Exam 2: Strategic Planning for Competitive Advantage

Kraft introduced Philadelphia Ready-to-eat Cheesecake Filling for those who do not have time to make cheesecake in the traditional manner.This is an example of a _____ strategy.

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

Berkshire Hathaway Inc.,a large property insurance company,owns a large chain of jewelry stores and has recently purchased Russell Corporation,a manufacturer of sporting goods.Berkshire Hathaway uses a market penetration strategy.

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):

PepsiCo's annual report has the following statement: "Our business is to increase the value of our shareholder's investment.We do this through sales growth,cost controls and wise investment of resources.We believe our commercial success depends upon offering quality and value to our consumers and customers; providing products that are safe,wholesome,economically efficient and environmentally sound; and providing a fair return to our investors while adhering to the highest standards of integrity." This statement is an example of PepsiCo's:

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:

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

Typically,the development of the marketing mix starts with determining the promotion for a product.

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

Ocean Spray's development of Craisins sweetened dried cranberries to compete against raisins most directly affected the _____ element of the company's marketing mix.

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.By acquiring Tianyuan,Novartis will be offering vaccines,which is a product that it currently offers in its existing markets,to new markets for the company. This is an example of which strategic alternative?

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

A competitive advantage is some unique aspect of a firm's offering,or of the firm itself,that causes target customers to patronize the firm rather than its competition.

Earl is starting a new bank.Before their opening day Earl had a meeting with all employees.He discussed their mission,defined objectives for the bank for the coming years and shared who their target market is.He talked about their product offerings and where their future branches would be located.Earl is sharing the bank's _____.

Kraft foods created a magazine full of recipes and coupons for customers as well as a web site with product and recipe information.The goal was to get current customers to purchase more of Kraft's products. These activities are representative of a _____ strategy.

Russell Athleticwear,which is part of Berkshire Hathaway,Inc.,is a market leader in the sports apparel industry,an industry that is growing rapidly.Russell Athleticwear is an example of a(n)_____ according to the portfolio matrix.

In the portfolio matrix,a business unit that has low growth potential and a small market share is called a(n):

All of the following are characteristics of a good objective 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 Faucet would most likely have gathered the information about how homeowners perceive its products through the use of a(n):

SoBe nutritional beverages uses twin lizards on every bottle of its products and in all of its promotion efforts.It even has its own Team Lizard made up of skateboarders,mountain bike riders,and inline skaters that it sponsors.The lizard is used to remind consumers of the product and its benefits.To which of the four Ps does this represent?