Chapter 2

Question 1

Production-Oriented Manager

Answer 1

Sees everyone as basically similar and practices “mass marketing.”

Question 2

Market-Oriented Manager

Answer 2

Sees everyone as different and practices “target marketing.”

Question 3

Target Marketing

Answer 3

Marketing mix is tailored to fit specific target customers.

Question 4

Mass Marketing

Answer 4

Vaguely aims at everyone with the same marketing mix.

Question 5

Segmentation

Answer 5

Helps pinpoint a specific target market.

Question 6

S.W.O.T. Analysis

Answer 6

Identifies and lists a firms strengths and weaknesses and its opportunities and threats. Remember that strengths and weaknesses exist currently , but opportunities and threats are probabilities in the future.

Question 7

Competitive Advantage

Answer 7

The firm has a marketing mix that the target market sees as better than a competitor’s mix.

Question 8

4 Types of Growth Opportunities with examples

Answer 8

Market Penetration- Arm & Hammer promotes new uses of its baking soda.

Market Development- Marriott Hotels target families for weekend get-aways to rent rooms filled by business travelers during the week.

Product Development- Microsoft develops new version of Windows operating system to appeal to people who bought an earlier version but now want more features.

Diversification- RJR, the cigarette producer, adds baked goods to its product line to appeal to new customers.