Chapter 2 - Marketing
Test Your Marketing Knowledge!
Welcome to our comprehensive quiz designed to challenge your understanding of marketing principles! Dive into essential concepts of strategic planning, market segmentation, and more. Test your knowledge and see how well you can navigate the world of marketing.
Features of the Quiz:
- 20+ engaging questions
- Multiple choice and fill-in-the-blank formats
- Ideal for students and marketing professionals
The set of controllable, tactical marketing tools—product, price, place, and promotion—that the firm blends to produce the response it wants in the target market
The marketing logic by which the company hopes to create customer value and achieve profitable customer relationships.
This is when a company must harvest, or divest businesses that are unprofitable or that no longer fit the strategy.
Defining the company mission is the first step of strategic planning.
True
False
Please rearrange the following steps of strategic planning to the correct order:
- Planning marketing and other fun
ctional strategies. - Defining the company mission
- Designing the business portfolio
- Setting company objectives and goals
Building profitable customer relationships, investing in research, and improving profits is:
Business Objectives
Marketing Objectives
Increasing market share, creating local partnerships and increasing promotion.
Business Objectives
Marketing Objectives
What types of Strategic business units can there be?
Company division
Production Department
Product line within a division
Single product or brand
Matrix approaches are difficult in defining SBUs and measuring market share and growth, time consuming, expensive and focus on current businesses not future planning.
True
False
Managing the marketing process requires the four marketing management
functions: analysis, planning, implementation, and control.
True
False
What are the possible growth strategies?
Market penetration
Product Development
Market Development
Diversification
Specialization
Market saturation
Identify the parts of the marketing plan:
Executive summary
Marketing situation
Design
Objectives and issues
Threats and opportunities
Marketing strategy
Action Programs
Budgets
Controls
Business Strategy
"Turning marketing strategies and plans into marketing actions to accomplish strategic marketing objectives." is the how we implement a marketing strategy.
True
False
Marketing ROI is calculated using: marketing investment divided by the costs of the marketing investment
True
False
__________ is the division of a market into distinct groups of buyers who have different needs, characteristics, or behaviors and who might require separate products or marketing mixes.
__________ is a group of consumers who respond in a similar way to a given set of marketing efforts.
__________ is the process of evaluating each market segment’s attractiveness and selecting one or more segments to enter.
__________ is arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers.
________ is a series of departments that carry out value creating activities to design, produce, market, deliver, and support a firm’s products.
Value chain
Value delivery network
________ is made up of the company, suppliers, distributors, and ultimately customers who partner with each other to improve performance of the entire system.
Value chain
Value delivery network
_______ is the collection of businesses and products that make up the company.
The business portfolio
Portfolio Analsysis
_______ is a major activity in strategic planning whereby management evaluates the products and businesses that make up the company.
The business portfolio
Portfolio Analsysis
_________ is the process of developing and maintaining a strategic fit between the organization’s goals and capabilities, and its changing marketing opportunities.
Strategic planning
The mission statement
_________ is the organization’s purpose; what it wants to accomplish in the larger environment.
Strategic planning
The mission statement
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