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

What role does the marketing mix play in positioning?

Though companies need to grow to compete effectively and satisfy their stakeholders, growth itself should not be a company's objective.

Which of the following is a market-oriented business definition? "to provide a local trading platform where practically anyone can trade practically anything" "to sell tools and home repair and improvement items" "to deliver low prices every day" "to be the best company in our industry" "to bring inspiration and innovation to everyone in the world"

The U.S.-based company Wal-Mart, the world's largest retailer, has successfully launched its stores in Mexico, Canada, the U.K., and Germany, and other nations.This is an example of how Wal-Mart is pursuing ________ as a growth strategy. market penetration product development demographic market development geographical market development diversification

For Hyundai Corporation, customers who care primarily about the price of a car and its operating economy make up one ________. market position value network market segment customer extension value chain

___________ deals with the company's current business and _______involves adapting a firm to take advantage of opportunities in its constantly changing environment. Long-range planning; strategic planning Short-range planning; long-range planning Annual planning; long-range planning Strategic planning; short-range planning Environmental scanning; strategic planning

In the Boston Consulting Group approach, ________ serve(s) as a measure of company strength in the market. relative market share SBUs cash cows market growth rate market segmentation

In a SWOT analysis, which of the following refers to factors in the external environment? strengths strategies weaknesses opportunities trends

Mission statements should both fit the market environment and be motivating.

Paul Pendergraff is evaluating each market segment's attractiveness and is in the process of selecting one or more segments for his firm's product to enter.What is Paul doing? market targeting marketing segmenting marketing market positioning market penetrating

Which of the following accurately reflects a problem with the BCG matrix approach? It focuses on future planning. It can be costly to conduct. It detracts from the focus on profit maximization. It can lead to over estimation of profits. It focuses on classifying future businesses.

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." In what way do Ron and Gail currently implement a product development strategy at Fun-Spot?

In SWOT analysis, what is the difference between a weakness and a threat?

In the BCG approach, ________ are high-share, high-growth businesses or products.They need heavy investment to finance rapid growth.When their growth slows down, they turn into ________. cash cows; stars question marks; dogs stars; question marks stars; cash cows dogs; cash cows

An increasingly large number of firms are changing their organizational focus from ________ to ________. product management; functional management product management; geographic management brand management; customer relationship management geographic management; functional management global management; regional management

More and more companies involve only upper-level management teams in strategic planning.

Which of the following is the final step in the strategic planning process? defining the company mission setting company objectives and goals designing the business portfolio planning marketing and other functional strategies identifying the company's culture

What are some problems with matrix approaches?

The marketing department alone cannot produce superior value for customers.

Ensuring that the company achieves the sales, profits, and other goals set out in its annual marketing plan is the purpose of ________. marketing control operating control strategic control anticipatory control a marketing audit