Kotler / Armstrong, Chapter 2 This type of business plan involves adapting the firm to take advantage of opportunities in its constantly changing environment. annual plan marketing plan strategic plan operational plan

Kotler / Armstrong, Chapter 2 This type of business plan involves adapting the firm to take advantage of opportunities in its constantly changing environment. annual plan marketing plan strategic plan operational plan

Kotler / Armstrong, Chapter 2 A good mission statement should be realistic, be specific, fit the market environment, and motivate, among other things. true false

Kotler / Armstrong, Chapter 2 A good mission statement should be realistic, be specific, fit the market environment, and motivate, among other things. true false

Kotler / Armstrong, Chapter 2 The organization should base its mission statement on its _____. profitable goals customers’ welfare product’s value distinctive competencies

Kotler / Armstrong, Chapter 2 The organization should base its mission statement on its _____. profitable goals customers’ welfare product’s value distinctive competencies

Kotler / Armstrong, Chapter 2 Strategic business units (SBUs) are classified as stars, cash cows, cats, or dogs. true false

Kotler / Armstrong, Chapter 2 Strategic business units (SBUs) are classified as stars, cash cows, cats, or dogs. true false

Kotler / Armstrong, Chapter 2 _____ are low-growth, high-share businesses or products. Question marks Cash cows Dogs Stars

Kotler / Armstrong, Chapter 2 _____ are low-growth, high-share businesses or products. Question marks Cash cows Dogs Stars

Kotler / Armstrong, Chapter 2 All of the following are components of the product/market expansion grid except _____. market penetration market development unification product development

Kotler / Armstrong, Chapter 2 All of the following are components of the product/market expansion grid except _____. market penetration market development unification product development

Kotler / Armstrong, Chapter 2 Which of the following are limitations to the Boston Consulting Group (BCG) method of strategic planning? difficult to implement costly provides little advice for the future all of the above

Kotler / Armstrong, Chapter 2 Which of the following are limitations to the Boston Consulting Group (BCG) method of strategic planning? difficult to implement costly provides little advice for the future all of the above

Kotler / Armstrong, Chapter 2 The series of departments that add value-creating activities to the design, product/service, and market and support a company’s product(s) is called _____. 1. marketing mix 2. positioning 3. value chain 4. SWOT

Kotler / Armstrong, Chapter 2 The series of departments that add value-creating activities to the design, product/service, and market and support a company’s product(s) is called _____. 1. marketing mix 2. positioning 3. value chain 4. SWOT

Kotler / Armstrong, Chapter 2 Which of the following is an example of market penetration for Starbucks? adding drive-thru windows to their current coffee shops adding new stores in the Southeast adding hot breakfast items to the menu buying Hear Music

Kotler / Armstrong, Chapter 2 Which of the following is an example of market penetration for Starbucks? adding drive-thru windows to their current coffee shops adding new stores in the Southeast (market development) adding hot breakfast items to the menu (product development) buying Hear Music (diversification)

Kotler / Armstrong, Chapter 2 The network comprised of the company, venders, distributors, and customers who “partner” with each other to improve the performance of the entire system is called ______. value-delivery network positioning market concept market penetration

Kotler / Armstrong, Chapter 2 The network comprised of the company, venders, distributors, and customers who “partner” with each other to improve the performance of the entire system is called ______. value-delivery network positioning market concept market penetration

Kotler / Armstrong, Chapter 2 Dividing a market into distinct groups of buyers who have distinct needs, characteristics, or behavior and who might require separate products or marketing programs is called ______. market segmentation target marketing differentiation positioning

Kotler / Armstrong, Chapter 2 Dividing a market into distinct groups of buyers who have distinct needs, characteristics, or behavior and who might require separate products or marketing programs is called ______. market segmentation target marketing differentiation positioning

Kotler / Armstrong, Chapter 2 Arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers is known as ________. 1. segmentation 2. target marketing 3. differentiation 4. positioning

Kotler / Armstrong, Chapter 2 Arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers is known as ________. 1. segmentation 2. target marketing 3. differentiation 4. positioning

Kotler / Armstrong, Chapter 2 All of the following are elements of the marketing mix except _____. product price profit promotion

Kotler / Armstrong, Chapter 2 All of the following are elements of the marketing mix except _____. product price profit promotion

Kotler / Armstrong, Chapter 2 Once the various market segments have been determined, the next step in the marketing strategy process is _____. market evaluation target marketing product positioning market penetration

Kotler / Armstrong, Chapter 2 Once the various market segments have been determined, the next step in the marketing strategy process is _____. market evaluation target marketing product positioning market penetration

Kotler / Armstrong, Chapter 2 Which of the following is not one of the four areas of SWOT analysis? strengths outsourcing weaknesses threats

Kotler / Armstrong, Chapter 2 Which of the following is not one of the four areas of SWOT analysis? strengths outsourcing weaknesses threats

Kotler / Armstrong, Chapter 2 The purpose of a product’s image statement is to present the product in a clear, distinct, and desirable way relative to competing products in the minds of target consumers. true false

Kotler / Armstrong, Chapter 2 The purpose of a product’s image statement is to present the product in a clear, distinct, and desirable way relative to competing products in the minds of target consumers. true false (positioning statement)

Kotler / Armstrong, Chapter 2 The set of controllable, tactical marketing tools that the firm blends together to produce its response to the wants of its target market are called its _____. marketing arsenal marketing mix marketing position independent marketing options

Kotler / Armstrong, Chapter 2 The set of controllable, tactical marketing tools that the firm blends together to produce its response to the wants of its target market are called its _____. marketing arsenal marketing mix marketing position independent marketing options

Kotler / Armstrong, Chapter 2 The process of evaluating your marketing strategy and taking corrective action to ensure those objectives are reached is called marketing control. true false

Kotler / Armstrong, Chapter 2 The process of evaluating your marketing strategy and taking corrective action to ensure those objectives are reached is called marketing control. true false

Kotler / Armstrong, Chapter 2 The following four steps—defining the company’s mission, setting objectives, designing a portfolio, and developing plans— is called _____. strategic planning positioning market penetration differentiation

Kotler / Armstrong, Chapter 2 The following four steps—defining the company’s mission, setting objectives, designing a portfolio, and developing plans— is called _____. strategic planning positioning market penetration differentiation

Kotler / Armstrong, Chapter 2 Managers are correct in thinking that “doing things right” (implementation) is more important than “doing the right things” (strategy). true false

Kotler / Armstrong, Chapter 2 Managers are correct in thinking that “doing things right” (implementation) is more important than “doing the right things” (strategy). true false (both are critical to success)