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

"At Trader Joe's, our mission is to provide all our customers the best food and beverage values to be found anywhere, and the information to make informed buying decisions." This is a product-oriented business definition.

In a SWOT analysis, which of the following would be considered a strength?

A mission statement serves as a ________.

The pharmaceuticals division of Omni Healthcare holds low market share in a high-growth market. According to the BCG matrix, the pharmaceuticals division of Omni can be classified as a ________.

________ are low-growth, high-share businesses/products that need less investment to hold their market share.

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

Each department in a company that carries out value-creating activities can be thought of as a link in the company's ________.

According to the Boston Consulting Group approach, ________ serves as a measure of company strength in the market.

Define marketing planning. What are the contents of a marketing plan?

A ________ documents an organization's purpose-what it wants to accomplish in the larger environment.

The purpose of strategic planning is to find ways in which your company can best use its strengths to take advantage of attractive opportunities in the environment.

The managers of Arrow, an American retail chain, are currently reviewing new demographic markets to sell the firm's current products. This is an example of ________.

The major activity in strategic planning is business portfolio analysis, whereby management evaluates the products and businesses that make up the company.

Which of the following is NOT a step in the strategic planning process?

FencePro, a local company, has developed an entirely new mounting system for chain link fences. After acquiring a distributor, FencePro now has the ability to market its products nationwide. FencePro is most likely following a ________ strategy.

In the marketing mix, place includes ________.

________ refers to activities that communicate the merits of the product and persuade target customers to buy it.

Define strategic planning. Discuss the steps involved.

The BCG matrix approach is problematic in that it ________.

RedFin manufactures diving equipment that is highly regarded by customers worldwide. Each department in RedFin contributes to its success and can be thought of as a(n) ________.