Chapter 3 - 3rd edition

Question 1

The process of anticipating future events and determining strategies to achieve organizational objectives in the future

Answer 1

Planning

Question 2

The managerial process of creating and maintaining a fit between the organization’s objectives and resources ad evolving market opportunities

Answer 2

Strategic Planning

Question 3

a subgroup of a single business of a collection of related businesses within the larger organization

Answer 3

Strategic Business Unit

Question 4

A statement of the film’s business based on a careful analysis of benefits sought by present and potential customers and an analysis of existing and anticipated environmental conditions

Answer 4

Mission Statement

Question 5

Defining a business in terms of goods and services rather than in terms of the benefits that customers seek

Answer 5

Marketing Myopia

Question 6

Identifying SWOT

Answer 6

Situation Analysis

Question 7

The collection and interpretation of information about forces, events, and relationships in the external environment that may affect the future of the organization or the implementation of the marketing plan

Answer 7

Environmental Scanning

Question 8

A tool for allocating resources among products or strategic business units on the basis of relative market share and market growth rate

Answer 8

Portfolio Matrix

Question 9

In the portfolio matrix, a business unit that is a fast growing market leader

Answer 9

Star

Question 10

In the portfolio matrix, a business unit that usually generates more cash than it needs to maintain its market share

Answer 10

Cash Cow

Question 11

in the portfolio matrix, a business unit that shows rapid growth but poor profit margins

Answer 11

Problem Child

Question 12

In the portfolio matrix, a business unit that has low growth potential and a small market share

Answer 12

Dog

Question 13

A marketing strategy that tries to increase market share among existing customers

Answer 13

Market Penetration

Question 14

a marketing strategy that involves attracting new customers to existing products

Answer 14

Market Development

Question 15

A marketing strategy that entails the creation of new products for current customers

Answer 15

Product Development

Question 16

A strategy of increasing sales by introducing new products into new markets

Answer 16

Diversification

Question 17

Key unique strengths that are hard to imitate and underlie the functioning of an organization

Answer 17

Core competencies

Question 18

the set of unique features of a company and its products that are perceived by the target market as significant and superior to the competition

Answer 18

competitive advantage

Question 19

being the low-cost competitor in an industry while maintaining satisfactory profit margins

Answer 19

cost competitive advantage

Question 20

curves that show costs declining at a predictable rate as experience with a product increases

Answer 20

Experience curves

Question 21

the provision of a unique benefit that is valuable to buyers beyond simply offering a low price

Answer 21

Product/ service differentiation competitive advantage

Question 22

the advantage achieved when a firm seeks to target and effectively serve a single segment of the market

Answer 22

Niche competitive advantage

Question 23

an advantage that cannot be copied by the competition

Answer 23

sustainable competitive advantage

Question 24

the activities of selecting and describing one or more target markets and developing and maintaining marketing mix that will produce mutually satisfying exchanges with target markets

Answer 24

marketing strategy

Question 25

a statement of what is to be accomplished through marketing activities

Answer 25

Marketing objectives

Question 26

the description and estimation of the size and sales potential of market segments that are of interest to the firm and the assessment of key competitors in these market segments

Answer 26

market opportunities analysis

Question 27

a unique blend of product, place,promotion, and pricing strategies designed to produce mutually satisfying exchanges with a target market

Answer 27

marketing mix

Question 28

Product, place, promotion , and price

Answer 28

4 P’s

Question 29

the process that turns a marketing plan into action assignments and ensures that these assignments are executed in a way that accomplishes the plan’s objectives

Answer 29

implementation

Question 30

gauging the extent to which the marketing objectives have been achieved during the specified period

Answer 30

evaluation

Question 31

provides the mechanisms both for evaluating marketing results in light of the plan’s objectives and for correcting actions that do not help the organization reach those objectives within budget guidelines

Answer 31

control

Question 32

a thorough, systematic, periodic evaluation of the objectives, strategies, structure, and performance of the marketing organization

Answer 32

marketing audit