Question 1

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:

Accepted Answer

The scenario about Eastman Kodak Co. is not related to the requirements of effective strategic planning for Ferrets First Rescue and Shelter. The other options (continual attention, sound planning based on creativity, top management's support and participation, and an ongoing process) are all essential for effective strategic planning.

Question 2

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 Delta Faucet.The marketing program,which Delta designed to develop new products to appeal to homeowners,is an example of:

Accepted Answer

The development of new products to appeal to homeowners is part of a larger strategy aimed at positioning Delta Faucet as a company that understands and delivers on the needs of homeowners. This is an example of strategic planning, which involves charting a long-term course for a company's growth and success. The other options (mission statement, mass marketing, production-oriented marketing, tactical planning) do not accurately describe the marketing program described in the scenario.

Question 3

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

Accepted Answer

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Question 4

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

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Question 5

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 Delta Faucet.Delta Faucet would most likely have gathered the information about how homeowners perceive its products through the use of a(n):

Accepted Answer

The best method for understanding how homeowners perceive Delta Faucet products would be through conducting a situation analysis. This would involve analyzing market trends, consumer behavior, and competitor activity to gain a better understanding of the market and consumer preferences. A break-even analysis, correlation analysis, sales potential assessment, and economic forecast would not provide the same kind of in-depth understanding of consumer perceptions.

Question 6

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):

Accepted Answer

The assessment process in which Curtis evaluated her environment and identified her strengths, weaknesses, opportunities, and threats is called a situation analysis. It allows her to make informed decisions about how to increase her capacity and improve her adoption rate. A market audit involves assessing the demand for a product or service in a specific market and analyzing the competition. An environmental scan involves analyzing the broader macroeconomic and social factors that could impact the business. A profit and loss assessment involves analyzing financial statements to evaluate the profitability of the business. A strategic window search involves identifying opportunities for growth and expansion in the market. While some elements of these assessments may be relevant to her decision-making process, the best term to describe her initial assessment is a situation analysis.

Question 7

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 Delta Faucet.Delta's decision to make more stylish faucets represents a change in the _____ element of its marketing mix.

Accepted Answer

The product element of the marketing mix refers to the characteristics of the product such as design, features, quality, and packaging. Delta's decision to make more stylish faucets indicates a change in the product element of their marketing mix.

Question 8

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

Accepted Answer

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Question 9

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 Delta Faucet.Delta's development of a new slogan represents a change in the _____ element of its marketing mix.

Accepted Answer

The development of a new slogan represents a change in the promotional element of Delta Faucet's marketing mix. The promotional element includes advertising, public relations, personal selling, and sales promotion. Slogans are a form of advertising and are meant to communicate a brand's message to consumers in a catchy and memorable way. By developing a new slogan, Delta Faucet is changing its approach to promoting its brand and products.

Question 10

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.The fact the FFRS is the only shelter of its kind in the state of Texas to have a "no-kill" policy,to offer pickup services in a 5-county area,and to have exclusive rights in the region to market Totally Ferret Food makes up the company's:

Accepted Answer

The fact that FFRS is the only shelter of its kind in the state of Texas to have a "no-kill" policy, to offer pickup services in a 5-county area, and to have exclusive rights in the region to market Totally Ferret Food gives it a competitive advantage over other animal shelters in the area. This advantage makes it stand out in the market and gives it an edge in attracting customers and supporters.

Question 11

What is a marketing objective? Name three criteria for good marketing objectives,and give a specific example of an objective.

Accepted Answer

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Question 12

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 will be exploring aspects of what her service offers,her central location and mobile pickup offering,the price of ferret adoptions,and promotions to increase awareness and expand donations.These elements in the marketing plan make up the service's:

Accepted Answer

The elements mentioned in the scenario (central location, mobile pickup, price, and promotions) are all part of the marketing mix. The marketing mix is a set of tools and tactics that a company uses to promote and sell its products or services. It includes product, price, place, and promotion.

Question 13

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

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Question 14

Hazel's Gourmet Spreads & Preserves is located in Idaho.Its owner Hazel Mintz sells her products at arts and crafts shows and through mail order.The company has been in operation since 1994.She has 15 employees and sells 47 different products.She packages her products in reusable glass containers that all feature a four-color screen-printed label.Discuss how this company can establish or maintain at least one of the three types of competitive advantage?

Accepted Answer

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Question 15

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."Serving ferrets and their owners in a 5-county area" would be an example of a:

Accepted Answer

The statement "Serving ferrets and their owners in a 5-county area" is an example of a mission statement. A mission statement articulates a company's purpose, its objectives, and its values. It defines the company's reason for existence and its direction going forward. In this case, the mission statement clearly states the target market of the business, which is ferret owners in a specific geographic area.

Question 16

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.By marketing her existing ferret services to people who work with ferrets (such as educators,city officers,and pet store managers)in addition to ferret owners,FFRS would be engaged in:

Accepted Answer

Market development involves expanding the target market for an existing product or service, which is exactly what FFRS would be doing by marketing her ferret services to a new group of people who work with ferrets. Market penetration (B) involves increasing market share with an existing target market, product development (C) involves creating new products for existing markets, and diversification (D) involves creating new products for new markets. Expanding the strategic window (A) is not relevant to this scenario. Therefore, E is the best choice.

Question 17

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

Accepted Answer

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Question 18

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 Delta Faucet.The reputation Delta faucet has for its quality,durability,and dependability among builders is an example of a(n):

Accepted Answer

The reputation Delta faucet has for its quality, durability, and dependability is a competitive advantage as it sets them apart from their competitors and is a reason why builders choose their products over others.

Question 19

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 Delta Faucet.The Delta Faucet Company is a _____ of Masco.

Accepted Answer

The Delta Faucet Company is a strategic business unit of Masco. Strategic business units are individual units within a larger company that have a separate mission and objectives and operate independently from the parent company.

Question 20

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 Delta Faucet.Since Delta was already marketing to homeowners (although not very successfully),its development of new styles of faucets to appeal to this underserved market would be an example of a _____ strategy.

Accepted Answer

Delta's development of new faucet styles to appeal to homeowners is an example of a product development strategy, which involves creating new products to serve existing markets.

Quiz 2: Strategic Planning for Competitive Advantag