Module 3 & 4: Ethics and Strategic Planning

Question 1

Ethics

Answer 1

moral standards expected by society

Question 2

Environmentalism

Answer 2

protects and improves people’s current and future living environment

Question 3

Environmental Sustainability

Answer 3

generating profits while helping protect the environment

Question 4

Sustainable Companies

Answer 4

create value for customers through socially, environmentally, and ethically responsible actions

Question 5

Sustainable Marketing

Answer 5

provides the context in which companies can build profitable customer relationships

Question 6

Strategic Planning

Answer 6

helps to maintain a strategic fit between its goals and capabilities and changing marketing opportunities

Question 7

Direct Competitors

Answer 7

firms that compete with products designed around the same or similar characteristics

Question 8

Indirect Competitors

Answer 8

firms that compete with products that have different characteristics but serve a similar function

Question 9

Marketing Strategy

Answer 9

the set of marketing actions taken to accomplish objectives –> specific, measurable, and realistic

Question 10

Competitive Advantage

Answer 10

the superior position a product enjoys over competing products if consumers believe it has more value than other products in its category

Question 11

Sustainable Competitive Advantage

Answer 11

a product that exhibits characteristics that are rare, valuable, and hard to imitate

Question 12

Customer Excellence

Answer 12

a strategy designed to put the customer at the center of all marketing activities

Question 13

Operational Excellence

Answer 13

a strategy focusing operational principles, systems, and tools on improving customer satisfaction with the firm’s products and services

Question 14

Product Excellence

Answer 14

a strategy that focuses on the importance of high-quality and value-adding products

Question 15

Locational Excellence

Answer 15

a focus on having a strong physical location and/or internet presence

Question 16

Market Penetration

Answer 16

emphasize increased sales of existing goods and services to existing customer

Question 17

Product Development

Answer 17

involve creating new goods and services for existing markets

Question 18

Market Development

Answer 18

strategies focus on selling existing goods and services to new customers

Question 19

Diversification

Answer 19

seek to attract new customers by offering new products that are unrelated to the existing products produced by the organization