MARK Chapter 2 (1)

efficiency
___ in the supply chain is one of the primary features of an operational excellence strategy
multiple
to build a sustainable competitive advantage, companies should focus on __ strategies
mission statement
a broad description of a firm’s objectives and the scope of activities it plans to undertake
segmentation, targeting, positioning
STP
own
firms are typically more successful when they focus on opportunities that build on their __ strengths relative to the competition
value
prices are based on the ___ that the customer perceives
strategic business unit
a division of the firm that can be managed and operated somewhat independently from other divisions and may have a different mission or objectives
market development strategy
offers existing products and services to new customers
product development strategy
offers new goods and services to existing customers
dog
low relative market share; low growth market
implementation
the implement marketing mix step of the strategic marketing planning process is part of the ___ phase
marketing metric
relative market share is an example of a ___
market penetration, product development, market development, diversification
the four major growth strategies
step 4 (implementation)
what state of the STP planning process does resource allocation take place in
examine operations and customer relations
if a firm wants to develop a sustainable competitive advantage, it should ___ to identify significant things competitors cannot easily copy
location, customer, operational, product
the four overarching strategies are ___ excellence
offer excellent customer service
one way to purse a customer excellence strategy is to ___
sustain an advantage over competitors
taking steps to encourage customer loyalty is one way to
sustainable competitive advantage
Nordstrom, an upscale department store, has a well-known reputation for going the extra mile to serve its customers. This reputation for excellent customer service has probably resulted in
operational excellence
firms achieve ___ through efficient procedures and excellent supply chain management
planned
effective marketing doesnt just happen, it is
implementing marketing mix and resources
Carla has been directed by her regional marketing manager to cut prices on seasonal items, place an ad in the local paper, and tell distributors to reduce deliveries for the next month.

Which step of the strategic marketing planning process is Carla engaged in?

planning
when conducting a SWOT analysis, in what phase of the strategic marketing process is an organization presently engaged
lowering prices
what is least likely to provide a sustainable competitive advantage
divide the marketplace into subgroups
lionel is asked to conduct an step analysis for his firm. The first step he should perform in this analysis is to