Exam 2: Strategic Planning for Competitive Advantage

Environmental scanning entails the collection and interpretation of information about factors in the external environment that may affect the future of the organization or the implementation of the marketing plan.

A marketing audit is a(n):

_____ is a strategy that attempts to attract new customers to existing products.

Delta Faucet Company Masco is the name of a well-recognized company in the construction industry.It produces cabinetry,furniture,lighting,and plumbing fixtures for the upper-end homeowner and builder.One of the divisions of Masco is the Delta Faucet Company,which is the leader in the faucet industry.Delta Faucet was founded in 1955.Over the decades,it has developed a legacy based on well-crafted,high-quality products.Since the 1970s,Delta has focused its energies on building loyalty with the builder marketplace.Research in 2002 showed that while builders respect the Delta faucet for its quality,durability,and dependability,household consumers were not enamored with Delta products.Due to the number of new magazines and television programs devoted to home style,homeowners wanted faucets that were chic and stylish.This was not the image of the Delta Faucet.To change its image,Delta Faucet began a marketing program in which it committed itself to developing new products to appeal to homeowners.It adopted a new slogan,"Beautifully Engineered." -Refer to Delta Faucet Company.Since Delta was already marketing to homeowners (although not very successfully),its development of new styles of faucets to appeal to this underserved market would be an example of a _____ strategy.

A diversification strategy entails increasing sales by introducing new products into new markets.

A statement of the firm's business based on a careful analysis of benefits sought by present and potential customers and an analysis of existing and anticipated environmental conditions is known as a(n):

With hospitals nationwide facing budget cuts and slimmer profit margins,Dekalb County's Medical Center decided to cash in on one of the most consistently profitable services-delivering babies.It initiated a three-year project to build a $55 million state-of-the-art women's center with 18 labor and delivery suites.When the hospital decided to commit its resources to obstetrics,it was engaging in:

DeFeet International started as a cyclist sock company.The founder,Shane Cooper,said that the existing socks for cyclists were just not of great quality so he made socks for his cycling team by knitting them inside out.The socks were of special materials aimed at giving the cyclist the most comfortable fit.These socks were not the traditional white socks but bright,bold,and flashy colored socks with cool graphics.These high tech socks were priced around $10 a pair.Their web site says "DeFeet is Made for Driven Soles." Soon cycling elites like Lance Armstrong and Greg LeMond were sporting the DeFeet brand.The company branched into running,hiking and snow gear.Their products include socks,armskins,calfskins,boxer briefs,gloves,and shirts for the serious athlete.They also have a custom department where socks,armskins,and gloves can be customized with any motif including sponsor types of logos like Michelin,Pabst Blue Ribbon,or BP.Even kids can enjoy DeFeet's high quality socks.DeFeet's products can be found in retailers across the world,in more than twenty countries,like Israel,Australia,Belgium and the United States.More than two-dozen online retailers also carry their products. -Refer to DeFeet International.DeFeet branched from making socks for cyclists to making apparel for skiing,hiking,corporate sponsors,and kids.This is an example of which of Ansoff's strategic alternatives?

Identify the dimensions used for selecting strategic alternatives in the General Electric model.What are some attributes of an attractive market in this model?

A(n)_____ is a tightly organized unit under the direction of a manager who,usually,has broad authority to accomplish a single goal or mission.

Wendy's 99¢ Everyday Value Menu offers several of the chain's most popular menu items for 99 cents each.This new strategy reflects a change in the _____ element of its marketing mix.

Delta Faucet Company Masco is the name of a well-recognized company in the construction industry.It produces cabinetry,furniture,lighting,and plumbing fixtures for the upper-end homeowner and builder.One of the divisions of Masco is the Delta Faucet Company,which is the leader in the faucet industry.Delta Faucet was founded in 1955.Over the decades,it has developed a legacy based on well-crafted,high-quality products.Since the 1970s,Delta has focused its energies on building loyalty with the builder marketplace.Research in 2002 showed that while builders respect the Delta faucet for its quality,durability,and dependability,household consumers were not enamored with Delta products.Due to the number of new magazines and television programs devoted to home style,homeowners wanted faucets that were chic and stylish.This was not the image of the Delta Faucet.To change its image,Delta Faucet began a marketing program in which it committed itself to developing new products to appeal to homeowners.It adopted a new slogan,"Beautifully Engineered." -Refer to Delta Faucet Company.The reputation the Delta faucet has for its quality,durability,and dependability among builders is an example of a(n):

Marketing strategy involves the activities of selecting and describing one or more target markets and developing and maintaining a marketing mix that will produce mutually satisfying exchanges with target markets.

Evaluation entails gauging the extent to which marketing objectives have been achieved during the specified time period.

All of the following are sources of a cost competitive advantage EXCEPT:

DeFeet International started as a cyclist sock company.The founder,Shane Cooper,said that the existing socks for cyclists were just not of great quality so he made socks for his cycling team by knitting them inside out.The socks were of special materials aimed at giving the cyclist the most comfortable fit.These socks were not the traditional white socks but bright,bold,and flashy colored socks with cool graphics.These high tech socks were priced around $10 a pair.Their web site says "DeFeet is Made for Driven Soles." Soon cycling elites like Lance Armstrong and Greg LeMond were sporting the DeFeet brand.The company branched into running,hiking and snow gear.Their products include socks,armskins,calfskins,boxer briefs,gloves,and shirts for the serious athlete.They also have a custom department where socks,armskins,and gloves can be customized with any motif including sponsor types of logos like Michelin,Pabst Blue Ribbon,or BP.Even kids can enjoy DeFeet's high quality socks.DeFeet's products can be found in retailers across the world,in more than twenty countries,like Israel,Australia,Belgium and the United States.More than two-dozen online retailers also carry their products. -Refer to DeFeet International.DeFeet's _____ is what its customers give up to obtain their apparel.

The marketing of organic cotton tees for Life is good's existing customers would be an example of a _____ strategy.

What is the difference between planning,strategic planning,and marketing planning?

_____ is the process of gauging the extent to which marketing objectives have been achieved during a specified time period.

DeFeet International started as a cyclist sock company.The founder,Shane Cooper,said that the existing socks for cyclists were just not of great quality so he made socks for his cycling team by knitting them inside out.The socks were of special materials aimed at giving the cyclist the most comfortable fit.These socks were not the traditional white socks but bright,bold,and flashy colored socks with cool graphics.These high tech socks were priced around $10 a pair.Their web site says "DeFeet is Made for Driven Soles." Soon cycling elites like Lance Armstrong and Greg LeMond were sporting the DeFeet brand.The company branched into running,hiking and snow gear.Their products include socks,armskins,calfskins,boxer briefs,gloves,and shirts for the serious athlete.They also have a custom department where socks,armskins,and gloves can be customized with any motif including sponsor types of logos like Michelin,Pabst Blue Ribbon,or BP.Even kids can enjoy DeFeet's high quality socks.DeFeet's products can be found in retailers across the world,in more than twenty countries,like Israel,Australia,Belgium and the United States.More than two-dozen online retailers also carry their products. -Refer to DeFeet International.DeFeet's _____ is high-tech apparel,the packaging it comes in,the brand name,company image and value.