Marketing MKT 305 CSU Exam 4 Study Guide and Practice Questions
Strategic positioning - ANS✔✔ Attempts to achieve sustainable competitive advantage by
preserving what is distinctive about a company
"Performing different activities from rivals, or performing similar activities in different ways"
3 key principles of strategic positioning - ANS✔✔ 1.
-Few needs, many customers
- Broad needs, few customers
- Broad needs, many customers
2. Strategy requires trade-offs in competing.
3. Strategy involves creating a "fit" among activities.
competitive intelligence - ANS✔✔ Means gaining information about one's competitors'
activities so that you can anticipate their moves and react appropriately
Environmental scanning - ANS✔✔ Monitoring of an organization's internal and external
environments to detect early signs of opportunities and threats that may influence the firm's
plans
Forecasting - ANS✔✔ A vision or projection of the future
Trend analysis - ANS✔✔ Hypothetical extension of a past series of events into the future
Contingency planning - ANS✔✔ Creation of alternative hypothetical but equally likely future
conditions
- Also called scenario planning and scenario analysis
, Benchmarking - ANS✔✔ A process by which a company compares its performance with that of
high-performing organizations
Grand Strategy - ANS✔✔ Comes after assessing the current reality
- Explains how the organization's mission is to be accomplished
Growth strategy - ANS✔✔ Involves expansion, as in sales revenues, market share, number of
employees, or number of customers
Stability - ANS✔✔ Involves little or no significant change
Defensive - ANS✔✔ Involves reduction in the organization's efforts
cost leadership strategy - ANS✔✔ Keep the costs, and hence prices, of a product or service
below those of competitors and target a wide market
cost focus strategy - ANS✔✔ Keep the costs of a product below those of competitors and to
target a narrow market
Differentiation strategy - ANS✔✔ Offers products that are of unique and superior value
compared to those of competitors but to target a wide market
Focused differentiation strategy - ANS✔✔ Offers products that are of unique and superior value
compared to those of competitors and to target a narrow market
Single-product strategy - ANS✔✔ - Company makes and sells only one product within its market
- Benefit is that a company can focus on just one product
Strategic positioning - ANS✔✔ Attempts to achieve sustainable competitive advantage by
preserving what is distinctive about a company
"Performing different activities from rivals, or performing similar activities in different ways"
3 key principles of strategic positioning - ANS✔✔ 1.
-Few needs, many customers
- Broad needs, few customers
- Broad needs, many customers
2. Strategy requires trade-offs in competing.
3. Strategy involves creating a "fit" among activities.
competitive intelligence - ANS✔✔ Means gaining information about one's competitors'
activities so that you can anticipate their moves and react appropriately
Environmental scanning - ANS✔✔ Monitoring of an organization's internal and external
environments to detect early signs of opportunities and threats that may influence the firm's
plans
Forecasting - ANS✔✔ A vision or projection of the future
Trend analysis - ANS✔✔ Hypothetical extension of a past series of events into the future
Contingency planning - ANS✔✔ Creation of alternative hypothetical but equally likely future
conditions
- Also called scenario planning and scenario analysis
, Benchmarking - ANS✔✔ A process by which a company compares its performance with that of
high-performing organizations
Grand Strategy - ANS✔✔ Comes after assessing the current reality
- Explains how the organization's mission is to be accomplished
Growth strategy - ANS✔✔ Involves expansion, as in sales revenues, market share, number of
employees, or number of customers
Stability - ANS✔✔ Involves little or no significant change
Defensive - ANS✔✔ Involves reduction in the organization's efforts
cost leadership strategy - ANS✔✔ Keep the costs, and hence prices, of a product or service
below those of competitors and target a wide market
cost focus strategy - ANS✔✔ Keep the costs of a product below those of competitors and to
target a narrow market
Differentiation strategy - ANS✔✔ Offers products that are of unique and superior value
compared to those of competitors but to target a wide market
Focused differentiation strategy - ANS✔✔ Offers products that are of unique and superior value
compared to those of competitors and to target a narrow market
Single-product strategy - ANS✔✔ - Company makes and sells only one product within its market
- Benefit is that a company can focus on just one product
