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Exam 22: Pulling It All Together: the Strategic Marketing Process

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Question 91

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The launch of a new cereal typically costs up to $30 million and usually involves

A) replacing one of more than 300 competing breakfast cereals already on a supermarket shelf.
B) a minimum of three attempts before it is successfully launched.
C) a tie-in promotion with a major motion picture or toy.
D) steps to counteract the promotional efforts of a competitor's new cereal.
E) obtaining FDA approval for its convenience claims.

F) None of the above
G) A) and E)

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Question 92

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Explain what synergy analysis is and describe the five marketing strategies that result.

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Synergy analysis seeks market-product op...

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Question 93

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A survey of 800 executives led several researchers to suggest that "a company undertaking a major strategic initiative to enhance its innovation and product-development capabilities" should use two kinds of metrics: These consist of __________ metrics.

Which of the following information is used in the implementation phase of the strategic marketing process?

All of the following are key problems that emerge in a firm's strategic marketing process except

The actions taken during market product focus and goal setting, Step 2 of the planning phase, include: (1) __________, (2) select target markets, (3) find points of difference, and (4) position the product.

General Mills uses a marketing structure in which one person is ultimately responsible for the marketing of a specific product. For instance, one person is responsible for setting marketing goals and developing and implementing related marketing strategies for the well-known breakfast cereal, Cheerios. This person, who takes responsibility for the success or failure of the marketing of Cheerios, is called

Which of the following information is used in the evaluation phase of the strategic marketing process?

Porter's four generic business strategies involve combinations of: (1) competitive scope or the breadth of the target markets and (2) __________.

The actions taken during market product focus and goal setting, Step 2 of the planning phase, include: (1) set market and product goals, (2) select target markets, (3) find points of difference, and (4) __________.

What is a sales response function?

The actions taken during the evaluation phase of the strategic marketing process include: (1) compare results with plans to identify deviations and (2) __________.

Describe Porter's framework and the four resulting generic business strategies. E. Porter developed a framework in which he identifies four basic, or "generic," strategies. A generic business strategy is one that can be adopted by any firm, regardless of the product or industry involved, to achieve a competitive advantage. In Porter's framework, the columns identify the two fundamental alternatives firms can use in seeking competitive advantage: (1) becoming the low-cost producer within the markets in which it competes or (2) differentiating itself from competitors by developing points of difference in its product offerings or marketing programs. The rows identify the competitive scope: (1) a broad target by competing in many market segments or (2) a narrow target by competing in only a few segments or even a single segment. These columns and rows result in four generic business strategies.: (1) Cost leadership strategy focuses on reducing expenses and, in turn, lowers product prices while targeting a broad array of market segments. (2) Differentiation strategy requires products to have significant points of difference in product offerings, brand image, higher quality, advanced technology, or superior service to charge a higher price while targeting a broad array of market segments. (3) Cost focus strategy involves controlling expenses and, in turn, lowering product prices targeted at a narrow range of market segments. (4) Differentiation focus strategy requires products to have significant points of difference to target one or only a few market segments.

A company that uses an organizational structure based on its snowboards, skiing equipment, and ice skates would most likely be using a __________ grouping.

Four basic business and management practices are what matter-"what really works," to use the phrase of the researchers who studied more than 200 management tools and techniques. These are: (1) strategy, (2) execution, (3) __________, and (4) structure.

Procter & Gamble uses category managers to organize by "global business units" such as baby care and beauty care. Cutting across country boundaries, these global business units implement standardized worldwide pricing, marketing, and distribution strategies. The baby care category manager would have

One way to improve implementation is to communicate goals and the means of achieving them. At Toyota, its design teams stress __________-"go and see"-a message about both a goal and a means of achieving it.

Explain the steps in the evaluation phase of the strategic marketing process.

Porter's four generic business strategies are __________, cost focus, differentiation focus, and cost leadership.

Which of the following products is not a recent example of a disruptive innovation?