Exam 2: Strategic Planning for Competitive Advantage

A firm's mission statement should answer the question,"What products do we produce best?"

The set of unique features of a company and its products that are perceived by the target market as significant and superior to the competition is known as a(n):

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

Patents on prescription medications give pharmaceutical companies that own the patents a(n)_____ for 17 years until the patent expires.

Which of the following is NOT a type of competitive advantage?

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):

Environmental scanning entails the collection and analysis of information about factors that may affect the organization as well as the identification of market opportunities and threats.

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

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.

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.

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

John R.Harland Company is best known for printing checks.Its Financial Solutions division develops software for mortgage companies and is currently producing much less than the desired level of profitability in a high-growth industry.According to the portfolio matrix,Harland would label its Financial Solutions division as a(n):

All of the following are categories used in the Boston Consulting Group's portfolio matrix EXCEPT:

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 decision to make more stylish faucets represents a change in the _____ element of its marketing mix.

Yard Whimzees,a Statesboro,Georgia sign business,began by making wooden signs for residential use to announce births,anniversaries and such.They then turned to the business market making signs for businesses.Creating signs for a new market is an implementation of a _____ strategy.

Chrysler has a financial unit that is responsible for vehicle leases to consumers. It has a distinct mission,control over its resources,and plans independent of the other divisions of Chrysler.This financial unit is an example of a(n):

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

A popular technique for managing a large organization with different technologies and markets is to divide it into:

What is marketing myopia? If a movie theater company had a myopic orientation,how might it state its business purpose? If the movie theater company avoided a myopic orientation,how would its business purpose change?

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.Novartis assessed the opportunity presented by the growing potential markets in developing countries and determined it was consistent with its internal quality production processes and extensive R&D capabilities.This assessment process in which Novartis learned this about the environment is called a(n):