Midterm Ch. 2

Question 1

Strategic Planning

Answer 1

The management process of creating and maintaining a fit between the companies objectives and resources and the evolving markets opportunities.

Question 2

Market Penetration

Answer 2

Increasing Market share among the existing customers.

Question 3

Market Development

Answer 3

Attracting new customers to existing products.

Question 4

Product Development

Answer 4

Creating new products for the present market.

Question 5

Diversification

Answer 5

Introducing new products into new markets.

Question 6

Marketing Plan

Answer 6

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

Question 7

Mission Statement

Answer 7

It is a written document that basically shows what the business stands for and what type of business they are.

Question 8

Marketing Myopia

Answer 8

Defining a company based on their goods and services rather than on what the customer seeks,

Question 9

SWOT analysis

Answer 9

S-Strengths
W-Weaknesses
O-Opportunities
T-Threats

Question 10

Competitive Advantage

Answer 10

Something that gives you an advantage against your competition.

Question 11

Cost Competitive advantage

Answer 11

When the cost of your product gives you an advantage against your competition.

Question 12

product/service differentiation competitive advantage

Answer 12

When your product or service acts as an advantage against your competition.

Question 13

niche competitive advantage

Answer 13

When finding a certain group of people to sell to can be an advantage against your competition.

Question 14

Marketing Objective

Answer 14

A statement of what is to be accomplished through marketing activities.

Question 15

Marketing Mix (Four Ps)

Answer 15

Product, Price, Place, and Promotion

Question 16

Implementation

Answer 16

Setting things into action.

Question 17

Last three things of the Marketing Plan

Answer 17

1. Implementation
2. Evaluation
3. Control

Question 18

Marketing Mix (Four Ps)

Answer 18

Product, Place, Promotion, and Price.

Question 19

Ansoff’s Opportunity Matrix

Answer 19

1. Market Penetration
2. Product Development
3. Market Development
4. Diversification

Question 20

Boston Consulting Group Model

Answer 20

1. resources allocation strategies build
2. hold
3. harvest
4. divest

Question 21

Objectives

Answer 21

objectives should be realistic, measurable, time-specific, and compared to a benchmark

Question 22

Portfolio Matrix

Answer 22

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

Question 23

Star

Answer 23

In the Portfolio Matrix, a business unit is a fast-growing market leader.

Question 24

Cash Cow

Answer 24

In the Portfolio Matrix, a business unit generates more cash than it needs to maintain a market share.

Question 25

problem child (question mark)

Answer 25

In the Portfolio Matrix, a business unit shows rapid growth but poor profit margins.

Question 26

Dog

Answer 26

In the Portfolio Matrix, a business unit has low growth potential and a small market share.

Question 27

Marketing Planning

Answer 27

Designing activities relating to marketing objectives and the changing marketing environment.

Question 28

Experience Curves

Answer 28

Curves that show costs declining at a predictable rate as experience with a product increase.

Question 29

Sustainable Competitive Advantage

Answer 29

An advantage that the competitors can't copy.

Question 30

Marketing Strategy

Answer 30

Selecting one or more target markets and developing and maintaining a marketing mix that will produce mutually satisfying exchanges with target markets.

Question 31

Marketing Opportunity analysis (MOA)

Answer 31

The description and estimation of the size and sales potential of market segments that are of interest to the firm and the assessments.

Question 32

Marketing Audit

Answer 32

An evaluation of the objectives, strategies, structure, and performance of the marketing organization.