91)To improve its value delivery network, a company needs to examine the value chains of itssuppliers and distributors.92)The image of a product in the minds of consumers is called market segmentation.93)A market segment consists of consumers who respond in different ways to a given set ofmarketing efforts.94)Holiday Inn has divided the total customer market into smaller segments and selected themost promising segments. Deciding what position it wants to occupy in these segments is calledtargeting.95)A company with limited resources would likely decide to serve all segments of a market.96)When a company positions its product, it must first identify possible customer valuedifferences within a market segment that could be the basis of a competitive advantage for theproduct.97)Guided by marketing strategy, the company designs a marketing mix made up of factorsunder its control: product, price, place, and promotion.98)In the four Ps of the marketing mix, promotion refers solely to advertising.99)One valid criticism of the four Ps concept is that services are not considered.100)The four Ps concept takes the seller’s view of the market.101)The four marketing management functions are analysis, planning, implementation, andcontrol.102)In SWOT analysis, strengths and weaknesses refer to a firm’s internal environment, whileopportunities and threats refer to the external environment.103)Through annual marketing planning, the company decides what it wants to do with eachbusiness unit.Answer: FALSE104)Marketing planning is the task of selecting marketing strategies for each business, product,or brand in a company with the goal of helping the company attain its overall objectives.105)The final step in the marketing control process is taking corrective action to erase any gapsbetween goals and performance.106) Define strategic planning. Discuss the steps involved.107)What is business portfolio planning? Discuss how a company might use the BostonConsulting Group’s product portfolio analysis method.and dogs. Once each SBU has been defined, a company can determine what role each will playin the firm’s future, using strategies of building, holding, harvesting, or divesting each SBU.108)What are some problems with matrix approaches?109)The BCG is a useful approach to evaluate current businesses. Describe a device that a firmcould use to identify future growth opportunities.110)What does the term “value-delivery network” mean? Explain.111) Define marketing strategy. Discuss the steps in formulating marketing strategy.112)Explain why, according to the authors of your text, the four Ps concept of the marketingmix takes a seller’s view of the market, not the buyer’s view. How should marketers consider thebuyer’s view?113)Define marketing planning. Briefly outline the major steps in a marketing plan.114)Marketing departments are organized in several ways. Compare and contrast the mostcommon forms of marketing organizations.115)Briefly discuss how marketers measure return on marketing investment, explaining why thisfigure can be difficult to assess.116)Monsanto operates in many businesses, including pharmaceuticals and food products. Thecompany defines its ________ as creating “abundant food and a healthy environment.”A) strategyB) market development C) business portfolio D) missionE) value-delivery network117)Kimball Gardens is a company that operates as two distinct businessesâone that sells lawnand garden products and one that markets booklets. Each business is called a ________.A) separate entityB) strategic business unit (SBU) C) matrixD) divisionE) business portfolio118)The pharmaceuticals division of Omni Healthcare holds low market share in a high-growthmarket. In order to increase market share, managers may decide to ________.A) hold the pharmaceuticals division’s share B) implement a harvest strategyC) use money from a cash cow to promote the pharmaceuticals division D) divest the SBUE) diversify the pharmaceutical division119)The Bank of New York bought Pershing, an off-shore investment firm with operations inIndia, from Credit Suisse First Boston. The Bank of New York is pursuing a ________.A) product development strategy B) downsizing strategyC) diversification strategyD) market penetration strategy E) product adaptation120)Acme, Inc., has modified the production processes of its widgets and gadgets in order to tapinto the Eastern European market. Acme is likely following a ________ strategy.A) market penetration B) market development C) diversificationD) harvestingE) product development
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