BA-370 Smartbook 2
Which of the following are included in the four major growth strategies?
Market development Product development Market penetration
Which of the following is NOT an example of customer loyalty?
Only purchasing organic products
Which type of excellence is achieved through efficient operations, excellent supply chain management, and strong relationships with suppliers?
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?
Implementing the marketing mix
Which statement about product excellence is true?
It is achieved by having products with high perceived value and effective branding and positioning.
A portfolio analysis involves which of the following?
Management allocates its resources to products with the greatest potential to be profitable. Management evaluates the firm's various products and businesses.
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
A competitive advantage based on location
is sustainable when real estate is difficult or expensive to obtain
The three major phases of the marketing plan are ______.
planning, implementation, and control
in a _____ diversification opportunity, the current target market and/or marketing mix shares something in common with the new opportunity.
related
Locational excellence is particularly important for which type of firm?
retailers
In which type of diversification strategy does a firm enter into an entirely new business?
unrelated
What are the four components of a SWOT analysis?
1. Strength 2. Weakness 3. Opportunity 4. Threat
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?
An economic downturn Successful competition
Which scenario 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
what are the three major phases of the marketing plan?
Control Planning Implementation
A market penetration strategy, as one of the possible growth options, may be achieved by which of the following?
Encouraging current customers to patronize the firm and the brand more often
Firms achieve operational excellence through which of the following?
Good supply chain management Efficient operations Strong relationships with suppliers
Some commonly used financial performance metrics include which of the following?
Profits Sales revenue
what does STP stand for?
Segmentation, Targeting, Positioning
Which of the following are examples of strengths that could be identified in a SWOT analysis?
Strong brand recognition A reliable network of spokespeople
What does the term strengths refer to in SWOT analysis?
The positive internal attributes of a firm
Which statement about strategic planning is true?
The process can move back and forth between steps, depending on the situation.
What are the main purposes of metrics during the final step of the marketing planning process?
To explain why things happened To predict what will happen
What is the purpose of evaluating performance during the last step of the marketing plan process?
To identify and explain performance above or below expectations
Why do firms use metrics in the last step of the marketing plan?
To make appropriate adjustments to performance To compare results across regions, product lines, and time periods
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?
Weaknesses Opportunities Threats
What is the primary question a mission statement should answer?
What type of business are we?
What are reasons why strategic planning may NOT occur sequentially?
When new logical alternatives 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
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 outcome of the strategy and implementation process.
evaluates
A strategy that employs existing products or services to reach new market segments is called
market development
What growth strategy is being used when a company that makes protein bars for long-distance runners starts selling the same bars to busy parents as a quick breakfast?
market development
Firms consider pursuing various ______ as part of their overall growth strategies.
market segments
he macro strategies for developing customer value include each of the following EXCEPT ______ excellence.
marketing
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
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
A smartphone manufacturer makes a new smartwatch that pairs well with its existing phones. This is an example of which growth strategy?
product development
The _____ strategy offers a new product or service to a firm's current target market.
product development
A Blank______ is a division of the firm itself that can be managed and operated independently from other divisions.
strategic business unit (SBU)
Licensing of the brand, a reputation for quality, and a large number of retail stores are examples of potential______ that a firm may identify during a SWOT analysis.
strengths