Kotler / Armstrong, Chapter 2 This type of business plan involves adapting the firm to take advantage of opportunities in its constantly changing environment

Kotler / Armstrong, Chapter 2

This type of business plan involves adapting the firm to take advantage of opportunities in its constantly changing environment.

1. annual plan

2. marketing plan

3. strategic plan

4. operational plan


This type of business plan involves adapting the firm to take advantage of opportunities in its constantly changing environment.

1. annual plan

2. marketing plan

3. strategic plan

4. operational plan


A good mission statement should be realistic, be specific, fit the market environment, and motivate, among other things.

1. true

2. false


A good mission statement should be realistic, be specific, fit the market environment, and motivate, among other things.

1. true

2. false


The organization should base its mission statement on its _____.

1. profitable goals

2. customers’ welfare

3. product’s value

4. distinctive competencies


The organization should base its mission statement on its _____.

1. profitable goals

2. customers’ welfare

3. product’s value

4. distinctive competencies


Strategic business units (SBUs) are classified as stars, cash cows, cats, or dogs.

1. true

2. false


Strategic business units (SBUs) are classified as stars, cash cows, cats, or dogs.

1. true

2. false


_____ are low-growth, high-share businesses or products.

1. Question marks

2. Cash cows

3. Dogs

4. Stars


_____ are low-growth, high-share businesses or products.

1. Question marks

2. Cash cows

3. Dogs

4. Stars


All of the following are components of the product/market expansion grid except

_____.

1. market penetration

2. market development

3. unification

4. product development


All of the following are components of the product/market expansion grid except _____.


2. market development

3. unification

4. product development


Which of the following are limitations to the Boston Consulting Group (BCG) method of strategic planning?

1. difficult to implement

2. costly

3. provides little advice for the future

4. all of the above


Which of the following are limitations to the Boston Consulting Group (BCG) method of strategic planning?

1. difficult to implement

2. costly

3. provides little advice for the future

4. all of the above


The series of departments that add value-creating activities to the design, product/service, and market and support a company’s product(s) is called _____.

1. marketing mix

2. positioning

3. value chain

4. SWOT


The series of departments that add value-creating activities to the design, product/service, and market and support a company’s product(s) is called _____.

1. marketing mix

2. positioning

3. value chain

4. SWOT


Which of the following is an example of market penetration for Starbucks?

1. adding drive-thru windows to their current coffee shops

2. adding new stores in the Southeast

3. adding hot breakfast items to the menu

4. buying Hear Music


Which of the following is an example of market penetration for Starbucks? 1. adding drive-thru windows to their current

coffee shops2. adding new stores in the Southeast

(market development)3. adding hot breakfast items to the menu

(product development)4. buying Hear Music (diversification)


The network comprised of the company, venders, distributors, and customers who “partner” with each other to improve the performance of the entire system is called ______.1. value-delivery network2. positioning3. market concept4. market penetration


The network comprised of the company, venders, distributors, and customers who “partner” with each other to improve the performance of the entire system is called ______.1. value-delivery network2. positioning3. market concept4. market penetration


Dividing a market into distinct groups of buyers who have distinct needs, characteristics, or behavior and who might require separate products or marketing programs is called ______.1. market segmentation2. target marketing3. differentiation4. positioning


Dividing a market into distinct groups of buyers who have distinct needs, characteristics, or behavior and who might require separate products or marketing programs is called ______.1. market segmentation2. target marketing3. differentiation4. positioning


Arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers is known as ________.

1. segmentation

2. target marketing

3. differentiation

4. positioning


Arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers is known as ________.

1. segmentation

2. target marketing

3. differentiation

4. positioning


All of the following are elements of the marketing mix except _____.

1. product

2. price

3. profit

4. promotion


All of the following are elements of the marketing mix except _____.

1. product

2. price

3. profit

4. promotion


Once the various market segments have been determined, the next step in the marketing strategy process is _____.

1. market evaluation

2. target marketing

3. product positioning



Once the various market segments have been determined, the next step in the marketing strategy process is _____.

1. market evaluation

2. target marketing

3. product positioning



Which of the following is not one of the four areas of SWOT analysis?

1. strengths

2. outsourcing

3. weaknesses

4. threats


Which of the following is not one of the four areas of SWOT analysis?

1. strengths

2. outsourcing

3. weaknesses

4. threats


The purpose of a product’s image statement is to present the product in a clear, distinct, and desirable way relative to competing products in the minds of target consumers.

1. true

2. false


The purpose of a product’s image statement is to present the product in a clear, distinct, and desirable way relative to competing products in the minds of target consumers.

1. true

2. false (positioning statement)


The set of controllable, tactical marketing tools that the firm blends together to produce its response to the wants of its target market are called its _____.

1. marketing arsenal

2. marketing mix

3. marketing position

4. independent marketing options


The set of controllable, tactical marketing tools that the firm blends together to produce its response to the wants of its target market are called its _____.

1. marketing arsenal

2. marketing mix

3. marketing position

4. independent marketing options


The process of evaluating your marketing strategy and taking corrective action to ensure those objectives are reached is called marketing control.

1. true

2. false


The process of evaluating your marketing strategy and taking corrective action to ensure those objectives are reached is called marketing control.

1. true

2. false


The following four steps—defining the company’s mission, setting objectives, designing a portfolio, and developing plans— is called _____.

1. strategic planning

2. positioning


4. differentiation


The following four steps—defining the company’s mission, setting objectives, designing a portfolio, and developing plans— is called _____.

1. strategic planning

2. positioning


4. differentiation


Managers are correct in thinking that “doing things right” (implementation) is more important than “doing the right things” (strategy).

1. true

2. false


Managers are correct in thinking that “doing things right” (implementation) is more important than “doing the right things” (strategy).

1. true

2. false (both are critical to success)

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Kotler / Armstrong, Chapter 2 This type of business plan involves adapting the firm to take advantage of opportunities in its constantly changing environment