ch 2

Question 1

question marks

Answer 1

low share and high growth

Question 2

market share

Answer 2

company growth by increasing sales of current products to current market segments without changing the product

Question 3

stars

Answer 3

high growth and high share

Question 4

diversification

Answer 4

company growth through starting up or acquiring businesses outside the company’s current products and markets

Question 5

dog

Answer 5

low growth and low share

Question 6

market development

Answer 6

company growth by identifying and developing new market segments for current company products

Question 7

product/market expansion grid

Answer 7

a portfolio-planning tool for identifying company growth opportunities through market penetration, market development, product development, or diversification

Question 8

value chain

Answer 8

the series of internal departments that carry out value-creating activities to design, produce, market, deliver, and support a firm’s products

Question 9

product development

Answer 9

company growth by offering modified or new products to current market segments

Question 10

cash cow

Answer 10

low growth and high share

Question 11

first step in looking at business portfolio

Answer 11

identify the key businesses that make up the company

Question 12

mission statement

Answer 12

describes the organization’s purpose—what it wants to accomplish in the larger environment

Question 13

strategic planning

Answer 13

the process of developing and maintaining a strategic fit between the organization’s goals and capabilities and its changing marketing opportunities

Question 14

marketing mix

Answer 14

set of tactical marketing tools—product, price, place, and promotion—that a firm blends to produce the response it wants in the target market

Question 14

SWOT analysis

Answer 14

• strengths (S), weaknesses (W), opportunities (O), and threats (T)
• The company should analyze its markets and marketing environments to find attractive opportunities and identify environmental threats

Question 14

what is the product/market expansion grid used for/

Answer 14

a portfolio planning tool

Question 14

marketing implementation

Answer 14

turning marketing strategies and plans into marketing actions to accomplish strategic marketing objectives

Question 14

marketing control

Answer 14

measuring and evaluating the results of marketing strategies and plans and taking corrective action

Question 14

market targeting

Answer 14

process of evaluating each market segment’s attractiveness and selecting one or more segments to serve

Question 14

value delivery network

Answer 14

made up of the company, its suppliers, its distributors, and, ultimately, its customers who partner with each other to improve the performance of the entire system

Question 15

company marketing strategy

Answer 15

marketing logic by which a company hopes to create customer value

Question 16

market segment

Answer 16

a group of consumers who respond in a similar way to a given set of marketing efforts

Question 17

current marketing situation

Answer 17

the target market and the company’s position in it, including information about the market, product performance, competition, and distribution