Exam 2: Strategic Planning for Competitive Advantage

Which of the marketing mix elements is the most flexible?

_____ 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.

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 marketing program,which Delta designed to develop new products to appeal to homeowners,is an example of:

The focus of an organization's mission statement should be on:

Arizona Tea is marketed by Vultaggio & Sons.Vultaggio & Sons took a basic drink and put it into unusual bottles with elaborate designs.The wide-mouthed,long-necked bottles are now considered to be trendsetters in the new age beverage industry,and customers often buy the tea just for the bottle.The success of Arizona Tea is based on:

The acronym SBU refers to:

The _____ is the unique blend of product,distribution,promotion,and pricing strategies designed to produce mutually satisfying exchanges with a target market.

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.

Since gas prices have soared and consumers have cut back on their spending on new trucks and SUVs Ford Motor Corporation is transforming several of its plants to create small cars.Ford has engaged in:

Technol Medical Products makes specialty face masks to shield health-care workers from infection.Because it focuses on this narrow market,it is able to outsell its primary competitors--3M and Johnson & Johnson.Technol Medical Products has a(n):

Marketing plans should be written to do all of the following EXCEPT:

All of the following are strategic alternatives that match products with markets EXCEPT:

Lands End guarantees their products for as long as you own them.They would seem most concerned with which element of the marketing mix?

Market penetration occurs when:

WalMart realizes a _____ using its relationships with suppliers to give customers low prices and good customer service.

The marketing mix refers to a unique blend of marketing variables known as the four Ps.Name and briefly describe each of the 4 Ps.

A diversification strategy entails increasing sales by introducing new products into new markets.

Land O'Lakes makes a light butter with Canola oil that has sixty percent less cholesterol and fifty percent less fat and calories than butter.This marketing gives the product a _____.

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:

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.