Exam 2: Planning, Implementing, and Evaluating Marketing Strategies

Define the four product categories used in the Boston Consulting Group (BCG) product-portfolio analysis.

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

Through the process of strategic planning, a firm establishes an organizational mission and goals, corporate strategy, marketing objectives, and a marketing strategy.

Megan knows that whether she decides to interact with her customers in person, by phone, online, Facebook, Twitter, or by fax, that ____ should ultimately drive the marketing strategy.

Business decisions made in creating a marketing mix

In response to the increase in demand for organic foods, Wegmans, Inc., a regional supermarket, recently created organic food departments within their large stores. The creation of these departments was a result of

Marketing managers can classify a firm's products into four basic types: stars, cash cows, dogs, and question marks.

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 _______.

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

The percentage of a market which actually buys a specific product from a specific company is referred to as that product's

A group that has the willingness, ability, and authority to buy a product is a

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 _____

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. In Southwest Airlines' SWOT analysis, the rising gas prices are a(n) ____, while the fact that other airlines are charging for all checked baggage may create a(n) ____.

Question marks exist at a cost disadvantage and exhibit few opportunities for growth at a reasonable cost.

A firm's unique symbols, personalities, and philosophies comprise its

The Boston Consulting Group's matrix is based on the

The strategic performance evaluation does not monitor the activities of external sources of marketing assistance.

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.

Because of its highly efficient and low-cost distribution system, Walmart has a ____ advantage over Kmart.

Gucci Group, a marketer of high-fashion products, achieved a company turnaround by ensuring that its brand had the same image and proper display around the world. It also lowered prices on some items, like handbags, to be more competitive. This illustrates a company working to develop a marketing mix that is both ____ and ____.