Exam 2: Strategic Planning for Competitive Advantage

Le Feast is a catering company that has developed a marketing plan designed to make it the largest caterer in the country within the next two decades.Which of the following will be useful to the company to evaluate how successful its efforts have been at the end of the first decade?

The Hallmark Company was inspired by the popularity of Jan Karon's best-selling novels about Mitford,a fictional town in the mountains of North Carolina,to develop a new line of products for Hallmark Gold Crown Stores nationwide.Hallmark created hundreds of Mitford-inspired products that authentically bring "the little town with the big heart" into tangible reality.The products include greeting cards,partyware and gift wrap,mugs,and puzzles for Hallmark's existing customers.Hallmark used a _____ strategy.

By defining its business as "printing books" instead of "empowering imaginations," a children's book publishing company would more than likely experience:

A business unit that usually generates more than it needs to maintain its market share is called a(n)_____ in a portfolio matrix.

Name and describe the three requirements for effective strategic planning.

Kraft introduced Philadelphia Ready-to-eat Cheesecake Filling for those who do not have time to make cheesecake in the traditional manner.This is an example of a _____ strategy.

A planning manager visiting a company's health and beauty aids division discovers the division has no effective method for allocating resources,nor for evaluating actual results against planned results.He suggestion to the division would likely be to prepare a:

In the portfolio matrix,a business unit that has low growth potential and a small market share is called a(n):

Subgroups of a single business or a collection of related businesses within a larger organization are referred to as:

_____ is defined as the collection and interpretation of information about forces,events,and relationships in the external environment that may affect the organization or the implementation of the marketing plan.

NARRBEGIN: DeFeet International DeFeet International DeFeet International started as a cyclist sock company.The founder,Shane Cooper,said that the existing socks for cyclists were just not of great quality so he made socks for his cycling team by knitting them inside out.The socks were of special materials aimed at giving the cyclist the most comfortable fit.These socks were not the traditional white socks but bright,bold,and flashy colored socks with cool graphics.These high tech socks were priced around $10 a pair.Their web site says "DeFeet is Made for Driven Soles." Soon cycling elites like Lance Armstrong and Greg LeMond were sporting the DeFeet brand.The company branched into running,hiking and snow gear.Their products include socks,armskins,calfskins,boxer briefs,gloves,and shirts for the serious athlete.They also have a custom department where socks,armskins,and gloves can be customized with any motif including sponsor types of logos like Michelin,Pabst Blue Ribbon,or BP.Even kids can enjoy DeFeet's high quality socks.DeFeet's products can be found in retailers across the world,in more than twenty countries,like Israel,Australia,Belgium and the United States.More than two-dozen online retailers also carry their products. -Refer to DeFeet.What is DeFeet's most likely target market strategy?

Environmental scanning entails the collection and analysis of information about factors that may affect the organization as well as the identification of market opportunities and threats.

_____ show costs declining at a predictable rate as experience with a product increases.

The company's objective is to increase sales next year.This is an example of a well-stated objective.

Everyone knows the brand name Kleenex.Kleenex is what many consumers think of when they think of tissues.This widely recognized brand name is a source of:

As a customer entered the Hornady store,which sells muzzle loading rifles,a salesperson approached her and said,"Hornady lead round balls are the musket balls you ought to buy.They are the most uniform in size and shape,and they are made of pure lead.Our shot is used by the Muzzle Loading World Champion." The salesperson was describing Hornady's:

Which of the marketing mix elements is the most flexible?

Heinz is introducing four hundred new products in the next two years.To know which markets to reach they should first perform a _____.

Briggs and Stratton is a Southeastern company that makes small engines.The company is looking at customer trends,its competitors,and the economy to see if there are any threats or opportunities on the horizon.It has also examined its production policies and sales histories to determine its strengths and weaknesses.Briggs & Stratton is conducting a(n):

Arizona Tea is marketed by Vultaggio & Sons.Vultaggio & Sons took a basic drink and put it into unusual bottles with elaborate designs.The wide-mouthed,long-necked bottles are now considered to be trendsetters in the new age beverage industry,and customers often buy the tea just for the bottle.The success of Arizona Tea is based on: