Implementing, and evaluating Marketing strategies Ch.2

The leadership team at Bud’s Distributors, a regional beverage company, collaborated during a two-day meeting to discuss and revise the company’s mission and goals, identify strengths, weaknesses, opportunities, and threats, and create a marketing plan. The process implemented by Bud’s Distributors is called _______.

• 
  market analysis

• 
  business development

• 
  corporate engagement

• 
  strategic planning

The Four Seasons Spa and Salon has retained a marketing consultant to assist them with its annual strategic planning retreat. Shantelle Stevens, the owner of the salon, is reviewing the agenda for the meeting and observes that the sequence of activities follows the strategic planning process discussed in her marketing class many years ago. What is the first activity the organization should pursue as part of its strategic planning process?

• Conduct a SWOT analysis

• 
  Specify the marketing mix

• 
  Identify the target market(s)

• Review or establish the organization’s mission and goals

  
  

Strategic marketing management requires both effectiveness and efficiency. A food manufacturer has similar brand loyalty as its competitors, but it spends three times more than its competitors on customer relationship management. This manufacturer is _______.

• effective and efficient

• 
  efficient but not effective

• neither effective nor efficient

• effective but not efficient

The Growth Share Matrix developed by the Boston Consulting Group identifies products with a dominant share of the market and strong prospects for growth as _______.

• 
  dogs

• cash cows

• 
  question marks

• stars

According to the Boston Consulting Group Growth Share Matrix, products labeled as “dogs” are _______.

• 
  easy targets that can be converted to a star

• 
  

  often found in established markets, have low prospects for growth, and a lower share of the market

• important to the firm and require a large amount of cash to build market share in a growing market

• 
  considered to have low opportunities for growth but possess a dominant share of the market

Green Mountain, Inc., the manufacturer of the Keurig brand of coffee makers, created an innovative and new category of coffee makers using its trademarked “K-cups” for single-serve coffee. Other companies are now producing similar cups and coffee makers, competing against Green Mountain and the Keurig brand. The coffee category remains strong, possesses opportunities for growth, and Keurig is maintaining a dominant position in the marketplace. Using the Boston Consulting Group’s Growth Share Matrix, which of the following strategies would be most appropriate for the Keurig line of coffee makers?

• 
  Seek to reestablish the product line and generate interest in the product category

• 
  Utilize the revenue supplied by the product line to support other products

• Divest the product line and/or stop producing the Keurig coffee maker

• 
  Continue to innovate, promote, and support the product line by investing resources in order to continue growth

Target, a discount store, has successfully partnered with luxury brands such as Lilly Pulitzer, Toms, and Altuzarra to create interest and drive customers to its stores. Target’s ability to create these partnerships is considered one of its strengths and provides an advantage over its competitors. This is an example of a _______.

• core competency

• 
  market opportunity

• 
  competitive advantage

• 
  strategic window

When a company matches a core competency to opportunities in the marketplace, it possesses a _______.

• 
  strategic window

• 
  strategic fit

• 
  

  competitive advantage

• market opportunity

Jamal Miller is a management consultant who frequently works with businesses to assist them with their strategic planning efforts. He recommends that once firms have used the SWOT analysis to gauge their capabilities and resources relative to the industry, they should identify tactics to achieve a more competitive position relative to other firms in their market. One approach Jamal suggests includes taking actions to convert external _______ into opportunities and internal _______ into strengths.

• strengths; threats

• 
  

  threats; weaknesses

• core competencies; weaknesses

• 
  limitations; benefits

Which of the following represents a well-stated marketing objective?

• Disney Resorts seeks to attract a greater proportion of older, mature adults to its properties.

• Subway hopes to be known as the best source for fresh and fast sandwich options

• Ritz-Carlton hotels seek to deliver high-quality service that results in high customer satisfaction.

• 
  Purina Foods seeks to outperform its competition by obtaining a 25 percent share of the market in dry dog food by the end of the 4^th raised to the th power quarter of the business year.