MARK 3336 MIDTERM REVIEW QUESTIONS
Strategic Planning - Answers - process of developing and maintaining a strategic fit
between the organization's goals, capabilities, and its changing marketing environment.
Step one of strategic planning - Answers - Defining the company mission
Step two of strategic planning - Answers - Setting company objectives and goals
Step three of strategic planning - Answers - Designing the business portfolio
Step four of strategic planning - Answers - Planning marketing and other functional
strategies
Mission Statement - Answers - the organization's purpose, what it wants to accomplish
in the larger environment.
Vision Statement - Answers - similar to the mission statement, except the company has
a reason for why it exists.
Value Proposition - Answers - a feature/service intended to make a company attractive.
BCG Matrix - Answers - graphically portrays differences among divisions; focuses on
market share position and industry growth rate; manages business portfolio through
relative market share and industry growth rate.
Star - Answers - High relative market share and high market growth rate
Question Mark - Answers - Low relative markets share and high market growth rate
Cash cow - Answers - High relative market share and low market growth rate
Dog - Answers - Low relative market share and low market growth rate
Ansoff Grid - Answers - looks at new products, existing products, new markets, and
existing markets for company growth opportunities.
Market Penetration - Answers - company growth by increasing sales or current products
to current market segments without changing the product
Market development - Answers - company growth by identifying and developing new
market segments for current company products
, Product Development - Answers - company growth by offering modified or new products
to current market segments
STP - Answers - customer driven strategy, creating value for target customers
Market Segmentation - Answers - Requires dividing a market into smaller segments
with distinct needs, characteristics, or behavior that might require separate marketing
strategies or mixes.
Targeting - Answers - set of buyers who share common needs or characteristics that
the company decides to serve.
Positioning - Answers - way the product is defined by the consumers on important
attributes - the place the product occupies in consumers' minds relative to competing
products.
Concerns about Digital Marketing - Answers - Vacuum up of older industries, online
streaming hurt the CD and DVD business.
Marketing research - Answers - the systematic design, collection, analysis, and
reporting of data relevant to a specific marketing situation facing an organization.
Customer insights are - Answers - fresh and deep insights into customers' needs and
wants and are difficult to obtain because customers are unsure of their behavior. Better
information and more effective use of existing information
Internal databases - Answers - are electronic collections of consumer and market
information obtained from data sources within the company network.
Advantage of internal databases - Answers - It can be accessed more quickly and
cheaply than other information sources
Competitive Marketing Intelligence - Answers - systematic collection and analysis of
publicly available information about consumers, competitors, and developments in the
marketplace.
Causal Research - Answers - research to test hypothesis about cause and effect
relationships.
Exploratory Research - Answers - research to gather preliminary information that will
help define problems and help suggest hypothesis.
Descriptive Research - Answers - research to better describe market potential for a
product or demographics and attitudes of consumers who buy the product.
Primary Data - Answers - information gathered for the special research plan
Strategic Planning - Answers - process of developing and maintaining a strategic fit
between the organization's goals, capabilities, and its changing marketing environment.
Step one of strategic planning - Answers - Defining the company mission
Step two of strategic planning - Answers - Setting company objectives and goals
Step three of strategic planning - Answers - Designing the business portfolio
Step four of strategic planning - Answers - Planning marketing and other functional
strategies
Mission Statement - Answers - the organization's purpose, what it wants to accomplish
in the larger environment.
Vision Statement - Answers - similar to the mission statement, except the company has
a reason for why it exists.
Value Proposition - Answers - a feature/service intended to make a company attractive.
BCG Matrix - Answers - graphically portrays differences among divisions; focuses on
market share position and industry growth rate; manages business portfolio through
relative market share and industry growth rate.
Star - Answers - High relative market share and high market growth rate
Question Mark - Answers - Low relative markets share and high market growth rate
Cash cow - Answers - High relative market share and low market growth rate
Dog - Answers - Low relative market share and low market growth rate
Ansoff Grid - Answers - looks at new products, existing products, new markets, and
existing markets for company growth opportunities.
Market Penetration - Answers - company growth by increasing sales or current products
to current market segments without changing the product
Market development - Answers - company growth by identifying and developing new
market segments for current company products
, Product Development - Answers - company growth by offering modified or new products
to current market segments
STP - Answers - customer driven strategy, creating value for target customers
Market Segmentation - Answers - Requires dividing a market into smaller segments
with distinct needs, characteristics, or behavior that might require separate marketing
strategies or mixes.
Targeting - Answers - set of buyers who share common needs or characteristics that
the company decides to serve.
Positioning - Answers - way the product is defined by the consumers on important
attributes - the place the product occupies in consumers' minds relative to competing
products.
Concerns about Digital Marketing - Answers - Vacuum up of older industries, online
streaming hurt the CD and DVD business.
Marketing research - Answers - the systematic design, collection, analysis, and
reporting of data relevant to a specific marketing situation facing an organization.
Customer insights are - Answers - fresh and deep insights into customers' needs and
wants and are difficult to obtain because customers are unsure of their behavior. Better
information and more effective use of existing information
Internal databases - Answers - are electronic collections of consumer and market
information obtained from data sources within the company network.
Advantage of internal databases - Answers - It can be accessed more quickly and
cheaply than other information sources
Competitive Marketing Intelligence - Answers - systematic collection and analysis of
publicly available information about consumers, competitors, and developments in the
marketplace.
Causal Research - Answers - research to test hypothesis about cause and effect
relationships.
Exploratory Research - Answers - research to gather preliminary information that will
help define problems and help suggest hypothesis.
Descriptive Research - Answers - research to better describe market potential for a
product or demographics and attitudes of consumers who buy the product.
Primary Data - Answers - information gathered for the special research plan
