BUS 343 QUESTIONS AND ANSWERS
Strategic Planning - ANSWER- the process of developing and maintaining a strategic fit between the
organization's goals and capabilities and its changing marketing opportunities
Customer Marketing Mix - ANSWER - Customer driven managing tools to influence demand -
customer value, customer cost, convenience, communication
Marketing Plan - ANSWER - A written document composed of an analysis of the current marketing
situation, opportunities and threats for the firm, marketing objectives and strategy specified in terms
of the four Ps, action programs, and projected or pro forma income (and other financial) statements.
Planning, implementation, and control - ANSWER - The three major phases of the marketing plan.
planning phase - ANSWER - Where marketing executives and other top managers define the mission
and objectives of the business, and evaluate the situation by assessing how various players, both
inside and outside the organization, affect the firm's potential for success.
implementation phase - ANSWER - Where marketing managers identify and evaluate different
opportunities by engaging in a process known as segmentation, targeting, and positioning. They then
develop and implement the marketing mix by using the four Ps.
control phase - ANSWER - the part of the strategic marketing planning process when managers
evaluate the performance of the marketing strategy and take any necessary corrective actions
Mission Statement - ANSWER - A broad description of a firm's objectives and the scope of activities it
plans to undertake; attempts to answer two main questions: What type of business is it? What does
it need to do to accomplish its goals and objectives?
Culture, demographic, social, technological, economic, and political - ANSWER - CDSTEP
Market Segment - ANSWER - A group of consumers who respond similarly to a firm's marketing effort
Marketing Segmentation - ANSWER - The process of dividing the total market into groups whose
members have similar characteristics.
Target marketing - ANSWER - the process of evaluating each market segment's attractiveness and
selecting one or more segments to enter
market positioning - ANSWER - involves the process of defining the marketing mix variables so that
target customers have a clear, distinctive, desirable understanding of what the product does or
represents in comparison with competing products
1) Business Mission & Objectives
2) Situation Analysis
3) Identify Opportunities (STP)
4) Implement Marketing Mix (4 Ps)
5) Evaluate Performance by Using Marketing Metrics - ANSWER - What are the steps in a marketing
plan?
, Internal Analysis - ANSWER - 2 components of Situation Analysis
Strategic Business Unit (SBU) - ANSWER - A division of the company that can be managed somewhat
independently from other divisions since it markets a specific set of products to a clearly defined
group of customers
Product Line - ANSWER - a group of products that are closely related because they function in a
similar manner, are sold to the same customer groups, are marketed through the same types of
outlets, or fall within given price ranges
relative market share - ANSWER - a measure of the product's strength in a particular market, defined
as the sales of the focal product divided by the sales achieved by the largest firm in the industry
market growth rate - ANSWER - the annual rate of growth of the specific market in which the product
competes
market penetration strategy (current & current) - ANSWER - a growth strategy that employs the
existing marketing mix and focuses the firm's efforts on existing customers
market development strategy (new & current) - ANSWER - a growth strategy that employs the
existing marketing offering to reach new market segments, whether domestic or international or
segments not currently served by the firm
product development strategy (current & new) - ANSWER - A growth strategy that offers a new
product or service to a firm's current target market
Diversification strategy (new & new) - ANSWER - a growth strategy whereby a firm introduces a new
product or service to a market segment that it does not currently serve
Downsizing - ANSWER - Exiting markets, reducing product portfolios, or closing certain business
locations
marketing management process - ANSWER - the process of (1) planning marketing activities, (2)
directing the implementation of the plans, and (3) controlling these plans
innovation - ANSWER - The process by which ideas are transformed into new products and services
that will help firms grow
3 C's - ANSWER - Corporate Partners, Company Capabilities, Competition
changing customer needs, market saturation, managing risk through diversity, fashion cycles,
improving business relationships - ANSWER - 4 Reasons for Innovation
Idea generation, concept testing, product development, market testing, product launch, & evaluation
of results - ANSWER - New-Product Development Process
diffusion of innovation - ANSWER - the process by which the use of an innovation, whether a product
or a service, spreads throughout a market group over time and over various categories of adopters
disruptive innovation - ANSWER - new product introductions that are simpler, less sophisticated and
usually less expensive than existing products or services
first movers - ANSWER - product pioneers that are the first to create a market or product category,
making them readily recognizable to consumers and thus establishing a commanding and early
market share lead
Strategic Planning - ANSWER- the process of developing and maintaining a strategic fit between the
organization's goals and capabilities and its changing marketing opportunities
Customer Marketing Mix - ANSWER - Customer driven managing tools to influence demand -
customer value, customer cost, convenience, communication
Marketing Plan - ANSWER - A written document composed of an analysis of the current marketing
situation, opportunities and threats for the firm, marketing objectives and strategy specified in terms
of the four Ps, action programs, and projected or pro forma income (and other financial) statements.
Planning, implementation, and control - ANSWER - The three major phases of the marketing plan.
planning phase - ANSWER - Where marketing executives and other top managers define the mission
and objectives of the business, and evaluate the situation by assessing how various players, both
inside and outside the organization, affect the firm's potential for success.
implementation phase - ANSWER - Where marketing managers identify and evaluate different
opportunities by engaging in a process known as segmentation, targeting, and positioning. They then
develop and implement the marketing mix by using the four Ps.
control phase - ANSWER - the part of the strategic marketing planning process when managers
evaluate the performance of the marketing strategy and take any necessary corrective actions
Mission Statement - ANSWER - A broad description of a firm's objectives and the scope of activities it
plans to undertake; attempts to answer two main questions: What type of business is it? What does
it need to do to accomplish its goals and objectives?
Culture, demographic, social, technological, economic, and political - ANSWER - CDSTEP
Market Segment - ANSWER - A group of consumers who respond similarly to a firm's marketing effort
Marketing Segmentation - ANSWER - The process of dividing the total market into groups whose
members have similar characteristics.
Target marketing - ANSWER - the process of evaluating each market segment's attractiveness and
selecting one or more segments to enter
market positioning - ANSWER - involves the process of defining the marketing mix variables so that
target customers have a clear, distinctive, desirable understanding of what the product does or
represents in comparison with competing products
1) Business Mission & Objectives
2) Situation Analysis
3) Identify Opportunities (STP)
4) Implement Marketing Mix (4 Ps)
5) Evaluate Performance by Using Marketing Metrics - ANSWER - What are the steps in a marketing
plan?
, Internal Analysis - ANSWER - 2 components of Situation Analysis
Strategic Business Unit (SBU) - ANSWER - A division of the company that can be managed somewhat
independently from other divisions since it markets a specific set of products to a clearly defined
group of customers
Product Line - ANSWER - a group of products that are closely related because they function in a
similar manner, are sold to the same customer groups, are marketed through the same types of
outlets, or fall within given price ranges
relative market share - ANSWER - a measure of the product's strength in a particular market, defined
as the sales of the focal product divided by the sales achieved by the largest firm in the industry
market growth rate - ANSWER - the annual rate of growth of the specific market in which the product
competes
market penetration strategy (current & current) - ANSWER - a growth strategy that employs the
existing marketing mix and focuses the firm's efforts on existing customers
market development strategy (new & current) - ANSWER - a growth strategy that employs the
existing marketing offering to reach new market segments, whether domestic or international or
segments not currently served by the firm
product development strategy (current & new) - ANSWER - A growth strategy that offers a new
product or service to a firm's current target market
Diversification strategy (new & new) - ANSWER - a growth strategy whereby a firm introduces a new
product or service to a market segment that it does not currently serve
Downsizing - ANSWER - Exiting markets, reducing product portfolios, or closing certain business
locations
marketing management process - ANSWER - the process of (1) planning marketing activities, (2)
directing the implementation of the plans, and (3) controlling these plans
innovation - ANSWER - The process by which ideas are transformed into new products and services
that will help firms grow
3 C's - ANSWER - Corporate Partners, Company Capabilities, Competition
changing customer needs, market saturation, managing risk through diversity, fashion cycles,
improving business relationships - ANSWER - 4 Reasons for Innovation
Idea generation, concept testing, product development, market testing, product launch, & evaluation
of results - ANSWER - New-Product Development Process
diffusion of innovation - ANSWER - the process by which the use of an innovation, whether a product
or a service, spreads throughout a market group over time and over various categories of adopters
disruptive innovation - ANSWER - new product introductions that are simpler, less sophisticated and
usually less expensive than existing products or services
first movers - ANSWER - product pioneers that are the first to create a market or product category,
making them readily recognizable to consumers and thus establishing a commanding and early
market share lead
