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

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 ________.

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

________ is the process of developing and maintaining a crucial fit between the organization's goals and capabilities and its changing marketing opportunities.

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.

Mission statements should be market oriented.

Market segmentation can be best described as the process of ________.

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

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 ________.

Modern strategic planning ________.

A company's mission statement provides the depth needed for all segments of the company to reach their goals.

Dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors, and who might require separate products or marketing programs is known as market diversification.

To succeed in today's competitive marketplace, companies must be product-centered.

Market development involves company growth by identifying and developing new market segments for current company products.

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

Customer engagement and value are the key ingredients in the marketer's formula for success.

Which of the following companies has a market-oriented business definition?

During portfolio analysis, a company ________ after identifying the key businesses that make up the company.

Which of the following is NOT a market-oriented business definition?

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

Market penetration involves offering modified or new products to current markets.