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244) Which two marketing strategies would be used if a firm were not willing to find new markets? A) Product development and market penetration B) Product development and diversification C) Market development and product development D) Market development and market penetration E) Market development and diversification Answer: A Explanation: Both market penetration and product development require a firm to expand its current markets. See Figure 2-5. Difficulty: 2 Medium Topic: Developing a Competitive Strategy Learning Objective: 02-04 Discuss how an organization assesses where it is now and where it seeks to be. Bloom's: Understand AACSB: Analytical Thinking 245) The strategic marketing process A) involves taking stock of where the firm or product has been recently, where it is now, and where it is headed in terms of the organization's marketing plans and the external forces and trends affecting it. B) is a technique to quantify performance measures and growth targets to analyze its clients' strategic business units as though they were a collection of separate investments. C) describes an organization's appraisal of its internal strengths and weaknesses and its external opportunities and threats. D) is an approach whereby an organization allocates its marketing mix resources to reach its target markets. E) seeks opportunities by finding the optimum balance between marketing efficiencies versus R&D-manufacturing efficiencies. Answer: D Explanation: Key term definition—strategic marketing process. Difficulty: 1 Easy Topic: The Strategic Marketing Process Learning Objective: 02-05 Explain the three steps of the planning phase of the strategic marketing process. Bloom's: Remember AACSB: Analytical Thinking Accessibility: Keyboard Navigation

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Test Bank for Marketing 14th Kerin  

Test Bank Marketing 14th Edition Kerin 2019 (Test Bank Download) (9781259924040) (1259924041). Instant access. All chapter are included. All...

Test Bank for Marketing 14th Kerin  

Test Bank Marketing 14th Edition Kerin 2019 (Test Bank Download) (9781259924040) (1259924041). Instant access. All chapter are included. All...