MARK 3000 Chapter 2

Question 1

how are sustainable competitive advantages created?

Answer 1

though a marketing plan and based off the marketing strategy

Question 2

what is the multiple sources of advantages theory?

Answer 2

that simple strategy is not sufficient to create a sustainable competitive advantage and multiple strategies should be used to create a wall around their market position

Question 3

what are 4 strategies used to create/deliver value and develop a sustainable competitive advantage?

Answer 3

-customer excellence
-operational excellence
-product excellence
-locational excellence

Question 4

what are the two main parts of customer excellence?

Answer 4

-retaining loyal customers
-have consistency good customer service

Question 5

what is operational excellence achieved through?

Answer 5

-efficient operations
- excellent supply chain and HR management

Question 6

what do efficient operations help earn?

Answer 6

more profits and ensure good value to customers

Question 7

what is product excellence?

Answer 7

the product should have a HIGH value to customers

Question 8

what is locational excellence?

Answer 8

product should be easily accessible to customers, whether it is thought online sources or conveniently located brick and mortar locations

Question 9

what are the three phases of the marketing plan?

Answer 9

-planning phase
-implementation phase
-control phase

Question 10

what do you do in the planning phase?

Answer 10

-define the mission statement
-evaluate the current situation

Question 11

what is a mission statement?

Answer 11

a broad description of the firms objectives and the scope of activities it plans to take

Question 12

what should be within the firm’s core competency?

Answer 12

mission statement

Question 13

what can evaluate current situations?

Answer 13

SWOT analysis and CDSTEP

Question 14

what is internal for SWOT?

Answer 14

strengths and weaknesses

Question 15

what is external for SWOT?

Answer 15

opportunities and threats

Question 16

what is CDSTEP?

Answer 16

assessment of the opportunities and uncertainties of the market due to changes in:
culture
demographics
social
technological
and political forces

Question 17

what do you do in the implementation phase?

Answer 17

-evaluate different opportunities using STP
-implement the marketing mix (4Ps)

Question 18

what does STP stand for?

Answer 18

segmenting, targeting, positioning

Question 19

what does segmenting mean?

Answer 19

dividing overall marketplace

Question 20

what does targeting mean?

Answer 20

which segments to focus on

Question 21

what does positioning mean?

Answer 21

placing the products to meet needs of target segment

Question 22

what is market segmentation?

Answer 22

dividing market into groups of customers with different needs, wants or characteristics

Question 23

what is market positioning?

Answer 23

when you evaluate the attractiveness of various target segments and then decide which to actually pursue as a market

Question 24

how would a firm implement the market mix using 4 Ps?

Answer 24

always related back to the value that the product will give the customer

Question 25

what is integrate marketing communications?

Answer 25

a combination of communication methods to provide a potential buyer with the most information about a product and to show its value most effectively

Question 26

what do you do in the control phase ?

Answer 26

evaluate performance

Question 27

what does not have to be right after implementation and can happen throughout the steps or well after implementation on a regular basis?

Answer 27

control phase

Question 28

what is a strategic business unit?

Answer 28

mostly independently managed unit of a business

Question 29

what are product lines?

Answer 29

groups of associate items that are either used together or are part of a group of similar products

Question 30

what is the boston consulting group matrix (BCGM)?

Answer 30

represents brands to their sizes in proportion to their brands's annual sales

Question 31

what are bcgm stars?

Answer 31

products that have a lot of growth potential but are expensive to make/develop

Question 32

what bcgm requires lots of resources?

Answer 32

stars

Question 33

what type of markets are bcgm stars in?

Answer 33

high growth markets and high market share products

Question 34

what are bcgm cash cows?

Answer 34

high market share but low growth opportunities

Question 35

what are bcgm question marks?

Answer 35

need a lot of resources to maintain but have a high growth opportunities but low market share

Question 36

what are bcgm dogs?

Answer 36

low growth and low market share pretty much useless unless supporting another product

Question 37

what are the growth strategies?

Answer 37

-market penetration strategy -market development strategy -product development strategy -diversification strategy

Question 38

what is market penetration strategy?

Answer 38

you want existing customers in the SAME market to visit the firm more or buy more of the SAME products

Question 39

what is market development strategy?

Answer 39

uses the same marketing offering to reach NEW markets

Question 40

what is product development strategy?

Answer 40

offers a NEW service to the same customers

Question 41

what is diversification strategy?

Answer 41

offers a new service to a new market

Question 42

what are ways to consolidate?

Answer 42

-harvesting -divestment -get rid of things ~