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Exam 2: Strategic Planning for Competitive Advantage

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Question 21

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The marketing mix refers to a unique blend of marketing variables known as the four Ps.Name and briefly describe each of the four Ps.

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Product.The firm's product offerings are...

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Question 22

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Which of the following terms would be used to describe Hispanic males between the ages of 12 and 19?

A) exchange mixers
B) a diversified market
C) a market segment
D) a sustainable market

E) B) and C)
F) A) and D)

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Question 23

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What strategy attracts new customers to existing products?

One of the divisions of Procter & Gamble (P&G) manufactures and markets health and beauty aids.It handles products such Olay lotions and Old Spice fragrances.This part of the business has its own accounting,engineering,manufacturing,and marketing departments,separate from the rest of the organization.This division also has its own mission statement,target markets,and planning committees.What is this segment of P&G called?

Which of the following show costs declining at a predictable rate as experience with a product increases?

As the head of Eastman Kodak Co. ,George M.C.Fisher devised a plan to save Kodak from being trapped in the slow-growth photography industry,hobbled by huge debts,a dysfunctional management culture,and a dispirited workforce.At the time of his takeover of Kodak,the product development and sales functions for the company were scattered among divisions,and the business mission was ill focused.Fisher envisioned a long-term strategy in which Kodak focused on its core competencies.By evaluating the pros and cons associated with its various businesses,Fisher decided that imaging was the key to the future.He then sold Kodak's health and household-products arms.He also assembled most of the corporate talent into one division and hired an experienced computer marketing executive to head it.Further,by stressing accountability,quality,and cycle time,Fisher began to transform Kodak's slow-moving culture.Fisher believes Kodak could double its growth rate in photography,a tough challenge in a slow-growing market,by becoming more global and by challenging Fujifilm in China. -Refer to Eastman Kodak Co.By pruning product lines and assembling the corporate talent into one division,what did Fisher engage in?

Patricia Curtis has been running the Ferrets First Rescue and Shelter (FFRS) since 1996.FFRS is in the business of ferret pickup and rescue,as well as ferret boarding and training,and education for ferret owners.She would like to expand her operations,and has been asked to write a marketing plan in order to apply for a bank loan.Curtis knows she can better serve ferrets and ferret owners if she can expand her target audience to schools,animal control officers at city facilities,and pet stores.To do this,she must increase marketing communications. -Refer to FFRS.Curtis should know that effective strategic planning for the Ferrets First Rescue and Shelter requires which of the following?

ConAgra Foods,Inc.has decided to sell all of its meat-processing plants and get out of its meat-processing business in order to raise the company's net profits.Which of the following statements describes how the sale of the processing plants will affect ConAgra's marketing mix?

Masco is a company that is well recognized in the construction industry.It produces cabinetry,furniture,lighting,and plumbing fixtures for the upper-end homeowner and builder.One of the divisions of Masco is the Delta Faucet Company,which is the leader in the faucet industry.Since its founding in 1955,Delta has developed a legacy based on well-crafted,high-quality products.Since the 1970s,the company has focused its energies on building loyalty with the builder marketplace.Research in 2002 showed that while builders respect the Delta faucet for its quality,durability,and dependability,household consumers were not enamored with Delta products.Due to the number of new magazines and television programs devoted to home style,homeowners wanted faucets that were chic and stylish.This was not the image of the Delta faucet.To change its image,Delta began a marketing program in which it committed itself to developing new products to appeal to homeowners.It adopted a new slogan,"Beautifully Engineered." -Refer to Delta Faucet.Since Delta was already marketing to homeowners (although not very successfully) ,its development of new styles of faucets to appeal to this underserved market would be an example of what type of strategy?

To market its ice cream to Chinese consumers,Unilever entered into a joint venture with Sumstar,a state-owned Chinese investment company.Unilever provided the product know-how,and Sumstar helped Unilever gain all the approvals needed from a complex Chinese bureaucracy.What type of strategy did Unilever use to reach the Chinese market?

Tootsie Roll Industries has been in the candy business for over 100 years.Each year it produces 37 million Tootsie Roll candies and 16 million Tootsie Pop candies.During its 100+ years of operation,it has bought out 17 different candy brands.What type of strategy was it implementing?

Which of the following is one of the elements of the marketing plan?

What is a SWOT analysis? How does it relate to strategic planning?

The company that manufactures Molson beer simultaneously launched Arctic brand in Ontario and Tornade brand in Quebec with the intention of gaining a share of the rapidly expanding alcoholic lemonade segment of the beverage industry.The separate launch strategies for the products are due to different market conditions in the two Canadian provinces.What type of strategy did Molson use to reach existing markets with its new product?

What provides the mechanism for evaluating marketing results in light of the marketing plans' goals and for correcting actions that do not help the marketing organization reach these objectives within the budget guidelines?

Argosy Arts Institute is a small private technological college with declining enrollment.It has put together a committee to put into action marketing plans that were developed by a consulting company.The goal of the committee is to increase enrolments at the college and attract donations.What is the committee involved in?

What is an SBU? If properly created,what characteristics should an SBU have?

Thermo Electron Corp. ,the biggest maker of measurement instruments for medical laboratories,agreed to buy the radiation-monitoring-products unit of Compagnie de Saint-Gobain for $30 million to gain European customers. -Refer to Thermo.What did Saint-Gobain sell?

Masco is a company that is well recognized in the construction industry.It produces cabinetry,furniture,lighting,and plumbing fixtures for the upper-end homeowner and builder.One of the divisions of Masco is the Delta Faucet Company,which is the leader in the faucet industry.Since its founding in 1955,Delta has developed a legacy based on well-crafted,high-quality products.Since the 1970s,the company has focused its energies on building loyalty with the builder marketplace.Research in 2002 showed that while builders respect the Delta faucet for its quality,durability,and dependability,household consumers were not enamored with Delta products.Due to the number of new magazines and television programs devoted to home style,homeowners wanted faucets that were chic and stylish.This was not the image of the Delta faucet.To change its image,Delta began a marketing program in which it committed itself to developing new products to appeal to homeowners.It adopted a new slogan,"Beautifully Engineered." -Refer to Delta Faucet.The marketing program,which Delta designed to develop new products to appeal to homeowners,is an example of which of the following?

General Electric has a security division that builds equipment for screening passenger luggage checked in at airports.This division comprises InVision Technologies,which manufactures CT scanners,and Ion Track,which measures luggage for trace element drugs and explosives.What is GE's security division an example of?