Download Strategic Planning for Competitive Advantage

Welcome to
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
Who Wants to Be a Marketer? Round 1
Chapter 2 – Strategic Planning
Select
another
chapter
Go to
Round 2
Go to
Final Challenge!
Basic
Terms
Sources of
Competitive
Advantage
In the
Mix
Strategic
Alternatives
Choose
Wisely
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300
400
500
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500
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500
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500
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200
300
400
500
Click on a point value to select an answer/question
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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?
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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?
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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)?
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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?
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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 competitive
advantage?
Back to the answer board
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
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
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?
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In the Mix - 100 points
• Answer: The other name for the marketing
mix.
• Question:
What is the four Ps?
Back to the answer board
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?
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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?
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In the Mix - 400 points
• Answer: The P that the buyer must give up
in order to obtain a product.
• Question:
What is price?
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In the Mix - 500 points
• Answer: The job of this P is to inform,
educate, persuade, and remind.
• Question:
What is promotion?
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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?
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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
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
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
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
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
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
Who Wants to Be a Marketer? Round 2
Chapter 2 – Strategic Planning
What’s
the
Plan?
SWOT
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400
500
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200
300
400
500
Go to
Final Challenge!
Of the
Competitive
following... Advantage
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200
300
400
500
Select another
chapter
100
200
300
400
500
Potpourri
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
Determine how much of your total
you want to wager, then click below.
Go to the
Open Challenge
Question!
Competitive Advantage - Open Challenge
• Answer: Of the following, the one that is
NOT a source of a cost competitive
advantage.
– Experience Curve
– Reengineering
– Value Impressions
• Question:
What is/are value
impressions?
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: This term describes a strategy of
selling the same products to new markets of
customers.
• Question:
What is market development?
Back to the answer board
Potpourri - 300 points
• Answer: This “statement” should focus on
the market(s) and organization wants to
serve and should answer two fundamental
questions of an organization: “What
business are we in?” and “Where are we
going?”
• Question:
What is the mission
statement?
Back to the answer board
Potpourri - 400 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
Potpourri - 500 points
• Answer: It is a term which describes a
business that is defined in terms of goods
and services, rather than in terms of the
benefits consumers seek.
• Question:
What is marketing myopia?
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: Perhaps the most critical element
in successful strategic planning.
• Question:
What is the top
management support?