MKTG 301 EXAM 2 ROTH EXAM QUESTIONS AND ANSWERS
Marketing strategy - CORRECT ANSWER✅✅Internal - goals and capabilities of the organization
External - marketing opportunities
Trying to match these two
Chipotle - mission isn't to sell burritos"
Steps of marketing strategy - CORRECT ANSWER✅✅Define
set objectives and goals
design business portfolio
Define - CORRECT ANSWER✅✅first step of marketing strategy - mission statement
Mission Statement - CORRECT ANSWER✅✅what is the business, who is the customer, what does the
customer value, what are our competencies, what should our business be
must be - market oriented, realistic, specific, motivating, distinct competencies
Setting objectives and goals - CORRECT ANSWER✅✅second step of marketing strategy
mission statement leads to detailed supporting objectives for each level of management, must be
measurable
Design business portfolio - CORRECT ANSWER✅✅third step in marketing strategy
combination of business that has potential to reach objectives
which businesses to enter
which to exit
, how much to invest
BCG Matrix - CORRECT ANSWER✅✅a means of evaluating strategic business units on the basis of (1)
their business growth rates and (2) their share of the market
Star - CORRECT ANSWER✅✅lots of opportunity for growth, have a large part of market share
cash cow - CORRECT ANSWER✅✅not a lot of growth, but enough market share to have continual
revenue
question mark - CORRECT ANSWER✅✅lots of growth opportunity, but uncertainty regarding entering
the market
dog - CORRECT ANSWER✅✅no growth, cant enter the market
criticism of BCG matrix - CORRECT ANSWER✅✅limited variable
ignores interrelationship between business and customer
placement depends on definition of market
Product market expansion grid - CORRECT ANSWER✅✅a portfolio-planning tool for identifying
company growth opportunities through market penetration, market development, product
development, or diversification
market penetration - CORRECT ANSWER✅✅increase sales to current customers without changing
products - using price place and promotion
existing products and existing market
market development - CORRECT ANSWER✅✅identify new markets in demographics or geographic for
current product
Marketing strategy - CORRECT ANSWER✅✅Internal - goals and capabilities of the organization
External - marketing opportunities
Trying to match these two
Chipotle - mission isn't to sell burritos"
Steps of marketing strategy - CORRECT ANSWER✅✅Define
set objectives and goals
design business portfolio
Define - CORRECT ANSWER✅✅first step of marketing strategy - mission statement
Mission Statement - CORRECT ANSWER✅✅what is the business, who is the customer, what does the
customer value, what are our competencies, what should our business be
must be - market oriented, realistic, specific, motivating, distinct competencies
Setting objectives and goals - CORRECT ANSWER✅✅second step of marketing strategy
mission statement leads to detailed supporting objectives for each level of management, must be
measurable
Design business portfolio - CORRECT ANSWER✅✅third step in marketing strategy
combination of business that has potential to reach objectives
which businesses to enter
which to exit
, how much to invest
BCG Matrix - CORRECT ANSWER✅✅a means of evaluating strategic business units on the basis of (1)
their business growth rates and (2) their share of the market
Star - CORRECT ANSWER✅✅lots of opportunity for growth, have a large part of market share
cash cow - CORRECT ANSWER✅✅not a lot of growth, but enough market share to have continual
revenue
question mark - CORRECT ANSWER✅✅lots of growth opportunity, but uncertainty regarding entering
the market
dog - CORRECT ANSWER✅✅no growth, cant enter the market
criticism of BCG matrix - CORRECT ANSWER✅✅limited variable
ignores interrelationship between business and customer
placement depends on definition of market
Product market expansion grid - CORRECT ANSWER✅✅a portfolio-planning tool for identifying
company growth opportunities through market penetration, market development, product
development, or diversification
market penetration - CORRECT ANSWER✅✅increase sales to current customers without changing
products - using price place and promotion
existing products and existing market
market development - CORRECT ANSWER✅✅identify new markets in demographics or geographic for
current product
