining a marketing mix that will produce mutually satisfying exchanges with target markets

Answer 28

Marketing strategy

Question 29

The description and estimation of the size and sales potential of market segments that are of interest to the firm and the assessment of key competitors in these market segments

Answer 29

Market opportunity analysis (MOA)

Question 30

A unique blend of product, place (distribution), promotion, and pricing strategies designed to produce mutually satisfying exchanges with a target market

Answer 30

Marketing mix

Question 31

Four Ps that make up the marketing mix

Answer 31

Product, place, promotion, and price

Question 32

The process that turns a marketing plan into action assignments and ensures that these assignments are executed in a way that accomplishes the plan’s objectives

Answer 32

Implementation

Question 33

Gauging the extent to which the marketing objectives have been achieved during the specified time period

Answer 33

Evaluation

Question 34

This provides the mechanisms for evaluating marketing results in light of the plans objectives and for correcting actions that do not help the organization reach those objectives within budget guidelines

Answer 34

Control

Question 35

A thorough, systematic, periodic evaluation of the objectives, strategies, structure, and performance of the marketing organization

Answer 35

Marketing audit

Question 36

Effective strategic planning requires (3)

Answer 36

Continual attention, creativity, and management commitment