Test bank for Marketing 6th Edition Grewal Levy 1259709078 9781259709074 Link full download: Solution Manual: https://testbankpack.com/p/solutionmanual-for-marketing-6th-edition-grewallevy-1259709078-9781259709074/ Test bank: https://testbankpack.com/p/test-bank-for-marketing-6th-edition-grewal-levy1259709078-9781259709074/ Chapter 02 Test Bank 1. Strong supplier relations and efficient supply chains help firms such as Walmart achieve operational excellence. TRUE AACSB: Analytical Thinking Accessibility: Keyboard Navigation Blooms: Understand Difficulty: 1 Easy Learning Objective: 02-01 Define a marketing strategy. Topic: Supply Chain Management
Feedback: Operational excellence is achieved through efficient operations and excellent supply chain and human resource management. 2. To build a sustainable competitive advantage, companies should focus on a single strategy. FALSE AACSB: Analytical Thinking Accessibility: Keyboard Navigation Blooms: Remember Difficulty: 1 Easy Learning Objective: 02-01 Define a marketing strategy. Topic: Developing a Competitive Strategy
Feedback: In most cases, a single strategy, such as low prices or excellent service, is not sufficient to build a sustainable competitive advantage. Firms require multiple approaches to build a “wall” around their position that stands as high as possible. 3. It is not always necessary to go through all the steps in the marketing planning process. TRUE AACSB: Analytical Thinking Accessibility: Keyboard Navigation Blooms: Remember Difficulty: 1 Easy Learning Objective: 02-02 Describe the elements of a marketing plan. Topic: Elements of the Marketing Plan
Feedback: It is not always necessary to go through the entire process for every evaluation. For instance, a firm could evaluate its performance in Step 5, and then go directly to Step 2 to conduct a situation audit without redefining its overall mission. 4. A mission statement describes the specific actions a firm will take to achieve its goals. FALSE AACSB: Analytical Thinking Accessibility: Keyboard Navigation Blooms: Remember Difficulty: 1 Easy Learning Objective: 02-02 Describe the elements of a marketing plan. Topic: The Mission Statement
Feedback: A mission statement is a broad description of a firm's objectives and the scope of activities it plans to undertake. 5. iTunes software is often credited with the success of the Apple iPod MP3 player, because it made the iPod easier to use than competing players, and was difficult for competitors to duplicate. This is an example of a sustainable competitive advantage. TRUE AACSB: Knowledge Application