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Marketing Final Exam

Objective is a statement of what is to be

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Unformatted text preview: plished through marketing activities. For marketing objectives to be realized, they must meet several criteria. They must be: realistic––managers should develop objectives that have a chance of being met measurable––managers need to be able to quantitatively measure whether or not an objective has been met time specific––by what time should the objective be met? compared to a benchmark––it is important to know the baseline against which the objective will be measured The example objective should fulfill the above criteria and be stated in terms of actions expected by the target consumers. PTS: 1 REF: 19 Communication KEY: CB&E Model Strategy OBJ: 02-4 TOP: AACSB MSC: BLOOMS Synthesis 7. Stump’s Hot Olives are manufactured by a family business in Wisconsin and are sold in Midwestern grocery stores, through mail order, and to a few local restaurants. The company has been in operation since 1998 and relies on labor from family and friends to produce and package olives in attractive, reusable glass containers. Stump’s uses store demonstrations to introduce its spicy olives to new customers. Discuss how this company can establish or maintain at least one of the three types of competitive advantage. ANS: Student answers to this question will vary, but they should discuss one of the three types of competitive advantage: cost, product/service differentiation, and niche. Their answers could include a cost competitive advantage, which can be achieved through no-frills goods and customer service, efficient labor, production innovations (such as new products not currently on the market), and the experience curve. A product/service differentiation competitive advantage might be achieved by the use of the value impression (this possibility is implied in the description of the containers). The company might also try selling an augmented product offering by bundling pickles and pepper products with its olives. The niche competitive advantage may be appropriate for this company. Some students may suggest targeting gourmets or some other single market. PTS: 1 REF: 19-21 Communication KEY: CB&E Model Strategy OBJ: 02-5 TOP: AACSB MSC: BLOOMS Synthesis 8. What is a competitive advantage? What makes a competitive advantage sustainable? ANS: A competitive advantage is a set of unique features of a company and its products that are perceived by the target market as significant and superior to the competition. A sustainable competitive advantage is one that cannot be copied by the competition. Without this, a competitive advantage could be easily copied and the advantage lost. PTS: 1 REF: 19-21 Communication KEY: CB&E Model Strategy OBJ: 02-5 TOP: AACSB MSC: BLOOMS Synthesis 9. Name and describe the four strategic alternatives in Ansoff’s strategic opportunity matrix, which matches products with markets. For each of the four strategic alternatives, give a specific example of a firm following that strategy. ANS: MARKET PENETRATION––increa...
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