Marketing Vocabulary Quiz

What is a centralized organization?

• A structure in which top-level managers delegate little authority to lower levels

• The result of a company matching a core competency to opportunities it has discovered in the marketplace

• Things a company does extremely well, which sometimes give it an advantage over its competition

• A strategy that determines the means for utilizing resources in the various functional areas to reach the organization's goals

What is a core competency?

• A structure in which top-level managers delegate little authority to lower levels

• The result of a company matching a core competency to opportunities it has discovered in the marketplace

• Things a company does extremely well, which sometimes give it an advantage over its competition

• A strategy that determines the means for utilizing resources in the various functional areas to reach the organization's goals

What is corporate strategy?

• A structure in which top-level managers delegate little authority to lower levels

• The result of a company matching a core competency to opportunities it has discovered in the marketplace

• Things a company does extremely well, which sometimes give it an advantage over its competition

• A strategy that determines the means for utilizing resources in the various functional areas to reach the organization's goals

What is a decentralized organization?

• A structure in which top-level managers delegate little authority to lower levels

• The result of a company matching a core competency to opportunities it has discovered in the marketplace

• Things a company does extremely well, which sometimes give it an advantage over its competition

• A structure in which decision-making authority is delegated as far down the chain of command as possible

What is first mover advantage?

• The ability of an innovative company to achieve long-term competitive advantages by being the first to offer a certain product in the marketplace

• The ability of later market entrants to achieve long-term competitive advantages by not being the first to offer a certain product in a marketplace

• A group of individuals and/or organizations that have needs for products in a product class and have the ability, willingness, and authority to purchase those products

• When the managers have more power than the people under them

What is late mover advantage?

• The ability of an innovative company to achieve long-term competitive advantages by being the first to offer a certain product in the marketplace

• The ability of later market entrants to achieve long-term competitive advantages by not being the first to offer a certain product in a marketplace

• A group of individuals and/or organizations that have needs for products in a product class and have the ability, willingness, and authority to purchase those products

• When the managers have more power than the people under them

What is a market?

• The ability of an innovative company to achieve long-term competitive advantages by being the first to offer a certain product in the marketplace

• The ability of later market entrants to achieve long-term competitive advantages by not being the first to offer a certain product in a marketplace

• A group of individuals and/or organizations that have needs for products in a product class and have the ability, willingness, and authority to purchase those products

• When the managers have more power than the people under them

What is market share?

• The percentage of a market that actually buys a specific product from a particular company

• The result of a company matching a core competency to opportunities it has discovered in the marketplace

• Things a company does extremely well, which sometimes give it an advantage over its competition

• A strategy that determines the means for utilizing resources in the various functional areas to reach the organization's goals

What is marketing implementation?

• A technique that helps assess the total costs of all activities in a marketing campaign

• The process of putting marketing strategies into action

• A statement of what is to be accomplished through marketing activities

• A written document that specifies the activities to be performed to implement and evaluate the organization's marketing strategies

What is a mission statement?

• A combination of circumstances and timing that permits an organization to take action to reach a particular target market

• An advantage that the competition cannot copy

• A statement of what is to be accomplished through marketing activities

• A long-term view, or vision, of what the organization wants to become