MKTG 301 EXAM 2 ROTH UPDATED ACTUAL QUESTIONS
AND CORRECT ANSWERS
Question:
1. Marketing strategy
Answer:
Internal - goals and capabilities of the organization External - marketing opportunities
Trying to match these two Chipotle - mission isn't to sell burritos"
Question:
2. Steps of marketing strategy
Answer:
Define set objectives and goals design business portfolio
Question:
3. Define
Answer:
first step of marketing strategy - mission statement
Question:
4. Mission Statement
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
Question:
5. Setting objectives and goals
Answer:
second step of marketing strategy
mission statement leads to detailed supporting objectives for each level of management, must be
measurable
Question:
6. Design business portfolio
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
Question:
7. BCG Matrix
Answer:
a means of evaluating strategic business units on the basis of (1) their business growth rates and (2) their
share of the market
, Question:
8. Star
Answer:
lots of opportunity for growth, have a large part of market share
Question:
9. cash cow
Answer:
not a lot of growth, but enough market share to have continual revenue
Question:
10. question mark
Answer:
lots of growth opportunity, but uncertainty regarding entering the market
Question:
11. dog
Answer:
no growth, cant enter the market
Question:
12. criticism of BCG matrix
Answer:
limited variable ignores interrelationship between business and customer placement depends on definition
of market
Question:
13. Product market expansion grid
Answer:
a portfolio-planning tool for identifying company growth opportunities through market penetration, market
development, product development, or diversification
Question:
14. market penetration
Answer:
increase sales to current customers without changing products - using price place and promotion
existing products and existing market
Question:
15. market development
Answer:
identify new markets in demographics or geographic for current product
new market, existing products
Question:
16. product development
AND CORRECT ANSWERS
Question:
1. Marketing strategy
Answer:
Internal - goals and capabilities of the organization External - marketing opportunities
Trying to match these two Chipotle - mission isn't to sell burritos"
Question:
2. Steps of marketing strategy
Answer:
Define set objectives and goals design business portfolio
Question:
3. Define
Answer:
first step of marketing strategy - mission statement
Question:
4. Mission Statement
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
Question:
5. Setting objectives and goals
Answer:
second step of marketing strategy
mission statement leads to detailed supporting objectives for each level of management, must be
measurable
Question:
6. Design business portfolio
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
Question:
7. BCG Matrix
Answer:
a means of evaluating strategic business units on the basis of (1) their business growth rates and (2) their
share of the market
, Question:
8. Star
Answer:
lots of opportunity for growth, have a large part of market share
Question:
9. cash cow
Answer:
not a lot of growth, but enough market share to have continual revenue
Question:
10. question mark
Answer:
lots of growth opportunity, but uncertainty regarding entering the market
Question:
11. dog
Answer:
no growth, cant enter the market
Question:
12. criticism of BCG matrix
Answer:
limited variable ignores interrelationship between business and customer placement depends on definition
of market
Question:
13. Product market expansion grid
Answer:
a portfolio-planning tool for identifying company growth opportunities through market penetration, market
development, product development, or diversification
Question:
14. market penetration
Answer:
increase sales to current customers without changing products - using price place and promotion
existing products and existing market
Question:
15. market development
Answer:
identify new markets in demographics or geographic for current product
new market, existing products
Question:
16. product development
