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

A women's apparel manufacturer in California recently acquired a Houston-based company that manufactures office furniture. This is an example of ________.

Omega Inc. makes lightweight sunglasses with 100-percent UV protection for people who love to hunt, hike, and ride bikes. The company's long-term plans include the development of lenses that, in addition to protecting users from UV rays, would help reduce lens spotting through effective water-sheeting methods. This new feature would be valuable to people who fish. Given the rising popularity of recreational fishing in the United States, Omega products clearly have a huge market potential. In terms of a SWOT analysis, Omega has recognized a market ________.

A clear mission statement acts as an "invisible hand" that guides people in the organization.

Companies that define their missions in terms of products or technologies are considered myopic primarily because ________.

Refer to the scenario below to answer the following question(s). Fun-Spot Fun Park began as a small amusement park in 1985. 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." Today, thousands of visitors flock to Fun-Spot: families, children of all ages, and even senior citizens who enjoy strolling through the gardens and the arbors. "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 that has brought so many visitors," Gail added. "We provide a 'total package' of entertainment. Plus, we try to change our rides and various attractions from time to time for variety." Ron and Gail Hart admitted that making every visitor happy is a priority. "That has always been our philosophy," they said. "Like the park's motto at the entrance reads, 'We're here to make you happy!' And we've always been able to deliver on that because we've never allowed ourselves to grow too big too quickly." -Fun-Spot Fun Park represents a high-growth, high-share business. According to the BCG matrix, it can be classified as a ________.

According to the Boston Consulting Group approach, ________ provides a measure of market attractiveness.

What is SWOT analysis?

Arrow is "a different kind of company, manufacturing a different kind of a car"; the RoadPro is "like nothing else." Statements such as these reflect a firm's ________.

________ are low-share business units in high-growth markets that require a lot of cash to hold their share.

What does marketing ROI measure?

Ron and Gail, owners of Fun-Spot, strive to provide new offerings and entertainment options for their visitors. This type of strategy can be best described as ________.

Mission statements should ________ and be defined in terms of ________.

________ involves looking at whether a company's key action plans are well-matched to its opportunities.

Amor, a successful brand of women's clothing, recently introduced a line of fitness equipment. This is an example of ________.

One valid criticism of the four Ps concept of the marketing mix is that services are not considered.

Define market penetration.

Effective positioning begins with ________.

Which of the following best describes a strategic business unit?

The key businesses of Kimberley and Price consist of a division that produces and sells breakfast cereals and another that manufactures gardening tools. Each of these businesses is called a ________.

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