Chapter 2 SB

Which of the following is LEAST effective when building a sustainable competitive advantage? Using four or five strategies Using two or three strategies Using six or more strategies Using only a single strategy

Using only a single strategy

Which of the following is the primary question a mission statement should answer? What type of business are we? What are our short-term goals? Where do we want to be in five years? What specific tasks should we perform in the next year?

What type of business are we?

What are reasons why strategic planning may NOT occur sequentially? (Choose every correct answer.) When the implementation plan cannot move forward because there are too few resources When the economy has had six consecutive months of steady growth and projections indicate that the trend will continue When new logical alternatives arise When a situation analysis necessitates that the mission statement be revised

When the implementation plan cannot move forward because there are too few resources When new logical alternatives arise When a situation analysis necessitates that the mission statement be revised

Market developement

a marketing strategy that entails attracting new customers to existing products

A marketing plan includes all of the following EXCEPT ______. a plan on how to pitch investors projected income statements marketing objectives and strategy an analysis of the current marketing situation

a plan on how to pitch investors

Product development example

A smartphone manufacturer makes a new smartwatch that pairs well with its existing phones.

A competitive advantage based on location ______. is sustainable when the retail location is close to similar stores is unsustainable because location is unimportant is unsustainable because customer service is more important is sustainable when real estate is difficult or expensive to obtain

is sustainable when real estate is difficult or expensive to obtain

Firms consider pursuing various ______ as part of their overall growth strategies. metrics market segments mission statements portfolio analyses

market segments

A ______ is a written document that includes the current marketing situation, specified objectives and strategies, action programs, and projected income statements. financial plan business plan marketing plan strategic plan

marketing plan

A ______ identifies a firm's target markets, a related marketing mix, and the bases upon which the firm plans to build a sustainable competitive advantage. marketing metric market statement mission statement marketing strategy

marketing strategy

product development

offers a new product or service to a firm's current target market

In ______ analysis, management evaluates the firm's various products and businesses, then allocates resources according to potential profit outlook. contingency portfolio growth options operations

portfolio

Firms that achieve a sustainable competitive advantage through their merchandise and service offerings, and through effective branding and positioning, are doing so using ______ excellence. product operational locational customer

product

The "T" in STP stands for

targeting

Product excellence ______. A. occurs by having products with high perceived value and effective branding and positioning B. yields cost savings C. is achieved through efficient operations and efficient production D.does not achieve competitive advantage

A. occurs by having products with high perceived value and effective branding and positioning

A firm can begin to implement the marketing mix immediately after which step? After it has employed marketing metrics to evaluate performance After it has completed a SWOT analysis After it has finished segmentation, targeting, and positioning After it has written its mission statement

After it has finished segmentation, targeting, and positioning

A firm can begin to implement the marketing mix immediately after which step? After it has finished segmentation, targeting, and positioning After it has completed a SWOT analysis After it has employed marketing metrics to evaluate performance After it has written its mission statement

After it has finished segmentation, targeting, and positioning

Which scenario is an example of loyalty to a company in a consumer's daily life? A. Ordering from Pizza Hut because there is a coupon in the mail offering a significant discount. B. Continuing to shop at Dunkin' Donuts even if Starbucks opens more convenient locations and offers slightly lower prices. C. Getting a haircut from the one barber in town who has an opening in his schedule this afternoon. D. Buying a Pepsi product from the campus vending machine because Pepsi is the only vendor allowed on campus

B. Continuing to shop at Dunkin' Donuts even if Starbucks opens more convenient locations and offers slightly lower prices.

Firms achieve operational excellence through which of the following? (Choose every correct answer.) Good supply chain management Efficient operations Strong relationships with suppliers Reducing focus on human resources

Good supply chain management Efficient operations Strong relationships with suppliers

During which step of the marketing plan do marketers make important decisions about how they will allocate their scarce resources to their various products and services? Identify and evaluate opportunities Evaluate performance Define the business mission Implement marketing mix

Implement marketing mix

A portfolio analysis involves which of the following? (Choose every correct answer.) Management develops the marketing mix for each SBU. Management identifies and evaluates opportunities using STP. Management allocates its resources to products with the greatest potential to be profitable. Management evaluates the firm's various products and businesses.

Management allocates its resources to products with the greatest potential to be profitable. Management evaluates the firm's various products and businesses.

Which of the following is NOT an example of customer loyalty? Only purchasing holiday decorations from World Market Only purchasing light fixtures at Home Depot Only purchasing dresses at Anthropologie Only purchasing organic products

Only purchasing organic products

______ is achieved through efficient operations, excellent supply chain management, and strong relationships with suppliers. Operational excellence Product excellence Locational excellence Customer excellence

Operational excellence

Step 2 of a marketing plan involves which of the following? Creating a mission statement Performing a situation analysis using SWOT Evaluating performance Evaluating opportunities

Performing a situation analysis using SWOT

STP includes which of the following? (Choose every correct answer.) Positioning Pricing Strengths Segmentation

Positioning Segmentation

What are the four major growth strategies?

Product development Market penetration Market development Diversification

Locational excellence is particularly important for which type of firm? Retailers Science research facility Manufacturers Call centers

Retailers

Which statement about strategic planning is true? A strategy created without following the steps in order usually ends up failing or doing poorly. The process can move back and forth between steps, depending on the situation. The steps of the process must always be followed in order. Skipping a step of the process is fine, but the steps should not be performed out of order.

The process can move back and forth between steps, depending on the situation.

Which of the following are components of a SWOT analysis? (Choose every correct answer.) Threats Opportunities Weaknesses Sustainability

Threats Opportunities Weaknesses

A mission statement ______. maximizes profits and dividends details how a firm can avoid risks defines the scope of activities a firm plans to undertake enhances the value of a firm's products

defines the scope of activities a firm plans to undertake

True or False: Firms that use multiple strategies to build a sustainable competitive advantage have difficulty maintaining long-term success.

false

True or False: The purpose of a marketing strategy is to maximize short-term profits.

false