Chapter 2

Question 1

Strategic marketing management

Answer 1

process of planning, implementing, and evaluating performance of marketing activities

Question 2

Effectiveness

Answer 2

Long-term buyer-seller relationship helps achieve company goals

Question 3

Efficiency

Answer 3

Minimizing resources to achieve desirable relationship w/ customers

Question 4

Corporate identity

Answer 4

Unique symbols, personalities, and philosophies

Question 5

Levels of strategic planning

Answer 5

1. mission statement (who buys the stuff? what do we do/sell?)
2. corporate strategy
3. business unit stradegy
4. marketing stradegy (production, distribution, promotion, pricing)

Question 6

Market

Answer 6

group of people that have needs/wants for product and have ability, willingness, and authority to purchase it

Question 7

Market share

Answer 7

percentage of the market that buys product from particular company

Question 8

Market growth/share matrix

Answer 8

based on philosophy that a product’s marekt growth rate and market share are important in determining marketing stradegy

Question 9

4 types of products

Answer 9

1. stars - high market share and ability to grow
2. cash cows - high market share, low ability to grow
3. dogs - low market share and ability to grow
4. ? - low market share, high ability to grow

Question 10

Marketing penetration

Answer 10

growth stradegy of increasing sales in current markets with current products (ex. coca cola and named cans)

Question 11

Market development

Answer 11

growth stradegy on increasing sales of current products in new markets (ex. introducing a product internationally)

Question 12

Product development

Answer 12

growth stradegy of increasing sales by improving current products/creating new ones for current markets
(ex. automotive industry w/ array of options for car)

Question 13

Diversification

Answer 13

growth stradegy of developing new products to be sold in new markets
(ex. coke making gold peak iced tea)

Question 14

SWOT analysis

Answer 14

strengths, weaknesses, opportunities, and threats to a company/organization

Question 15

Centralized organization

Answer 15

marketing decisions made at top levels

Question 16

Decentralized orgnainzaiton

Answer 16

marketing decisions made at all levels (easier to reach/relate to customers)

Question 17

Implementation timetable steps

Answer 17

1. activities to be performed
2. how much time is needed for them
3. separating them based on urgency
4. organizing in proper order
5. assigning responsibility to each activity

Question 18

Components of marketing plan

Answer 18

executive summary, environmental analysis,
SWOT analysis, marketing objectives, marketing strategies, marketing implementation, performance evaluation

Question 19

Marketing objective

Answer 19

based on SWOT analysis, clear/simple terms, measurable, with certain time period