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