GB 350 EXAM 1 OLE MISS CASCIONEWEST ACTUAL

GB 350 EXAM 1 OLE MISS CASCIONEWEST ACTUAL /

QUESTIONS WITH ANSWERS VERIFIED/GRADED A+

Opportunities - ----Answers---bar/happy hour for traveling business customers; exclusive catering agreement -external

Threats - ----Answers---seasonal demand; decreasing long- term family groups -external

competitive advantage - ----Answers---a set of unique features of a company and its products that are perceived by the target market as significant and superior to those of the competition -what makes me better, what the customers think make me better

goal of the marketing plan - ----Answers---to achieve SUSTAINABLE competitive advantage

cost advantage - ----Answers---organization that is efficient enough to offer low prices for quality products and still earn high enough profit margins

-EX: WalMart, proft margin

-EX: European digital startup banks 1 / 3

product/service differentiation advantage - ----Answers--- value offering is superior to what competitors provide, usually (but not always) at a premium price

-EX: Southwest Airlines

-EX: GMC insights, design team

niche advantage - ----Answers---organization effectively serves a small customer segment and competition either can't or doesn't see value in entering

-EX: location, Lefty's

marketing objective - ----Answers---statement of what is to be accomplished through marketing activities

realistic objective - ----Answers----is it something we could do?-trial and error

measurable objective - ----Answers----a number associated with them -quantify

time specific objective - ----Answers----deadline -time window, achieve goal in an effective major

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compared to a benchmark objective - ----Answers----some point of reference with which we can compare what we have done -what we have right now

-EX: cat food

undifferentiated strategy - ----Answers---appeal to the entire market with one marketing mix

niche/concentrated strategy - ----Answers---concentrate on on marketing segment

differentiated/multi-segment - ----Answers---appeal to multiple market segments with multiple marketing mixes -opportunity to do this increases with digital marketing

marketing mix 4 P's - ----Answers---Product, Price, Place, Promotion

Implementation of marketing plan - ----Answers----turns a marketing plan into action assignments -ensures these assignments are executed in a way that accomplish the plan's objectives

implementation involves*: - ----Answers----establishing

timelines -establishing budgets

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