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

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.

Which of the following refers to the process of dividing a market into distinct groups of buyers with different needs, characteristics, or behaviors?

The process of evaluating each market segment's attractiveness and selecting one or more segments to enter is known as ________.

According to the Boston Consulting Group approach, ________ serves as a measure of company strength in the market.

Lark Inc., an American electronics company, is currently reviewing new geographical markets to sell its highly popular televisions. By 2020, it plans to open new stores across all the major South Asian cities. Lark is most likely following a ________ strategy.

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

Harris Brown, the marketing manager at a small retail chain, wants to assess his firm's strengths, opportunities, weaknesses, and threats. Which of the following would be best suited for his purpose?

Define strategic planning. Discuss the steps involved.

What does marketing ROI measure?

Omega Inc. makes lightweight sunglasses with 100-percent UV protection for people who love to hunt, hike, and ride bikes. The company's long-term plans include the development of lenses that, in addition to protecting users from UV rays, would help reduce lens spotting through effective water-sheeting methods. This new feature would be valuable to people who fish. Given the rising popularity of recreational fishing in the United States, Omega products clearly have a huge market potential. In terms of a SWOT analysis, Omega has recognized a market ________.

Why should mission statements be market oriented instead of product or technology oriented?

Which of the following is NOT a step in the strategic planning process?

"At Trader Joe's, our mission is to provide all our customers the best food and beverage values to be found anywhere, and the information to make informed buying decisions." This is a product-oriented business definition.

In the context of a company's marketing mix, ________ includes company activities that make the product available to target consumers.

What is a strategic business unit (SBU)?

A company's broad mission leads to ________.

Each department in a company that carries out value-creating activities can be thought of as a link in the company's ________.

Making more sales to current customers without changing a firm's products is known as ________.

Benchmarking refers to the process that turns marketing plans into marketing actions to accomplish strategic marketing objectives.

A company's mission could appropriately be stated as "making more sales or profits."