Exam 3: Strategic Planning for Competitive Advantage

Which of the marketing mix elements is often the most flexible?

A(n)_____ describes and estimates the size and sales potential of market segments of interest to the firm and assesses key competitors in these market segments.

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 were 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. Products include socks, armskins, calfskins, boxer briefs, gloves, and shirts for the serious athlete. DeFeet has a custom department where socks, armskins, and gloves can be personalized 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 20 countries like Israel, Australia, Belgium, and the United States. More than two dozen online retailers also carry DeFeet products. -Refer to DeFeet International.DeFeet's _____ includes advertising,public relations,sales promotion,and personal selling.

For the first several years it was available,Apple's iPhone could only be purchased through AT&T cell phone distributors and the Apple retail store.This limitation on the _____ element of its marketing mix supported the product's competitive advantage.

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

An international company that needs to develop a way to compare its actual marketing results with planned results must engage in:

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 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 respected 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 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 would most likely have gathered the information about how homeowners perceive its products through the use of a(n):

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.

Yildiz Holding of Turkey purchased Godiva Chocolates from Campbell's Soup Company.Campbell's sold one of its:

What is an SBU? If properly created,what characteristics should an SBU have?

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

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 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 respected 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 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 is a _____ of Masco.

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.

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

The development of a target market strategy begins with a marketing audit.

All of the following are elements of the marketing plan EXCEPT:

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

A strategic business unit (SBU):

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:

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 were 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. Products include socks, armskins, calfskins, boxer briefs, gloves, and shirts for the serious athlete. DeFeet has a custom department where socks, armskins, and gloves can be personalized 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 20 countries like Israel, Australia, Belgium, and the United States. More than two dozen online retailers also carry DeFeet products. -Refer to DeFeet International.DeFeet's _____ includes retailers and online retailers throughout the world.