Marketing 370 Ch. 2

which of the four macro strategies best describes operational excellence?

focus on excellent supply chain

locational excellence

high density of stores and closer proximity to customers

vendor relations help firms maintain or gain a competitive advantage by all of the following except

hiring a vendor's employees

who would require access to a company's marketing plan?

investors

Firms should emphasize the importance of consistently good customer service to its employees, so that good customer service becomes part of the

organizational culture

a marketing strategy

outlines what a firm plans to do to appeal to potential customers

opportunities in SWOT

pertains to positive aspects of the external environment

which of the following is one of the macro strategies for developing customer value through effective branding and positioning?

product excellence

strengths

refers to the positive internal attributes of the firm

locational excellence is particularly important for which type of firm?

retailers

what are considered threats

- adverse economic conditions -new regulations that restrict sales of the firm's products -competitive prices and product offerings

a firm needs a marketing plan to

-clearly state its overall objectives -explain how overall objectives will be met -provide a reference point for evaluating if the objectives have been met

Firms achieve operational excellence through

-good supply chain management -strong relationships with suppliers -efficient operations

the three major phases of the marketing plan

-implementation -planning -control

what is true regarding market shares

-it is the percentage of a market accounted for by a specific entity -it defines a product's strength in a particular market

which of the following are true regarding price?

-it should be based on the value that the customers perceive -it will not generate much volume if its too high

financial performance metrics

-loyalty programs -profits -sales revenue

in portfolio analysis

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

strategies for operational excellence?

-supply chain management -efficient operations

why do firms use metrics in step 5 of the marketing plan?

-to make it possible to compare results across regions, product lines, and time periods -to make appropriate adjustments to performance

What are the main purposes of metrics during step 5?

-to understand the needs of a market segment -to explain why things happen -to predict what will happen -to evaluate how best to position the firm

5- step marketing planning process

1. business mission and objectives 2. situation analysis + SWOT 3. identify opportunities 4. implement marketing mix 5. evaluate performance using marketing metrics

once a marketer has earned a good service reputation, it can sustain this advantage for a long time because

a competitor is hard pressed to develop a comparable reputation

a firm can begin to implement the marketing mix immediately after which step?

after it has finished segmentation, targeting, and positioning

What statement is true regarding SBUs?

an SBU may have a different mission or objective from other divisions

a plan on how to pitch investors is a part of your

business plan

how can firms best maintain competitive advantage?

by reinforcing the brand image through merchandise, service, and promotion

a company that has successfully built a wall around it position in the market, making it hard for competitors outside the wall to enter the market and compete, is an example of a company that has established

competitive advantage

what excellence focuses on retaining loyal buyers and offering excellent service?

customer

a mission statement

defines the scope of activities a firm plans to undertake

product excellence

effective branding and positioning

operational excellence

excellent supply chain management, strong supplier relations, and human resource management

a strategy that employs the existing marketing mix and focuses the firm's efforts on increasing sales to current customers is called

market penetration

the quantity of a market comprised by a specific entity

market share

macro strategies for developing customer value include each of the following except

marketing excellence

revenues, sales, and profits are commonly used [blank] to assess performance

metrics

a diversification strategy introduces a [blank] product or service to a new market segment

new

in this analysis, management evaluates the firm's various products and businesses, and then allocates resources according to potential profit outlook

portfolio

what is the only marketing activity that actually brings in revenue

pricing

firms that archive a sustainable competitive advantage through their merchandise and service offerings, and effective branding and positioning, are doing so using [blank] excellence

product

STP includes which of the following?

segmentation and positioning

SWOT analysis

strengths, weaknesses, opportunities, threats

excellent customer service helps build

sustainable competitive advantage

is a competitive advantage over the competition that is not easily copied and can be maintained over a long period

sustainable competitive advantage