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

Fun-Spot Fun Park began as a small amusement park in 1985. Starting 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 arbor. "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," Gail added, "that has brought so many visitors. We provide a 'total package' of entertainment. Plus, we try to change our rides and various attractions from time to time." Ron and Gail Hart admitted that making every visitor happy is a priority. "That has always been our philosophy," they said. "And we've always been able to deliver on that because we've never allowed ourselves to grow too big too quickly." -Into which quadrant of the BCG matrix does Fun-Spot fall? Why?

Define marketing strategy. Discuss the steps in formulating marketing strategy.

________ should be market oriented and defined in terms of ________.

Briefly discuss how marketers measure return on marketing investment, explaining why this figure can be difficult to assess.

Which of the following is an example of a product-oriented mission statement?

Under the ________ organizational format of marketing departments, different marketing activities are headed by a specialist such as a sales manager, advertising manager, marketing research manager, or customer-service manager.

In a SWOT analysis, which of the following refers to factors in the external environment?

The ________ organizational system's main advantage is that the company is organized around the needs of specific market segments.

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

Mission statements should be both meaningful motivating.

In the Boston Consulting Group approach, ________ serve(s)as a measure of company strength in the market.

The first step in strategic planning is to ________.

Fun-Spot Fun Park began as a small amusement park in 1985. Starting 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 arbor. "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," Gail added, "that has brought so many visitors. We provide a 'total package' of entertainment. Plus, we try to change our rides and various attractions from time to time." Ron and Gail Hart admitted that making every visitor happy is a priority. "That has always been our philosophy," they said. "And we've always been able to deliver on that because we've never allowed ourselves to grow too big too quickly." -If you had to select a primary market segment that is crucial to the success of Fun-Spot, who would it be? Why?

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

When a company positions its product, it must first identify possible customer value differences within a market segment that could be the basis of a competitive advantage for the product.

________ can be a company division, a product line within a division, or sometimes a single product or brand.

ABC Financial Services has just developed a formal statement of its purpose. This firm has put together a mission statement.

The marketing concept is best thought of as which of the following?

Effective positioning begins with ________ the company's marketing offer from the competition in order to give consumers more perceived value.

"At Nike, we sell shoes" is a market-oriented business definition.