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Service Management: Operations, Strategy, and Information Technology7th EditionJames Fitzsimmons, Mona Fitzsimmons 103 solutions A ______________ states what is to be accomplished through marketing activities marketing objective Through the process of _____________ , a company establishes an organizational mission and formulates goals, a corporate strategy, marketing objectives, and a marketing strategy. Strategic planning A ____________ is a written document that specifies the marketing activities to be performed to implement and evaluate the organization's marketing strategies. Marketing plan Marty works at an organization with a clear chain of command. The major decisions are relegated to top managers. Marty and his co-workers have strict performance standards. Managers at his organization monitor the work of employees to make sure they are staying on track. This is an example of a ___________ organization. centralized Scenario 2.1. Jessica is working on a SWOT analysis of a local Mexican restaurant Tres Tortillas in Flagstaff. She writes down that the organization has high customer loyalty, resources for expansion, and strong management. She also writes that the market for salsa products is high and more people are eating out. On the other hand, one major complaint levied against the restaurant is that it is high priced and other casual-dining restaurants with less expensive menu offerings are locating to the city. Still, Jessica believes the restaurant's talented and well-known chef provides it with an advantage other restaurants do not have. Refer to Scenario 2.1. Which of the following characteristics of the Mexican restaurant represents an opportunity? d. greater demand for salsa products Scenario 2.2. Jessica's manager believes that Tres Tortillas can gain an advantage over competing Mexican restaurants in the area by capitalizing on the higher demand for salsa. He believes the firm's top secret salsa recipe could be the key to expanding into another market niche. The manager has proposed developing a line of its salsas in 16-oz jars to sell at its restaurant. This way its loyal customers could buy its salsa outright and serve it at home. Jessica has been tasked with the determining the feasibility of this strategy. Refer to Scenario 2.2. What type of competitive growth strategy is Jessica's manager discussing? c. product development Google has written down the following: "to organize the world's information and make it universally accessible and useful." This is most likely a part of Google's ___________________. b. mission statement Scenario 2.3 Jessica continues to work on the marketing strategy for Tres Tortillas. Tres Tortillas was successful in selling 16 ounce jars of salsa in its restaurant. In fact, demand for the jars of salsa are so high that Jessica believes Tres Tortillas should try to expand and start selling in stores. She believes Tres Tortillas salsa has the potential for enormous growth, perhaps even more so than the actual restaurant. Refer
to Scenario 2.3. Jessica's manager is skeptical. Such an investment would require a manufacturing facility, a larger marketing budget, and salespeople who would be able to get the salsa onto store shelves. However, Jessica maintains that Tres Tortilla's secret salsa recipe provides it with a core competency. The market for salsa is also strong. She believes this provides Tres Tortillas with a chance to match its core competency to market opportunities, otherwise known as a(n)
___________________. a. competitive advantage Scenario 2.4 It is a year later. Jessica's manager decided that the company would develop a salsa business. Jessica has been in a flurry of activity since then. Not only did the company have to invest in a building and equipment, but she has had to develop marketing strategies for the new salsa business. The marketing strategies are now complete and ready to be put into action. Jessica was placed in charge of marketing implementation. She has spent several months organizing the marketing unit, training employees, coordinating the marketing staff, and communicating the goals and objectives of the strategy. Refer to Scenario 2.4. What is next step Jessica should take to implement the marketing strategy? a. Establish a timetable for implementation Scenario 2.5 Paul owns a small retail store. His store sells local products from farmers and small food and beverage businesses in his store. He has a number of strategic partnerships with different players in the industry and believes his business has the ability to become highly successful. Those customers who have bought from him have become loyal customers and frequently visit the store. The problem is most people do not seem to realize the store exists. He decides to write a marketing plan that will outline the marketing activities he needs to take to spread awareness of his company and attract consumers to his business. Refer to Scenario 2.5. Paul is
at the stage of his marketing plan where he needs to gather information about his firm's situation with respect to the market. A major part of this is his assessment of target markets. Which section is he about to write? a. environmental analysis Scenario 2.5 Paul owns a small retail store. His store sells local products from farmers and small food and beverage businesses in his store. He has a number of strategic partnerships with different players in the industry and believes his business has the ability to become highly successful. Those customers who have bought from him have become loyal customers and frequently visit the store. The problem is most people do not seem to realize the store exists. He decides to write a marketing plan that will outline the marketing activities he needs to take to spread awareness of his company and attract consumers to his business. Refer to Scenario 2.5. Paul would like his sales for next month to reach $15,000. This is an example of a _______________. a. performance standard Why might a
marketer want to engage in marketing cost analysis? e. to allocate the firm's marketing resources better in the future Which of the following is a disadvantage of being a first-mover in the market? e. large outlays associated with creating a new product Procter & Gamble's Tide laundry detergent has a predominant share of the detergent market in the United States. It makes $4.5 billion in sales of this detergent brand. However, the detergent market has reached market saturation in the United States. With this information, what type of product is Tide based upon the Boston Consulting Group's market growth/market share matrix? d. cash cow Southwest is known for its culture of "luv" and its fun-loving approach. This is an example of which of the following? e. corporate identity Which of the following is likely
the most important decision a company makes during the strategic planning process? c. choosing a target market Scenario 2.6. Margie noticed that sales of her company's newest bicycle product are much higher than anticipated. She wants to investigate why this has occurred. Margie first compares the sales to performance standards the company has set for the new product. She examined the firms' efforts, the costs incurred from marketing activities, industry sales as a whole, and competitor sales. After looking at all this data, she determined that the reason for the higher sales was two-fold. Industry sales averages were high, and after some investigation Margie noticed that there has been a major influx in consumers wanting to bike to work or for recreational purposes—much more than anticipated. The bicycle they released also had a unique design, and she believes this design—which is patented so rivals cannot replicate it—makes the bicycle more comfortable for bicyclists who bike long distance. Refer to Scenario 2.6. At what stage of the strategic planning process is Margie? e. evaluating marketing strategies Scenario 2.6. Margie noticed that sales of her company's newest bicycle product are much higher than anticipated. She wants to investigate why this has occurred. Margie first compares the sales to performance standards the company has set for the new product. She examined the firms' efforts, the costs incurred from marketing activities, industry sales as a whole, and competitor sales. After looking at all this data, she determined that the reason for the higher sales was two-fold. Industry sales averages were high, and after some investigation Margie noticed that there has been a major influx in consumers wanting to bike to work or for recreational purposes—much more than anticipated. The bicycle they released also had a unique design, and she believes this design—which is patented so rivals cannot replicate it—makes the bicycle more comfortable for bicyclists who bike long distance. Refer to Scenario 2.6. What method of analysis is Margie using? c. sales analysis Scenario 2.6. Margie noticed that sales of her company's newest bicycle product are much higher than anticipated. She wants to investigate why this has occurred. Margie first compares the sales to performance standards the company has set for the new product. She examined the firms' efforts, the costs incurred from marketing activities, industry sales as a whole, and competitor sales. After looking at all this data, she determined that the reason for the higher sales was two-fold. Industry sales averages were high, and after some investigation Margie noticed that there has been a major influx in consumers wanting to bike to work or for recreational purposes—much more than anticipated. The bicycle they released also had a unique design, and she believes this design—which is patented so rivals cannot replicate it—makes the bicycle more comfortable for bicyclists who bike long distance. Refer to Scenario 2.6. Margie believes this is the optimal time to seize upon this opportunity. Through the bike's patented design,
her company has capabilities that fit the unique demands of this growing market. Margie wants to capitalize on this opportunity before these market trends have a chance to change. This period for Margie's firm is known as a ______. e. strategic window Which of the following is the
final step in establishing an implementation timetable? d. assigning responsibility for completing each activity to one or more employees, teams, or managers How does a sustainable competitive advantage differ from a competitive advantage? a. A sustainable competitive advantage is one that competitors cannot copy in the immediate future. Conducting a SWOT
analysis comes immediately before the establishment of corporate and business-unit strategies. b. False The marketing implementation section of the marketing plan outlines how the company will achieve its objectives. b. False The degree of centralization falls under organizing
the market unit—a major part of managing marketing implementation. a. True A marketing strategy is stating what is to be accomplished through marketing activities using clear language. It should be measurable. b. False What are the 5 stages of strategic planning?5 steps of the strategic planning process. Determine your strategic position.. Prioritize your objectives.. Develop a strategic plan.. Execute and manage your plan.. Review and revise the plan.. What are the 4 stages process of strategic management?The 4 Steps of Strategic Planning Process. Environmental Scanning. Environmental scanning is the process of gathering, organizing and analyzing information. ... . Strategy Formulation. ... . Strategy Implementation. ... . Strategy Evaluation.. What is SWOT analysis explain its importance in planning stage?A SWOT analysis is a tool for documenting internal strengths (S) and weaknesses (W) in your business, as well as external opportunities (O) and threats (T). You can use this information in your business planning to help achieve your goals.
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What stage of the strategic planning process is a SWOT analysis performed quizlet?
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