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BUS 2600 Marketing Midterm Test | 80 Questions Solved with 100% Correct $ Verified Answers
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BUS 2600 Marketing Midterm Test | 80 Questions Solved with 100% Correct $ Verified Answers
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BUS 2600 Marketing Midterm Test | 80Questions Solved with 100% Correct $ Verified
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Steps of the marketing process - ✔✔1. Understand the marketplace and customer
needs and wants
2. Design a customer-driven marketing strategy
3. Construct an integrated marketing program that delivers superior value
4. Build profitable relationships and create customer delight
5. Capture value from customers to create profits and customer equity
Strategic planning - ✔✔the process of developing and maintaining a strategic fit
between the organization's goals and capabilities and its changing marketing
opportunities
Mission statement - ✔✔a statement of the organization's purpose - what it wants to
accomplish in the larger environment
Steps in strategic planning - ✔✔1. Defining the company mission
2. Setting company objectives and goals
3. Designing the business portfolio
4. Planning marketing and other functional strategies
Business portfolio - ✔✔the collection of businesses and products that make up the
company
, Portfolio analysis - ✔✔the process by which management evaluates the products and
businesses that make up the company
Strategic business units - ✔✔individual units within the firm that operate like
separate businesses, with each having its own mission, business objectives, resources,
managers, and competitors
Evaluation of SBUs - ✔✔1. Attractiveness of the SBU's market/industry
2. Strength of the SBU's position in the market
Growth-share matrix - ✔✔Aka BCG matrix; evaluates a company's SBUs in terms of
market growth rate and relative market share (stars, cash cows, question marks, and
dogs)
Stars - ✔✔High growth, high share (action: consolidate or expand)
Cash cows - ✔✔Low growth, high share (action: harvest)
Question marks - ✔✔High growth, low share (action: unknown)
Dogs - ✔✔Low growth, low share (action: divest)
Product/market expansion grid - ✔✔a portfolio-planning tool for identifying
company growth opportunities through market penetration, market development,
product development, or diversification
Market penetration - ✔✔a marketing strategy that tries to increase market share
among existing customers
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