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Marketing chapter two
Terms in this set (20)
Joint ventures work best when the partners'
competitive goals diverge.
________ is the process of thoughtfully defining a firm's objectives and developing a method for achieving those objectives.
A ________ is an action-oriented document or playbook that guides the analysis, implementation, and control of the firm's marketing strategy.
As a component of the marketing plan, the executive summary
should be completed after the rest of the marketing plan has been completed.
The primary strategic planning tool for directing and coordinating the marketing effort is the
The mission statement of a firm
provides a standard to ensure that the business never strays too far from its core goals and values.
The two metrics used to evaluate a firm's profitability are customer profitability and
A firm measures its effectiveness in using the resources it has allocated to its marketing effort by use of which tool?
return on marketing investment
A product possesses a competitive advantage when it enjoys a superior position over competing products because
consumers believe it has more value than other products in its category.
A market penetration strategy
emphasizes selling more of existing goods and services to existing customers.
A major risk associated with licensing is that the
licensor may be inadvertently creating a future competitor in the form of the licensee.
In the context of a SWOT analysis, what would be classified as an opportunity for a manufacturing firm?
a rise in demand for products that the firm manufactures
The mission statement of a firm
is a concise affirmation of the firm's long-term purpose.
Rondo is a Brazilian car manufacturer with manufacturing plants all over the world, including the United States. In the context of SWOT analysis, which of the following can be classified as one of Rondo's strengths?
Rondo recently recruited two senior engineers from one of its major competitors.
Quantum, a mobile phone-manufacturing company, decides to pursue a market development strategy to further its business prospects. In this situation, which of the following actions falls in line with Quantum's latest strategic direction?
Quantum expands its market by selling its phones to new customers in the Southwest.
Franchising is an attractive method of entering foreign markets because
franchisees assume the majority of the capital costs and human resource issues.
A firm with a "cash cow" product is most likely to
invest just enough money to maintain strong sales.
Brantley is an apparel manufacturer whose products are carried only by two major retailers in the United States. In the context of SWOT analysis, which of the following can be classified as a weakness of Brantley in this scenario?
Brantley's manufacturing units use older technology that sometimes leads to backorders.
What part of the marketing plan lists the actions the firm must take to accomplish the marketing objectives of the firm?
the marketing strategy
Rashmi designs games for mobile operating systems such as iOS and Windows. The demand for games on mobile devices is high. Rashmi's latest game, Lucky Labyrinth, is yet to generate profitable sales despite receiving rave reviews. According to the BCG matrix, Lucky Labyrinth can be classified as a
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