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

A market segment consists of consumers who respond in different ways to a given set of marketing efforts.

To be successful at marketing, companies must effectively turn marketing planning into ________. marketing analysis marketing implementation marketing control marketing audits marketing budgeting

________ involves evaluating each market segment's attractiveness and selecting one or more segments to enter. Market segmentation Product differentiation Market targeting Market mixing Positioning

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." What are three possible emerging conditions that may cause the Harts to develop a downsizing strategy at Fun-Spot?

________ are low-growth, high share businesses or products.They generate a lot of cash that the firm uses to pay its bills and support other SBUs that need investment. Stars Cash cows Question marks Dogs Cats

Canada's Wonderland is identifying and developing new markets for its theme parks.Canada's Wonderland is exploring possibilities for ________. market penetration market development downsizing diversification product development

________ should be market oriented and defined in terms of ________. Strategic plans; company needs Annual plans; product needs Long-range plans; company needs Mission statements; customer needs Objectives; customer needs

When a company positions its product, it must first identify possible customer value differences within a market segment that could be the basis of a competitive advantage for the product.

The growth strategy of diversification involves offering modified or new products to current markets.

ABC Financial Services has just developed a formal statement of its purpose.This firm has put together a mission statement.

A sound marketing strategy begins with ________. positioning customer analysis differentiation promotion SWOT analysis

"At Nike, we sell shoes" is a market-oriented business definition.

The image of a product in the minds of consumers is called market segmentation.

Marketing planning is the task of selecting marketing strategies for each business, product, or brand in a company with the goal of helping the company attain its overall objectives.

Peter Cramer is constantly involved in evaluating the results of marketing strategies and plans and taking corrective action to ensure that objectives are attained.Peter's current work is most accurately classified as ________. marketing control marketing planning strategic planning tactical planning strategic control

AllPro Plastics is in the process of dividing a market into distinct groups of buyers with different needs, characteristics, and behaviors who might require separate products or marketing programs.Which of the following is this firm doing? market development market diversification market penetration market targeting market segmentation

Define marketing strategy.Discuss the steps in formulating marketing strategy.

The primary activity in strategic planning is goal setting.

Emerson Studios, a chain of 25 portrait stores in five provinces and territories, has organized its marketing organization into different marketing activities that are headed by specialists.What type of organization is this? geographic product organic functional market

How might a marketer of pens alter the "product" portion of the marketing mix when targeting female college students versus male college students?