Test Bank For M Marketing 6th Edition by Dhruv Grewal

Test Bank For M Marketing 6th Edition by Dhruv Grewal

Chapter 2 Developing Marketing Strategies and a Marketing Plan

1) Amazon is able to achieve operational excellence because it not only has the technology to coordinate personal buyers, it also has an effective HR hiring program that selects and trains the best employees.

2) To build a sustainable competitive advantage, companies should focus on a single strategy.

3) It is not always necessary to go through all the steps in the marketing planning process.

4) A mission statement describes the specific actions a firm will take to achieve its goals.

5) Establishing a sustainable competitive advantage is the key to long-term financial performance.

6) Firms use segmentation, targeting, and promotion to choose the consumer groups they wish to pursue with its marketing efforts.

7) Firms analyze internal strengths and weaknesses and external opportunities and threats during the implementation phase of the marketing plan.

8) Firms are typically more successful when they focus on opportunities that build on their strengths relative to those of their competition.

9) Duke’s is a surfer-themed restaurant chain in Hawaii. Most of its customers are tourists. In a SWOT analysis for Duke’s, the possibility that the recession might cut back on tourism in Hawaii would be considered a weakness.

10) Value-based marketing requires that firms charge a price that customers perceive as giving them a good value for the product they receive.