Question 1

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

Accepted Answer

The answer of What is an SBU? If properly created,what...

Question 2

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

Accepted Answer

The answer of What is a competitive advantage? What makes...

Question 3

What is a SWOT analysis? How does it relate to strategic planning?

Accepted Answer

The answer of What is a SWOT analysis? How does...

Question 4

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.

Accepted Answer

The answer of Name and describe the four strategic alternatives...

Question 5

List the four basic strategies used once an organization has identified its SBUs in terms of the portfolio matrix.Describe when each is used.

Accepted Answer

The answer of List the four basic strategies used once...

Question 6

What is a marketing objective? Name three criteria for good marketing objectives.Use the criteria to write an objective for a business with which you are familiar.

Accepted Answer

The answer of What is a marketing objective? Name three...

Question 7

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

Accepted Answer

The answer of What is environmental scanning? Name four environmental...

Question 8

Perhaps the broadest control device available to marketing management is the marketing audit.Describe this tool and its characteristics.

Accepted Answer

The answer of Perhaps the broadest control device available to...

Question 9

Name and describe the three requirements for effective strategic planning.

Accepted Answer

The answer of Name and describe the three requirements for...

Question 10

An essential part of marketing strategy is target market strategy.Selection of target market(s)drives marketing objectives and selection of the marketing mix (the four Ps).What are the three general strategies for selecting target markets?

Accepted Answer

The answer of An essential part of marketing strategy is...

Question 11

The Heritage Bank is unaware of all the many tools available that will let marketers examine a firm's processes and identify potential areas for improvement.This firm wants to examine all of its goals,strategies and structure,to ensure it's on the right track and doing things well.The Heritage Bank has hired you as an outside consultant to recommend a plan of action.What do you suggest and why?

Accepted Answer

The answer of The Heritage Bank is unaware of all...

Question 12

Stump's Hot Olives are manufactured by a family business in Wisconsin and are sold in Midwestern grocery stores,through mail order,and to a few local restaurants.The company has been in operation since 1998 and relies on labor from family and friends to produce and package olives in attractive,reusable glass containers.They use store demonstrations to introduce their spicy olives to new customers.Discuss how this company can establish or maintain at least one of the three types of competitive advantage.

Accepted Answer

The answer of Stump's Hot Olives are manufactured by a...

Question 13

What is marketing myopia? If a movie theater company had a myopic orientation,how might it state its business purpose? If the movie theater company avoided a myopic orientation,how would its business purpose change?

Accepted Answer

The answer of What is marketing myopia? If a movie...

Question 14

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.

Accepted Answer

The answer of The marketing mix refers to a unique...

Quiz 2: Strategic Planning for Competitive Advantage