Chapter 2 ("Strategic Planning") quiz Flashcards
- The focus of a value proposition is ________.
what customers want
the benefits and profitability of the offering
the firm’s marketing mix
competition
the features of the product or service offering
what customer want
- What serves as an effective guide for developing a company’s strategies for a particular target market?
profit and loss statements the value proposition government regulations the number of competitors the marketing mix
value proposition
- Which of the following is the best statement of a value proposition for a prospective college student?
Our institution offers solid academic programs with affordable tuition.
Our institution offers a lot of extracurricular activities while also making your educational training the best in many majors.
Our institution offers a lot of chances for interaction with professors, contacts with notable alumni, and great job placement rates.
Our institution seeks the best students and provides a top-notch environment for them to grow.
The best value proposition is dependent on what benefits the student is seeking.
The best value proposition is dependent on what benefits the student is seeking.
- Large firms may have different divisions, each focusing on a business or product line within the organization. These are called ________.
corporations stock keeping units strategic business units departmental units functional units
strategic business units (SBUs)
- Strategies and actions implemented at the corporate, business, and functional levels must be ________ to help an organization achieve its objectives.
independent consistent focused on short-term objectives serving the same target market all of the above
consistent
Strategies at the corporate, business, and functional levels must work together.
- In beginning a situation analysis, a SWOT analysis is often conducted. Which of the following is correct in naming an element within SWOT and its environmental focus?
strategies–internal weaknesses–external opportunities–external threats–internal tactics–external
opportunities–external
- Despite its strong brand awareness, which change did PepsiCo implement in 2008, but customers’ mixed reviews forced PepsiCo to return to its previous strategy?
the pricing of Pepsi-Cola the advertisements promoting Gatorade the logo of the company the distribution of Frito-Lay brands the packaging of Tropicana
the packaging of Tropicana
- Porter’s five forces model is most useful in assessing which external environment?
the competitive environment the technological environment the political and legal environment the economic environment the social and cultural environment
the competitive environment
Porter’s five forces model includes existing and potential entrants in the marketplace, bargaining power of suppliers and buyers, and substitute products.
- When the Campbell Soup Company offers coupons and recipes to customers who have purchased their products, what product/market entry strategy are they pursuing?
product development market development product diversification market penetration market diversification
market penetration
Market penetration involves getting existing customers to buy more of an existing offering.
- What strategy is marketing implementing when they attempt to get existing customers to buy new product offerings?
product development market development product diversification market penetration market diversification
product development
Product development is when companies attempt to get existing customers to buy new product offerings.
- Offerings from a U.S. firm to new, rapidly emerging markets such as Russia, China, and India would represent which type of growth strategy?
market development product development product diversification market penetration market diversification
market development
Market development is when companies attempt to attract new customers to buy existing product offerings.
- Which form of market development entry strategies, which is popular with service industries, allows a local partner to benefit from advertising and brand recognition without having to commit to actually producing products?
franchising contract manufacturing licensing joint ventures direct investment
franchising
This is more committal than mere licensing.
- Which form of market entry offers the challenge of providing the most control, but incurring the most risk?
franchising contract manufacturing licensing joint ventures direct investment
direct investment
This form of entry involves more risk, but greater control.
- Although they are only tools to be used by marketers, what are two of the most widely used portfolio planning approaches?
the marketing mix and the SBU model the marketing mix and the SWOT analysis the BCG matrix and the GE approach the BCG matrix and the SBU matrixf the GE approach and the SWOT analysis
the BCG matrix and the GE approach
- Cameron Industries are fortunate in that they have identified a profitable select target market with high market growth potential for their Domine Dominoes game in which they have a dominant share with little or no competitive challengers. Under the BCG matrix, their Domine Dominoes offering would most likely be a ________.
cash cow star question mark problem child dog
star
The example represents a high market share product in a high growth market in the BCG matrix.
