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Welcome to Created for MKTG, 1st CDN Ed., by Lamb, Hair, McDaniel, Kapoor, Klaise, and Appleby Nelson Education Chapter 2 - Strategic Planning for Competitive Advantage Created by John T. Drea, Western Illinois University Click here to start Select another chapter Who Wants to Be a Marketer? Chapter 2 – Strategic Planning Basic Terms Competitive Advantage What’s The Plan? 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 Go to Final Challenge! Strategic Alternatives Potpourri 100 200 300 400 500 100 200 300 400 500 Click on a point value to select an answer/question 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 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 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 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 Determine how much of your total you want to wager, then click below. Go to the Open Challenge Question! 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 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 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 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 product/service differentiation competitive advantage? Back to the answer board Competitive Advantage - 300 points • Answer: Wal-Mart can offer its customers low prices because of its strong buying power and efficient operations. • Question: What is a cost competitive advantage? Back to the answer board Competitive Advantage - 400 points • Answer: Of the following, the one that is NOT a source of a cost competitive advantage. – Experience Curve – Reengineering – Diversification • Question: What is Diversification? Back to the answer board 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 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 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 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 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 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 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 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 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 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 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 Potpourri - 100 points • Answer: Also known as the “4 Ps of marketing,” this term refers to a unique blend of product, distribution, promotion, and pricing strategies to produce mutually satisfying exchanges with a target market. • Question: What is the marketing mix? Back to the answer board Potpourri - 200 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 Potpourri - 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 Potpourri - 400 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 Potpourri - 500 points • Answer: This term refers to a description and estimation of the size and sales potential of market segments that are of interest to the firm and the assessment of key competitors in each of those segments. • Question: What is a marketing opportunity analysis? Back to the answer board And now, it’s time for Directions: •Get two pieces of paper. •On one piece, write your team’s wager. •Use the other piece of paper to write the “question” for the final challenge “answer.” Click here for the Final Challenge Answer Final Challenge! • 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?