Exam 2: Planning, Implementing, and Evaluating Marketing Strategies

Based on the work by the Boston Consulting Group,products with a dominant share of the market and good prospects for growth are

Corporate strategy determines the means for utilizing resources in the functional areas of business to reach the organization's goals.

Scenario 2.1 Use the following to answer the questions. Southwest Airlines has a history of being able to retain its employees due to the atmosphere and culture of the company.Employees have been known to dress up in costume on an airplane,engage in "games" with the passengers,and generally provide a fun atmosphere for traveling.While other airlines have low rates of customer satisfaction,Southwest tends to maintain a high rating with its customers.Recent gas price hikes have caused most airlines to charge for checked luggage and to fill every flight to its maximum,adding to the negative experience of airline travel.Southwest keeps its costs low through several methods,one being that they do not serve meals on flights,or provide pre-boarding passes.The typical flight is two hours or less and occurs between several selected cities rather than flying to practically anywhere in the country.Southwest is known for its low fares,its dependability,and its on-time flights. -Refer to Scenario 2.1.The fact that Southwest Airlines has a history of being able to retain its employees is a(n)____ in its SWOT analysis.This low turnover creates more knowledgeable and satisfied employees,a potential _______.

Jason,a 17-year old high school student,wants to buy a pack of Marlboro Lights.He has the money to purchase them,but he is still not considered to be a market for the product due to his lack of ____ to buy.

The marketing control process does not monitor the activities of external sources of marketing assistance.

Electronic marketing has greatly improved the ability of marketers to target individual customers.As a result,many feel that marketing's emphasis is shifting from share of market to share of

Rollins Steel Corporation,a leader in industrial supplies,has identified its auto battery unit as having a dominant market share;however,it has low prospects for growth.The unit currently generates more cash for Rollins Steel than is required to maintain its market share.According to the Boston Consulting Group,the auto battery unit would be classified as a _____

An organization's business goals should be derived from its

The decisions made in creating a marketing mix are only as good as the organization's understanding of the target market.

Marketing mix decisions must have two characteristics: consistency and timeliness.

Stars are profitable products that usually generate more cash than is required to maintain share.

____ strategy determines the means for utilizing resources in the functional areas of marketing,production,finance,research and development,and human resources to achieve the organization's goals.

Business decisions made in creating a marketing mix

Marketing managers can take each of the following corrective actions for reducing a discrepancy between established performance standards and actual performance except

Marketing plans may be developed for strategic business units,product lines,individual products or brands,or specific markets.

The marketing plan is

Realizing an increase in both the number of consumers who are environmentally-conscious and the number of consumers who are seeking vehicles that use less gasoline,several car manufacturers have developed hybrid automobiles.This is an example of identifying and capitalizing on a ____ while the strategic window is open.

Which of the following statements about the marketing mix is incorrect?

Discuss the different ways of organizing the marketing unit.

All marketing mix decisions must have two characteristics: ____ and ____.