Exam 2: Strategic Planning for Competitive Advantage

Niche competitive advantages are quite common.

Before Heinz sold its 9-Lives brand cat food unit,the company identified the product as having a low market share in a high-growth market.The portfolio matrix would classify 9-Lives as a(n):

What is the most critical element in effective strategic planning?

_____ is the process of anticipating events and determining strategies to achieve organizational objectives.

NARRBEGIN: DeFeet International DeFeet International 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.DeFeet's _____ includes advertising,public relations,sales promotions,and personal selling.

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

For most American consumers,the brand name Benetton brings to mind a retail-clothing store that carries many products that bear the Benetton brand.But Edizone Holding,which also owns a chain of restaurants,several toll roads in Italy,and a telecommunications company,holds the Benetton Group.The list of the company's holdings indicates that the company's managers believe in growth through:

The Home Depot's introduction of new fuel centers at some of its stores allows the Home Depot to better serve its current customers,such as contractors with large trucks who no longer need to go somewhere else to refuel.This is an example of product development.

All of the following are characteristics of a good objective EXCEPT:

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

Developing a cost competitive advantage can enable a firm to deliver superior customer value.

Yuengling is the oldest brewery in the United States.It was founded in 1827 in a time when small breweries dotted the nation.The brewery only sells in a ten state area on the eastern seaboard.For over 170 years,this strategy has given the brewery a:

NARRBEGIN: Delta Faucet 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):

NARRBEGIN: Delta Faucet 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.Delta's development of a new slogan represents a change in the _____ element of its marketing mix.

_____ is a strategy of increasing market share for present products in existing markets.

An essential part of marketing strategy is target market strategy.Selection of target market(s)drives marketing objectives and selection of the marketing mix (the four Ps).What are the three general strategies for selecting target markets?

NARRBEGIN: Delta Faucet 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.While new home construction is not growing as rapidly as it once did,the number of homeowners who are remodeling bathrooms and kitchens is growing.According to the portfolio matrix,Masco would consider Delta a(n):

Apple's iPhone can only be purchased through AT&T cell phone distributors and the Apple retail store.This limitation on the _____ element of its marketing mix supports the product's competitive advantage.

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

Compass is a United Kingdom-based catering company that has developed a marketing plan designed to make it the largest caterer in China within the next two decades.As part of its marketing _____,it has already begun serving meals on trains that run between Shanghai and Beijing.