Over the last few months, Juan and his colleagues have analyzed the current business situation, and then identified target markets for his firm’s personal care products. Finally, they developed the products, prices, distribution and promotion that should appeal to each of those target markets. In doing so, Juan has also identified what he believes is an advantage his competitors cannot match. Juan and his colleagues have been developing:
A.
a business mission statement
B.
a strategic vision
C.
team-building exercises
D.
a marketing strategy
E.
competitive assessments
102.
Gerald’s Tire Store sets itself apart from competitors by the extra attention it pays to providing fast, courteous service in a clean, professional looking environment. Gerald’s has used this strategy for over 40 years, expanding to 15 outlets. Gerald’s Tire Store has created a ___________________ to create and deliver value and to develop a sustainable competitive advantage.
A.
segmentation strategy
B.
set of metrics
C.
market development strategy
D.
diversification strategy
E.
macro, or overarching, strategy
103.
Which of the following is the best way to build a sustainable competitive advantage using product excellence?
A.
Being the first to offer customers desired features, even if competitors can copy them easily.
B.
Positioning the product using a clear, distinctive brand image.
C.
Having the most features on each model.
D.
Focusing on being cutting edge and continually eliminating older features that are still in use by customers.
E.
Copying the market leader’s features, but at a lower cost.
104.
A competitive advantage based on location is often sustainable because:
A.
mobile marketing has not yet proven its value for most customers.
B.
real estate prices have been dropping.
C.
few marketers are aware of its importance yet.
D.
it is not easily duplicated.
E.
the internet has diminished the importance of “brick and mortar” stores.
105.
Four companies dominate the cereal industry. These firms produce in large volumes, promote heavily, and control access to the supermarket shelves through “slotting allowances,” which are payments to retailers in return for shelf space. Combined, these four firms have:
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