Exam 2: Strategic Planning for Competitive Advantage

General Motors Corporation has a goal of launching an electric vehicle soon.The car has been in test drives and they are in the process of working out any bugs that may occur.GM is in the process of working toward mass production of the vehicle.They are in what stage of the marketing plan?

What is a competitive advantage? What makes a competitive advantage sustainable?

As a customer entered the Hornady store,which sells muzzleloading rifles,a salesperson approached her and said,"Hornady lead round balls are the musket balls you ought to buy.They are the most uniform in size and shape,and they are made of pure lead.Our shot is used by the Muzzle Loading World Champion." The salesperson was describing Hornady's:

Name and describe the four strategic alternatives in Ansoff's strategic opportunity matrix,which matches products with markets.For each of the four strategic alternatives,give a specific example of a firm following that strategy.

Strategic planning is most effective when managers view it as an annual exercise.

The typical starting point of any firm's marketing mix is the:

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 Delta Faucet Company is a _____ of Masco.

Making sure products are available when and where customers want them is the job of which element of the marketing mix?

BMW offers customers a four-year,50,000 mile maintenance-cost-free program called "BMW Ultimate Service." The service includes free replacement of brake pads and rotors,wiper blades,scheduled maintenance,oil changes,and roadside maintenance.This marketing gives BMW a:

In the portfolio mix,notebook computers would be an example of a star.

When a florist shop begins to sell burial caskets to its customers,it is engaged in product development.

Briggs and Stratton is a Southeastern company that makes small engines.The company is looking at customer trends,its competitors,and the economy to see if there are any threats or opportunities on the horizon.It has also examined its production policies and sales histories to determine its strengths and weaknesses.Briggs & Stratton is conducting a(n):

_____ is the managerial process of creating and maintaining a fit between the organization's objectives and resources and the evolving market opportunities.

_____ is a marketing strategy that creates new products for present markets.

All of the following are functions served by objectives EXCEPT:

An international company that needs to develop a way to compare its actual marketing results with planned results must engage in:

Which of the following statements about marketing audits is true?

All of the following are common reasons why companies fail to achieve a marketing objective EXCEPT:

The company's marketing objective is to increase sales next year.This is an example of a well-stated objective.

Strategic plans require: