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

Unlike strategic-planning efforts of the past, which were conducted primarily by senior managers, today's strategic planning is more ________. short-term oriented decentralized limitation-free product-oriented centralized

Define strategic planning.Discuss the steps involved.

Which of the following most accurately identifies a difference between a weakness and a threat in SWOT analysis? A company is more able to change a threat than a weakness. A company is more able to change a weakness than a threat. A company can be more negatively affected by a weakness than by a threat. A company can be more negatively affected by a threat than by a weakness. A company can more easily identify threats than weaknesses.

Why should a mission statement be market oriented instead of product or technology oriented?

Through annual marketing planning, the company decides what it wants to do with each business unit.

________ entails reducing the business portfolio by eliminating products that no longer fit the company's overall strategy. Market segmentation BCG Product line extension Downsizing Market redesign

Environmental Service Company wants to practice effective positioning.To do so, the owners must ________ their marketing offering to give consumers more value than the services offered by competitors. differentiate promote advertise sell represent

Multinationals like Honda Motor Co.and Wal-Mart stores have designed programs to work closely with their suppliers to help them reduce their costs and improve quality.This illustrates the importance of an efficient ________. business model low-cost operator product mix value-delivery network problem-solver

What are two situations in which a company may develop strategies for downsizing its business portfolio?

Starbucks has an annual plan in place to deal with the company's current SBUs and their operations.However, as a growth-oriented firm, Starbucks is interested in both domestic and international markets.This requires Starbucks to constantly monitor the environment and adapt to the opportunities with which it is presented.To take advantage of its changing marketing opportunities, it is most important for Starbucks to have which of the following in place? value-delivery network mission statement supporting objectives profit analysis strategic plan

What type of strategy should a company use to manage its cash cows?

Which of the following is an example of a market-oriented mission statement? "We help you organize the world's information and make it universally accessible and useful." "We run theme parks." "We make customer food and drink products." "We hold online auctions." "We sell tools and home repair items."

Paul Pendergraff has identified a group of potential customers who seem to respond in a similar way to a series of magazine and radio advertisements for his company's product.Paul has identified a(n) ________. target market market segment market market position undefined niche

When dealing with a ________, managers must decide whether to invest in it in an attempt to build it into a star or cash cow or whether to phase it out. star dog question mark cash cow cat

Business portfolio planning involves two steps: ________ and ________. identifying SBUs; assessing the attractiveness of SBUs analyzing the current business portfolio; shaping the future business portfolio identifying internal strengths; identifying external opportunities conducting a SWOT analysis; establishing marketing controls identifying growth opportunities; evaluating growth opportunities

Guided by marketing strategy, the company designs a marketing mix made up of factors under its control: product, price, place, and promotion.

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." Who comprises Fun-Spot's target markets?

Kimball Gardens is a company that operates as two distinct businesses-one that sells lawn and garden products and one that markets booklets.Each business is called a ________. separate entity strategic business unit (SBU) matrix division business portfolio

Modern marketing departments are increasingly arranged using __________. cross-functional teams market manipulation teams production management arrangements political structures media teams

The first step in strategic planning is to ________. set objectives and goals develop the business portfolio define the company mission plan marketing strategies identify a problem