Exam 2: Developing Marketing Strategies and a Marketing Plan

LeBron James, Stephen Curry, and other athletes are paid huge sums of money by companies for celebrity endorsements. If endorsements by these athletes create a clear understanding among consumers of the companies' products in comparison to competing products, they can help with the firm's ________ strategy.

In a SWOT analysis, increasing gasoline prices would represent a potential ________ for manufacturers of electric cars.

Because it was able to deliver merchandise overnight, in the required quantities, and at a lower delivery cost than its competitors, Sam's Sports Shack was given exclusive rights to sell clothing with school logos for the school district. Sam's Sports Shack demonstrates ________ excellence.

What is the third step in the marketing planning process?

Marketers who design and offer new products and services to their existing customers are pursuing a ________ growth strategy.

The step during which marketers segment the market, target those market segments, and position products is known as the control phase.

When marketers use a variety of communication disciplines-advertising, personal selling, sales promotion, public relations, direct marketing, and online marketing including social media-in combination to communicate a value proposition to the customer, it is referred to as

Some universities, recognizing the convenience of distance learning, have begun to offer fully online, accredited degree programs. These universities are most likely pursuing which macro strategy?

It is not always necessary to go through all the steps in the marketing planning process.

Every summer, university administrators attempt to estimate how many students will show up in the fall. When August arrives, they hire part-time instructors and reassign faculty to teach the courses students want. In the spring, administrators often go on a retreat to consider how to do things differently next year. What phase of the strategic planning process do they engage in during each of the three seasons (summer, fall, and spring)?

Ted's Tire Store sets itself apart from competitors by the extra attention it pays to its customers. To retain customer loyalty, it provides fast, courteous service in a clean, professional-looking environment. Ted's has used this strategy for over 40 years, expanding to 15 outlets. Ted's Tire Store uses a ________ macro strategy.

John sees that his company's quarterly sales and profits are significantly above projections and says, "That's great. Let's keep doing what we've been doing." John is ignoring the ________ step of the marketing planning process.

Businesses use metrics in order to

For many years, Southwest Airlines distinguished itself as the low-cost airline. Now, many other low-cost competitors have entered the market. Similarly, Southwest was one of the first airlines to offer online ticketing. Now, all airlines have online ticketing. These examples suggest that

A competitive advantage based on location is often sustainable because

After defining the business mission, what should a firm do next to develop a marketing plan?

Four companies dominate the cereal industry. These firms produce in large volumes, promote heavily, and control access to the supermarket shelves through "slotting allowances," which are payments to retailers in return for shelf space. These combined factors have allowed these four firms to create ________ over the competition.

Amazon is able to achieve operational excellence because it not only has the technology to coordinate personal buyers, it also has an effective HR hiring program that selects and trains the best employees.

George owns four dry cleaning stores in the suburbs of Orlando, Florida. He recently updated his STP analysis and has finished adjusting his marketing mix based on the STP results. His next strategic marketing decision will most likely involve determining

Sasha's Sandwich Shop rewards customers with five points every time they purchase a lunch entrée. Once customers earn 25 points, they receive a free lunch entrée. What tactic is this business using to achieve customer excellence?