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Chapter 2 Review
| Question | Answer |
|---|---|
| An organizations core values, mission, and culture will establish its philosophical reason for being, or its _ | Foundation |
| Organizational purpose serves as the basis for an organizations | Mission, culture, and core values |
| Characteristics of an organization | (1) Develops goods, services, or ideas. (2) strives to create value for its customers. (3) consists of people who share a common mission |
| A marketing plan is a road map for marketing actions for | A future time period |
| Identifying one’s competencies, customers, and competitors helps an organization answer what important question in setting a strategic direction? | Where are we now? |
| Question marks | They require large injections of cash just to maintain their market share, much less increase it. Require cash to maintain market share, even though that share is small. Low relative market share, high market growth rate |
| Stars | SBU with a high share of high growth markets that may need extra cash to finance their own rapid future growth. Require cash to sustain rapid growth but will likely generate cash when growth slows. High relative market share, low market growth rate |
| Cash cows | SBUs that generate large amounts of cash, far more than they can use . |
| Dogs | SBU with low shares of slow growth market. May generate enough cash to sustain themselves but are not considered current or future winners |
| Asking an organization where it is at the present time involves identifying its | Competencies, customers and competitors |
| A market penetration strategy attempts to increase sales of present products among | Existing customers |
| Which marketing strategy would use advertising to encourage existing customers to buy more of a product each time they visit a store | Market penetration |
| Planning, implementation, and evaluation are considered parts of the | Strategic marketing process |
| Diversification analysis consider both current and new options when searching for growth opportunities | Markets and products |
| All steps that make up the planning phase of the strategic marketing process | Market product focus. The marketing program. Situation analysis |
| Obtaining resources and defining tasks and deadlines are part of which phase in the strategic marketing process? | Implementation |
| The _ gap is the difference between the projection of the path to reach a new sales revenue goal and the path of a plan already in place | |
| What are the three types of organizations | (1) for profit (2) non profit (3) government agencies |
| For profit | Aka business firm - privately owned organization that serves its customers to earn profit so it can survive |
| Non profit | Nongovernmental organization that serves its customers but does not have profit as an organizational goal |
| Government agency | A federal, state, county, or unit that provides a specific service to its constituents |
| What are the 3 organizational levels | (1) board of directors (2) corporate level (3) strategic business unit level |
| Strategic business level (SBU) | Subsidiary, division, or unit of an organization that markets a set of related offerings to a clearly designed target market |
| Functional level | Where groups of specialists actually create value for the department. Where the direction becomes its most specific and focused |
| A visionary organization must specify | (1) why does it exist? (2) what will it do? (3) how will it do it? |
| What are the four elements of inspiring employees? | (1) organizational purpose (2) core values (3) mission (4) organizational culture |
Created by:
Sierratrautman