Exam 2: Strategic Planning for Competitive Advantage

The _____ is a tool for allocating resources among products or strategic business units on the basis of relative market share and market growth rate.

Each labor and delivery room at Dekalb County's new Medical Center has hardwood floors,soft lighting,and mission-style furniture.The facility also features a stone fireplace in the lobby,a bistro-style restaurant,and VIP suites for discerning mothers-to-be.This unique design and furnishings give the Medical Center a:

A market penetration strategy entails the creation of new products for current customers.

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

A _____ is defined as a statement of what is to be accomplished through marketing activities.

NARRBEGIN: Novartis Novartis Novartis,a Swiss drug maker,is planning to purchase a majority stake in Zhejiang Tianyuan Bio-Pharmaceutical Company,a Chinese vaccine maker.Novartis has agreed to pay $125 million for the company that holds a 3% share of China's $1 billion vaccines market.The market for vaccines is growing 20% or more in developing nations of Asia,Africa,and Australasia.In the past,vaccine use has been limited to basic shots against diseases such as polio,tuberculosis,and measles,but as the economies of these countries grow,government and private healthcare spending focuses on preventing diseases such as hepatitis B,cholera and rotavirus,tetanus,and others.Some critics are against the acquisition,claiming that prices will increase.Novartis claims it is not interested in raising prices but rather to expand Tianyuan's product offerings. -Refer to Novartis.Tianyuan has a relatively small market share of a high-growth market in China.How would this company be classified in Novartis' portfolio matrix?

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

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.

Zipcar is a car rental service found in many metropolitan areas.It targets people who take mass transit or carpool to work but who occasionally need a car to run errands,visit the doctor,or check on a sick child.Zipcar is one of a few companies currently providing cars that can be rented by the hour.Zipcar has created a(n)_____ advantage.

What is a SWOT analysis? How does it relate to strategic planning?

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

All of the following are basic strategies resulting from a portfolio analysis EXCEPT:

Jiffy Mixes do not do any type of traditional advertising or use fancy packaging in marketing their products.They store their own wheat and make their own flour and their little blue boxes,too.Jiffy is an example of a low cost strategy based on:

NARRBEGIN: Novartis Novartis Novartis,a Swiss drug maker,is planning to purchase a majority stake in Zhejiang Tianyuan Bio-Pharmaceutical Company,a Chinese vaccine maker.Novartis has agreed to pay $125 million for the company that holds a 3% share of China's $1 billion vaccines market.The market for vaccines is growing 20% or more in developing nations of Asia,Africa,and Australasia.In the past,vaccine use has been limited to basic shots against diseases such as polio,tuberculosis,and measles,but as the economies of these countries grow,government and private healthcare spending focuses on preventing diseases such as hepatitis B,cholera and rotavirus,tetanus,and others.Some critics are against the acquisition,claiming that prices will increase.Novartis claims it is not interested in raising prices but rather to expand Tianyuan's product offerings. -Refer to Novartis.If Novartis goes through with the purchase of Tianyuan,it will become a subgroup of its overall pharmaceutical business and organization.Tianyuan will then be considered a(n)_____ of Novartis.

When the Internet auction company eBay opened a version of the company called eBayfrance for the French market,that was an example of market penetration.

Pajamagrams was only marketing pajamas to women.Now they offer pajamas for men and kids.This is an example of a _____ strategy.

The Heritage Bank is unaware of all the many tools available that will let marketers examine a firm's processes and identify potential areas for improvement.This firm wants to examine all of its goals,strategies and structure,to ensure it's on the right track and doing things well.The Heritage Bank has hired you as an outside consultant to recommend a plan of action.What do you suggest and why?

The most critical element for successful strategic planning is top management's support and participation.

All of the following are functions served by objectives EXCEPT:

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