GB 350 Exam 1 Cascio
Dog (BCG matrix) - CORRECT ANSWER-has low growth potential and a small market
share
- most dogs leave market
- the strategy options are to divest or harvest
BCG strategic alternatives - CORRECT ANSWER-build (invest)
- stars are good candidates
hold (leave it alone)
- cash cows are good candidates
harvest (promote to gain as much as possible)
- all good candidates except star
divest (sell off or phase out)
- problem child/dog good candidate
Marketing plans - CORRECT ANSWER-are critical to success, because they provide
formalized, written structure to the organization's strategy
Mission statement - CORRECT ANSWER-the foundation for an organization's
marketing plan
every marketing strategy aligns with it
often informs the vision statement
Situation SWOT analysis - CORRECT ANSWER-internal
- strengths and weaknesses
external
- opportunities and threats
Competitive advantage - CORRECT ANSWER-set og unique features of a company
and its value offerings that are perceived by the target market as significant and
superior to the competition
Marketing objective - CORRECT ANSWER-statement of what is to be a accomplished
through marketing activities
should be:
- realistic
- measurable
- time specific
- compared to a benchmark
Target market strategy - CORRECT ANSWER-undifferentiated: appeal to the entire
market with one marketing mix
niche/concentrated: concentrate on one marketing segment
, differentiated/multi-segment: appeal to multiple market segments with multiple
marketing mixes
Steps following up on the marketing plan - CORRECT ANSWER-implementation and
evaluation and control
Implementation - CORRECT ANSWER-turns a marketing plan into action assignments
ensures these assignments are executed in a way that accomplishes the plan's
objectives
CCPA - CORRECT ANSWER-fines up tp $750/user for retailers who do comply with
consumer requests to access to personal data
An exchange... - CORRECT ANSWER-may not take place even if all conditions are met
an agreement between two parties is required before an exchange occurs
Marketing can occur... - CORRECT ANSWER-even if an exchange does not take place
Marketing management philosophies - CORRECT ANSWER-basic beliefs, concepts,
and attitudes of an individual or group
- production
- sales
- market
- societal
Production - CORRECT ANSWER-short-term
internal capabilities of the firm
ex. Japanese car makers focusing on production instead of overall customer experience
(Tesla prioritizing AI)
Sales - CORRECT ANSWER-short-term
aggressive sales techniques and the belief that high sales result in high profits
ex. Vivant receiving customer complaints and loss of license for aggressive sales
techniques
Market(ing) - CORRECT ANSWER-long-term
satisfying customer wants and needs while meeting organizational objectives
ex. Chewy e-commerce for a competitive market and sold out to PetCo
Societal - CORRECT ANSWER-long-term
satisfying customer wants and needs while enhancing individual and societal well-being
ex. Caliber Collision illustrates a societal market through veterans seeking stable job
placement
Dog (BCG matrix) - CORRECT ANSWER-has low growth potential and a small market
share
- most dogs leave market
- the strategy options are to divest or harvest
BCG strategic alternatives - CORRECT ANSWER-build (invest)
- stars are good candidates
hold (leave it alone)
- cash cows are good candidates
harvest (promote to gain as much as possible)
- all good candidates except star
divest (sell off or phase out)
- problem child/dog good candidate
Marketing plans - CORRECT ANSWER-are critical to success, because they provide
formalized, written structure to the organization's strategy
Mission statement - CORRECT ANSWER-the foundation for an organization's
marketing plan
every marketing strategy aligns with it
often informs the vision statement
Situation SWOT analysis - CORRECT ANSWER-internal
- strengths and weaknesses
external
- opportunities and threats
Competitive advantage - CORRECT ANSWER-set og unique features of a company
and its value offerings that are perceived by the target market as significant and
superior to the competition
Marketing objective - CORRECT ANSWER-statement of what is to be a accomplished
through marketing activities
should be:
- realistic
- measurable
- time specific
- compared to a benchmark
Target market strategy - CORRECT ANSWER-undifferentiated: appeal to the entire
market with one marketing mix
niche/concentrated: concentrate on one marketing segment
, differentiated/multi-segment: appeal to multiple market segments with multiple
marketing mixes
Steps following up on the marketing plan - CORRECT ANSWER-implementation and
evaluation and control
Implementation - CORRECT ANSWER-turns a marketing plan into action assignments
ensures these assignments are executed in a way that accomplishes the plan's
objectives
CCPA - CORRECT ANSWER-fines up tp $750/user for retailers who do comply with
consumer requests to access to personal data
An exchange... - CORRECT ANSWER-may not take place even if all conditions are met
an agreement between two parties is required before an exchange occurs
Marketing can occur... - CORRECT ANSWER-even if an exchange does not take place
Marketing management philosophies - CORRECT ANSWER-basic beliefs, concepts,
and attitudes of an individual or group
- production
- sales
- market
- societal
Production - CORRECT ANSWER-short-term
internal capabilities of the firm
ex. Japanese car makers focusing on production instead of overall customer experience
(Tesla prioritizing AI)
Sales - CORRECT ANSWER-short-term
aggressive sales techniques and the belief that high sales result in high profits
ex. Vivant receiving customer complaints and loss of license for aggressive sales
techniques
Market(ing) - CORRECT ANSWER-long-term
satisfying customer wants and needs while meeting organizational objectives
ex. Chewy e-commerce for a competitive market and sold out to PetCo
Societal - CORRECT ANSWER-long-term
satisfying customer wants and needs while enhancing individual and societal well-being
ex. Caliber Collision illustrates a societal market through veterans seeking stable job
placement
