BAS 282: Strategic Planning: SmartBook
Nathan has introduced a new process for printing and cutting business cards that allows him to produce cards at 1.5 times the rate of other businesses. This means Nathan has ______.
a competitive advantage
Operational excellence aims a company's operational processes and tools at ______.
achieving customer satisfaction
Product __________ strategies involve creating new goods and services to sell to an existing market.
development
Companies with products that are rare, valuable, and hard to imitate likely have a(n) __________ competitive advantage.
sustainable
Which of these are outcomes of a successful marketing strategy?
* Higher profits * Stronger brand * Larger market share
Which of these attributes can give a company's product a sustainable competitive advantage?
* It is rare. * It has no known substitutes.
Which of the following are included in the set of marketing actions that are part of a marketing strategy?
* Product Design * Advertising * Promotions
What are the four basic categories of marketing growth strategies?
1. Market development 2. Market penetration 3. Product development 4. Diversification
Which of the following are the three characteristics of a quality marketing objective?
1. Specific 2. Measurable 3. Realistic
Designing marketing strategies around the people who will buy the product
Customer
Drag each description to the corresponding type of competition. No items may be used more than once.
Direct * Is the form of competition companies focus on most often. * Involves companies with products that have similar characteristics. Indirect *Is difficult to recognize and often overlooked by companies. * Involves companies that offer products with different characteristics that serve a similar function.
Adding new products that are unrelated to current ones
Diversification
Introducing new, unrelated products to new customers.
Diversification
Mark's family originally raised only corn and soybeans. Now they also have a farm equipment dealership, a car dealership, and a specialty wine and cheese distributorship. This is an example of which type of marketing growth strategy?
Diversification
Adding new products that are unrelated to current ones.
Diversification.
Revamping the firm's Internet presence
Locational
Finding new customers for existing products.
Market Development
Targeting consumers in a new country or demographic
Market Development
Targeting consumers in a new country or demographic.
Market Development
Prodding current customer to buy more.
Market Penetration
Prodding current customers to buy more
Market Penetration
Selling more existing products to existing customers.
Market Penetration
What type of strategy involves selling to customers of a different gender, age group, or country?
Market development
Which marketing strategy is designed to encourage existing customers to buy more of an existing product each time they visit a store?
Market penetration
What is the main difference between market development and market penetration?
One is focused on new customers, whereas the other is focused on existing customers.
What type of excellence primarily relies on the firm performing at its peak level?
Operational
Making a new service or good available.
Product Development
Developing or redeveloping products for existing markets.
Product development.
What is the main difference between direct and indirect competitors?
The similarity of the products
What is the definition of competitive advantage?
The superior position a product enjoys over competing products
Garrett's Pizza is a highly popular pizza restaurant renowned for its signature secret-recipe crust, which customers say is lighter and crunchier than any other crust around. Because of its pizza recipe, Garrett's Pizza likely has ______.
a competitive advantage
If consumers believe a product has more value than other products in its category, the superior position that product enjoys over competing products is known as a __________ advantage.
competitive
Marketers use customer excellence to keep the people who buy their goods and services satisfied, which leads to ______.
customer loyalty
The marketing growth strategy known as __________ seeks to attract new customers by offering new products that are unrelated to the existing products the company produces.
diversification
A market development strategy can be defined as selling ______.
existing products to new customers
Firms often execute the process of operational excellence, which involves gearing their operations and resources specifically toward ______.
improving customer satisfaction
A strong Internet presence is primarily a trait of ______ excellence.
locational
Having businesses positioned in high-traffic areas is a trait of __________ excellence.
locational
The four basic categories of marketing growth strategies are __________ penetration, market development, __________ development, and diversification.
market; product
Martina's company makes custom coffee tumblers and wants to increase its market share among people aged 18-29. Martina first collects data on customer sales, marketing campaigns, marketing costs, competitors, and customer feedback using a ______ tied to her company's customer relationship management and other tracking programs. In conjunction with this, she conducts a market scan, which will help her identify ______.
marketing information system; indirect and direct competitors
To capture the customer sales data, customer feedback data, marketing campaign data, marketing costs, and competitor data needed to make strategic planning decisions, firms use ______.
marketing information systems
Specific, measurable, and realistic are the three basic characteristics of effective ______.
marketing objectives
Product excellence is a highly visible strategy because ______.
most interactions people have with a company are through its products
Product development is a strategy that is used when a(n) __________ product is introduced to a(n) __________ market.
new; existing
A firm is best served by undertaking the process of strategic planning ______.
on a continual basis, adjusting as new information is presented
Ollie wants to increase sales at his shoe store by giving his customers the opportunity to buy a pair of boots for half-price when they buy another pair of shoes. This is an example of the marketing growth strategy known as market __________.
penetration
A strategy that focuses primarily on the high quality and added value of the good or service being sold is known as __________ excellence.
product
At the factory where Karl works, the production manager responded to a decrease in market share by mandating a 100 percent increase in production within 90 days, but he refused to allow overtime hours or install new equipment. Karl and other workers became discouraged because the production manager's goals were not ______.
realistic
What conditions can cause a firm to adjust its strategic plan?
* Competitive Threats * Changing Consumer Needs
Firms use market scanning to collect information on which of the following?
* Direct competitors * Indirect competitors
Which of these can companies emphasize to develop customer excellence?
* Satisfaction * Quality * Value
Which marketing objective characteristic specifically allows marketers to understand how well their strategies are working?
Measurable
Providing adequate resources to achieve excellence
Operational
Creating goods and services that add value to the customer
Product
Making a new service or good available
Product Development
Which of the following scenarios describes the marketing growth strategy known as market penetration?
Selling more of an existing product to an existing customer
Which of the following scenarios describes the marketing growth strategy known as diversification?
Selling new products to new markets