Exam 2: Company and Marketing Strategy: Partnering to Build Customer Relationships

Scenario Fun-Spot Fun Park began as a small amusement park in 1985.Starting with nothing more than a merry-go-round, a slide, pony rides, and an ice cream stand, Fun-Spot grew into a popular family attraction with 20 rides, a restaurant, and an outdoor performing arts theater. My wife, Gail, and I didn't know what we were getting into," commented Ron Hart, the owner."We just knew that weekenders coming to the lakes in our rural area represented an untapped market." oday, thousands of visitors flock to Fun-Spot-families, children of all ages, and even senior citizens who enjoy strolling through the gardens and arbor. There's something here for everyone," Gail Hart said with a smile."Dozens of companies hold annual company picnics here.We have welcomed class field trips.And we even had one wedding here at the park!" Here's the funny thing," Ron chimed in."We really don't know why we've been so successful! There is nothing else like Fun-Spot Fun Park in the area.We were just lucky." I think it's the ambience of the park," Gail added, "that has brought so many visitors.We provide a 'total package' of entertainment.Plus, we try to change our rides and various attractions from time to time." on and Gail Hart admitted that making every visitor happy is a priority."That has always been our philosophy," they said."And we've always been able to deliver on that because we've never allowed ourselves to grow too big too quickly." At this point, how do Ron and Gail monitor Fun-Spot's business portfolio?

In the marketing management functions, a SWOT analysis should ________ a marketing plan. precede coincide with follow evaluate take priority over

According to the text the best known product portfolio planning method was developed by ________. Philip Kotler Harvard University the SRI Consulting Firm the Boston Consulting Group James P.Hess

The pharmaceuticals division of Omni Healthcare holds low market share in a high-growth market.In order to increase market share, managers may decide to ________. hold the pharmaceuticals division's share implement a harvest strategy use money from a cash cow to promote the pharmaceuticals division divest the SBU diversify the pharmaceutical division

Briefly discuss how marketers measure return on marketing investment, explaining why this figure can be difficult to assess.

________ is the process of developing and maintaining a strategic fit between the organization's goals and capabilities and its changing marketing opportunities. Strategic planning Annual market planning Short-term planning Long-range planning Advertising

Monsanto operates in many businesses, including pharmaceuticals and food products.The company defines its ________ as creating "abundant food and a healthy environment." strategy market development business portfolio mission value-delivery network

A company's value chain is only as strong as its strongest link, or most effective department.

Memories R Us specializes in serving market segments that major competitors overlook and ignore.Which of the following best describes Memories R Us'? market follower marketer challenger market seeker market nicher full market coverer

Why are many marketers today using customer-centered measures of marketing ROI?

The four Ps concept takes the seller's or marketer's view of the market.What are the buyer's four Cs? convenience, cost, competition, and communication customer solution, customer cost, convenience, and communication customer solution, customer satisfaction, convenience, and communication customer satisfaction, customer value, convenience, and customer relationships customer solution, customer value, convenience, and communication

The process of customer-driven marketing involves ________, ________, ________, and ________. product; price; promotion; adaptation market segmentation; market targeting; differentiation; positioning marketing analysis; planning; implementation; feedback analysis; targeting; implementation; control problem identification; information search; decision; implementation

How might Party Planning Paradise, a company that sells a wide range of party supplies for all occasions, implement a market development strategy?

According to the product/market expansion grid, what strategy would a fast-food hamburger restaurant follow if it offered a salad bar option during lunch hours?

Paul Pierce is busy working with other managers evaluating the products and businesses making up their company.Paul is engaged in ________. defining the company's mission statement preparing a business portfolio portfolio analysis marketing planning marketing control

Scenario Fun-Spot Fun Park began as a small amusement park in 1985.Starting with nothing more than a merry-go-round, a slide, pony rides, and an ice cream stand, Fun-Spot grew into a popular family attraction with 20 rides, a restaurant, and an outdoor performing arts theater. My wife, Gail, and I didn't know what we were getting into," commented Ron Hart, the owner."We just knew that weekenders coming to the lakes in our rural area represented an untapped market." oday, thousands of visitors flock to Fun-Spot-families, children of all ages, and even senior citizens who enjoy strolling through the gardens and arbor. There's something here for everyone," Gail Hart said with a smile."Dozens of companies hold annual company picnics here.We have welcomed class field trips.And we even had one wedding here at the park!" Here's the funny thing," Ron chimed in."We really don't know why we've been so successful! There is nothing else like Fun-Spot Fun Park in the area.We were just lucky." I think it's the ambience of the park," Gail added, "that has brought so many visitors.We provide a 'total package' of entertainment.Plus, we try to change our rides and various attractions from time to time." on and Gail Hart admitted that making every visitor happy is a priority."That has always been our philosophy," they said."And we've always been able to deliver on that because we've never allowed ourselves to grow too big too quickly." If you had to select a primary market segment that is crucial to the success of Fun-Spot, who would it be Why?

A company with limited resources would likely decide to serve all segments of a market.

Mission statements should be realistic and general in nature.

How are partner relationship management and the value chain related?

Into what quadrant of the product/market expansion grid would a "new and improved" product fall?