Exam 2: Developing Marketing Strategies and a Marketing Plan

It is not always necessary to go through all the steps in the marketing planning process.

When Ramona, the keynote speaker at a major business leaders' conference, arrived in the middle of the night at the Ritz-Carlton, she was exhausted and her suit was wrinkled from her 10-hour plane trip. The night clerk found someone to dry clean Ramona's suit and have it ready for her morning presentation. She has been a loyal Ritz-Carlton customer ever since. In this example, Ritz-Carlton demonstrated the macro strategy of

Value-based marketing requires that firms charge a price that customers perceive as giving them a good value for the product they receive.

To determine how attractive a particular market is using the BCG portfolio analysis, ________ is(are) established as the vertical axis.

Product penetration is one of the four major growth strategies.

Most banks implement customer retention programs aimed at their best customers. They do this because they know that retaining customers usually results in

In value-based marketing, the promotion element of the four Ps communicates the ________ to customers through a variety of media.

The recent whole foods trend has led to the opening of a new organic foods market in town. In reaction, the long-standing neighborhood grocery decided to stock and sell a line of organic food products. In doing this, the grocery was most likely trying to

Firms analyze internal strengths and weaknesses and external opportunities and threats during the implementation phase of the marketing plan.

Every summer, university administrators attempt to estimate how many students will show up in the fall. When August arrives, they hire part-time instructors and reassign faculty to teach the courses students want. In the spring, administrators often go on a retreat to consider how to do things differently next year. What phase of the strategic planning process do they engage in during each of the three seasons (summer, fall, and spring)?

One of the benefits of taking marketing courses is the opportunity to apply marketing concepts to marketing yourself. When selling yourself, you are a product including all the skills, aptitudes, and attitudes you bring to the market. What is a sustainable competitive advantage? What can you do to give yourself a sustainable competitive advantage in the marketplace?

In a SWOT analysis, increasing gasoline prices would represent a potential ________ for manufacturers of electric cars.

Amazon's latest attempt to shore up and enhance its competitive barriers by introducing a home service marketplace that may help it achieve a lasting, powerful advantage is an example of ________ excellence.

A regional manager at GNC, a chain of retail stores selling nutritional supplements, is reviewing sales data after a recent in-store promotion. The data show success in some stores and limited response in others. To understand the differences between stores, the manager will probably next review the company's

When a pharmaceutical company develops a new medication, it typically applies for a patent in order to prevent competitors from developing copycat products for several years. Pharmaceutical companies apply for patents to establish

For years, when considering new products, marketers at Celestial Seasonings asked themselves, "What would Stacy think?" Stacy was a fictional character representing 25- to 50-year-old educated, upper-income women who rarely watched television but did a lot of reading. "Stacy" represented Celestial's primary

Garden Gate is a one-location nursery business, selling plants and flowers for home gardeners. The new owners want to grow through either a product development or diversification strategy. What will the owners likely do if they pursue either strategy?

Amazon is able to achieve operational excellence because it not only has the technology to coordinate personal buyers, it also has an effective HR hiring program that selects and trains the best employees.

Which of the following is the best way to build a sustainable competitive advantage using product excellence?

Which of the following is least likely to provide a sustainable competitive advantage?