Mastering Portfolio Analysis

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Which of the following best defines marketing?

The process of building strong customer relationships

The process of acquiring new customers

The process of identifying customer requirements

The process of creating customer value (correct)

What is the importance of understanding the marketplace and customer needs in marketing?

To identify customer requirements (correct)

To acquire new customers

To build strong customer relationships

To create customer value

What happens when customers are dissatisfied with a product?

They switch to competitors and disparage the product to others (correct)

They buy again and tell others about their good experiences

They choose among many market offerings

They form expectations about the value and satisfaction of market offerings

Which one of the following is NOT true about marketing?

Marketing is only about selling and advertising Signup and view all the answers

What is the aim of marketing according to Peter Drucker?

To understand the customer so well that the product or service fits them and sells itself Signup and view all the answers

Which of the following is NOT part of the marketing mix?

Profit Signup and view all the answers

What is exchange in the context of marketing?

The act of obtaining a desired object by offering something in return Signup and view all the answers

Which one of the following is NOT part of the marketing mix?

Promotion Signup and view all the answers

What is the key to building long-lasting customer relationships?

Creating superior customer value and satisfaction Signup and view all the answers

What is customer perceived value?

The customer's evaluation of the difference between all the benefits and costs of a market offering Signup and view all the answers

What is customer satisfaction?

The extent to which a product's perceived performance matches a buyer's expectations Signup and view all the answers

Which of the following is NOT a characteristic of a mission statement?

Narrow and specific Signup and view all the answers

What does an Abell-diagram help in delineating?

All of the above Signup and view all the answers

What is portfolio analysis in strategic planning?

Evaluating the products and businesses that make up the company Signup and view all the answers

Which concept focuses on improving production and distribution efficiency?

The Production Concept Signup and view all the answers

Which concept focuses on continuous product improvements?

The Product Concept Signup and view all the answers

Which concept emphasizes on creating sales transactions rather than building long-term customer relationships?

The Selling Concept Signup and view all the answers

Which concept focuses on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do?

The Marketing Concept Signup and view all the answers

Which level of planning involves a company division, a product line within a division, or a single product or brand?

SBU-level Signup and view all the answers

What is the purpose of a mission statement?

To state the organization's purpose Signup and view all the answers

What is the process in which the objectives and capacities of a company are matched against evolving opportunities and threats?

Strategic planning process Signup and view all the answers

What is the challenge faced by marketers in a dynamic economic environment?

Balancing the brand's value proposition with the current times Signup and view all the answers

Which of the following best describes consumer-generated marketing?

Marketing created by consumers themselves Signup and view all the answers

What can happen if a company fails to master digital and social media relationship tools?

They risk being left behind Signup and view all the answers

What is customer lifetime value?

The value of all purchases a customer makes over their lifetime Signup and view all the answers

What does customer equity measure?

The total combined customer lifetime value of all current and potential customers Signup and view all the answers

Which one of the following best describes the societal marketing concept?

The idea that marketing decisions should consider consumers' wants, company requirements, consumers' long-run interests, and society's long-run interests Signup and view all the answers

Which of the following is an example of a market offering?

The combination of product, services, information, or experiences offered to a market Signup and view all the answers

What is the difference between human needs and wants?

Human needs are shaped by culture and personality, while wants are the objects that satisfy those needs Signup and view all the answers

What is marketing myopia?

Paying too much attention to customer wants and forgetting about underlying needs Signup and view all the answers

Which growth strategy involves increasing sales of current market segments without changing the product?

Market penetration Signup and view all the answers

Which growth strategy involves identifying and developing new market segments for company products?

Market development Signup and view all the answers

Which growth strategy involves offering modified or new products to current market segments?

Product development Signup and view all the answers

Which growth strategy involves starting up or acquiring businesses outside the company's current products and markets?

Diversification Signup and view all the answers

Which two dimensions are used to evaluate SBUs in most standard portfolio analysis methods?

Attractiveness of the SBU's market and strength of the SBU's position in that market Signup and view all the answers