Exam 4: Developing Competitive Advantage and Strategic Focus

Your supervisor repeatedly informs you that "Goals without objectives are essentially meaningless." What is the rationale for such a philosophy?

In the marketing strategy for Amazon. the following statement appears: Our strategy is designed to increase the percentage of repeat customers from 80 percent to 85 percent in the next 12 months. This statement is an example of a:

Marketing goals can be defined as:

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.

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?

Expansion and growth. with new products and new markets. are the keys to Google's __________ approach to marketing strategy. Google uses this approach because it possesses many different strengths that coincide with key market opportunities.

By focusing on efficiency of operations and processes. lower costs. and delivering good value. Southwest Airlines attempts to build a competitive advantage based on:

With regard to Blue Ocean Strategy. the Four-Actions Framework is designed to challenge traditional assumptions about marketing strategy by asking four key questions. Which of the following IS NOT one of these questions?

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

Microsoft's Windows platform dominates the market for personal computer operating systems. By continuously upgrading and stretching the technology underlying its Windows system. Microsoft is pursuing a strategy of:

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?

With respect to the text's advice in conducting a SWOT analysis. which of the following best describes "Look for Causes. Not Characteristics"?

Discuss each of the three competitive advantage strategies (operational excellence. product leadership. customer intimacy) and explain why most firms pursue only one of these strategies.

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?

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:

Why is it important that marketing goals involve some degree of intangibility?

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.

In terms of SWOT analysis. when does a strength become a capability of the firm?

May firms. like the Altria Group. focus on diversification in their marketing strategies because they possess:

Identify and explain the major characteristics of marketing goals.