A marketing strategy ______. Show A. outlines what a firm plans to do to appeal to potential customers B. is a step-by-step blueprint for all functions of a firm, identifying specific actions to take C. outlines what a firm plans to do to dissuade certain segments of the population to purchase the product. D. is the same thing as locational excellence A. outlines what a firm plans to do to appeal to potential customers A marketing strategy identifies each of the following EXCEPT ______. A. the bases upon which the firm plans to build a sustainable competitive advantage B. a firm's target market C. staffing requirements for the marketing department D. a related marketing mix C. staffing requirements for the marketing department A sustainable competitive advantage ______. A. increases competition B. is rarely if ever a firm's key goal or objective C. should be avoided by firms that are not involved in environmental advocacy. D. is when a firm does consistently better than its competitors and it is not easily copied D. is when a firm does consistently better than its competitors and it is not easily copied A(n) ___________ competitive advantage is an advantage over the competition that is not easily copied and can be maintained over a long period. (Remember to type only one word in the blank.) Sustainable The macro strategies for developing customer value include each of the following EXCEPT ______. A. marketing excellence B. operational excellence C. locational excellence D. product excellence A. marketing excellence True or false: The purpose of a marketing strategy is to maximize short-term profits. False Which of the following is an example of loyalty to a company in a consumer's daily life? A. Continuing to shop at Dunkin' Donuts even if Starbucks opens more convenient locations and offers slightly lower prices. B. Buying a Pepsi product from the campus vending machine because Pepsi is the only vendor allowed on campus. C. Ordering from Pizza Hut because there was a coupon in the mail offering a significant discount. D. Getting a haircut from the one barber in town who had an opening in his schedule this afternoon. A. Continuing to shop at Dunkin' Donuts even if Starbucks opens more convenient locations and offers slightly lower prices. 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. A. marketing strategy B. marketing metric C. market segment D. mission statement A. marketing strategy A firm can build sustainable competitive advantage ______. (Check all that apply.) A. when it outperforms competition B. through unique business activities over a long period of time C. but it is an unrealistic goal D. by copying exactly what the competition is doing A, B. True or false: A firm has achieved sustainable competitive advantage over the competition when it combines parts of the marketing mix that are not easily copied and that can be maintained over a long period of time. True ______ is achieved through efficient operations, excellent supply chain, and human resource management. (Select all that apply.) A. Operational excellence B. Customer excellence C. Product excellence D. Locational excellence A. Operational excellence Which of the following is one of the macro strategies for developing customer value through effective branding and positioning? A. Supply excellence B. Advertising excellence C. Communication excellence D. Product excellence D. Product excellence What are the four macro strategies for developing customer value? Customer excellence Operational excellence Product excellence Locational excellence Customer excellence ____________. A. Occurs when a firm develops value-based strategies for retaining loyal customers and provides outstanding customer service. B. Occurs through efficient operations, excellent supply-chain management, and strong relationships with suppliers. C. Occurs by providing products with high perceived value and effective branding and positioning. D. Location, location, location. A. Occurs when a firm develops value-based strategies for retaining loyal customers and provides outstanding customer service. operational excellence ____________. A. Occurs when a firm develops value-based strategies for retaining loyal customers and provides outstanding customer service. B. Occurs through efficient operations, excellent supply-chain management, and strong relationships with suppliers. C. Occurs by providing products with high perceived value and effective branding and positioning. D. Location, location, location.. B. Occurs through efficient operations, excellent supply-chain management, and strong relationships with suppliers. Product excellence ____________. A. Occurs when a firm develops value-based strategies for retaining loyal customers and provides outstanding customer service. B. Occurs through efficient operations, excellent supply-chain management, and strong relationships with suppliers. C. Occurs by providing products with high perceived value and effective branding and positioning. D. Location, location, location. C. Occurs by providing products with high perceived value and effective branding and positioning. Locational excellence ____________. A. Occurs when a firm develops value-based strategies for retaining loyal customers and provides outstanding customer service. B. Occurs through efficient operations, excellent supply-chain management, and strong relationships with suppliers. C. Occurs by providing products with high perceived value and effective branding and positioning. D. Location, location, location. D. Location, location, location.
What is NOT an example of customer loyalty? A. Only purchasing holiday decorations from World Market B. Only purchasing light fixtures at Home Depot C. Only purchasing dresses at Anthropolgie D. Only purchasing organic products D. Only purchasing organic products Locational excellence is particularly important for which type of firm? A. Call centers B. Retailers C. Manufacturers D. Science research facility B. Retailers A marketing strategy identifies what 3 components? (1) A firm's target market. A marketing strategy identifies each of the following EXCEPT ______. A. a related marketing mix B. the bases upon which the firm plans to build a sustainable competitive advantage C. a firm's target market D. staffing requirements for the marketing department D. staffing requirements for the marketing department Which of the following is LEAST effective when building a sustainable competitive advantage? A. Using two or three strategies B. Using six or more strategies C. Using four or five strategies D. Using only a single strategy D. Using only a single strategy What are the three major phases of the marketing plan? (1) Planning A marketing plan consists of ____________. (1) an analysis of the current marketing situation. A competitive advantage based on location ______. A. is sustainable when real estate is difficult or expensive to obtain B. is sustainable when close to similar stores C. is unsustainable because location is unimportant D. is unsustainable because customer service is more important A. is sustainable when real estate is difficult or expensive to obtain True or false: Firms that use multiple strategies to build a sustainable competitive advantage have difficulty maintaining long-term success. False Which of the following is the primary question a mission statement should answer? A. What specific tasks should we perform in the next year? B. Where do we want to be in 5 years? C. What type of business are we? D. What are our short-term goals? C. What type of business are we? Step 2 of a marketing plan involves which of the following? A. Performing a situation analysis using SWOT B. Evaluating opportunities C. Evaluating performance D. Creating a mission statement A. Performing a situation analysis using SWOT A ______ is a written document that includes the current marketing situation, specified objectives and strategies, action programs, and projected income statements. A. marketing plan B. business plan C. strategic plan D. financial plan marketing plan What are the components of SWOT analysis? (Select all that apply.) A. Segmentation B. Opportunities C. Target markets D. Weaknesses Opportunities Which of the following are examples of strengths that could be identified in a SWOT analysis? (Select all that apply.) A. Heavy reliance on a single product line B. An increase in taxation C. Community involvement D. A reliable network of spokespeople Community involvement A reliable network of spokespeople What are the main purposes of metrics during Step 5? (Select all that apply.) A. To evaluate how best to position the firm B. To explain why things happened C. To predict what will happen D. To understand the needs of a market segment To explain why things happened To predict what will happen What are the four components of a SWOT analysis? (Select all that apply.) A. Weaknesses B. Threats C. Organization D. Technology E. Work F. Strengths G. Opportunities F, A, G, and B. STP stands for segmentation, _____________, and positioning. Targeting Step 5 of the marketing plan involves ______. A. defining the firm's mission and objectives B. evaluating the results of the strategy and implementation program C. performing the STP process D. implementing the marketing mix elements for customers B. evaluating the results of the strategy and implementation program What is the first step of the marketing plan? A. Conduct a situational analysis (SWOT) B. Evaluate performance using marketing metrics C. Implement the marketing mix D. Define business mission & objectives E. Identify and evaluate opportunities D. Define business mission & objectives What is the second step of the marketing plan? A. Conduct a situational analysis (SWOT) B. Evaluate performance using marketing metrics C. Implement the marketing mix D. Define business mission & objectives E. Identify and evaluate opportunities A. Conduct a situational analysis (SWOT) What is the third step of the marketing plan? A. Conduct a situational analysis (SWOT) B. Evaluate performance using marketing metrics C. Implement the marketing mix D. Define business mission & objectives E. Identify and evaluate opportunities E. Identify and evaluate opportunities What is the fourth step of the marketing plan? A. Conduct a situational analysis (SWOT) B. Evaluate performance using marketing metrics C. Implement the marketing mix D. Define business mission & objectives E. Identify and evaluate opportunities C. Implement the marketing mix What is the fifth step of the marketing plan? A. Conduct a situational analysis (SWOT) B. Evaluate performance using marketing metrics C. Implement the marketing mix D. Define business mission & objectives E. Identify and evaluate opportunities B. Evaluate performance using marketing metrics What are reasons why strategic planning may NOT occur sequentially? (Select all that apply.) A. When a situation analysis necessitates that the mission statement be revised B. When the economy has had six consecutive months of steady growth and projections indicate that the trend will continue C. When the implementation plan cannot move forward because there are too few resources D. When new strategic opportunities arise A, C, and D. What factors that affect a sales manager's performance are outside the manager's control? (Select all that apply.) A. Poor implementation of a sales strategy B. Inadequate sales force C. Successful competition D. An economic downturn C, and D. The ______ strategy offers a new product or service to a firm's current target market. A. market penetration B. market development C. product expansion D. product development D. product development On a(n) _____________ diversification, the current target market and/or marketing mix shares something in common with the new opportunity. Related A market penetration strategy employs the existing marketing mix and focuses the firm's efforts on ______. A. reaching new focus group in a new area B. diversifying C. increasing sales to current customers D. developing a new market C. increasing sales to current customers Revenues, sales, and profits are commonly used ______ to assess performance. A. strategies B. mission statements C. metrics D. segments C. metrics In ______ analysis, management evaluates the firm's various products and businesses, and then allocates resources according to potential profit outlook. A. contingency B. portfolio C. operations D. growth options B. portfolio During 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? A. Evaluate performance B. Define the business mission C. Identify and evaluate opportunities D. Implement marketing mix D. Implement marketing mix Which statement is true regarding SBUs? A. An SBU may have a different mission or objective from other divisions. B. The term SBU stands for "segmented business unit." C. The term refers to parent companies. D. SBUs develop as cash cows. A. An SBU may have a different mission or objective from other divisions. Strategic analysis, marketing plan, marketing strategy. ... In portfolio analysis, ______. (Check all that apply.) A. firms typically perform the task for the entire company as a unit B. management develops the marketing mix for each SBU C. management allocates its resources to products with the greatest potential to be profitable D. management evaluates the firm's various products and businesses C, and D. A marketing strategy ______. A. Outlines what a firm plans to do to appeal to potential customers B. outlines what a firm plans to do to dissuade certain segments of the population to purchase the product. C. is a step-by-step blueprint for all functions of a firm, identifying specific actions to take D. is the same thing as locational excellence A. Outlines what a firm plans to do to appeal to potential customers What are the four components of a sustained competitive advantage?The idea here is that if a firm is to maintain sustainable competitive advantage, it must control a set of exploitable resources that have four critical characteristics. These resources must be (1) valuable, (2) rare, (3) imperfectly imitable (tough to imitate), and (4) nonsubstitutable.
Is the best way to build a sustainable competitive advantage?While creating a sustainable competitive advantage is not easy, the following will help ensure you get and remain ahead of the field.. Establish Brand Loyalty. ... . Patent Your Product. ... . Continually Innovate. ... . Hire 'Connected' Team Members. ... . Use Long Term Contracts and Incentives.. What is a sustainable competitive advantage quizlet?A sustainable competitive advantage occurs when the company takes advantage of temporary periods of optimal fit between the key requirements of a market and the particular capabilities of a company competing in that market.
What are the components of sustainable competitive advantage at the corporate level?What are the Sources of Sustainable Competitive Advantage? The sustainable competitive advantage sources for any company include Brand Loyalty, Innovation, Proprietary Information Scale, Intellectual Property, Innovation, Network- effect.
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Which of the following is least effective when building a sustainable competitive advantage?
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