Week 2

Question 1

smart goals

Answer 1

specific, measurable, attainable, realistic, time

Question 2

visionary organization key elements

Answer 2

1. establish a foundation
2. set a direction
3. using the strategies that enable it to develop and market its offerings successfully

Question 3

organizational foundation

Answer 3

core values, mission, and organizational culture (Patagonia profits go to combat climate change)

Question 4

organizational direction

Answer 4

what industry/market are we in. setting goals that translate missions into targeted levels of performance

Question 5

organizational strategies

Answer 5

growth strategies: where do we want to go? Business portfolio analysis uses quantified performance measures and market growth rates to analyze a firm’s SBUs

Question 6

product development

Answer 6

marketing strategy involves selling new products to existing markets (when coca-cola introduced a new line of chai tea)

Question 7

strategic marketing process

Answer 7

1. the planning phase: swot analysis
2. market-product focus and goal setting: set marketing and product goals, select target markets, find points of difference
3. marketing program: product, price, promotion & place (distribution) strategies

Question 8

swot analysis

Answer 8

helps a firm identify the strategy-related factors that can have a major effect on the firm (strengths, weaknesses, opportunities, threats)

Question 9

importance of environmental scanning

Answer 9

acquiring information on events occurring outside the organization
changes in the marketing environment can present opportunities or threats

Question 10

environmental forces

Answer 10

social, economic, technological, competitive, regulatory

Question 11

social

Answer 11

demographic shifts, cultural changes (affects suppliers)

Question 12

economic

Answer 12

macroeconomic conditions, consumer income (affects suppliers)

Question 13

technological

Answer 13

impact on marketers, impact on consumers (affect organization)

Question 14

competitive

Answer 14

alternative forms of competition, components of competition (affects customers)

Question 15

regulatory

Answer 15

laws protecting competition, self-regulation, consumerism (affects customers)

Question 16

environmental scan steps

Answer 16

1. collect the facts and identify trends
2. determine the impact that this fact/trend will have on the business
3. brainstorm evaluate, and implement ideas to meet business objectives

Question 17

demographic forces

Answer 17

data that helps us describe a population (age, income, occupation, gender)

Question 18

socio-cultural forces

Answer 18

not as easy to identify, tend to be gradual and sometimes subtle, refer to cultural values, ideas, and attitudes

Question 19

socio-cultural forces (media)

Answer 19

device connectivity (use of internet on multiple devices)
social media (marketers use social media to speak with consumers and build relationships)

Question 20

economic forces

Answer 20

marketers need to recognize how the economy affects the purchase behavior of their target markets
directly impacts consumer purchasing power

Question 21

technological forces

Answer 21

recent technological innovations include (connectivity, intelligent data collection, green tecnologies)

Question 22

competitive forces

Answer 22

marketers must monitor the competitive activity of products that compete head-to-head with its brands

Question 23

types of competition

Answer 23

monopoly, oligopoly, monopolistic competition, perfect competition

Question 24

monopoly

Answer 24

one firm (regional electricity companies)

Question 25

oligopoly

Answer 25

a few firms (airlines)

Question 26

monopolistic competition

Answer 26

many firms, similar products (running shoes) (point of differentiation)

Question 27

perfect competition

Answer 27

many firms, identical products (apple farmers)