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Chapter #2 Marketing Flashcards | StudBud
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Chapter #2 Marketing
Chapter #2 Marketing
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Questions
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Answers
1
Successful business organizations should take action to convert external threats into ____.
Weaknesses
Strengths
Opportunities
Strategies
2
When the right combination of circumstances&time allow an organization to take action towards a target market is called
Market objective
Market Opportunity
Corporate objective
Strategice market paln
3
Sales analysis is a common method of evaluation because sales data is available and _?_.
it can reflect the target market's reactions.
also cost data is available.
it can reflect the shareholders' reaction to a target mix.
it reflects the market share.
4
SWOT means Strengths, Weaknesses, Opportunities & Timetable.
False
True
5
Coca-Cola is highly popular but is unlikely to experience much more market growth.
question mark
star
cash cow
dog
6
The target market may be the most important decision a company makes in the strategic planning process.
False
True
7
Which of the following is a disadvantage of being a first mover in the market?
Large outlays of time & cash associated with creating a new product.
Costs of marketing plan implementation.
Inability to accurately predict performance standards.
None of the above.
8
A marketing cost anaylsis requires the classifying of costs associated with specific marketing efforts & comparing them.
True
False
9
Company B is a late mover & has a low market share vs company A, who dominates the market. Company B's product would be
dog
star
cash cow
question mark
10
Changes in the strategies of one company can affect the market shares of one or all companies in that industry.
False
True
11
A late-mover advantage is when
the first mover reliquished its position.
the strategic window has been utilized.
a long-term competitive advantage by not being the 1st to the market.
none of the above.
12
Marketers engage in marketing cost analysis to
to determine how much the company will charge its customers.
help outline how the company will achieve its objectives.
to evaluate the firm's strengths & weaknesses.
allocate the firm's marketing resources better in the future.
13
In a SWOT analysis your Weaknesses need to be turned into Strengths.
True
False
14
Which of the following is not a characteristic of a marketing objective?
It is consistent with the business unit.
It identifies how marketing strategy will be implemented.
It is conisistent with the corporate strategy.
It is in writing & measurable.
15
The target market must be chosen so the organization can adapt its marketing mix to meet the organizations needs.
False
True
16
Which of the following includes a detailed assessment of the competitive, economic, legal, & regulatory factors?
Environmental analysis
SWOT analysis
Executive summary
Performance Evaluation
17
Which of the following provides a framework for impelmenting & evaluating marketing activities?
SWOT
Maketing Plan
Executive Summary
Marketing Objectives
18
Apple's strong name recognition & solid customer demand for its phones are two elements of the firm's
Strategies
Opportunities
Strengths
Weaknesses
19
The 2 major componenets of a marketing strategy are
SWOT analysis & Target Market
Marketing Strategies & Target Market
Marketing Mix & Target Market
Marketing Objectives & Target Market.
20
A competitive advantage is created when a company matches its core competency to the market opportunities.
True
False
21
Marketing strategies should be established before marketing objectives.
False
True
22
Marketing objectives have all the following characteristics except?
It should be measurable.
Specify a timeframe for its accomplishment.
It should be open ended in terms of time
Expressed in clear, simple terms.
23
Which is NOT a tool a company can use a market opportunity to reach a target market?
Analysis of marketing environment in the marketplace.
Understanding of company's industry.
SWOT
Marketing strategy
24
Corporate strategy planners attempt to match organization resources with the opportunities & threats in the environment.
False
True
25
Which of the following is NOT part of the strategic planning process?
Establish marketing objectives & strategies
Formulate a corporate strategy
Establish organizational mission & goals.
Establish the target market.
26
Coordinating marketing activities & motivating marking personnel are part of the ? component of strategic planning.
Formulating marketing strategies
Assessing organizational resources
Marketing evaluation
Marketing implementation
27
A performance standard is an expected level of performance against which
a market objective can be compared.
an actual performance can be compared.
the target market is compared.
None of the above.
28
A Marketing Plan includes all of the following except
Competitor Summary
Marketing Objectives & Strategies
SWOT analysis
Performance Evaluation
29
Tide laundry detergent has the dominant market share&the market is saturated. Tide is a
question mark.
star.
dog.
cash cow.
30
When creating a SWOT analysis, Best Buy's Geek Squad should be classified as an opportunity.
True
False
31
Marketing objectives need not be consistent with the company's objectives.
True
False
32
Understanding the product development is needed before creating the marketing mix.
False
True
33
Companies that adopt the Marketing Concept develop a culture that is based on the needs of the organization.
True
False
34
All marketing objectives should contribute to the overall corporate strategy.
True
False
35
The percentage of a market which buys a specific product from a specific company is referred to as that product's
strategic segment.
market position.
target market.
market share.
