Key Problems That Emerge in a Firm's Strategic Marketing Process

question 121

Multiple Choice

Key problems that emerge in a firm's strategic marketing process include that

• A) there is poor communication between the firm and its stakeholders.
• B) there is a lack of leadership.
• C) although management says they are behind the plans, they do not allocate resources to the degree necessary for success.
• D) planners and their plans may have lost sight of their customers' needs.
• E) plans can be thwarted by disgruntled employees, other departments, or competitors.

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Definitions:

Imitation

The act of copying or mimicking the strategies, products, or processes of individuals or enterprises, often seen as a way to gain a competitive advantage or innovate.

Fast-Second Strategy

A business approach where companies wait to see which innovations prove viable and then quickly follow with improvements and cost reductions.

Collusion

A situation in which firms act together and in agreement (collude) to fix prices, divide a market, or otherwise restrict competition.

Process Innovation

The implementation of a new or significantly improved production or delivery method, enhancing efficiency or quality in operations.