Exam 2: Strategic Planning for Competitive Advantag

Andre wanted to rent a limousine for the weekend,then he learned the rental company offered lower daily rates for 7-day rentals.The rental company was using a market development strategy.

SCENARIOS Eastman Kodak Co. As the head of Eastman Kodak Co.,George M.C.Fisher devised a plan to save Kodak from being trapped in the slow growth photography industry,hobbled by huge debts,a dysfunctional management culture,and a dispirited workforce.At the time of his takeover of Kodak,the product development and sales functions for the company were scattered among divisions,and the business mission was ill-focused.Fisher envisioned a long-term strategy in which Kodak focused on its core competencies.By evaluating the pros and cons associated with its various businesses,Fisher decided that imaging was the key to the future.He then sold Kodak's health and household-products arms.He also assembled most of the corporate talent into one division and hired an experienced computer marketing executive to head it.Further,by stressing accountability,quality,and cycle time,Fisher began to transform Kodak's slow moving culture.Fisher believes Kodak could double its growth rate in photography,a tough challenge in a slow-growing market,by becoming more global and by challenging Fujifilm in China. -Refer to FFRS.Curtis is short of capital and labor and overcrowded with ferrets because they are not adopted out fast enough.She also knows she has superior ferret knowledge and an excellent facility for housing ferrets,and hopes to increase her capacity to 100 ferrets.This assessment process in which she learned this about her environment is called a(n):

Which of the following statements about marketing audits is true?

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

A(n)______ is a formal study conducted by an organization to ascertain its current status and capabilities and its future expectations.

Strategic plans require:

Compaq Computer's decision to charge customers for phone technical support to defray the high cost of phone support and encourage customers to read documentation was a failure because consumers like the human touch.Customer rebellion forced Compaq to rethink this policy.As a result Compaq decided to focus its resources on reaching the inexpensive home computer market segment through enhanced customer service.This company is engaging in:

The SWOT acronym refers to a firm analysis of its:

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

Procter & Gamble has a Web site,www.pg.com,that is designed to help customers with product questions.While at the Web site,you can request free samples of Olay Radiance,Pert Plus,and Folgers Latte,all new P&G products.It also offers "More Than a Card," a feature that allows customers to buy an assortment hamper of new P&G products for less than $25.This is an example of how a company can implement a _____ strategy.

SCENARIOS Eastman Kodak Co. As the head of Eastman Kodak Co.,George M.C.Fisher devised a plan to save Kodak from being trapped in the slow growth photography industry,hobbled by huge debts,a dysfunctional management culture,and a dispirited workforce.At the time of his takeover of Kodak,the product development and sales functions for the company were scattered among divisions,and the business mission was ill-focused.Fisher envisioned a long-term strategy in which Kodak focused on its core competencies.By evaluating the pros and cons associated with its various businesses,Fisher decided that imaging was the key to the future.He then sold Kodak's health and household-products arms.He also assembled most of the corporate talent into one division and hired an experienced computer marketing executive to head it.Further,by stressing accountability,quality,and cycle time,Fisher began to transform Kodak's slow moving culture.Fisher believes Kodak could double its growth rate in photography,a tough challenge in a slow-growing market,by becoming more global and by challenging Fujifilm in China. -Refer to FFRS.Curtis should know that effective strategic planning for the Ferrets First Rescue and Shelter requires all of the following EXCEPT:

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

In 2004,Giorgio Armani,the Italian fashion group,announced plans to launch a $1 billion international luxury hotel chain containing ten hotels and four resorts before the end of 2015.One of the major reasons for opening a hotel chain was an international trend toward luxury lifestyle consumerism.In terms of its situation analysis,the trend toward luxury lifestyle consumerism would be an example of a(n):

The most critical element in successful strategic planning is the development of a sustainable competitive advantage.

Fujisawa is Japan's seventh-largest pharmaceutical company.It sells drugs taken by organ transplant patients to increase the probability that the new organ will operate efficiently and not be rejected.Currently,the only products that Fujisawa makes are these organ transplant drugs,which it sells worldwide.Its patents protect it from competitors.Fujisawa has a:

Effective strategic planning requires:

What is environmental scanning? Name four environmental forces that affect marketing decision-making.

Bayer is planning on creating a _____ advantage by restructuring and selling off SBUs that do not complement its primary product lines.Through reengineering the company hopes to increase its profit margins,improve inventory turnover,and make itself more attractive to investors.

Amerifit Nutrition has just developed a new line of all-natural cold medications that further meet the needs of its current customers.This is an example of product development.

Tyler Dunoki works for Star Creek,an Australian wine producing company.He has been asked to submit recommendations for marketing objectives for the upcoming strategic planning period.Which of the following marketing objectives would be most appropriate for the company?