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Strategic Planning for Competitive Advantage 2
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Strategic Planning for Competitive Advantage 2
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25 Questions

1. When a florist shop begins to sell burial caskets to its customers, it is engaged in product development.
2. Developing a cost competitive advantage can enable a firm to deliver superior customer value.
3. A competitive advantage is 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.
4. A production costs analysis could be a part of a company’s SWOT analysis.
5. The manufacturer of Macho brand martial arts products was implementing a strategic plan when it sponsored a local karate tournament for teenagers.
6. Niche competitive advantages are difficult to develop and consequently are quite rare.
7. The marketing plan is a written document that acts as a guidebook of marketing activities for a marketing manager.
8. A diversification strategy entails increasing sales by introducing new products into new markets.
9. Marketing strategy involves the activities of selecting and describing one or more target markets and developing and maintaining a marketing mix that will produce mutually satisfying exchanges with target markets.
10. When the Walt Disney Company opened Disneyland Paris for the French market, it was an example of market penetration.
11. The most critical element for successful strategic planning is top management's support and participation.
12. A market penetration strategy entails the creation of new products for current customers.
13. In theory, an SBU should have its own resources for handling basic business functions.
14. The Home Depot’s purchase of Hughes Supply Company allows it to better meet the needs of its current business customers. This is an example of product development.
15. In the General Electric model, SBUs that have low overall attractiveness should be avoided if the organization is not already serving them.
16. A marketing audit helps management allocate marketing resources efficiently.
17. Environmental scanning entails the collection and interpretation of information about factors in the external environment that may affect the future of the organization or the implementation of the marketing plan.
18. As marketers gain more experience in marketing a product, costs tend to decrease, which is an example of the maturity effect.
19. The four Ps of the marketing mix are product, planning, promotion, and price.
20. In the portfolio mix, notebook computers would be an example of a star.
21. Strategic planning is most effective when managers view it as an annual exercise.
22. The company's marketing objective is to increase sales next year. This is an example of a well-stated objective.
23. The harvest strategy is appropriate for all SBUs except dogs.
24. The implementation process can be described as simply 'doing what you said you were going to do.'
25. To be useful, marketing objectives should be realistic, measurable, time specific, and based on sales.

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