chapter 2

A ____ is created when a company matches its core competency to opportunities it has discovered in the marketplace.

competitive advantage

Amazon's pricing, service, and continuing investment in improving its website with additional product offerings give it a(n) ____ over many other retailers.

competitive advantage

A competitive advantage exists when a

firm matches a core competency to opportunities it has discovered in the marketplace.

____ strategy determines the means for utilizing resources in the functional areas of marketing, production, finance, research and development, and human resources to achieve the organization's goals.

Corporate

The marketing plan is

a written document detailing activities to be performed to implement and control marketing actions.

The strategic planning process begins with

analysis of the marketing environment.

Apple has made a success from anticipating what consumers would want in new technological advances, convenience, and ease of use. The introduction of the iPad was an example of a _____ for Apple, something that an organization does extremely well and may give a company an advantage over its competition.

core competency

When managers at Logistics Pro are developing their strategic plan, they use a market orientation as a guide to ensure that ____ is an integral part of the process.

customer satisfaction

To formulate a marketing strategy, one must

identify and analyze a target market and develop a marketing mix to satisfy individuals in that market.

Realizing an increase in both the number of consumers who are environmentally-conscious and the number of consumers who are seeking vehicles that use less gasoline, several car manufacturers have developed hybrid automobiles. This is an example of identifying and capitalizing on a ____ while the strategic window is open.

market opportunity

When the right combination of circumstances occurs at the right time to allow an organization to take action toward a target market, the firm is faced with a

market opportunity.

A group that has the willingness, ability, and authority to buy a product is a

market.

CyberCycle Inc., is preparing a written document specifying the activities to be performed to implement and control its marketing activities. This document is called the

marketing plan.

Safeway Foods Corporation is involved in identifying and analyzing a target market. The firm then develops a marketing mix to satisfy individuals in that market to gain long-term competitive advantages. Based on this example, Safeway is creating a

marketing strategy.

A marketing plan

provides a framework for implementing and controlling marketing activities.

Within a business organization, a profit center that is self-supporting in terms of sales, markets, production, and other resources is known as a

strategic business unit.

Managers at the Longshore Corporation are engaged in a complex process of revising their organization's mission and goals and developing corporate strategy, marketing objectives, marketing strategy, and, eventually, a marketing plan. This process is called

strategic planning.

Because of its highly efficient and low-cost distribution system, Walmart has a ____ advantage over Kmart.

sustainable competitive

Harley-Davidson's Harley Owner's Group (HOG) helps to foster strong relationships between riders and their motorcycles, giving it a(n) ____ over other motorcycle manufacturers.

sustainable competitive advantage.

A market opportunity results from

the right combination of circumstances and timing that permits an organization to take action to reach a particular target market.