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Marketing Strategy

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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

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sustainable competitive advantage

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an advantage over the competition that is not easily copied and can be maintained over a long period of time

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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

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Customer excellence; Operationl Excellence; Product Excellence; Locational Excellence

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Customer excellence

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Focuses on retaining loyal customers and excellent customer service

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Operationl Excellence

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Achieved through efficient operations and excellent supply chain and human resources managment

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Product Excellence

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Having products with high perceived value and effective branding and positioning

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Locational Excellence

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Having a good physical location and internet presence

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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

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organizational culture

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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

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fourth step

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Which of the following are the four components of a SWOT analysis Opportunities Technology Segmentation Threats Strengths Work Organization Weaknesses

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Opportunities and Threats Strengths and Weaknesses

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________ excellence is when a firm focuses on having high perceived value and effective branding and positioning.

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Product Excellence

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_____ excellence, as a competitive advantage, focuses on retaining loal buyers and offering excellent service Locational Operational Customer Product

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Customer excellence

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STP includes which of the following? Segmentation Strengths Positioning Pricing

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STP Segmentation, targeting, and positioning

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market segment

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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

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A _____ competitive advantage is an advantage over the competition that is not easily copied and can be maintained over a long period of time

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sustainable

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One firm's competitive advantage make it _____ for other firms to compete for the same target customers

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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.

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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

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Efficient operations, excellent supply chain management, and strong relationships with their suppliers

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_____ is the element of the 4Ps responsible for communicating value to customers

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Promotion

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Excellent customer service helps build: Marketing strategy customer liability programs Sustainable competitive advantage competition

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sustainable competitive advantage

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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

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outlines what a firm plans to do to appeal to potential customers

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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

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A strong network of retailers; Licensing brand

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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

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It is the percentage of a market accounted for by a specific entity It defines a product's strength in a particular market

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Market share

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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.

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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

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staffing requirements for the marketing department

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A marketing plan entails five steps

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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

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Step 1 of the planning phase

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In step 1 of the planning phase, marketing executives, in conjunction with other top managers, define the mission and/or vision of the business.

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Step 2 of the planning phases

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Step 2 includes evaluating the situation by assessing how various players, both in and outside the organization, affect the firm's potential success.

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Step 3: The Implementation phase

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marketing managers identify and evaluate different opportunities by engaging in the process known as segmentation, targeting and positioning (STP)

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SWOT

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Strengths and weaknesses, Opportunities and Threats

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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

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widespread market dominance by the firm

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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

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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

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Portfolio Analysis

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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.

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Which of the following is NOT one of the three major phases of the marketing plan? Organization Control Implementation Planning

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Organization

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Some commonly used financial performance metrics include mission statements sales revenue loyalty programs profits

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sales revenue; profit

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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?

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What type of business are we?

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Mission statement

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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.

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Organization-

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a group of people who work together to achieve some specific purpose.

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management

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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

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efficiency-

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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.

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Effectiveness

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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.

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Organizing

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Organizing is defined as arranging tasks, people, and other resources to accomplish the work.

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Leading

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Leading is defined as motivating, directing, and otherwise influencing people to work hard to achieve the organization's goals.

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Controlling

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is defined as monitoring performance, comparing it with goals, and taking corrective action as needed.

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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

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Coordinate team efforts provide guidance resolve conflicts

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team leader

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a manager who is responsible for facilitating team activities toward achieving key results.

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functional manager

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functional manager is responsible for just one organizational activity

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general manager

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general manager is responsible for several organizational activities

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Members of a team generally report to a first-line manager, who has the authority to

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hire and fire, controls resources, and is responsible for the team's performance.

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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

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controlling

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