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

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Question 21

Multiple Choice

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Memories R Us specializes in serving market segments that major competitors overlook and ignore. Which of the following best describes Memories R Us'?

A) market follower
B) marketer challenger
C) market seeker
D) market nicher
E) full market coverer

F) A) and E)
G) B) and D)

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Question 22

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The marketing department alone cannot produce superior value for customers.

A) True
B) False

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Question 23

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Why should a mission statement be "motivating" instead of stated in terms of sales or profits?

Most companies today enter a new market by serving a ________; if this proves successful, they ________.

For Hyundai Corporation, customers who care primarily about the price of a car make up one ________.

To be successful at marketing, companies must effectively turn marketing planning into ________.

A company should consider downsizing when products of an SBU no longer fit the company's overall strategy.

The process of dividing a market into distinct groups of buyers with different needs, characteristics, or behaviors is called ________.

Acme, Inc., has modified the distribution process of its widgets and gadgets in order to tap into the Eastern European market. Acme is likely following a ________ strategy.

________ involves looking at whether a company's basic strategies are well matched to its opportunities.

When dealing with a ________, managers must decide whether to invest in it in an attempt to build it into a star or cash cow or whether to phase it out.

In the four Ps of the marketing mix, design, packaging, services, and variety all fall under the category of ________.

At Google, "we help you organize the world's information and make it universally accessible," is a product-oriented mission.

Starbucks has introduced a debit card that lets customers prepay for coffee and snacks. This effort by Starbucks management is an example of ________.

Why is marketing analysis such an important part of marketing management?

________ is the process of developing and maintaining a strategic fit between the organization's goals and capabilities and its changing marketing opportunities.

According to the text the best known product portfolio planning method was developed by ________.

In the BCG approach, ________ are high-share, high-growth businesses or products. They need heavy investment to finance rapid growth. When their growth slows down, they turn into ________.

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." -Describe two critical factors affecting the strategic plan at Fun-Spot.

Most portfolio analysis methods evaluate SBUs on two dimensions, namely ________ and ________.