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Exam 2: Developing Marketing Strategies and a Marketing Plan

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Question 51

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Lionel is asked to conduct an STP analysis for his firm.The first step he should perform in this analysis is to

A) develop a business mission statement.
B) choose the best target markets.
C) reposition existing segments.
D) divide the marketplace into subgroups.
E) conduct a SWOT analysis.

F) C) and D)
G) B) and C)

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Question 52

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Introducing newly developed products or services to a market segment the company is not currently serving is called

A) product development.
B) market development.
C) market penetration.
D) diversification.
E) product proliferation.

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

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Question 53

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You and your friend Alison work in different parts of a large firm.In a recent analysis,your area was labeled a "cash cow" and hers was labeled a "question mark." What things would you do differently in your area than Alison would do in hers?

The strategic planning process always proceeds sequentially through the five steps.

When conducting a SWOT analysis,in what phase of the strategic marketing process is an organization presently engaged?

The strategic marketing planning process

When Ramona,the keynote speaker at a major business leaders' conference,arrived in the middle of the night at the Ritz-Carlton,she was exhausted and her suit was wrinkled from her 10-hour plane trip.The night clerk found someone to dry clean Ramona's suit and have it ready for her morning presentation.She has been a loyal Ritz-Carlton customer ever since.In this example,Ritz-Carlton demonstrated the macro strategy of

The text describes Southwest Airlines,which operates in a competitive market but successfully differentiates itself from the competition.This gives Southwest a sustainable competitive advantage.What is a sustainable competitive advantage? Describe an example of a product or business you have encountered that has developed sustainable competitive advantage.Why is that product's or firm's advantage sustainable?

In mid-2010,Hewlett-Packard Company (HP) acquired Palm Computing Inc.,a manufacturer of personal devices and smartphones.Before deciding to acquire the company,strategic planners at HP spent time thinking about how Palm and HP would "fit" together,and how the acquisition might change HP's core goals and objectives.The strategic planners were engaged in the ____________ step of the marketing planning process

Delta Airlines is among the companies experimenting with selling products and services on their Facebook pages.The idea is to make purchasing even easier for customers who may spend large portions of the day with Facebook active on their computers or mobile devices.There is no need even to navigate to Delta's website-users can book a trip in Delta's "Ticket Agent" application without ever leaving Facebook.Which element of the marketing mix does this represent?

During which phase of the marketing planning process does a firm identify and evaluate different opportunities by engaging in segmentation,targeting,and positioning?

Which of the following is not one of the four major growth strategies marketers typically utilize?

Garden Gate is a one-location nursery business,selling plants and flowers for home gardeners.The new owners want to grow through either a product development or diversification strategy.What will the owners likely do if they pursue either strategy?

Allen is in the marketing department of a midsized firm that develops and sells communications systems.He is proud of the human resource area in the company that provides the firm with excellent employees.Allen himself really enjoys his work,but he knows the work of HR helps create an operational advantage for the firm because of all the following except

Heather has been assessing a number of her firm's products using the Boston Consulting Group (BCG) approach to portfolio analysis.She has been trying to assess the strength in a particular market and is looking at the sales of the product and the overall market as well as the sales of competitors.Heather is trying to determine

iTunes software is often credited with the success of the Apple iPod MP3 player,because it made the iPod easier to use than competing players,and was difficult for competitors to duplicate.This is an example of a sustainable competitive advantage.

Lamar owns four dry cleaning stores in the suburbs of Orlando,Florida.He recently updated his STP analysis,and has just finished adjusting his marketing mix based on the STP results.His next strategic marketing decision will most likely involve determining

A product that is in a high-growth market but has a low market share would be classified as a ________ on the BCG matrix.

During a SWOT analysis,a company should assess the opportunities and uncertainties of the marketplace due to changes in several factors,given the acronym CDSTEP.Which of the following is not one of these factors?

Of what use is a sustainable competitive advantage to a firm?