marketing 370 smartbook chap 2

Which of the following is NOT one of the four major growth strategies?

Market analysis

What do "weaknesses" refer to in SWOT analysis?

Negative attributes internal to the firm

What is NOT an example of customer loyalty?

Only purchasing organic products

______ is achieved through efficient operations, excellent supply chain, and human resource management. (Select all that apply.)

Operational excellence

Step 2 of a marketing plan involves which of the following?

Performing a situation analysis using SWOT

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

Product excellence

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?

Implement marketing mix

What are the three major phases of the marketing plan? (Select all that apply.)

Implementation Control Planning

A market penetration strategy employs the existing marketing mix and focuses the firm's efforts on ______.

increasing sales to current customers

A marketing strategy ______.

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

STP works through each of the following steps EXCEPT ______.

planning a marketing strategy

The three major phases of the marketing plan are ______.

planning, implementation, and control

Some commonly used financial performance metrics include ______. (Select all that apply.)

profits sales revenue

A market development strategy uses an existing product offering to ______.

reach new market segments

What are reasons why strategic planning may NOT occur sequentially? (Select all that apply.)

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

Which of the following are examples of strengths that could be identified in a SWOT analysis? (Check all that apply.)

A reliable network of spokespeople Community involvement

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

After it has finished segmentation, targeting, and positioning

Which statement is true regarding SBUs?

An SBU may have a different mission or objective from other divisions.

What factors that affect a sales manager's performance are outside the manager's control? (Select all that apply.)

An economic downturn Successful competition

In Stage 5, the purpose of a(n) Blank 1 of 1 evaluation is to figure out problem areas.

Blank 1: performance

In a(n) Blank 1 of 1 diversification, the current target market and/or marketing mix shares something in common with the new opportunity.

Blank 1: related

A(n) Blank 1 of 1 competitive advantage is an advantage over the competition that is not easily copied and can be maintained over a long period. (Remember to type only one word in the blank.)

Blank 1: sustainable, substainable, or sustainable competitive advantage

STP stands for segmentation, Blank 1 of 1, and positioning. (Enter one word in the blank.)

Blank 1: targeting

Firms achieve operational excellence through which of the following? (Select all that apply.)

Good supply chain management Efficient operations Strong relationships with suppliers

Which of the following is an example of loyalty to a company in a consumer's daily life?

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

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 Reason: A marketing strategy identifies the bases on which the firm plans to build a long-term competitive advantage.

Locational excellence is particularly important for which type of firm?

Retailers

With ______, the firm first divides the marketplace into subgroups, determines which of those subgroups it should pursue, and finally decides how it should best position its product or service.

STP

STP includes which of the following? (Select all that apply.)

Segmentation Positioning

What does "strengths" refer to in SWOT analysis?

The positive internal attributes of a firm

Which of the following statements about strategic planning is true?

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

What is the purpose of evaluating performance during Step 5?

To identify and explain performance above and below expectations

Why do firms use metrics in Step 5 of the marketing plan? (Select all that apply.)

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

What are the main purposes of metrics during Step 5? (Select all that apply.)

To predict what will happen To explain why things happened

True or false: A firm has achieved sustainable competitive advantage over the competition when it combines parts of the marketing mix that are not easily copied and that can be maintained over a long period of time

True

In which type of diversification does a firm enter into an entirely new business?

Unrelated

Which of the following is LEAST effective when building a sustainable competitive advantage?

Using only a single strategy

Which of the following are components of a SWOT analysis? (Select all that apply.)

Weaknesses Opportunities Threats

What are the four components of a SWOT analysis? (Select all that apply.)

Weaknesses Threats Strengths Opportunities

Which of the following is the primary question a mission statement should answer?

What type of business are we?

A marketing plan includes all of the following EXCEPT ______.

a plan on how to pitch investors

A mission statement ______.

defines the scope of activities a firm plans to undertake

Step 5 in the marketing plan process is when a firm ______ the results of the strategy and implementation process.

evaluates

Step 5 of the marketing plan involves ______.

evaluating the results of the strategy and implementation program

A competitive advantage based on location ______.

is sustainable when real estate is difficult or expensive to obtain

A sustainable competitive advantage ______.

is when a firm does consistently better than its competitors and it is not easily copied

In portfolio analysis, ______. (Check all that apply.)

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

A strategy that employs existing products or services to reach new market segments is called ______.

market development

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

market penetration

Firms consider pursuing various ______ as part of their overall growth strategies.

market segments

The macro strategies for developing customer value include each of the following EXCEPT ______.

marketing excellence

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

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 strategy

A metric is a ______ that quantifies a trend, dynamic, or characteristic.

measuring system

Revenues, sales, and profits are commonly used ______ to assess performance.

metrics

The product development strategy incorporates a ______ product or service to a firm's ______ target market.

new; current

Product excellence ______.

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

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

portfolio

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

product

The ______ strategy offers a new product or service to a firm's current target market.

product development

A marketing strategy identifies each of the following EXCEPT ______.

staffing requirements for the marketing department

A ______ is a division of the firm itself that can be managed and operated independently from other divisions.

strategic business unit (SBU)

In a SWOT analysis, ______ refer to the positive internal attributes of the firm.

strengths

Licensing of the brand, a reputation for quality, and a large number of retail stores are examples of potential ______. These refer to a firm's internal attributes as identified during a SWOT analysis.

strengths

Aging equipment that slows down production is an example of a(n) ______ for the firm.

weakness

A firm can build sustainable competitive advantage ______. (Check all that apply.)

when it outperforms competition through unique business activities over a long period of time