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

Fun-Spot Fun Park represents a high-growth, high-share business. According to the BCG matrix, it can be classified as a ________.

Which of the following is the first step of business portfolio planning?

The four marketing management functions are analysis, planning, implementation, and control.

Each company must divide up the total market, choose the best segments, and design strategies for profitably serving chosen segments. This process involves market segmentation, ________, differentiation, and positioning.

The BCG matrix approach is problematic in that it ________.

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

What does market targeting involve?

Which of the following is true with regard to the product/expansion grid?

More and more, companies are shifting their brand management focus from brand profitability toward ________.

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

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

The process of arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers is known as ________.

The main section of the marketing plan most likely presents a detailed ________ analysis of the current marketing situation.

In the marketing mix, place includes ________.

Which of the following is true with regard to strategic planning?

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's mission is ________.

Companies may want to downsize their business portfolios for all but which of the following reasons?

What are some of the problems associated with matrix approaches?

What is the main purpose of the executive summary in a marketing plan?

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?