MARK Chapter 2 (1) – Flashcards
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___ in the supply chain is one of the primary features of an operational excellence strategy
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efficiency
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to build a sustainable competitive advantage, companies should focus on __ strategies
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multiple
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a broad description of a firm's objectives and the scope of activities it plans to undertake
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mission statement
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STP
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segmentation, targeting, positioning
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firms are typically more successful when they focus on opportunities that build on their __ strengths relative to the competition
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own
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prices are based on the ___ that the customer perceives
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value
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a division of the firm that can be managed and operated somewhat independently from other divisions and may have a different mission or objectives
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strategic business unit
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offers existing products and services to new customers
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market development strategy
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offers new goods and services to existing customers
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product development strategy
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low relative market share; low growth market
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dog
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the implement marketing mix step of the strategic marketing planning process is part of the ___ phase
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implementation
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relative market share is an example of a ___
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marketing metric
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the four major growth strategies
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market penetration, product development, market development, diversification
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what state of the STP planning process does resource allocation take place in
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step 4 (implementation)
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if a firm wants to develop a sustainable competitive advantage, it should ___ to identify significant things competitors cannot easily copy
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examine operations and customer relations
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the four overarching strategies are ___ excellence
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location, customer, operational, product
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one way to purse a customer excellence strategy is to ___
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offer excellent customer service
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taking steps to encourage customer loyalty is one way to
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sustain an advantage over competitors
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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
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sustainable competitive advantage
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firms achieve ___ through efficient procedures and excellent supply chain management
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operational excellence
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effective marketing doesnt just happen, it is
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planned
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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?
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implementing marketing mix and resources
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when conducting a SWOT analysis, in what phase of the strategic marketing process is an organization presently engaged
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planning
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what is least likely to provide a sustainable competitive advantage
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lowering prices
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lionel is asked to conduct an step analysis for his firm. The first step he should perform in this analysis is to
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divide the marketplace into subgroups
