mark ch 2

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which of the following actions, if it actually happened, would most likely support and enhance an operational excellence macro strategy

3M corporation implementing new software to improve communication with its suppliers

over the last few months, juan and his colleagues have analyzed the current business situation and identified target markets for his firms personal care products. finally, they developed the products, prices, distribution, and promotion that should appeal to each of those target markets. in doing so, juan has also identified what he believes is an advantage his competitors cannot match. juan and his colleagues have been developing

a marketing strategy

which of the following factors, listed in a situation analysis for a major US auto manufacturer, is the best example of a threat

a new york law firm has filed a $10 million class action suit against the company on behalf of car owners whose gas tanks exploded

four companies dominate the cereal industry. these firms produce in large volumes, promote heavily, and control access to the supermarket shelves through "slotting allowances," which are payments to retailers in return for shelf space. combined, these four firms have

a sustainable competitive advantage

nordstrom, an upscale department store, has a well known reputation for going the extra mile to serve its customers. this reputation for excellent customer service will most likely result in

a sustainable competitive advantage

when a pharmaceutical company develops a new medication, it typically applies for a patent in order to prevent competitors from developing copycat products for several years. pharmaceutical companies apply for patents to establish

a sustainable competitive advantage

zara is a women's clothing retailer headquartered in spain, with store located in many countries. zara has developed a "quick response" system that allows some merchandise to be adjusted rapidly to fit changing customer preferences. ever aspect of zara's operation is optimized for this system, making it difficult for competitors like the gap to duplicate. zara has established

a sustainable competitive advantage

in 2006, walmart announced that it would be selling organic food products. in doing so, walmart was most likely trying to

attract a different market segment

in BCG portfolio analysis, products in low growth markets that have received heavy investment and now have excess funds available to support other products are called

cash cows

marketers want their firms to develop excellent supply chain management and strong supplier relations so they can

create a sustainable competitive advantage

taking steps to encourage customer loyalty is the focus of developing the macro strategy of ____ excellence

customer

fourteenth national bank prides itself on offering better service than any of its competitors. if this is accurate, and if customers recognize and value fourteenth national's superior service, the bank creates and delivers value through

customer excellence

gerald's tire store sets itself apart from competitors by the extra attention it pays to retaining loyal customers by providing fast, courteous service in a clean, professional looking environment. gerald's has used this strategy for over 40 years, expanding to 15 outlets. gerald's tire store has created a _____ macro strategy to create and deliver value and to develop a sustainable competitive advantage

customer excellence

when ramona, the keynote speaker at a major business leaders conference, arrived in the middle of the night at the ritz carlton, she was exhausted and her suit was wrinkled from her 10 hour plane trip. the night clerk found someone to dry clean ramonas suit and have it ready for her morning presentation. she has been a loyal ritz carlton customer ever since. in this example, ritz carlton demonstrated the macro strategy of

customer excellence

anita has gone to the same hair salon for the past 10 years. she believes that her stylist, the salon owner, does a better job of cutting and styling her hair than anyone else could. other salons have opened closer to anita's home, some offering more plush facilities or lower prices, but she isn't tempted to switch. anita's attitude toward the salon is an example of

customer loyalty

customer retention programs are based on what concept

customer relationships should be viewed from a lifetime value perspective

in mid 2010, hewlett-packard company (HP) acquired palm computing, inc., a manufacturer of personal devices and smartphones. before deciding to acquire the company, strategic planners at HP spent time thinking about how Palm and HP would "fit" together, and how the acquisition might change HP's core goals and objectives. The strategic planners were engaged in the ____ step of the marketing planning process

define the business mission

introducing newly developed products or services to a market segment the company is not currently serving is called

diversification

sodexo is a corporation that manages school cafeterias, university dining halls, mess halls at military bases, concession stands at sports arenas, and other large scale food service facilities. if sodexo were to begin to sell individual frozen meals in supermarkets, it would be pursuing a ____ growth strategy

diversification

Lionel is asked to conduct an STP analysis for his firm. the first step he should perform in this analysis is to

divide the marketplace into subgroups

during a SWOT analysis, a company should assess the opportunities and uncertainties of the marketplace due to changes in several factors, given the acronym CDSTEP. which of the following is not one of those factors

ethical

craig sees that his company's quarterly sales and profits are significantly above projections and says, "That's great. Let's keep doing what we've been doing." Craig is ignoring the ______ step of the marketing planning process

evaluate performance

when firms successfully implement poor strategies (perhaps due to good luck) or do a poor job of implementing good strategies, it can be difficult to

evaluate performance and make adjustments

if a firm wants to develop a sustainable competitive advantage, it should

examine its operations and customer relations to identify significant things competitors cannot easily copy

lamar owns four dry cleaning stores in the suburbs of Orlando, Florida. he recently updated his STP analysis, and has just finished adjusting his marketing mix on based on the STP results. his next strategic marketing decision will most likely involve determining

how to allocate resources among his four stores

which of the following is the third step in the marketing planning process

identify and evaluate opportunities

carla has been directed by her regional marketing manager to cut prices on seasonal items, place an ad in the local paper, and tell distributors to reduce deliveries for the next month. which step of the strategic marketing planning process is Carla engaged in?

implement marketing mix and resources

during which phase of the marketing planning process does a firm identify and evaluate different opportunities by engaging in segmentation, targeting, and positioning

implementation phase

a regional manager at GNC, a chain of retail stores selling nutritional supplements, is reviewing sales data after a recent in store promotion. the data show success in some stores and limited response in others. to understand the difference between stores, the manager will probably next review the company's

implementation programs, to see if the promotion was handled consistently in the different stores

most banks implement customer retention programs aimed at their best customers. they do this because they know that retaining customers usually results in

increased long term profits

when marketers use a variety of communication disciplines-- advertising, personal selling, sales promotion, public relations, direct marketing, and online marketing--- in combination to communicate a value proposition to the customer, it is referred to as

integrated marketing communication

the strategic marketing planning process

is not always sequential

using the BCG portfolio analysis, a "dog" should be phased out unless

it complements or boosts the sales of another product

a competitive advantage based on location is often sustainable because

it is not easily duplicated

some universities offer online degree programs, competing with traditional colleges based on the convenience of taking online courses. these online programs are most likely pursuing which macro strategy

locational excellence

which of the following is least likely to provide a sustainable competitive advantage

lowering prices

value creation through place decisions for a consumer product involves

making sure the product is available in the stores where customers will want to find it, and that is always in stock so they can buy it when they want to

H&R is a small, local heating and air conditioning business. the area military base is a potential source of growth, and H&R already installs and services the type of equipment the military would require, but it is difficult to get established as a certified government contractor. H&R is considering a _____ growth strategy.

market development

a _____ growth strategy employs the existing marketing offering to reach new market segments

market development

many states create licensing requirements for a variety of professionals (such as lawyers and accountants) designed to restrict entry into their market by professionals from other states. this strategy limits _____ growth strategies

market development

quitman enterprises sells its business language dictionary to college students throughout the United States. Joseph Quitman, the owner, wants to start selling the book to international students abroad. quitman wants to pursue a ____ growth strategy

market development

to determine how attractive a particular market is, using the BCG portfolio analysis, ____ is (are) established as the vertical axis

market growth rate

abercrombie and fitch, a clothing retailer, includes a "SHARE" link on the product pages of its website. this link encourages an abercrombie customer to post a link (perhaps showing a new style of jeans) on Facebook or Twitter. Abercrombie & Fitch hopes that the customers friends (who are probably very much like current customers) will click the link, visit the page, and make purchases. this is an example of a ____ growth strategy.

market penetration

adrienne decides to add new sales representatives and increase advertising to increase sales in her existing market for her current line of security systems. adrienne is pursuing a ____ growth strategy

market penetration

most banks now have customer relationship software which, when a customer contacts the bank, tells the service representative what types of accounts, loans, and credit cards the customer currently has. service representatives use this information to tell some of the other services the bank currently offers to these customers. this is a _____ growth strategy

market penetration

_____ involves the process of defining the marketing mix variables so that target customers have a clear, distinctive, desirable understanding of what the product does or represents in comparison with competing products

market positioning

the process of dividing the market into groups of customers with different needs, wants, or characteristics is called

market segmentation

the global athletic footwear market is expected to experience only very slow growth over the next several years. nike is the market leader. according to boston consulting group portfolio analysis, how should nike treat its athletic shoe business

nike's athletic shoe business still requires some investment, but it is likely to produce excess resources that can be invested in other divisions of the company

for many years, southwest airlines distinguished itself as the low-cost airline. now, many other low cost competitors have entered the market. similarly, southwest was one of the first airlines to offer online ticketing. now, all airlines have online ticketing. these examples suggest that

no single strategy is likely to be sufficient to build a sustainable competitive advantage

because it was able to deliver merchandise overnight, in the required quantities, and at a lower delivered cost than its competitors, Joe's Sports Shack was given exclusive rights to sell clothing with school logos for the school district. Joe's demonstrates _____ excellence

operational

firms achieve _____ through efficient procedures and excellent supply chain management

operational excellence

for US businesses with strong export capabilities, expansion of US trade agreements with other countries creates

opportunities

samantha is charged with assessing her company's external environment as part of a SWOT analysis. Samantha will study her company's

opportunities and threats

in a SWOT analysis, increasing gasoline prices would represent a potential ______ for manufacturers of electric cars

opportunity

after defining the business mission, what should a firm do next to develop a marketing plan

perform a situation analysis

E-books, in addition to being an alternative product form, provide _____ value creation since they can be downloaded via the internet immediately when and where they are needed

place

in recent years, cellular (mobile) service providers have worked hard to eliminate "dead zones," providing customers with service wherever they travel. by working to make the network available in more locations, cellular service companies are focusing on ____ value creation

place

delta airlines is among the companies experimenting with selling products and services on their facebook pages. the idea is to make purchasing even easier for customers who may spend large portions of the day with facebook active on their computers or mobile devices. there is no need even to navigate to delta's website-- users can book a trip in delta's "ticket agent" application without ever leaving facebook. which element of the marketing mix does this represent

place and value delivery

when conducting a SWOT analysis, in what phase of the strategic marketing process is an organization presently engaged

planning

which of the following is not one of the four overarching strategies to create and deliver value and to develop sustainable competitive advantages

planning excellence

_____ involves the process of defining the marketing mix variables so that target customers have a clear, distinctive understanding of what a product does or represents in comparison with competing products

positioning

lebron james, alex rodriguez, and other athletes are paid huge sums of money by companies for celebrity endorsements. if endorsements by these athletes create a clear understanding among consumers of the companies products in comparison to competing products, they can help with the firms ____ strategy

positioning

a former advertising campaign for GEICO insurance used the slogan, "So easy, even a caveman could do it" to emphasize the ease of buying insurance on GEICO's website. This campaign was part of GEICO's

positioning strategy

many small businesses whose competitors are national franchises advertise "we are locally owned" or "we have been here since 1951." this is part of these firms

positioning strategy

which of the following is the best way to build a sustainable competitive advantage using product excellence

positioning the product using a clear, distinctive brand image

3M involves its customers in the process of developing new products. in this way, it can benefit from current customers insights and develop new products that will meet these customers needs. 3M is pursuing a ______ growth strategy

product development

in 2007, apple computer introduced its new iphone, adding a cellular telephone, a camera, and internet access to its iPod. The company was pursuing a(n) _____ strategy

product development

marketers who design and offer new products and services to their existing customers are pursuing a ____ growth strategy

product development

maryam phoned her auto insurance agent to renew her policy. the agent told her about new types of insurance now available-- to cover her apartment, or even the engagement ring she just got from her fiance. the agent was pursuing a ____ growth strategy

product development

singapore airlines seeks to differentiate itself from competing airlines, in part through innovative design of its airline seats and in-flight entertainment systems. through continuous innovation in these areas, singapore airlines is pursuing a(n) _____ macro strategy

product exellence

a(n) ____ is a group of products that consumers may use together or perceive as similar in some ways

product line

in most companies, portfolio management is typically done at the SBU or _____ level of the firm

product line

suppose your university made a sizable investment in its career services-- additional counselors, increased efforts to bring in recruiters, and other services aimed at helping students find jobs. this investment would enhance the university's ______ in an attempt to create value for students and recent graduates

product value

google and other search engines allow marketers to bid to have their ads shown when consumers search on keywords related to the firm's products. these marketers are attempting to create value through

promotion

which of the following factors, listed in a situation analysis for a major US auto manufacturer, is the best example of an opportunity

recent consumer studies have indicated that chinese consumers prefer american cars

after conducting STP analysis for her custom auto parts store and developing strategies for each of the four Ps, Monique now has to make ____ decisions

resource allocation

the first objective in the evaluate performance phase of the marketing planning process is to

review implementation programs and results using metrics

when pursuing a market development strategy, expanding into international markets is generally

riskier than expansion in domestic markets

which of the following is not one of the four major growth strategies marketers typically utilize?

segment development

when discussing the marketing planning process, STP stands for

segmentation, targeting, and positioning

subway is a large chain of franchise sandwich shops. marcia owns three subway stores in a large city. at the end of the year, she notes that sales rose from 2-5% over last year's sales at stores 1 and 2, but fell 2% at store 3. based on this info, which of the following is the best course of action as to how marcia should reward (or punish) her store managers

she should seek more info about why the stores had different results before making a decision

fernando was thrilled to find out that his company had just decided to invest a great deal of money in the product he was managing. he knows that even with its recent high rate of growth and the fact it dominates it market, he would need more money to establish it firmly. using the BCG portfolio analysis, his product would be classified as a(n)

star

As part of her company's SWOT analysis, Valerie is assessing the company's internal environment, including

strengths and weaknesses

even when large discount retailers enter a market, a few small, local retailers survive and prosper. these small retailers have probably developed a(n) _____ that allows them to survive.

sustainable competitive advantage

the automobile manufacturing industry closely watches annual consumer satisfaction surveys. for years, japanese car companies consistently had the highest levels of customer satisfaction, creating a(N), _____ for these companies

sustainable competitive advantage

for years, when considering new products, marketers at celestial seasonings asked themselves, "what would stacy think?" stacy was a fictional character representing 25 to 50 year old educated, upper income women who rarely watched television but did a lot of reading. "Stacy" represented celestial's primary

target market segment

after identifying various market segments that her company could pursue, Lisa evaluated each segment's attractiveness based on size, income, and accessibility. lisa was involved in

target marketing

when positioning products relative to competitors offerings, firms typically are most successful when they focus on opportunities

that build on their strengths relative to to those of their competitors

allen is in the marketing department of a mid sized firm that develops and sells communication systems. he is proud of the human resource area in the company that provides the firm with excellent employees. allen himself really enjoys his work, but he knows the work of HR helps create an operational advantage for the firm because of all the following except

the company provides products with a high perceived value

some banks have begun offering special accounts designed to attract junior high school students. these kids save in such small amounts that the accounts cost banks more to maintain than they are worth. but banks know that consumers are creatures of habit and hope that young people they serve now will become adult customers. these banks recognize

the lifetime value of customers

heather has been assessing a number of her firm's products using the Boston Consulting Group (BCG) approach to portfolio analysis. she has been trying to assess the strength in a particular market and is looking at the sales of the product and the overall market as well as the sales of competitors. heather is trying to determine

the products relative market share

all of the following statements regarding marketing metrics are true except

they cannot be used to project the future

in 2006, ford motor company announced it would severely cut back its automobile production. for parts companies supplying Ford its parts, this represented a

threat

a marketing strategy identifies three things: ______, a related marketing mix, and the bases on which the firm plans to build a sustainable competitive advantage

a firm's target markets

one example of a customer loyalty program is

a "frequent diner" card at a restaurant, offering a free appetizer for every $100 in food purchases

the idea of value based marketing requires firms to charge a price that

captures the value customers perceive that they are receiving

"effective marketing doesn't just happen." it is

carefully planned

as it pertains to the marketing plan, understanding the causes of performance, regardless of whether that performance exceeded, met, or fell below the firm's goals

enables firms to make appropriate adjustments

in value based marketing, the promotion element of the 4 Ps communicates the _____ to customers through a variety of media

value proposition

manufacturers that use just in time manufacturing systems coordinate closely with suppliers to ensure that materials and supplies arrive just before they are needed in the manufacturing process. while just in time systems can offer major advantages in terms of inventory costs, they must be carefully managed. if a firm found that its just in time system was badly managed, leading to frequent manufacturing delays due to missing parts, this would represent a(n) _____ in a SWOT analysis

weakness


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