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
