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