Exam 2: Strategic Planning and Competitive Advantage

The process that turns a marketing plan into action assignments and ensures that these assignments are executed in a way that accomplishes the plan's objectives is called evaluation.

Which of the following activities is carried out during the implementation of a marketing plan?

Using the innovation matrix,the strategic decision to implement changes that use existing assets to provide added convenience to existing customers and potentially entice customers from other brands is considered:

One component of product in a marketing mix is ________.

A business' mission does not affect its long-run resource allocation,profitability,or survival.

Which of the following states the function of a distribution strategy in a marketing mix?

Revel Inc.,a cell phone manufacturer,decides to launch its new line of smartphones on the company's official website to resolve logistics issues that the company has identified.With this modification,its customers can now buy the smartphones even if they are not available in retail locations near potential consumers.In this case,Revel Inc.focuses on the _____ element of the marketing mix.

Which of the following processes provides the mechanisms for evaluating marketing results in light of the plan's objectives and for correcting actions that do not help the organization reach those objectives within budget guidelines?

Product/service differentiation competitive advantage means that an organization provides something that is unique and valuable to buyers beyond simply offering a lower price than that of the competition.

A competitive advantage is a set of unique features of a company and its products that are perceived by the target market as significant and superior to those of the competition.

Nessca Inc.is a pharmaceutical company that designs its products to suit the needs of a group of people with similar characteristics.In this case,Nessca should target which of the following market segments?

Which of the following practices can help businesses gain a cost competitive advantage?

Which of these statements is correct with regard to the implementation of marketing objectives?

Which of the following does a business exhibit when it describes itself in terms of goods and services rather than in terms of the benefits customers seek?

Synergy Corp.,a large seller of energy-efficient light bulbs,uses extensive promotional strategies to stimulate sales.Marketers at Synergy Corp.have noticed that a competitor is steadily gaining market share,and they want to counter the competition immediately by increasing the sales of Synergy Corp.'s bulbs.Given the situation,which of the following is the quickest step that Synergy's marketers can take to stimulate the sales of its products?