MKT 300 Ch 2

Marketing Strategy
identifies 1) a firm’s target market 2) a related marketing mix its 4 P’s 3) the bases on which the firm plans to build a sustainable competitive advantage
sustainable competitive advantage
an advantage over the competition that is not easily copied and can be maintained over a long period of time
There are four maco, or overarching, strategies that focus on aspects of the marketing mix to create and deliver value and to develop sustainable competitive advantages
Customer excellence; Operationl Excellence; Product Excellence; Locational Excellence
Customer excellence
Focuses on retaining loyal customers and excellent customer service
Operationl Excellence
Achieved through efficient operations and excellent supply chain and human resources managment
Product Excellence
Having products with high perceived value and effective branding and positioning
Locational Excellence
Having a good physical location and internet presence
Firms must instill good service over long term to customers so it becomes part of the ____ and helps retain loyal customers:
Positioning program
Promotional program
organizational culture
Marketing structure
organizational culture
Which of the following are examples of strengths that might be identified in a SWOT analysis
A change in laws
a strong network of retailers
Relying heavily only on a product line
Licensing of a brand
In ____ of the five-step marketing planning process, marketing managers are responsible for implementing the marketing mix usines the four Ps

the fourth step
the fifth step
the third step
the second step

fourth step
Which of the following are the four components of a SWOT analysis
Opportunities
Technology
Segmentation
Threats
Strengths
Work
Organization
Weaknesses
Opportunities and Threats
Strengths and Weaknesses
________ excellence is when a firm focuses on having high perceived value and effective branding and positioning.
Product Excellence
_____ excellence, as a competitive advantage, focuses on retaining loal buyers and offering excellent service
Locational
Operational
Customer
Product
Customer excellence
STP includes which of the following?
Segmentation
Strengths
Positioning
Pricing
STP
Segmentation, targeting, and positioning
market segment
consisting of consumers who respond similarily to a firm’s marketing efforts. The process of dividing the market into groups of customers with different needs, wants, or characteristics – who therefore might appreciate products and services geared especially for them is market segmentation
A _____ competitive advantage is an advantage over the competition that is not easily copied and can be maintained over a long period of time
sustainable
One firm’s competitive advantage make it _____ for other firms to compete for the same target customers
harder
A competitive advantage acts like a wall that the firm has build around its position in a market. This wall makes it hard for outside competitors to contact customers inside – otherwise know as the market’s target market.
Firms achieve operational excellence through which of the following?
Efficient operations
Strong relationships with suppliers
Excellent supply chain management
Focusing on human resources as little as possible
Efficient operations, excellent supply chain management, and strong relationships with their suppliers
_____ is the element of the 4Ps responsible for communicating value to customers
Promotion
Excellent customer service helps build:
Marketing strategy
customer liability programs
Sustainable competitive advantage
competition
sustainable competitive advantage
A marketing strategy:
outlines what a firm plans to do to appeal to potential customers;
is a step-by-step blueprint for all functions of a firm, identifying specific actions to take;
is the same thing as locational excellence
outlines what a firm plans to do to appeal to potential customers
Which of the following are examples of strengths that might be identified in a SWOT analysis?
A strong network of retailers
Relying heavily only on a product line
A change in laws
Licensing a brand
A strong network of retailers; Licensing brand
Which of the following are true regarding market share?
It is what defines profitability
It is the actual product
Is is responsible for inventory of the product
It is the percentage of a market accounted for by a specific entity
It defines a product’s strength in a particular market
It is the percentage of a market accounted for by a specific entity
It defines a product’s strength in a particular market
Market share
is the percentage of a market accounted for by a specific entity, and is used to establish the product’s strength in a particular market.
A marketing strategy identifies each of the following except:
the bases upon which the firm plans to build a sustainable competitive advantage
staffing requirements for the marketing department
a related marketing mix
a firm’s targe market
staffing requirements for the marketing department
A marketing plan entails five steps
Planning phase: step 1: business mission & objectives, Step 2: Situation analysis * SWOT
Implementaion phase: step 3: identify opportunities; Step 4: implement marketing mix
Control phase: step 5: evaluate performance using marketing metrics
Step 1 of the planning phase
In step 1 of the planning phase, marketing executives, in conjunction with other top managers, define the mission and/or vision of the business.
Step 2 of the planning phases
Step 2 includes evaluating the situation by assessing how various players, both in and outside the organization, affect the firm’s potential success.
Step 3: The Implementation phase
marketing managers identify and evaluate different opportunities by engaging in the process known as segmentation, targeting and positioning (STP)
SWOT
Strengths and weaknesses, Opportunities and Threats
In a SWOT analysis, possible threats for firms can include each of the following except:
adverse economic conditions
widespread market dominance by the firm
competitive prices and product offerings
new regulations that restrict sales of the firm’s products
widespread market dominance by the firm
In portfolio analysis:
managment allocates its resources to products with the greatest potential to be profitable
firms typically perform it at the SBU or product line level of the firm
management evaluates the firm’s various products and businesses
management develops the marketing mix for each SBU
managment allocates its resources to products with the greatest potential to be profitable
firms typically perform it at the SBU or product line level of the firm
management evaluates the firm’s various products and businesses
Portfolio Analysis
management evaluates the firm’s various products and businesses – it’s portfolio”- and allocates resources according to which products are expected to be the most profitable for the firm in the future. Portfolio analysis is typically performed at the strategic business unit (SBU) or product line level of the firm, though managers also can use it to analyze brands or even individual items.
Which of the following is NOT one of the three major phases of the marketing plan?
Organization
Control
Implementation
Planning
Organization
Some commonly used financial performance metrics include
mission statements
sales revenue
loyalty programs
profits
sales revenue; profit
Which of the following is the primary question a mission statement should answer?
What do we need to do in the short-term goals?
What type of business are we?
What specific tasks should we perform in the next year?
Where do we want to be in 5 years?
What type of business are we?
Mission statement
a broad description of a firm’s objectives and the scope of activities it plans to undertake, attempts to answer two main questions. What type of business are we? What do we need to do to accomplish our goals and objectives? These fundamental business questions must be answered at the highest corporate levels before marketing executives can get involved.
Organization-
a group of people who work together to achieve some specific purpose.
management
is defined as 1) the pursuit of organizational goals efficiently and effectively by 2) integrating the work of people through 3) planning, organizing, leading and controlling the organizations resources
efficiency-
efficiency- the means Efficiency is the means of attaining the organization’s goals. To be efficient means to use resources- people, money, raw materials, and the like – wisely and cost-effectively.
Effectiveness
the ends. Effectiveness regards the organization’s ends, the goals. To be effective means to achieve results, to make the right decisions and to successfully carry them out so that they achieve the organization’s goals.
The organizing function of management consists of arranging tasks, _____, and other resources needed to accomplish work
people
feedback
goals
jobs
Organizing
Organizing is defined as arranging tasks, people, and other resources to accomplish the work.
Leading
Leading is defined as motivating, directing, and otherwise influencing people to work hard to achieve the organization’s goals.
Controlling
is defined as monitoring performance, comparing it with goals, and taking corrective action as needed.
Which of the following are typical responsibilities associated with being a team leader even if the team leader does not have authority over other team members?
Coordinate team efforts
hire and fire personnel
provide guidance
resolve conflicts
control resources
Coordinate team efforts
provide guidance
resolve conflicts
team leader
a manager who is responsible for facilitating team activities toward achieving key results.
functional manager
functional manager is responsible for just one organizational activity
general manager
general manager is responsible for several organizational activities
Members of a team generally report to a first-line manager, who has the authority to
hire and fire, controls resources, and is responsible for the team’s performance.
The board members came together to determine if the change in the product line was due to a new manufacturing process or the recent decision to put fewer employees on the assembly line. Which management function is the board concerned with?
Controlling
organizing
leading
planning
controlling