Exam 3: Strategic Market Planning

Jay Minkoff at First Flavor may use the Boston Consulting Group (BCG)matrix to help him in making decisions for his firm.What does he need to understand about the purpose of the matrix and the four categories of the BCG growth-market share matrix?

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(Essay)

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Question 1

Correct Answer:

Verified

The BCG model focuses on determining the potential of a firm's existing SBUs to generate cash that the firm can then use to invest in other businesses.By categorizing SBUs as stars,cash cows,questions marks,or dogs,the matrix helps managers make good decisions about how the firm should grow.Stars are SBUs with products that have a dominant market share in high-growth markets.Cash cows have a dominant market share in a low-growth potential market.Question marks,also called problem children,are SBUs with low market shares in fast-growth markets.Dogs are SBUs with low market share in low-growth markets.

Vice presidents of large companies are typically in charge of ________ planning.

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(Multiple Choice)

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Question 2

Correct Answer:

Verified

Opportunities and threats come from a company's internal environment.

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(True/False)

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Question 3

Correct Answer:

Verified

False

The four Ps of marketing are people,placement,promotion,and pricing.

(True/False)

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Question 4

Southwest Airlines uses a ________ to target customers who could not previously afford air travel.

(Multiple Choice)

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Question 5

________ generally cover a shorter time period than other plans,perhaps only one or two months,and include detailed directions for specific activities to be carried out.

(Multiple Choice)

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Question 6

The ________ is the most fundamental part of the marketing mix.

(Multiple Choice)

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Question 7

Analysis of the external environment of an organization identifies the organization's ________.

(Multiple Choice)

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Question 8

Which step in developing a marketing plan includes an analysis of the marketing environment?

(Multiple Choice)

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Question 9

Compare and contrast strategic planning and operational planning.

(Essay)

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Question 10

A manager's decision to run a quarter-page ad in the business section of the local newspaper to promote goodwill toward his company is part of an operational plan.

(True/False)

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Question 11

Employee morale,promotion strategies,and competitors' reactions are all aspects of a company's internal environment.

(True/False)

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Question 12

Concrete measures of various aspects of marketing performance are called ________.

(Multiple Choice)

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Question 13

When analyzing its portfolio of businesses with the Boston Consulting Group model,Disney views its movie brand as a star.What does this mean?

(Essay)

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Question 14

The BCG matrix is a useful approach to evaluate current businesses.Describe a tool that you could use at a firm to decide how to make growth happen.

(Essay)

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Question 15

A(n)________ is the market segment a firm selects because management believes the firm's offerings are most suited to winning those customers.

(Multiple Choice)

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Question 16

Explain how business planning helps managers in a firm.

(Essay)

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Question 17

Serengeti makes lightweight sunglasses with 100 percent UV protection for people who love to hunt,hike,and bike ride.Its long-term plans include the development of lenses that,in addition to protecting users from UV rays,will also have effective water-sheeting action to reduce lens spotting.This new feature will be valuable to people who fish.Serengeti has determined that fishing is one of the fastest growing sports in the United States.In terms of a SWOT analysis,Serengeti has recognized a market ________.

(Multiple Choice)

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Question 18

Which of the following is a limitation of the BCG matrix?

(Multiple Choice)

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Question 19

________ is the formal process of monitoring progress toward meeting marketing objectives.

(Multiple Choice)

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Question 20

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Jay Minkoff at First Flavor may use the Boston Consulting Group (BCG)matrix to help him in making decisions for his firm.What does he need to understand about the purpose of the matrix and the four categories of the BCG growth-market share matrix?

Vice presidents of large companies are typically in charge of ________ planning.

Opportunities and threats come from a company's internal environment.

The four Ps of marketing are people,placement,promotion,and pricing.

Southwest Airlines uses a ________ to target customers who could not previously afford air travel.

________ generally cover a shorter time period than other plans,perhaps only one or two months,and include detailed directions for specific activities to be carried out.

The ________ is the most fundamental part of the marketing mix.

Analysis of the external environment of an organization identifies the organization's ________.

Which step in developing a marketing plan includes an analysis of the marketing environment?

Compare and contrast strategic planning and operational planning.

A manager's decision to run a quarter-page ad in the business section of the local newspaper to promote goodwill toward his company is part of an operational plan.

Employee morale,promotion strategies,and competitors' reactions are all aspects of a company's internal environment.

Concrete measures of various aspects of marketing performance are called ________.

When analyzing its portfolio of businesses with the Boston Consulting Group model,Disney views its movie brand as a star.What does this mean?

The BCG matrix is a useful approach to evaluate current businesses.Describe a tool that you could use at a firm to decide how to make growth happen.

A(n)________ is the market segment a firm selects because management believes the firm's offerings are most suited to winning those customers.

Explain how business planning helps managers in a firm.

Which of the following is a limitation of the BCG matrix?

________ is the formal process of monitoring progress toward meeting marketing objectives.

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