Marketing Strategy

Question 1

is a directed course of action to achieve an intended set of goals.

determines which markets we will pursue, where we will sell our goods and services.

should define and clarify the unique value.

defines the high-level plan.

Answer 1

strategy

Question 2

is the means by which a strategy is carried out

indicate specific actions that we will take in those markets.

include the tasks of creating, delivering, and expanding the value.

include the steps taken to execute that plan.

Answer 2

tactic

Question 3

Strategy answers the following four questions:

Answer 3

1. Where do we compete?
2. What unique value do we bring to customers?
3. How will we use our capabilities to provide unique value?
4. How will we sustain our unique value and position?

Question 4

The centerpiece of the marketing strategy is

Answer 4

target customer

Question 5

represents a plan to allocate expenditures to each of the components of the marketing mix.

Answer 5

marketing budget

Question 6

the single most important evaluation measure

Answer 6

return on the marketing investment (or marketing ROI)

Question 7

is an examination of the internal and external factors that impact the organization and its strategies.

gives an organization a clear picture of the “situation” in which it operates and helps it identify which strategies to pursue.

Answer 7

SWOT Analysis

Question 8

was created in 1970 by Bruce Henderson and the Boston Consulting Group to help companies with many businesses or products determine their investment priorities.

Answer 8

The BCG matrix (sometimes called the Growth-Share matrix)

Question 9

is the percentage of a market (defined in terms of units sold or revenue) accounted for by a specific product or entity.

Answer 9

market share

Question 10

is comprised of four quadrants that show high and low market share and high and low growth potential.

Answer 10

The BCG Matrix

Question 11

A product or business with a low market share in a mature industry

Answer 11

dog

Question 12

is a product or business that has a high market share and is in a slow-growing industry.

Answer 12

cash cow

Question 13

is a product or business that has a low market share currently but is in a growing industry.

Answer 13

question mark

Question 14

has a high market share in a fast-growing industry.

Answer 14

star

Question 15

strategic opportunity matrix

the strategic opportunity matrix focuses on different growth strategies for markets and products.

Answer 15

Ansoff matrix, named after its creator, Igor Ansoff

Question 16

(Ansoff Matrix)

focus on current products and current markets with the goal of increasing market share

Answer 16

market penetration

Question 17

use existing products to capture new markets

Answer 17

market development

Question 18

create new products that can be sold in existing markets

Answer 18

Product development

Question 19

create completely new opportunities by developing new products that will be introduced in new markets

Answer 19

diversification

Question 20

A discipline in marketing combining database and computer technology with customer service and marketing communications.

Answer 20

customer relationship management