Exam 2: Developing Successful Organizational and Marketing Strategies

Consider Figure 2-5 above.A family owns a gelato business in a small town square next to a park,which is a favorite place for parents and children to stop on their way home from work to relax or school to play.However,the business owner is barely making ends meet.The adults who stop by are always complimenting him on his unusual gelato flavor selections.He decides to experiment by packaging his special spices into small packets that can be used at home as flavorings for dinner drinks.Sales of the spices soar and profits begin to rise.This is an example of a __________ strategy that would be found in quadrant __________.

__________ is(are)the reward to a business firm for the risk it undertakes in marketing its offerings.

Each strategic business unit has marketing and other specialized activities (e.g. ,finance,manufacturing,or research and development)at the __________ level,where groups of specialists actually create value for the organization.

During step 2 of the strategic marketing process,firms like Medtronic engage in all of the following marketing activities EXCEPT:

The Ben & Jerry's website states: "Central to the mission of Ben & Jerry's is the belief that all three parts [product mission,economic mission,social mission] must thrive equally in a manner that commands deep respect for individuals in and outside the company and supports the communities of which they are a part." This statement reflects Ben & Jerry's

The planning gap refers to

In keeping with its business mission,Ben & Jerry's has

Consider Figure 2-7 above.A Florida-based flashlight company has been extremely successful due in part to the number of hurricanes in Florida that result in a loss of power.The firm is thinking of expanding its product offerings to include other emergency supplies such as generators and survival kits.Before going ahead with this decision,there were several factors that had to be taken into consideration: (1)The firm has a great reputation with its flashlights and doesn't want to ruin it.(2)Its physical plant could be refitted relatively easily to make small generators,but it would be rather costly.(3)It would have to rely on another firm to manufacture and package the survival kits.(4)Although there are nine named hurricanes scheduled for the upcoming year,no one really can predict what will happen.The need to rely on another company to supply the survival kits would fall in which quadrant(s)of the SWOT analysis grid?

A small businesswoman was preparing her staff for the upcoming holiday season.Her women's apparel retail store has had a great year-sales and profits were up 20 percent.In a meeting with her sales staff before opening the store on Black Friday,the day after Thanksgiving,she said,"We want to move as much inventory as possible.Not only can we highlight our holiday items,why don't we also mark down some of our other seasonal items while people are in a shopping mood?" From this statement,she is concerned with a __________ goal.

Market segmentation refers to

An organization's __________ are the fundamental,passionate,and enduring principles that guide its conduct over time.

Complaints about Microsoft's Xbox video game consoles began immediately after its introduction.These complaints ranged from missing parts to incorrect programming.Microsoft should have should adopted a more rigorous __________ goal.

Consider the Kodak Digital Camera photo above.Despite being slow to exploit its digital camera technology,Kodak eventually did.From the early-to mid 2000s,Kodak's digital camera SBU moved successfully from a question mark to a star,becoming the market leader by 2005.At that time,the product was then considered to be a cash cow.However,with intense competition from Japanese marketers and the arrival of smartphones such as Apple's iPhone in 2007,Kodak's digital camera sales fell dramatically.In early 2013,Kodak exited the consumer digital camera business.For Kodak,this SBU became a __________.

The strategies an organization develops to provide value to the customers it serves is called a(n)

Compared to marketing strategies,marketing tactics generally involve actions that

The __________ element of the marketing mix includes personal selling and sales promotion.

The purpose of business portfolio analysis is to

Recently,St.Joseph Hospital was named one of the "Best Places to Work in Indiana" for the sixth consecutive year.The hospital touts universal values to "keep healthcare human" and employees consistently put patients first,which unites them in a common goal.Hospital President Kathy Young believes that St.Joseph __________ makes both her employees and patients happier in her hospital.

-Ben & Jerry's introduces products like its Goodbye Yellow Brickle Road premium ice cream flavor (see the Elton John image above)for a limited time every so often as a response to its mission.Name and briefly describe the three interrelated parts of Ben & Jerry's mission.

A marketing strategy refers to