Exam (elaborations)
BUS 2600 Marketing Midterm Test | 80 Questions Solved with 100% Correct $ Verified Answers
- Course
- Institution
BUS 2600 Marketing Midterm Test | 80 Questions Solved with 100% Correct $ Verified Answers
[Show more]
Content preview
BUS 2600 Marketing Midterm Test | 80Questions Solved with 100% Correct $ Verified
Answers
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
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Examsplug. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
80202 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now