The focus of which of the following processes not only sets the stage for planning in the firm, but also represents the maintenance and development of the organization's goals and capabilities and its changing marketing opportunities?
Marketing planning
Long-range planning
Research and development planning
Annual planning
Strategic planning
What is the correct sequence of the steps in the strategic planning process?
Set company objectives and goals, define the company mission, design the business portfolio, and plan the marketing and other functional strategies
Define the company mission, design the business portfolio, set company objectives and goals, and plan the marketing and other functional strategies
Design the business portfolio, define the company mission, set company objectives and goals, and plan the marketing and other functional strategies
Define the company mission, set company objectives and goals, design the business portfolio, and plan the marketing and other functional strategies
Define the company mission, set company objectives and goals, plan the marketing and other functional strategies, and design the business portfolio
The goal of ________ is to develop and maintain a fit between the organization's goals and capabilities and its changing marketing opportunities.
financial planning
sales
marketing
product development
strategic planning
The step in the strategic planning process that should be market-oriented, realistic, specific, motivating, and consistent with the market environment is ________.
developing functional plans
defining the company's mission
setting goals and objectives
designing a business portfolio
developing business unit strategies
Mission statements should be ________.
generalized
product oriented
defined in terms of customer needs
written for public relations purposes
written in technology terms
Which is an example of a market-oriented business definition?
We run reasonably priced, comfortable hotels and convention sites.
We sell arts and crafts supplies.
We empower our busy customers to maintain a healthy diet even when they don't have time to cook.
We run luxury retail outlets.
We manufacture cutting-edge electronics equipment.
Which of the following actions helps a company find the game plan for long-run survival and growth that makes the most sense given its specific situation, opportunities, objectives, and resources?
Individual departmental planning
Financial and revenue planning
When a company starts the strategic planning process at the corporate level, it begins by ___________.
formulating product innovation objectives
defining its overall purpose and mission
defining its revenue objectives
creating research and development plans
setting growth strategy goals
After creating a company's mission and objectives, the executive team must then plan __________ by keeping in mind the best fit for its strengths, weaknesses, and opportunities in the environment.
individual department objectives
revenue goals and objectives
its research and development efforts
its business portfolio
its overall growth strategy
Which tool uses market penetration, market development, product development, or diversification to identify company growth opportunities?
SWOT analysis
Growth-share matrix
Value delivery network
Product/market expansion grid
Market segmentation
Which strategy involves company growth through starting up or acquiring businesses outside the company's current products and markets?
Market development
Market penetration
Pruning
Diversification
Product development
A company's value chain is only as strong as its weakest link. What should a company do to properly gauge the strength of its links and continually improve?
Perform micro-environmental and macro-environmental analyses.
Examine how well each group performs its work of adding customer value.
Determine the company's proper marketing mix and the team's ability to execute on it.
Perform a business and product competitive analysis.
Examine the various elements of the BCG growth-share matrix.
To create value for customers, marketers must improve the performance of the _________, which includes partnering with suppliers, distributors, and customers.
competitive delivery network
internal value chain
strategic plan
marketing system
value delivery network
________ is the process of dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors, and who might require separate marketing strategies.
Marketing mix
Market targeting
Differentiation
Positioning
The set of tactical marketing tools that a firm blends to produce the response it wants in the target markets is called ________.
target marketing
the marketing mix
differentiation
market segmentation
positioning
In this age of customer value and relationships, the four Ps might be better described as the four As. Which is NOT one of the four As?
Acceptability
Awareness
Affordability
Accountability
Accessibility
Why is marketing return on investment (ROI) so difficult to measure?
Marketing dashboards are inconsistent.
The market economics constantly change.
Marketers do not keep adequate records.
Customer-centered measures are inconvenient.
There is no consistent definition.
A marketing dashboard is used to do which of the following?
Develop a course of action to market a product
Promote a product to a target group
Monitor strategic marketing performance
Determine the financial cost of developing a product
Analyze the new product lines being developed
The main section of a typical marketing plan presents ________.
a growth-share matrix
the controls that will be used to monitor progress
an executive summary
a SWOT analysis
a product/market expansion grid
Marketing ________ focuses on the what and why of marketing activities, while marketing ________ focuses on the who, where, when, and how
organization; planning
analysis; planning
implementation; analysis
planning; implementation
Implementation; organization
Most standard portfolio analysis methods evaluate strategic business units (SBUs) on their performance in two important dimensions. What are these two dimensions?
The number of SBUs the company identifies and the number of products it produces
The attractiveness of the SBU's market or industry and the number of products the company produces
The attractiveness of the SBU's market or industry and the strength of the SBU's position in that market or industry
The number of products a company produces and the number of foreign countries in which the company competes
The type of market or industry in which the company competes and the strength of the SBU's position in that market or industry
A video game manufacturer wants to enter the Japanese market with their current line of games. Based on the product/market expansion grid, which growth strategy is the firm using?
Harvesting
The best ________ is the one that best fits the company's strengths and weaknesses to opportunities in the environment.
functional plan
business portfolio
marketing plan
product portfolio
The two steps in business portfolio planning are ________ and ________.
creating detailed functional plans; developing strategies for growth and downsizing
analyzing the current business portfolio; developing strategies for growth and downsizing
analyzing the current business portfolio; developing revenue strategies
creating a corporate strategic plan; developing strategies for growth and downsizing
analyzing past business portfolios; analyzing the current business portfolio
Which strategy is NOT found in the product/market expansion grid?
Consolidation
Fairly recently, Starbucks began expanding into China. At one point, Starbucks was opening a new store in China every 15 hours. Which product/market expansion strategy does this represent?
Marketing provides a guiding philosophy for a company's strategic planning. This philosophy, known as __________, focuses on creating customer value and building profitable relationships with important consumer groups.
customer relationship management
value chain management
the marketing concept
the value network
partner relationship management
________ compose a company's external value delivery network.
Customers, competitors, and suppliers
Suppliers, distributors, and customers
Suppliers, distributors, and other company departments
Suppliers, customers, and other company departments
Company departments, customers, and competitors
Marketing plays a key role in the company's strategic planning by providing a ________ concept philosophy and inputs regarding attractive market opportunities.
production
product
selling
societal marketing
What quote by HP founder David Packard captures the modern attitude toward the role of marketing in business?
"Marketing is so critical that it should only be engaged in by trained marketing professionals."
Marketing is too important to be left only to the marketing department."
"Marketers need other departments to stay out of their way and let them take care of business."
"The marketing department needs to back off when its actions cause other departments to do a poorer job in their terms."
"Customer experience depends solely on the marketing team."
As part of marketing's role, the department works closely with partners in other departments to form an effective internal ________ and with other companies in the marketing system to create an external value delivery network that jointly serves customers.
network
value chain
management process
customer relationship management chain
partner chain
Marketing must also partner effectively with other companies in the marketing system to form a competitively superior ________.
functional delivery network
supply chain network
vendor chain network
_______ is the process of dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors, and who might require separate marketing strategies or mixes.
Marketing strategy
In this age of customer value and relationships, the four Ps might be better described as the four As. What are the four As?
Acceptability, Affordability, Accessibility, Awareness
Acceptability, Affordability, Accessibility, Analytics
Accessibility, Awareness, Analytics, Action
Analytics, Accessibility, Awareness, Advertising
Acceptability, Affordability, Action, Advertising
Companies engage in key activities to determine which customers they are best positioned to serve. Which is NOT one of these activities?
What is at the center of marketing strategy and programs?
Customer value and relationships
Segmentation and targeting
The integrated marketing mix
Positioning and differentiation
The four Ps
The customer-driven company divides the total market into smaller segments, selects segments it can best serve, and decides how it wants to bring value to target consumers in the selected segments. It then designs a(n) ________.
integrated marketing communications plan
integrated marketing mix
revenue plan
integrated marketing plan
comprehensive sales plan
What are the variables in a company's marketing mix?
Product, price, profits, place
Profits, product, partners, people
Product, price, place, promotion
Product, price, profits, people
Product, price, promotion, people
What are the five marketing management functions used to manage the marketing process?
Targeting, planning, implementation, control, and segmenting
Segmenting, planning, implementation, differentiation, and control
Analysis, planning, implementation, organization, and control
Product development, pricing, customer service, promotion, and control
Analysis, segmenting, targeting, planning, and implementing
A marketing plan begins with ________ and ends with a(n) ________.
objectives; budget forecast
an executive summary; action plan
objectives; outline of controls
a marketing strategy; profit forecast
an executive summary; outline of controls
What are the five marketing management functions?
Planning, implementation, research, organization, and control
Analysis, planning, research, implementation, and organization
Analysis, marketing research, implementation, organization, and control
Planning, sales planning, control, implementation, and organization
A SWOT is a part of which marketing management function?
Marketing implementation
Marketing analysis
Marketing control
Marketing organization
Marketing departments can be organized in a number of ways. However, more and more companies are changing organizational focus from ________ to ________.
product management organization; market management organization
customer relationship management; product or territory management
customer relationship management; functional marketing organization
product or territory management; functional marketing organization
product or territory management; customer relationship management
Today's marketers face growing pressures to show that they are adding value in line with their costs. In response, marketers are developing better measures of ________.
marketing tactics and implementation
marketing investments in specific global and domestic locations
marketing return on investment
customer value and partnership management efforts
the effectiveness of digital and social media marketing
What is the product/market expansion grid?
A portfolio-planning tool
The measuring and evaluating of results of marketing strategies of a company
A set of tactical marketing tools
An evaluation of the company’s strengths, weaknesses, opportunities, and threats
What is a company marketing strategy?
The marketing logic by which a company hopes to create customer value
The process by which management evaluates products and businesses
The process of developing and maintaining a strategic fit between the organization’s goals and capabilities and its changing marketing opportunities
The process of evaluating each market segment’s attractiveness
Market penetration is __________.
company growth by increasing sales of current products to current market segments without changing the product
company growth by identifying and developing new market segments for current company products
company growth by offering modified or new products to current market segments
company growth through starting up or acquiring businesses outside the company’s current products and markets
__________ is a portfolio-planning tool for identifying company growth opportunities through market penetration, market development, product development, or diversification.
The product/market expansion grid
What is marketing implementation?
Turning marketing strategies and plans into marketing actions to accomplish strategic marketing objectives
An overall evaluation of a company’s strengths, weaknesses, opportunities, and threats
Measuring and evaluating the results of marketing strategies and plans
The process of evaluating each market segment’s attractiveness and selecting one or more segments to serve
The growth-share matrix defines four types of SBUs: __________ are low-growth, high-share businesses or products.
Cash cows
Stars
Question marks
Dogs
A value chain is __________.
the series of internal departments that carry out value-creating activities to design, produce, market, deliver, and support a firm’s products
made up of the company, its suppliers, its distributors, and, ultimately, its customers who partner with each other to improve the performance of the entire system
the target market and the company’s position in it, including information about the market, product performance, competition, and distribution
a group of consumers who respond in a similar way to a given set of marketing efforts
The growth-share matrix defines four types of SBUs: Stars are __________.
high-growth, high-share businesses or products
low-growth, high-share businesses or products
low-share business units in high-growth markets
low-growth, low-share businesses and products
The growth-share matrix defines four types of SBUs: __________ are low-growth, low-share businesses and products.
cash cows
What is market targeting?
The process of evaluating each market segment’s attractiveness and selecting one or more segments to enter
The marketing logic by which the company hopes to create customer value and achieve profitable customer relationships
The process by which management evaluates the products and businesses that make up the company
__________ is company growth by offering modified or new products to current market segments.
How is a dog defined in the growth-share matrix?
As a low-growth, low-share business or product
As a high-growth, high-share business or product
As a low-share business unit in a high-growth market
As a low-growth, high-share business or product
__________ is company growth by identifying and developing new market segments for current company products.
__________ is the marketing logic by which the company hopes to create customer value and achieve profitable customer relationships.
Portfolio analysis
__________ is the series of internal departments that carry out value-creating activities to design, produce, market, deliver, and support a firm’s products.
A value chain
A value delivery network
The current marketing situation
A market segment
__________ is an overall evaluation of a company’s strengths, weaknesses, opportunities, and threats.
A __________ is a group of consumers who respond in a similar way to a given set of marketing efforts.
market segment
current marketing situation
What is a mission statement?
It describes the organization’s purpose
The process of developing and maintaining a strategic fit between an organization’s goals and capabilities and its changing marketing opportunities
__________ is turning marketing strategies and plans into marketing actions to accomplish strategic marketing objectives.
Question marks are __________ .
__________ is the process of evaluating each market segment’s attractiveness and selecting one or more segments to enter.
What is a cash cow?
A low-growth, high-share business or product
A high-growth, high-share business or product
A low-share business unit in a high-growth market
A low-growth, low-share businesse or product
What is management’s first step in developing a business portfolio?
To identify the key businesses that make up the company, called strategic business units (SBUs)
To assess the attractiveness of the company's various SBUs and decide how much support each deserves
To determine what role each SBU will play in the future
To add new products and units continuously so that some of them will become stars and, eventually, cash cows that will help finance other SBUs
The growth-share matrix defines four types of SBUs: __________ are high-growth, high-share businesses or products.
__ is company growth through starting up or acquiring businesses outside the company’s current products and markets.
What is a value delivery network?
The company, its suppliers, its distributors, and its customers who partner with each other to improve the performance of an entire system
The series of internal departments that carry out value-creating activities to design, produce, market, deliver, and support a firm’s products
The target market and the company’s position in it, including information about the market, product performance, competition, and distribution
A group of consumers who respond in a similar way to a given set of marketing efforts
_________ is the process of developing and maintaining a strategic fit between the organization’s goals and capabilities and its changing marketing opportunities.
How is marketing control defined?
It is the measuring and evaluating of the results of marketing strategies and plans and taking corrective action.
It is the turning of marketing strategies and plans into marketing actions.
It is an overall evaluation of a company’s strengths, weaknesses, opportunities, and threats.
It is the process of evaluating each market segment’s attractiveness.
__________ is company growth by increasing sales of current products to current market segments without changing the product.
