Exam 4: Developing Competitive Advantage and Strategic Focus

A SWOT analysis assesses the fit between what a firm can and cannot do (strengths and weaknesses), and the environmental conditions working for and against the firm (opportunities and threats).

__________ typically occur within the competitive, customer, economic, political/legal, technological, and/or sociocultural environments of the firm.

Rather than conducting just one SWOT analysis, marketers should conduct a series of analyses, each focusing on a specific product/market combination.

A firm's strategic focus will change over time due to the dynamic nature of internal and external environments.

As a tool of Blue Ocean Strategy, the strategy canvas provides a way to visualize the firm's strategy relative to other firms in the industry. The central portion of the strategy canvas is the __________, or the graphic representation of the firm's relative performance across its industry's factors.

Strengths are typically based on the existence and nature of the __________ possessed by the firm. Weaknesses stem from a lack of these important factors.

To successfully utilize SWOT analysis as a catalyst for strategic planning, the marketing manager must focus on several important issues. Which of the following IS NOT one of these issues?

Firms possessing certain core competencies are more likely to create competitive advantages based on these competencies. However, before a competitive advantage can be translated into specific customer benefits, the firm's __________ must recognize that its competencies give it an advantage over the competition.

Marketing goals can be defined as:

Identify and explain the directives for the productive use of SWOT analysis. Which directive do you think is the most important? Why?

What is an advantage of assigning responsibility for achieving marketing objectives? ​

In 2009 General Motors had numerous internal weaknesses. However, there were still many external opportunities available for the company to pursue. Which of the following strategy direction is appropriate for this scenario?

Firms specializing in operational excellence excel at basic research/rapid research interpretation as a core competency.

In terms of setting goals and objectives, what is considered to be one of the major benefits gained from applying for the Malcolm Baldrige National Quality Award?

Marketers should set some easily attainable objectives because they will encourage employees to achieve higher levels of performance.​

The failure to understand the difference between internal and external issues is one of the major reasons for a poorly conducted SWOT analysis. This happens because managers:

The SWOT analysis should always be analyzed quantitatively.​

Discuss the role of the strategy canvas and the four actions framework in establishing a strategic focus for the firm's marketing strategy. Why are these approaches invaluable in today's highly competitive environment?

An organization plans to increase its market share from 10% to 20% within the next year. This is an example of a

Identify and explain the major characteristics of marketing objectives.