Exam 2: Developing Marketing Strategies and a Marketing Plan

Firms use segmentation, targeting, and promotion to choose the consumer groups they wish to pursue with its marketing efforts.

Boston Consulting Group's portfolio analysis classifies a company's products or product lines into a two-by-two matrix. What are the bases of classification and what are the products or product lines in each of the four quadrants called? What marketing strategies are usually considered for each of the four classifications?

Mallory has been hired as the new marketing manager at Luscious Chocolate Company. Prior to taking the job, Mallory researched the company and founds its mission statement. What is one of the questions the mission statement should 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.

Matt pointed out to the board of directors that having the popular teen music group as the company's celebrity endorser has boosted sales by 22% in the 12-18 age bracket. When using a SWOT analysis, the teen music group would be classified as a(n)

Nike, the prominent athletic shoe manufacturer, relies heavily on athlete sponsorships to build demand for its products. Spectators at major sporting events-both those attending in person and those watching at home-frequently see the Nike "swoosh" logo worn by elite athletes. Given the vast worldwide audience for Olympics broadcasts, an Olympic year gives Nike increased exposure. On a Nike situation analysis in an Olympic year, would you consider this exposure to be a strength or an opportunity? Explain your reasoning; be specific.

Suppose that you and a friend decide to turn your favorite sports activity-inline skating-into a business. You plan to design a line of fashionable clothing that integrates elbow and kneepads. For each of the four macro strategies, briefly describe the most important thing your company should do if you intend to focus on that strategy. Your answers should be specific to the inline skating business.

During a SWOT analysis, a company should assess the opportunities and uncertainties of the marketplace due to changes in several CDSTEP factors. The "E" in this acronym stands for which factor?

Within portfolio analysis, a star represents a high-growth market with high market share products.

When considering new products, marketers at Savory Seasonings ask themselves, "What would Kate think?" Kate is a fictional character representing 25- to 50-year-old educated, upper-income women who rarely watch television but read a lot. "Kate" represents Savory Seasoning's primary

Niro Music Source Inc. is considered the best in the industry in terms of human resource management and its excellent supply chain that assures the company will deliver products on time. Which macro strategy does this company demonstrate to achieve a sustainable competitive advantage?

Many small businesses whose competitors are national franchises advertise "we are locally owned" or "we have been here since 1951." This is part of these firms'

Delta Airlines is among the companies experimenting with selling products and services on their Facebook pages. The idea is to make purchasing even easier for customers who may spend large portions of the day with Facebook active on their computers or mobile devices. There is no need even to navigate to Delta's website-users can book a trip in Delta's "Ticket Agent" application without ever leaving Facebook. Which element of the marketing mix does this represent?

Your marketing professor, Dr. Ottoman, has been asked to participate in the university's strategic marketing planning process. During the planning phase of the process, what questions will Dr. Ottoman likely ask? Be specific to the university's strategic marketing planning process.

Using the BCG portfolio analysis, a "dog" should be phased out unless

The strategic planning process always proceeds sequentially.

You and your friend Taylor work in different parts of a large firm. In a recent analysis, your area was labeled a "cash cow" and hers was labeled a "question mark." What things would you do differently in your area than Taylor would do in hers?

Your marketing professor, Dr. Smith, has been asked to participate in the university's strategic marketing planning process. After completing the planning phase of the process, Dr. Smith has been asked to assist with the STP analysis. What questions will Dr. Smith ask during the STP analysis? Be specific to the university's strategic marketing planning process.

One of the benefits of taking marketing courses is the opportunity to apply marketing concepts to marketing yourself. When selling yourself, you are a product including all the skills, aptitudes, and attitudes you bring to the market. What can you do to give yourself a sustainable competitive advantage in the marketplace?

Singapore Airlines seeks to differentiate itself from competing airlines, in part through innovative design of its airplane seats and in-flight entertainment systems. Through continuous innovation in these areas, Singapore Airlines is pursuing a(n)________ macro strategy.