Exam 3: Elements of Marketing Strategy, Planning, and Competition

Internal environmental factors are all under the firm's control.

Open Sesame is a chain of Thai restaurants located in the western United States. The marketing manager has discovered that there is a growing demand for Spanish food, and the appetite for Asian food is declining. In the context of SWOT analysis, this information would be included under ________.

Green Scene Co., a struggling start-up firm that needs a huge cash injection, has an environmentally friendly pesticide that is approved for use by commercial organic farmers. The pesticide is made from all-natural ingredients and has great potential. A small investment firm has injected cash in Green Scene. In the context of the BCG matrix, Green Scene is most likely considered a ________.

The best place in a SWOT analysis for a wristwatch manufacturer to identify the presence of competitive substitute products is ________.

Malala, the marketing manager of an automobile dealership, is crafting a SWOT analysis. In this case, she should include the downturn in the U.S. economy and tightening of the credit markets under ________.

The best place in a SWOT analysis for an airline to identify the possibility of acquiring a competitor is ________.

Which of the following competitive forces is NOT addressed directly by Michael Porter?

Strategy has two key phases: formulation and execution.

The last element in the value chain is margin, which refers to profit made by the firm.

A mission statement does NOT include a discussion of the firm's strategic vision.

According to the 2010 U.S. Census, Asian Americans are a high-income, fast-growing racial group in America. In the context of situation analysis, under which of the following macro-level external environmental factors will this be included?

According to the BCG matrix, a business that is classified as a star has high growth and low market share.

Market development strategies allow a firm to invest additional resources to have existing customers consume new products.

Which of the following is NOT one of the four strategic types of firms proposed by Miles and Snow?

Form utility is ________.

Mary's firm has delayed making a decision on acquiring a new product line because her marketing team members took more than three months to analyze the numbers. Which of the following tips for successful marketing planning experience did the firm fail to use?

Hot and Cold Corp. makes disposable coffee and soft drink cups for use in fast-food restaurants, hospitals, convenience stores, and the like. The company is working on a sturdy new product that will biodegrade within five years of being put in a landfill. According to the BCG matrix, this promising new product line would most likely be classified as a ________.

Automobile manufacturers must comply with regulations set by the National Transportation and Safety Board. In the context of situation analysis, which of the following macro-level external environmental factors does this exemplify?

A ________ articulates an organization's reason for existence and defines the unique purpose that sets it apart from competitors and identifies the scope of the company's operations, products, and markets.

Tyler's event planning company hired a new marketing assistant who focuses only on long-term organizational goals and objectives, ignoring the functional or operational level aspects of planning. For having a successful marketing planning experience, in which concept should the new assistant be trained?