COMMERCE 1MA3 - CHAPTER 2 TEST ACTUAL EXAM COMPLETE
QUESTIONS AND VERIFIED SOLUTIONS LATEST UPDATE THIS
YEAR
What does a marketing strategy identify? - ANSWER-1) a firms target market
2) a related marketing mix (4 ps)
3) the bases upon which the firms plans to build a sustainable competitive
advantage
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
customer excellence - ANSWER-involves a focus on retaining loyal customers and
excellent customer service
diversification strategy - ANSWER-New Products/New Markets.
Aims new products at new markets.
downsizing - ANSWER-A planned reduction in the number of employees needed
in a firm in order to reduce costs and make the business more efficient
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.
locational excellence - ANSWER-having a good physical location and internet
presence
1
, market development strategy - ANSWER-existing products in new markets
market growth rate - ANSWER-annual rate of growth of the specific market in
which the product competes
market penetration strategy - ANSWER-existing products, existing markets
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
market segment - ANSWER-a group of consumers who respond in a similar way
to a given set of marketing efforts
Market Segmentation - ANSWER-the process of dividing a market into
meaningful, relatively similar, and identifiable segments or groups
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?
operational excellence - ANSWER-involves a firm's focus on efficient operations
and excellent supply chain management
planning phase - ANSWER-Where marketing executives and other top managers
define the mission and objectives of the business, and evaluate the situation by
2
QUESTIONS AND VERIFIED SOLUTIONS LATEST UPDATE THIS
YEAR
What does a marketing strategy identify? - ANSWER-1) a firms target market
2) a related marketing mix (4 ps)
3) the bases upon which the firms plans to build a sustainable competitive
advantage
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
customer excellence - ANSWER-involves a focus on retaining loyal customers and
excellent customer service
diversification strategy - ANSWER-New Products/New Markets.
Aims new products at new markets.
downsizing - ANSWER-A planned reduction in the number of employees needed
in a firm in order to reduce costs and make the business more efficient
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.
locational excellence - ANSWER-having a good physical location and internet
presence
1
, market development strategy - ANSWER-existing products in new markets
market growth rate - ANSWER-annual rate of growth of the specific market in
which the product competes
market penetration strategy - ANSWER-existing products, existing markets
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
market segment - ANSWER-a group of consumers who respond in a similar way
to a given set of marketing efforts
Market Segmentation - ANSWER-the process of dividing a market into
meaningful, relatively similar, and identifiable segments or groups
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?
operational excellence - ANSWER-involves a firm's focus on efficient operations
and excellent supply chain management
planning phase - ANSWER-Where marketing executives and other top managers
define the mission and objectives of the business, and evaluate the situation by
2
