Question 1

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.

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Question 2

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

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Question 3

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

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Question 4

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.Heritage has hired you as an outside consultant to recommend a plan of action.What do you suggest and why?

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Question 5

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?

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Question 6

What is the difference between planning,strategic planning,and marketing planning?

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Question 7

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

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Question 8

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.

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Question 9

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?

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Question 10

Name and describe the three requirements for effective strategic planning.

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Question 11

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

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Question 12

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.

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Question 13

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.Stump's uses store demonstrations to introduce its spicy olives to new customers.Discuss how this company can establish or maintain at least one of the three types of competitive advantage.

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Question 14

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

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Quiz 3: Strategic Planning for Competitive Advantage