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

A firm's mission statement should be the basis for both its business and marketing objectives.

Though companies need to grow to compete effectively and satisfy their stakeholders, growth itself should not be a company's objective.

When the makers of a ballpoint pen state they are in the communication equipment business, they are defining their mission in terms of the ________.

The four possible strategies that can be pursued for each SBU are building, holding, ________, and ________.

What are two situations in which a company may develop strategies for downsizing its business portfolio?

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

Holiday Inn has divided the total customer market into smaller segments and selected the most promising segments. Deciding what position it wants to occupy in these segments is called targeting.

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." -What role do service products play at Fun-Spot?

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

How are partner relationship management and the value chain related?

Why are many marketers today using customer-centered measures of marketing ROI?

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

Marketing strategies must be developed to support marketing objectives.

The process of customer-driven marketing involves ________.

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." -Who comprises Fun-Spot's target markets?

An increasingly large number of firms are changing their organizational focus from ________ to ________.

Paul Pierce is busy working with other managers evaluating the products and businesses making up their company. Paul is engaged in ________.

Evaluating the results of marketing strategies and plans and taking corrective action to ensure that objectives are attained is called ________.

________ deals with the company's current business and ________ involves adapting a firm to take advantage of opportunities in its constantly changing environment.

Into what quadrant of the product/market expansion grid would a "new and improved" product fall?