Chapter 2 Marketing Strategies & Plan Slides Review

Fill in the blank: The center of the diagram represents ________ value, which is achieved through different types of excellence.

• customer

• employee

• shareholder

• supplier

Tags

CCSS.RI.11-12.5

CCSS.RI.6.5

CCSS.RI.7.5

CCSS.RI.8.5

CCSS.RI.9-10.5

Which type of excellence focuses on providing superior customer service and building strong relationships with customers?

• Operational excellence

• Product excellence

• Customer excellence

• Locational excellence

Which type of excellence is related to having efficient operations and supply chain management?

• Customer excellence

• Operational excellence

• Product excellence

• Locational excellence

Fill in the blank: ________ excellence refers to having a strong physical location or online presence to create value for customers.

• Locational

• Product

• Operational

• Financial

Tags

CCSS.RI.8.2

CCSS.RL.11-12.2

CCSS.RL.7.2

CCSS.RL.8.1

CCSS.RL.9-10.2

Fill in the blank: One of the key components of Operational Excellence is ________ Supply Chain Management.

• Excellent

• Average

• Poor

• Basic

Tags

CCSS.RI.11-12.5

CCSS.RI.6.5

CCSS.RI.7.5

CCSS.RI.8.5

CCSS.RI.9-10.5

Strong Relationships with Suppliers is a part of Operational Excellence.

• True

• False

According to many, what are the three most important things in retailing?

• Location, location, location.

• Price, promotion, product.

• Service, selection, savings.

• Quality, quantity, quickness.

Tags

CCSS.RL.2.6

CCSS.RL.8.3

Competitive advantage based on location is easily duplicated.

• True

• False

The various components of a marketing strategy include:

• Market segmentation, target market selection, positioning, and marketing mix

• Product design, manufacturing process, and logistics only

• Financial planning, human resources, and legal compliance only

• Customer service, after-sales support, and warranty policies only

Identify the four macro strategies that can help a firm develop a sustainable competitive advantage.

• Cost leadership, differentiation, focus, and operational excellence

• Market penetration, product development, diversification, and market development

• Brand loyalty, customer service, innovation, and cost reduction

• Product quality, supply chain management, marketing, and pricing