Notes

The foundation of a marketing plan is the business mission statement. 
True

A competitive advantage is the set of unique features of a company and its products that are perceived by the target market as significant and superior to the competition. True


A product development strategy entails the creation of new products for current customers. 
True


Marketing is defined as producing, promoting, and selling products
False

The four Ps of the marketing mix are product, planning, promotion, and price
False


Marketers use SWOT to evaluate the performance of every single product/service offered by a company. 
False


To be useful, marketing objectives should meet four criteria:  realistic, measurable, time specific, and based on sales. 
False


Unlike a production orientated firm, a firm embracing a sales orientation focuses on customer wants and needs so it can develop the best product at the lowest cost that will require very little selling effort. 
False


To increase sales of Deer and Dear from $350,000 to $400,000. This is an example of a well-stated objective. 
False

When the Internet auction company eBay opened a version of the company called eBayfrance for the French market. That was an example of market penetration.  
False


1. The _____ answers the question, "What business are we in, and where are we going?" (Mission statement).
2.   _____ is the managerial process of creating and maintaining a fit between the organization's objectives and resources and evolving market opportunities. (Strategic planning)
3.  All of the following are elements of the marketing plan EXCEPT: BCBG analysis
4. All of the following are marketing management philosophies EXCEPT: (Profitability orientation).
5. A business unit that usually generates more than it needs to maintain its market share is called a(n) _____ in a portfolio matrix. (Cash cow).
6. The management at Sultan Center is currently conducting a formal study of its current strengths and weaknesses by looking at the company's profit and sales histories and searching for opportunities and threats by studying consumer trends. Sultan Center is conducting a(n): (SWOT analyzes)
7. Tide laundry detergent is the market leader, but overall industry growth is low in this market.  Tide would be classified as a _____ in a portfolio matrix. (Cash cow)
8. A company that wants to implement a market orientation would need to: do all
9. _____ is the strategy of increasing sales by introducing new products into new markets. Diversification