Chapter 2

Question 0

Planning

Answer 0

The process of anticipating future events and determining strategies to achieve organizational objectives in the future

Question 1

Strategic planning

Answer 1

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

Question 2

Marketing planning

Answer 2

Designing activities relating to marketing objectives and the changing marketing environment

Question 3

Marketing plan

Answer 3

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

Question 4

Mission statement

Answer 4

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

Question 5

Marketing myopia

Answer 5

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

Question 6

Strategic business unit

Answer 6

A subgroup of a single business or collection of related businesses within the larger organization, all have separate marketing plan

Question 7

SWOT analysis

Answer 7

Identifying internal strengths weaknesses and also examining external opportunities and threats

Question 8

Environmental scanning

Answer 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

Question 9

Marketing objective

Answer 9

A statement of what is to be accomplished through marketing activities

Question 10

Competitive advantage

Answer 10

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

Question 11

Cost competitive advantage

Answer 11

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

Question 12

Experiences curves

Answer 12

Curve that shows costs declining at a predictable rate as experience with a product increases

Question 13

Product/service differentiation competitive advantage

Answer 13

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

Question 14

Niche competitive advantage

Answer 14

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

Question 15

Sustainable competitive advantage

Answer 15

An advantage that cannot be copied by the competition

Question 16

Market penetration

Answer 16

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

Question 17

Market development

Answer 17

A marketing strategy that entails attracting new customers to existing products

Question 18

Product development

Answer 18

A marketing strategy that entails the creation of a new product for present market

Question 19

Diversification

Answer 19

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

Question 20

Portfolio matrix

Answer 20

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

Question 21

Star

Answer 21

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

Question 22

Cash cow

Answer 22

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

Question 23

Problem child (question mark)

Answer 23

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

Question 24

Dog

Answer 24

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

Question 25

Marketing strategy

Answer 25

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

Question 26

Market opportunity analysis

Answer 26

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

Question 27

Marketing mix

Answer 27

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

Question 28

Four ps

Answer 28

Product place promotion and price, which together make up the marketing mix

Question 29

Implementation

Answer 29

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

Question 30

Evaluation

Answer 30

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

Question 31

Control

Answer 31

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

Question 32

Marketing audit

Answer 32

A thorough, systematic, periodic evaluation of the objective strategies structures and performance of the marketing organization