Download Select - Nelson Education

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?