Strategic Planning for Competitive Advantage in Marketing

1. Welcome to Who Wants to Be a Marketer? Created for Marketing, 8th Ed., by Lamb, Hair and McDaniel South-Western/Thomson Learning Chapter 2 - Strategic Planning for Competitive Advantage Created by John T. Drea, Western Illinois University Click here to start

2. Select another chapter Go to Round 2 Who Wants to Be a Marketer? Round 1 Chapter 2 – Strategic Planning Go to Final Challenge! Sources of Competitive Advantage Choose Wisely In the Mix Strategic Alternatives Basic Terms 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 Click on a point value to select an answer/question

3. Whoops! You’ve clicked on an area other than a point value or button. Please click below to return to the main answer board. Click to Return to the Answer Board

4. Basic Terms - 100 points • Answer: They are the 4 P’s of marketing. • Question: What are product, promotion, price, and place (distribution)? Back to the answer board

5. Basic Terms - 200 points • Answer: It is the term used to describe the managerial process of creating and maintaining a fit between the organization’s objectives and resources and evolving market opportunities. • Question: What is strategic planning? Back to the answer board

6. Basic Terms - 300 points • Answer: It is the term used to describe the process of anticipating future events and determining strategies to achieve organizational objectives in the future. • Question: What is planning? Back to the answer board

7. Open Challenge!!! Determine how much of your total you want to wager, then click below. Go to the Open Challenge Question!

8. Basic Terms - Open Challenge • Answer: This term describes an organization’s long-term vision, based on a careful analysis of benefits sought by its customers and an analysis of environmental conditions. It is also the first part of an organization’s marketing plan. • Question: What is a mission statement? (or business mission) Back to the answer board

9. Basic terms - 500 points • Answer: This term, often known by its three letter abbreviation, is a subgroup of a single business (or a collection of related businesses in a large organization.) • Question: What is a strategic business unit (SBU)? Back to the answer board

10. Sources of Competitive Advantage - 100 points • Answer: This curve shows that costs decline at a predictable rate as experience with a product increases. • Question: What is an experience curve? Back to the answer board

11. Sources of Competitive Advantage - 200 points • Answer: This category of competitive advantage exists when a firm provides something unique that is valued by customer beyond simply offering a low price. (ex: a strong dealer network for Caterpillar Corp.) • Question: What is a competitiveadvantage? Back to the answer board

12. Sources of Competitive Advantage - 300 points • Answer: An example of this type of competitive advantage can be found at DuPont, where technicians created a process for producing titanium dioxide which gives DuPont a 20% cost advantage over its competitors. • Question: What is a cost competitive advantage? Back to the answer board

13. Sources of Competitive Advantage - 400 points • Answer: This means of creating a competitive advantage is defined as the features of a product or service that signal value to a customer. For example, a foil package may connote luxury to a customer. • Question: What are value impressions? Back to the answer board

14. Sources of Competitive Advantage - 500 points • Answer: This type of competitive advantage is created/achieved when a firm targets and effectively serves a small segment of the market. It may be the only viable option for a small company with limited resources potentially facing large competitors. • Question: What is a niche competitive advantage? Back to the answer board

15. In the Mix - 100 points • Answer: The other name for the marketing mix. • Question: What is the four Ps? Back to the answer board

16. In the Mix - 200 points • Answer: The start of the marketing mix, this P is often considered the heart of the marketing mix. • Question: What is product? Back to the answer board

17. In the Mix - 300 points • Answer: This P involves all the business activities concerned with storing and transporting raw materials or finished products. • Question: What is place? Back to the answer board

18. In the Mix - 400 points • Answer: The P that the buyer must give up in order to obtain a product. • Question: What is price? Back to the answer board

19. In the Mix - 500 points • Answer: The job of this P is to inform, educate, persuade, and remind. • Question: What is promotion? Back to the answer board

20. Strategic Alternatives - 100 points (market penetration, market development, product development, diversification) • Answer: An example of this strategy is when Burger King advertises to current customers, encouraging them to eat at Burger King more frequently. • Question: What is a market penetration strategy? Back to the answer board

21. Strategic Alternatives - 200 points (market penetration, market development, product development, diversification) • Answer: An example of this strategy would be a hair styling salon, which had formerly targeted women, begins to offer a new product line (e.g., clothing) for men. • Question: What is a diversification strategy? Back to the answer board

22. Strategic Alternatives - 300 points (market penetration, market development, product development, diversification) • Answer: An example of this type of strategy would be when Coca-Cola introduced a new product (Fruitopia) to its existing markets. • Question: What is a product development strategy? Back to the answer board

23. Strategic Alternatives - 400 points (market penetration, market development, product development, diversification) • Answer: An example of this strategy is McDonald’s entry into China with its current product mix. • Question: What is a market development strategy? Back to the answer board

24. Strategic Alternatives - 500 points (market penetration, market development, product development, diversification) • Answer: Marketers who follow this strategy frequently do so because they are confident that they understand the needs of their existing markets. They know what customers like/dislike about current products and their unmet needs. • Question: What is a product development strategy? Back to the answer board

25. Inside the Box - 100 points (answer/questions from chapter boxes) • Answer: By protecting its secret recipe, In-N-Out burger is leveraging this core element of its marketing mix. • Question: What is its product? Back to the answer board

26. Inside the Box - 200 points (answer/questions from chapter boxes) • Answer: Texas utility companies are using this element of the marketing mix to fuel what might be considered unethical competition with rivals. • Question: What is its promotion? Back to the answer board

27. Inside the Box - 300 points (answer/questions from chapter boxes) • Answer: The type of competitive advantage achieved by SVA, a Shanghai-based electronics company, through cheap labor and product design. • Question: What is cost competitive advantage? Back to the answer board

28. Inside the Box - 400 points (answer/questions from chapter boxes) • Answer: Cirque du Soleil’s five world tours, four permanent facilities, and one permanent theater are part of this element in the company’s marketing mix. • Question: What is its place (distribution) ? Back to the answer board

29. Inside the Box - 500 points (answer/questions from chapter boxes) • Answer: According to the Marketing in Entertainment box, Hallmark has begun using this strategy of developing new customers for its established products. • Question: What is a market development strategy? Back to the answer board

30. Select another chapter Who Wants to Be a Marketer? Round 2 Go to Final Challenge! Chapter 2 – Strategic Planning What’s the Plan? Of the following... Competitive Advantage SWOT Potpourri 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 Click on a point value to select an answer/question

31. Whoops! You’ve clicked on an area other than a point value or button. Please click below to return to the main answer board. Click to Return to the Answer Board

32. What’s the Plan? - 100 points (answers/questions concerning writing/implementing plans) • Answer: It is a written document that acts as a guidebook of marketing activities for the marketing manager. • Question: What is a marketing plan? Back to the answer board

33. What’s the Plan? - 200 points (answers/questions concerning writing/implementing plans) • Answer: It is a statement of what is to be accomplished through marketing activities. • Question: What is a marketing objective? Back to the answer board

34. What’s the Plan? - 300 points (answers/questions concerning writing/implementing plans) • Answer: This one-word term involves evaluating marketing results in light of goals and correcting actions that do not help achieve stated goals. • Question: What is control? Back to the answer board

35. What’s the Plan? - 400 points (answers/questions concerning writing/implementing plans) • Answer: Defining your business too narrowly. • Question: What is a marketing myopia? Back to the answer board

36. What’s the Plan? - 500 points (answers/questions concerning writing/implementing plans) • Answer: Described as “the broadest control device,” it is a thorough, systematic, periodic evaluation of the goals, strategies, structure, and performance of the marketing organization. • Question: What is a marketing audit? Back to the answer board

37. SWOT - 100 points • Answer: It is what S.W.O.T stands for. • Question: What is strengths, weaknesses, opportunities, and threats? Back to the answer board

38. SWOT - 200 points • Answer: It is where a SWOT analysis is typically located in the marketing plan. • Question: What is the situation analysis? Back to the answer board

39. SWOT - 300 points • Answer: Marketing managers do this when examining external opportunities and threats. It is defined as the collection and interpretation of information about the external environment that may affect the future of the organization or its plans. • Question: What is environmental scanning? Back to the answer board

40. SWOT - 400 points • Answer: These primarily focus on a study of the internal environment surrounding an organization. • Question: What are strengths and weaknesses? Back to the answer board

41. SWOT - 500 points • Answer: These primarily focus on a study of the external environment surrounding an organization. • Question: What are opportunities and threats? Back to the answer board

42. Of the following… - 100 points • Answer: Of the following, it is the one that is NOT one of the 4 Ps of marketing. • Product • Price • Promotion • Production • Place • Question: What is production? Back to the answer board

43. Of the following… - 200 points • Answer: Of the following, the one that is not a type of competitive advantage. • sustainable • niche • cost • assimilation • Question: What is assimilation? Back to the answer board

44. Of the following… - 300 points • Answer: Of the following, it is the term that describes pursuing new markets with existing products. • Market penetration • Market development • Product development • Diversification • Question: What is market development? Back to the answer board

45. Of the following… - 400 points • Answer: Of the following, one way a company can build a cost competitive advantage. • tariffs • experienced labor • product innovations • Question: What is product innovations? Back to the answer board

46. Of the following… - 500 points • Answer: Of the following statements by three different businesses, the one that is most closely associated with marketing myopia. • “We are in the transportation business. • “We are in the compact disc manufacturing business.” • “We are in the entertainment business. • Question: What is we are in the compact disc manufacturing business. Back to the answer board

47. Competitive Advantage - 100 points • Answer: Between “increase” or “decrease,” it is direction that the experience curve suggests that unit costs should go over time. • Question: What is decrease? Back to the answer board

48. Competitive Advantage - 200 points • Answer: It is defined as the set of unique features of a company and its products that are perceived by the target market as significant and superior to the competition. • Question: What is a competitive advantage? Back to the answer board

49. Competitive Advantage - 300 points • Answer: The disassembling of a product to gain clues to the manufacturing process. • Question: What is an reverse engineering? Back to the answer board

50. Competitive Advantage - 400 points • Answer: Example of companies which possess this category of competitive advantage are: • Nieman Marcus (retail) • Caterpillar (strong dealer network) • Maytag (product reliability) • Federal Express (service) • Question: What is a differentiation competitive advantage? Back to the answer board