POM

Question 1

Is the process of developing and maintaining a strategic fit between the organizations goals and capabilities and its changing marketing opportunities

Answer 1

Strategic Planning

Question 2

Steps in strategic planning

Answer 2

1. Defining the company mission
2. Setting company objectives and goals
3. Designing the business portfolio
4. Planning marketing and other functional strategies

Question 3

Is the organizations purpose, what it wants to accomplish in the larger environment

Answer 3

Mission Statement

Question 4

Defines the business in terms of satisfying basic customer needs.

Answer 4

Market-oriented mission statement

Question 5

are specific and measurable results companies hope to maintain as their organization grows. It acts as a compass for the company, dictating how the organization should allocate strengths, weaknesses and opportunities that may be available.

Answer 5

Business objectives

Question 6

are a brand’s define goals. They outline the intentions of marketing team, provide clear direction for team members to follow, and offer information for executives to review and support. It is a pivotal part of a marketing strategy.

Answer 6

Marketing objectives

Question 7

is the collection of business and products that make up the company.

Answer 7

Business portfolio

Question 8

is a major activity in strategic planning whereby management evaluates the products and businesses that make up the company

Answer 8

Portfolio Analysis

Question 9

is a growth strategy increasing sales to current market segments without changing the product

Answer 9

Market penetration

Question 10

is a growth strategy that identifies and develop new market segments for current products.

Answer 10

Market Development

Question 11

is a growth strategy that offers new or modified products to existing market segments.

Answer 11

Product Development

Question 12

is a growth strategy through starting up or acquiring businesses outside the company’s current products and market.

Answer 12

Diversification

Question 13

is the reduction of the business portfolio by eliminating products or business units that are nor profitable or that no longer fit the company’s overall strategy.

Answer 13

Downsizing

Question 14

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

Answer 14

Value chain

Question 15

is made up of the company, suppliers, distributors, and ultimately customers who partners with each other’s to improve performance of the entire system.

Answer 15

Value delivery network

Question 16

is the division of a market into distinct groups of buyers who have different needs, characteristics or behavior and who might require separate products or marketing mixes.

Answer 16

Market segmentation

Question 17

is a group of consumers who responds in a similar way to a given set of marketing efforts.

Answer 17

Market segment

Question 18

is the process of evaluating each market segment’s attractiveness and selecting one or more segments to enter.

Answer 18

Market targeting

Question 19

is the arranging for a product to occupy a clear. Distinctive, and desirable place relative to competing products in the minds of the target consumer.

Answer 19

Market positioning

Question 20

is the set of controllable tactical marketing tools- products, price, place, and promotion- that the firm blends to produce the response it wants in the target market.

Answer 20

Marketing mix

Question 21

is a process that consists of analyzing current situation and information about marketing opportunities, forecasting and establishing planning premises, selecting target markets, determining marketing objectives, designing and developing marketing strategy.

Answer 21

Planning

Question 22

is the process that turns marketing plans into marketing actions to accomplish strategic marketing objectives

Answer 22

Implementing

Question 23

is the measurements and evaluation of results and the taking of corrective action as needed to ensure the objectives are achieved’

Answer 23

Controlling

Question 24

involves checking ongoing performance against an annual plan and taking corrective action as needed.

Answer 24

Operating control

Question 25

involves looking at whether the company’s basic strategies are well matched to its opportunities.

Answer 25

Strategic control

Question 26

the net return from marketing investment divided by the cost of the marketing investment. Marketing roi provides a measurement of the profits generated by investments in marketing activities.

Answer 26

Marketing ROI

Question 27

is a combination of internal and external environmental forces and factors that influences the business operation of a business and its ability to serve its customers.

Answer 27

Marketing environment

Question 28

consists of the actors close to the company that affect its ability to serve its customers, the company, marketing intermediaries, customers markets, competitors, and publics

Answer 28

Microenvironment

Question 29

 is a legal entity formed by a group of individuals to engage in and operate a business - commercial or industrial- enterprise

Answer 29

The Company

Question 30

is a person or entity that provides the resources to an entity for them to produce goods and services. It is treated as a partner to provide customer value.

Answer 30

Suppliers

Question 31

helps the company to promote, sell and distribute its products to final buyers.

Answer 31

Marketing Intermediaries

Question 32

is a business that provides similar products or services to your business. Firms must gain strategic advantage by positioning their offers against competitors’ offerings.

Answer 32

Competitors

Question 33

refers to any group that has an actual or potential interest in or impact on an organization’s ability to achieve its objectives.

Answer 33

Publics

Question 34

is an individual or business that purchases another company’s good and services.

Answer 34

Customer

Question 35

are important because they drive revenues; without them, business cannot continue to exist.

Answer 35

Customer

Question 36

 is a set external factors or forces, not controlled by the company, which influences is development. It is mainly includes demographics, economics, natural, cultural, technological, legal or political elements.

Answer 36

Macroenvironment

Question 37

is the study of human populations- size, density, locations, race, occupation, and other statistics like age, and gender

Answer 37

Demography

Question 38

involves people, and people make up markets. Demographic trends shift in age, family structure, geographic population, educational characteristics, and population diversity.

Answer 38

Demographic environment

Question 39

consist of factors that affect consumer purchasing power and spending patterns.

Answer 39

Economic environment

Question 40

offerings a financially cautious buyers with greater value by providing the right combination of quality and service at a fair price.

Answer 40

Value marketing

Question 41

includes natural resources that are needed as inputs by marketers of that are affected by marketing activities

Answer 41

Natural environment

Question 42

refers to the state of science and technology in the country and related aspects such as rate of technological progress, institutional arrangement for development and application of new technologies.

Answer 42

Technological environment

Question 43

includes laws, government agencies, and pressure groups that influence or limit various organization and individuals in a given society.

Answer 43

Political environment

Question 44

consist of institutions and other forces that affect a society’s basic values, perceptions, and behaviors. Cultural factors strongly affect people think and how they consume. So marketers are keenly interested in the cultural.

Answer 44

Cultural environment

Question 45

are persistent and are passed on from parents to children and are reinforced by schools, churches, businesses, and government.

Answer 45

Core beliefs and values

Question 46

are more open to change and include people’s views of themselves, others, organization, society, nature and the universe.

Answer 46

Secondary beliefs and values