Chapter Two

Question 1

Control

Answer 1

provides the mechanisms 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

Question 2

Cost Competitive Advantage

Answer 2

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

Question 3

Diversification

Answer 3

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

Question 4

Environmental Scanning

Answer 4

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

Question 5

Evaluation

Answer 5

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

Question 6

Implementation

Answer 6

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

Question 7

Baby Boomers

Answer 7

people born between 1946 and 1964

Question 8

Basic Research

Answer 8

pure research that aims to confirm an existing theory or to learn more about a concept or phenomenon

Question 9

market Develpment

Answer 9

a marketing strategy that entails attracting new customers to existing products

Question 10

Market Oppurtunity Analysis

Answer 10

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

Question 11

Market Penetration

Answer 11

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

Question 12

Marketing Audit

Answer 12

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

Question 13

Marketing Mix (4 Ps)

Answer 13

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

Question 14

Marketing Myopia

Answer 14

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

Question 15

Marketing Objective

Answer 15

a statement of what is to be accomplished through marketing activities

Question 16

Marketing Plan

Answer 16

a written document that acts as a guidebook of marketing activities for the marketing manager

Question 17

Marketing Strategy

Answer 17

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

Question 18

Mission Statement

Answer 18

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

Question 19

Demography

Answer 19

the study of people’s vital statistics, such as age, race and ethnicity, and location

Question 20

Generation X

Answer 20

people born between 1965 and 1978

Question 21

Planning

Answer 21

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

Question 22

Product Development

Answer 22

a marketing strategy that entails the creation of marketable new products; the process of converting applications for new technologies into marketable products

Question 23

Product/Service Differentiation Competitive Advantage

Answer 23

the provision of something that is unique and valuable to buyers beyond simply offering a lower price than that of the competition

Question 24

Strategic Business Unit (SBU)

Answer 24

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

Question 25

Strategic Planning

Answer 25

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

Question 26

Millennials

Answer 26

people born between 1979 and 1994

Question 27

Target Market

Answer 27

is a group of people or organizations for which an organization designs, implements, and maintains a marketing mix intended to meet the need of that group, resulting in mutually satisfying exchanges