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Exam 3: Strategic Planning for Competitive Advantage

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Question 31

Multiple Choice

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Which of the following describes and estimates the size and sales potential of market segments of interest to the firm and assesses key competitors in these market segments?

A) market opportunity analysis
B) environmental scan
C) marketing mix audit
D) target market strategy

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Question 32

Multiple Choice

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What could Zipcar,a company that rents cars by the hour,do through the use of environmental scanning?

A) learn why it needed to use a team management structure
B) determine why the market for short-term car rentals is growing
C) benefit from experience curves
D) periodically divest itself of low-margin vehicles

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Question 33

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John R.Harland Company is best known for printing cheques.Its Financial Solutions division develops software for mortgage companies.This division is currently producing much less than the desired level of profitability in what has been identified as a high-growth industry. -Refer to John R.Harland Company.Harland plans to turn the division into a success by acquiring other companies that develop similar software.Which of the following will turn this marketing plan into action assignments in a manner that accomplishes the company's stated objectives?

Flexcar is a car rental service found in some U.S.metropolitan areas.It targets people who take mass transit or carpool to work but occasionally need to run errands,visit the doctor,or check on a sick child.Flexcar is the only company currently providing cars that can be rented by the hour.Which type of advantage has Flexcar created?

A planning manager visiting a company's health and beauty aids division discovers the division has no effective method for allocating resources,nor for evaluating actual results against planned results.What is the planning manger likely to suggest the division prepare?

What sort of strategy did Thermo Electron engage in?

Technol Medical Products makes specialty facemasks to shield health care workers from infection.Because it focuses on this narrow market,it is able to outsell its primary competitors-3M and Johnson & Johnson.Which type of advantage does Technol Medical Products have?

What did Saint-Gobain sell?

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.Curtis would like to expand her operations,and has been asked to write a marketing plan in order to apply for a bank loan.She 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.What would "Serving ferrets and their owners in a five-county area" be an example of?

What should an organization's mission statement focus on?

Railroads often offer their customers a trucking service for local delivery or trailers for piggybacking loads to their final destination.Which of the following statements justifies the addition of these services to their strategic plans?

Which of the following statements best describes an SBU?

What is the starting point of any firm's marketing mix?

When does market penetration occur?

Berkshire Hathaway Inc.is a large property insurance company,owns a large chain of jewellery stores,and has recently purchased Russell Corporation,a manufacturer of sporting goods.Berkshire Hathaway uses a market penetration strategy.

Thomas Office Supply has developed a clipboard design that will better fulfil the needs of not only its customers in the hospital market,but also potential new customers in the educational market.This is an example of diversification.

Name and describe the three requirements for effective strategic planning

For most consumers,the brand name Benetton brings to mind a retail clothing store that carries many products that bear the Benetton brand.But the Benetton Group also owns a chain of restaurants,several toll roads in Italy,and a telecommunications company.The list of the company's holdings indicates that the company's managers believe in growth through which of the following?

As the head of Eastman Kodak Company,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 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 Fuji film in China. -Refer to Eastman Kodak Company.Fisher evaluated Kodak's current status based on core capabilities and future expectations.What is this evaluation process called?

There is an overabundance of apartments in a major city.Post Properties,the owner of many of the metropolitan area's largest apartment complexes,has reduced its rent so it can fill vacant apartments.Which of the following types of strategies did Post Properties use to create more demand for its apartments?