Refer to the scenario below to answer the following questions.

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       Fun-Spot Fun Park began as a small amusement park in 1985. With nothing more than a merry-go-round, a slide, pony rides, and an ice cream stand, Fun-Spot grew into a popular family attraction with 20 rides, a restaurant, and an outdoor performing arts theater.

       "My wife, Gail, and I didn't know what we were getting into," commented Ron Hart, the owner. "We just knew that weekenders coming to the lakes in our rural area represented an untapped market."

       Today, thousands of visitors flock to Fun-Spot: families, children of all ages, and even senior citizens who enjoy strolling through the gardens and arbor.

       "There's something here for everyone," Gail Hart said with a smile. "Dozens of companies hold annual company picnics here. We have welcomed class field trips. And we even had one wedding here at the park!"

       "Here's the funny thing," Ron chimed in. "We really don't know why we've been so successful! There is nothing else like Fun-Spot Fun Park in the area. We were just lucky."

       "I think it's the ambience of the park that has brought so many visitors," Gail added. We provide a ‘total package' of entertainment. Plus, we try to change our rides and various attractions from time to time."

       Ron and Gail Hart admitted that making every visitor happy is a priority. "That has always been our philosophy," they said. "Like it says on the entrance to the park, 'We're here to make you happy!' And we've always been able to deliver on that because we've never allowed ourselves to grow too big too quickly."

131) Fun-Spot's mission is ________.

A) product-oriented

B) technology-oriented

C) market-oriented

D) too specific

E) too focused on profits

Answer: C

Diff: 1        Page Ref: 39

AACSB: Reflective Thinking

Skill: Application

Objective: 2-1

132) Into which quadrant of the BCG matrix does Fun-Spot fall?

A) star

B) question mark

C) profit center

D) diversification

E) dog

Answer: A

Diff: 2        Page Ref: 41

AACSB: Reflective Thinking

Skill: Application

Objective: 2-2

133) Ron and Gail plan to lower prices in an effort to encourage customers to stay longer, visit more often, and spend more money during each visit. What type of strategy are Ron and Gail planning?

A) market penetration

B) market development

C) product development

D) customer development

E) diversification

Answer: A

Diff: 2        Page Ref: 43

AACSB: Reflective Thinking

Skill: Application

Objective: 2-2

134) Gail and Ron strive to provide new offerings and entertainment options for their visitors. What type of strategy is this?

A) market penetration

B) market development

C) product development

D) customer development

E) diversification

Answer: C

Diff: 2        Page Ref: 45

AACSB: Reflective Thinking

Skill: Application

Objective: 2-2

135) Which of the following would be classified as an opportunity in a SWOT analysis of Fun Spot?

A) A rival amusement park announces plans to open three new rides next season.

B) A new luxury hotel is being constructed in the area, with the aim of luring more high-spending families on vacation.

C) Gail and Ron have paid off the mortgage on Fun Spot, significantly reducing their monthly expenses.

D) Fun Spot employees tend to be enthusiastic and young, projecting an image of fun and vitality at Fun Spot.

E) Fun Spot plans to further diversify its offerings by beginning a two-week summer camp for elementary school students.

Answer: B

Diff: 2        Page Ref: 53

AACSB: Reflective Thinking

Skill: Application

Objective: 2-5

136) Why should a mission statement be market oriented instead of product or technology oriented?

Answer: A market-oriented mission statement defines the business in terms of customer needs; products and technologies become outdated, but basic market needs may last forever.

Diff: 2        Page Ref: 39

AACSB: Analytic Skills

Skill: Application

Objective: 2-1

137) Why should a mission statement be "motivating" instead of stated in terms of sales or profits?

Answer: Sales and profits are only a reward for undertaking a useful activity; a company's employees will be more dedicated to the company's mission if they feel that their work is significant.

Diff: 2        Page Ref: 39

AACSB: Analytic Skills

Skill: Application

Objective:  2-1

138) What is a strategic business unit (SBU) and how is it involved in a business portfolio analysis?

Answer: An SBU is a key part of a company–whether a product, product line, department, or an entire division–that has its own mission and objectives. Identifying and analyzing a company's SBUs are the first two steps in business portfolio analysis.

Diff: 1        Page Ref: 41

AACSB: Analytic Skills

Skill: Application

Objective: 2-2

139) Into what BCG quadrant does a high-share, high-growth SBU fall?

Answer: It falls into the "star" category.

Diff: 1        Page Ref: 41

AACSB: Reflective Thinking

Skill: Application

Objective: 2-2

140) What type of strategy should a company use to manage its cash cows?

Answer: Because a cash cow generates cash without much investment, a company should use the profits to support other SBUs.

Diff: 2        Page Ref: 42

AACSB: Analytic Skills

Skill: Application

Objective: 2-2

141) How might the BCG matrix represent a life cycle?

Answer: Many SBUs start out as question marks, then move into the star category if they succeed; stars eventually become cash cows, and then perhaps, dogs.

Diff: 3        Page Ref: 42

AACSB: Analytic Skills

Skill: Application

Objective: 2-2

142) How might Party Planning Paradise, a company that sells a wide range of party supplies for all occasions, implement a market development strategy?

Answer: Party Planning Paradise might attempt to identify and develop new markets for its current products, looking for different demographic markets and geographical markets that might have a need its products would satisfy.

Diff: 2        Page Ref: 45

AACSB: Analytic Skills

Skill: Application

Objective: 2-2

143) According to the product/market expansion grid, what strategy would a fast-food hamburger restaurant follow if it offered a salad bar option during lunch hours?

Answer: In this scenario, the restaurant would be following a product development strategy.

Diff: 2        Page Ref: 43

AACSB: Reflective Thinking

Skill: Application

Objective: 2-2

144) Into what quadrant of the product/market expansion grid would a "new and improved" product fall?

Answer: The "new and improved" product would fall into the product development quadrant.

Diff: 1        Page Ref: 43

AACSB: Reflective Thinking

Skill: Application

Objective: 2-2

145) How are partner relationship management and the value chain related?

Answer: Marketers must work closely and coordinate activities with partners in other company departments to form an effective value chain, with each department executing value-creating activities to design, produce, market, deliver, and support the company's products. 

Diff: 2        Page Ref: 46

AACSB: Analytic Skills

Skill: Application

Objective: 2-3

146) Explain how a marketer of baking soda may attempt to attract more than one market segment.

Answer: Some consumers buy baking soda as a baking ingredient and some consumers buy baking soda to use as a deodorizer, for example. The marketer will focus on both distinct uses in the marketing mix, such as how the product is promoted.

Diff: 3        Page Ref: 49

AACSB: Analytic Skills

Skill: Application

Objective: 2-4

147) How might a marketer of pens alter the "product" portion of the marketing mix when targeting female college students versus male college students?

Answer: The marketer may use feminine colors and a spiral-flower stripe, for example, when marketing its pens to the females; when targeting males, more neutral colors might be used

Diff: 3        Page Ref: 51

AACSB: Analytic Skills

Skill: Application

Objective: 2-4

148) What role does the marketing mix play in positioning?

Answer: The marketing mix components of product, price, place, and promotion are the tools that a company can use to differentiate its products from competitors' and to achieve strong positioning in a target market.

Diff: 2        Page Ref: 51

AACSB: Analytic Skills

Skill: Application

Objective: 2-4

149) Why is marketing analysis such an important part of marketing management?

Answer: This function allows the marketer to analyze internal strengths and weaknesses as well as environmental opportunities and threats which, in turn, allows the marketer to match the company's strengths to opportunities to pursue. From this starting point, the market can continue with planning, implementation, and control.

Diff: 2        Page Ref: 53

AACSB: Analytic Skills

Skill: Application

Objective: 2-5

150) Why are many marketers today using customer-centered measures of marketing ROI?

Answer: Companies are looking at marketing expenditures as investments in profitable customer relationships, with the goal of increasing individual customer lifetime values and overall customer equity.

Diff: 2        Page Ref: 58

AACSB: Analytic Skills

Skill: Application

Objective: 2-5

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