Which of the following statements regarding Ben & Jerry's is most accurate?
Ben & Jerry's is now owned by Unilever, the market leader in the global ice cream industry.
In marketing, an offering refers to
a product, service, or idea that creates value for both the organization and its customers by satisfying their needs and wants.
A(n) __________ is a legal entity of people who share a common mission.
The reward to a business firm for the risk it undertakes in marketing its offerings is referred to as
Profit refers to
the money left over after a business firm's total expenses are subtracted from its total revenues and is the reward for the risk it undertakes in marketing its offerings
A nongovernmental organization that serves its customers but does not have profit as an organizational goal is referred to as a
Which statement best describes the most significant difference between a business firm and a nonprofit organization?
Both serve customers, but business firms seek a profit while nonprofit organizations do not.
An example of a nonprofit organization is
the American Red Cross.
The United Nations report defines sustainable development as:
meeting present needs without compromising the ability of future generations to meet their own needs
Corporate executives and world leaders are increasingly asked to address the issue of __________, a term that refers to meeting present needs "without compromising the ability of future generations to meet their own needs."
Bill McDermott is President and CEO of SAP Americas and Asia Pacific Japan. SAP is a company that sells extremely expensive enterprise resource planning software to large and mid-sized companies. McDermott operates at the __________ level of his organization.
The level in an organization where top management directs overall strategy for the entire organization is referred to as the
In recent years, many large firms have changed the title of the head of marketing from vice president of marketing to
chief marketing officer.
A subsidiary, division, or unit of an organization that directs overall strategy for the organization that markets a set of related products to a clearly defined group of customers is referred to as a(n)
strategic business unit.
Functional level refers to the
level in an organization where groups of specialists actually create value for the organization
In simple terms, the types of question that would be addressed through organizational foundation, organizational direction, and organizational strategies respectively, would be
why, what, how.
A small number of people from different departments in an organization who are mutually accountable to accomplish a task or common set of performance goals are referred to as a
When developing marketing programs for new offerings, marketing may provide staff to serve as part of a(n) __________ of specialists from all the functional units who are mutually accountable to a common set of performance goals.
Which of the following statements would most likely be heard at the functional level of an organization?
"Make sure we buy 15 seconds of air time for this coming Super Bowl."
An organization's __________ are the fundamental, passionate, and enduring principles that guide its conduct over time.
A set of values, ideas, attitudes, and norms of behavior that is learned and shared among the members of an organization is referred to as its
In terms of an organization's business, railroads may have lost market share in the 20th century because they
defined their business too narrowly.
Statements of an accomplishment of a task to be achieved, often by a specific time are referred to as __________.
The primary purpose of a marketing metric is to
measure the quantitative value of a marketing activity.
Mobile phone companies broke the age-old business rule of staying within their __________ by going beyond their expertise in running networks and billing subscribers to designing handsets. Nokia, on the other hand, boosted its success in handsets in large part by staying focused on what it does best: manufacturing handsets and watching carefully for the latest consumer trends.
SBUs with dominant shares of slow-growth markets that provide cash to cover the organization's overhead and to invest in other SBUs are referred to as __________.
In its business portfolio analysis, an organization's SBUs often start as __________ and then become __________.
question marks; stars
SBUs found in quadrant "A" (Figure 2-4) would be called
SBUs found in quadrant "D" (Figure 2-4) would be called
One of the strengths inherent in the use of the BCG portfolio analysis is the fact that it
forces firms to assess their SBUs in terms of relative market share and industry growth rate.
The key steps of planning, implementation, and evaluation are part of what is referred to as
the strategic marketing process.
The marketing strategy to increase sales of current product in existing markets is referred to as
The marketing strategy to sell existing products to new markets is referred to as
Product development refers to the strategy of
selling new products to existing markets.
Diversification refers to the strategy of
selling new products to new markets.
Two major ways for a company to benefit from taking a market penetration approach would be
sell more product at the same price or sell the same amount of product at a higher price.
If Ben & Jerry's starts selling their ice cream in Brazil for the first time, they will be using a __________ strategy.
What are the steps involved in the planning phase of the strategic marketing process?
Situation (SWOT) analysis; market-product focus and goal setting; and marketing program development
Step one in the planning phase of the strategic marketing process is
the situation analysis.
The first step in the strategic marketing process is