Marketing Smart Book 2

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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.
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Terms in this set (77)
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 company that has successfully built a wall around its 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
Which macro strategy is achieved in part through efficient supply chain management?
Operational excellence
Which of the following is one of the macro strategies for developing customer value through effective branding and positioning?
Product excellence
______ excellence, as a competitive advantage, focuses on retaining loyal consumers and offering excellent service.
Customer
True or False: The purpose of a marketing strategy is to maximize short-term profits.
False
True or False: A loyal customer of a firm is enthusiastic about buying from that firm's competitors.
False
A sustainable competitive advantage ______.
is when a firm does consistently better than its competitors and it is not easily copied
Which of the following is NOT an example of customer loyalty?
Only purchasing organic products
Firms should emphasize the importance of consistently good customer service to its employees so that good customer service becomes part of the ______.
organizational culture
The macro strategies for developing customer value include each of the following EXCEPT ______ excellence.marketing______ is achieved through efficient operations, excellent supply chain management, and strong relationships with suppliers.Operational excellenceCustomer excellence is focused on ______.retaining loyal customers and offering excellent customer serviceProduct excellence ______.occurs by having products with high perceived value and effective branding and positioningBrand ______ means that customers are reluctant to patronize competing firms.loyaltyLocational excellence is particularly important for which type of firm?retailersWhich 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.Which of the following is LEAST effective when building a sustainable competitive advantage?Using only a single strategyDisney parks offer excellent customer service by doing what? (Choose every correct answer.)Finding and helping people who are lost Training all employees to be able to give customers information Training staff to be extremely friendly to guestsA ______ is a written document that includes the current marketing situation, specified objectives and strategies, action programs, and projected income statements.marketing planFirms achieve operational excellence through which of the following? (Choose every correct answer.)Efficient operations Strong relationships with suppliers Good supply chain managementWhat are the three major phases of the marketing plan? (Choose every correct answer.)Planning Implementation ControlFirms that achieve a sustainable competitive advantage through their merchandise and service offerings, and through effective branding and positioning, are doing so using ______ excellence.productStep 1 of the marketing plan is focused on ______.the business mission and objectivesA competitive advantage based on location ______.is sustainable when real estate is difficult or expensive to obtainIn the ______ step of the five-step marketing planning process, marketers evaluate the situation by assessing how various players, both in and outside the organization, affect the firm's potential for success.secondTrue or False: Firms that use multiple strategies to build a sustainable competitive advantage have difficulty maintaining long-term success.FalseIn the ______ phase of the five-step marketing planning process, marketing managers identify and evaluate different opportunities by engaging in a process known as segmentation, targeting, and positioning.implementationA marketing plan includes all of the following EXCEPT ______.a plan on how to pitch investorsWhich of the following is the primary question a mission statement should answer?What type of business are we?The three major phases of the marketing plan are ______.planning, implementation, and controlWhich of the following are components of a SWOT analysis? (Choose every correct answer.)Threats Weaknesses OpportunitiesIn Step 1 of the planning phase, a firm ______.defines the mission and/or vision of the businessWhat are the four components of a SWOT analysis? (Choose every correct answer.)Strengths Threats Opportunities WeaknessesIn Step 2 of the five-step marketing planning process, a firm ______.assesses how various players affect the firm's potential for successStep 3 of the five-step marketing planning process ______.involves segmentation, targeting, and positioning (STP)In a SWOT analysis, ______ refer to the positive internal attributes of the firm.strengthsA mission statement ______.defines the scope of activities a firm plans to undertakeWhich of the following are examples of strengths that could be identified in a SWOT analysis? (Choose every correct answer.)A reliable network of spokespeople Strong brand recognitionStep 2 of a marketing plan involves which of the following?Performing a situation analysis using SWOTAging equipment that slows down production is an example of a(n) ______ for a firm.weaknessWhat are opportunities in SWOT analysis?The positive aspects of the external environmentWhat does the term strengths refer to in SWOT analysis?The positive internal attributes of a firmLicensing of the brand, a reputation for quality, and a large number of retail stores are examples of potential ______. These refer to a firm's internal attributes as identified during a SWOT analysis.strengthsWhat does the term weaknesses refer to in SWOT analysis?What does the term weaknesses refer to in SWOT analysis?STP includes which of the following? (Choose every correct answer.)Positioning Segmentation TargetingIn a SWOT analysis, ______ pertain to positive aspects of the external environment.opportunitiesWith ______, the firm first divides the marketplace into subgroups, determines which of those subgroups it should pursue, and finally decides how it should best position its product or service.STPA market segment consists of _____ who respond similarly to a firm's marketing efforts.customersTrue or False: Market segmentation is the process of dividing the market into groups of customers based on their needs, wants, and characteristics.TrueWhen conducting a SWOT analysis, adverse economic conditions and intense competition are examples of potential ______ for firms.threatsAfter a firm has identified a group of market segments, it does which of the following? (Choose every correct answer.)Determine which segments to pursue Use the targeting process Evaluate each segment's attractivenessWhich of the following are steps in the STP process? (Choose every correct answer.)Determining which subgroups should be pursued Dividing the marketplace into subgroups Positioning its products and services to meet the needs of the chosen targetsWine connoisseurs, antique collectors, and video game enthusiasts are all examples of different ______.market segmentsMarket ______ is the process of dividing the market into groups of customers according to their needs, wants, or characteristics.segmentationA firm can begin to implement the marketing mix immediately after which step?After it has finished segmentation, targeting, and positioningIn a firm's SWOT analysis, which of the following would be considered threats? (Check all that apply.)Adverse economic conditions New regulations that restrict sales of the firm's products Competitive prices and product offerings______, which includes services, constitutes the first of the four Ps.ProductThe process of deciding which specific market segment(s) to pursue is known as ______.targetingWith ______, the firm first divides the marketplace into subgroups, determines which of those subgroups it should pursue, and finally decides how it should best position its product or service.STP______ is the only marketing activity that actually brings in revenue.PricingA market segment consists of _____ who respond similarly to a firm's marketing efforts.customersPlace is the component of the four Ps responsible for ______ value.deliveringDuring 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?Implement marketing mixStep 5 in the marketing plan process is when a firm ______ the outcome of the strategy and implementation process.evaluatesIn the marketing mix, products and services are the elements that ______ value.createA metric is a ______ that quantifies a trend, dynamic, or characteristic.measuring systemWhat is the second element of the marketing mix?PricingWhy do firms use metrics in Step 5 of the marketing plan? (Choose every correct answer.)To make appropriate adjustments to performance To make it possible to compare results across regions, product lines, and time periodsStep 5 of the marketing plan involves ______.evaluating the results of the strategy and implementation programWhat are the main purposes of metrics during Step 5? (Choose every correct answer.)To explain why things happened To predict what will happenRevenues and profits are commonly used ______ to assess performance.metricsWhat is the purpose of evaluating performance during Step 5?To identify and explain performance above and below expectationsIn ______ analysis, management evaluates the firm's various products and businesses, then allocates resources according to potential profit outlook.portfolioWhat factors that affect a sales manager's performance are outside the manager's control? (Choose every correct answer.)Successful competition An economic downturnA metric is a ______ that quantifies a trend, dynamic, or characteristic.measuring systemSome commonly used financial performance metrics include which of the following? (Choose every correct answer.)Profits Sales revenue