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

________ measures the profits generated by investments in marketing activities.

"At Joe's Diner, we serve great burgers" is a product-oriented business definition.

Ron and Gail plan to lower Fun-Spot's prices in an effort to encourage customers to stay longer, visit more often, and spend more money during each visit. What type of strategy are Ron and Gail planning?

Which of the following is an element of the marketing mix?

What does market targeting involve?

Marketing control involves four steps including all the following EXCEPT ________.

Mission statements should be defined in terms of ________.

Alpha Motors offers "Green automobiles for a greener world." This refers to the ________ of Alpha automobiles.

What is the difference between marketing planning and marketing implementation?

Ravenshaw Corp. assigns its sales and marketing people to specific countries, regions, and districts. Ravenshaw Corp. is most likely an example of a ________.

The network made up of the company, its suppliers, its distributors, and, ultimately, its customers who partner with each other to improve the performance of the entire system is known as the ________.

Which of the following refers to the process of dividing a market into distinct groups of buyers with different needs, characteristics, or behaviors?

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.

By harvesting its SBU, a company would most likely be ________.

"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.

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

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

Distinguish between market segmentation and market targeting.

The marketing mix consists of people, property, planning, and position.

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." -Which of the following is true with regard to a SWOT analysis?