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

Define market penetration.

Phoenix, a popular coffee shop chain in North America, recently opened 400 stores to cater to its rapidly increasing number of patrons. This exemplifies ________.

Which of the following is a market-oriented mission statement?

The most common form of marketing organization is the ________ organization. Under this organization, an operational specialist heads different marketing activities.

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

Many managers think that "doing things right," or ________, is as important as, or even more important than, "doing the right things."

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

The purpose of ________ is to ensure that the company achieves the sales, profits, and other goals set out in its annual marketing plan.

Mission statements should be ________.

The collection of businesses and products that make up a company is called its ________.

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 would be classified as an opportunity in a SWOT analysis of Fun-Spot?

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

How does strategic planning benefit companies?

Marketing plays a key role in the company's strategic planning in all of these ways EXCEPT ________.

Which of the following is a major advantage of the market organization?

What type of strategy should a company use to manage its cash cows?

Product refers to the goods-and-services combination that a company offers to its target market.

"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.

Which of the following Ps in the marketing mix describes the goods-and-services combination the company offers to the target market?

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 ________.