Question 1

In the context of the innovation matrix,which of the following decisions is designed to take company strengths into new markets?

Accepted Answer

A)  Transformational innovations 
B)  Retroactive innovations 
C)  Adjacent innovations 
D)  Core innovations 
A)  Transformational innovations 
B)  Retroactive innovations 
C)  Adjacent innovations 
D)  Core innovations

Question 2

Market penetration refers to attracting new customers to existing products.Ideally,new uses for old products stimulate additional sales among existing customers while also bringing in new buyers.

Accepted Answer

A) True 
 B)False

Question 3

Managers do not need to quantitatively measure whether or not an objective has been met.

Accepted Answer

A) True 
 B)False

Question 4

Which of the following firms is most likely to follow a niche strategy?

Accepted Answer

A)  Libra Inc.,a motor company,adopts new production techniques to achieve economies of scale. 
B)  Alpha Electronics dissolves one of its strategic business units. 
C)  Venus Inc.sells health and beauty products similar to the ones available in the market. 
D)  Relish,a confectionery store,sells handcrafted chocolates in only one city. 
A)  Libra Inc.,a motor company,adopts new production techniques to achieve economies of scale. 
B)  Alpha Electronics dissolves one of its strategic business units. 
C)  Venus Inc.sells health and beauty products similar to the ones available in the market. 
D)  Relish,a confectionery store,sells handcrafted chocolates in only one city.

Question 5

An example of a market segment is a group of individuals from 11 to 16 years old who extensively use the Internet.

Accepted Answer

A) True 
 B)False

Question 6

Which statement is true of implementing a task force?

Accepted Answer

A)  Authority is equally vested in each of its members. 
B)  A task force is established to accomplish a single goal or mission. 
C)  It works independently of a specific deadline. 
D)  It is primarily used for strategic planning rather than for implementing marketing plans. 
A)  Authority is equally vested in each of its members. 
B)  A task force is established to accomplish a single goal or mission. 
C)  It works independently of a specific deadline. 
D)  It is primarily used for strategic planning rather than for implementing marketing plans.

Question 7

In the context of SWOT analysis,marketers can identify strengths and weaknesses by focusing on:

Accepted Answer

A)  employee capabilities. 
B)  aspects of the marketing environment. 
C)  demographic forces. 
D)  macroenvironmental factors. 
A)  employee capabilities. 
B)  aspects of the marketing environment. 
C)  demographic forces. 
D)  macroenvironmental factors.

Question 8

The basic goal of ________ is to increase the short-term cash return without too much concern for the long-run impact.

Accepted Answer

A)  harvesting 
B)  holding 
C)  building 
D)  divesting 
A)  harvesting 
B)  holding 
C)  building 
D)  divesting

Question 9

Strategic planning is the managerial process of creating and maintaining a fit between the organization's objectives and resources and the evolving market opportunities.

Accepted Answer

A) True 
 B)False

Question 10

Fourlotts Inc.is a renowned technological firm.It manages many strategic business units (SBUs)in which each SBU:

Accepted Answer

A)  has its own return on investment. 
B)  shares the same goals and employs the same strategies as Fourlotts Inc. 
C)  plans collaboratively with Fourlotts Inc.'s other SBUs. 
D)  refrains from performing manufacturing functions. 
A)  has its own return on investment. 
B)  shares the same goals and employs the same strategies as Fourlotts Inc. 
C)  plans collaboratively with Fourlotts Inc.'s other SBUs. 
D)  refrains from performing manufacturing functions.

Question 11

Which of the following strategies seeks to target and effectively serve a single segment of the market?

Accepted Answer

A)  Niche competitive advantage 
B)  Sustainable competitive advantage 
C)  Product/service differentiation 
D)  Cost competitive advantage 
A)  Niche competitive advantage 
B)  Sustainable competitive advantage 
C)  Product/service differentiation 
D)  Cost competitive advantage

Question 12

Which of the following strategies in the marketing mix aims at bringing about mutually satisfying exchanges with target markets by informing,educating,persuading,and reminding them of the benefits of an organization or a product?

Accepted Answer

A)  Promotion strategies 
B)  Distribution strategies 
C)  Pricing strategies 
D)  Product strategies 
A)  Promotion strategies 
B)  Distribution strategies 
C)  Pricing strategies 
D)  Product strategies

Question 13

Which of the following is characteristic of companies that embrace a niche market strategy?

Accepted Answer

A)  The strategy is often adopted by small companies with limited resources. 
B)  The strategy is employed in a market segment that has low growth potential. 
C)  The strategy is used to position the company as the long-term,low-cost competitor in an industry. 
D)  The company typically removes frills and options from the product or service slated for its niche market. 
A)  The strategy is often adopted by small companies with limited resources. 
B)  The strategy is employed in a market segment that has low growth potential. 
C)  The strategy is used to position the company as the long-term,low-cost competitor in an industry. 
D)  The company typically removes frills and options from the product or service slated for its niche market.

Question 14

A firm's assets are functions-customer service and promotions-that the firm performs better than its competitors.

Accepted Answer

A) True 
 B)False

Question 15

According to the General Electric model for strategic alternatives,market conditions that have low overall attractiveness are the best candidates for investment.

Accepted Answer

A) True 
 B)False

Question 16

In the portfolio matrix,a business unit that has low growth potential and a small market share is called a:

Accepted Answer

A)  dog. 
B)  cash cow. 
C)  star. 
D)  problem child. 
A)  dog. 
B)  cash cow. 
C)  star. 
D)  problem child.

Question 17

In the context of a marketing mix,which business activity is most closely related to a company's distribution strategies?

Accepted Answer

A)  Attractiveness of the product packaging 
B)  Targeting market segments 
C)  Storage of raw materials 
D)  Selection of an advertising medium 
A)  Attractiveness of the product packaging 
B)  Targeting market segments 
C)  Storage of raw materials 
D)  Selection of an advertising medium

Question 18

Which of the following is an element of a marketing mix?

Accepted Answer

A)  Pricing strategies 
B)  Divestment strategies 
C)  Investment strategies 
D)  Trade restraint strategies 
A)  Pricing strategies 
B)  Divestment strategies 
C)  Investment strategies 
D)  Trade restraint strategies

Question 19

Which of the following terms states that costs decline at a predictable rate as experience with a product increases?

Accepted Answer

A)  Ansoff's strategic opportunity matrix 
B)  Experience curve 
C)  Marketing myopia 
D)  Market opportunity analysis (MO
A)  
A)  Ansoff's strategic opportunity matrix 
B)  Experience curve 
C)  Marketing myopia 
D)  Market opportunity analysis (MO
A)

Question 20

Providing something to a target market that is unique and valuable beyond simply offering a lower price than that of the competition is called ________.

Accepted Answer

A)  product/service differentiation 
B)  a niche competitive advantage 
C)  a sustainable competitive advantage 
D)  reengineering 
A)  product/service differentiation 
B)  a niche competitive advantage 
C)  a sustainable competitive advantage 
D)  reengineering

In the context of the innovation matrix,which of the following decisions is designed to take company strengths into new markets?

Market penetration refers to attracting new customers to existing products.Ideally,new uses for old products stimulate additional sales among existing customers while also bringing in new buyers.

Managers do not need to quantitatively measure whether or not an objective has been met.

Which of the following firms is most likely to follow a niche strategy?

An example of a market segment is a group of individuals from 11 to 16 years old who extensively use the Internet.

Which statement is true of implementing a task force?

In the context of SWOT analysis,marketers can identify strengths and weaknesses by focusing on:

The basic goal of ________ is to increase the short-term cash return without too much concern for the long-run impact.

Strategic planning is the managerial process of creating and maintaining a fit between the organization's objectives and resources and the evolving market opportunities.

Fourlotts Inc.is a renowned technological firm.It manages many strategic business units (SBUs)in which each SBU:

Which of the following strategies seeks to target and effectively serve a single segment of the market?

Which of the following strategies in the marketing mix aims at bringing about mutually satisfying exchanges with target markets by informing,educating,persuading,and reminding them of the benefits of an organization or a product?

Which of the following is characteristic of companies that embrace a niche market strategy?

A firm's assets are functions-customer service and promotions-that the firm performs better than its competitors.

According to the General Electric model for strategic alternatives,market conditions that have low overall attractiveness are the best candidates for investment.

In the portfolio matrix,a business unit that has low growth potential and a small market share is called a:

In the context of a marketing mix,which business activity is most closely related to a company's distribution strategies?

Which of the following is an element of a marketing mix?

Which of the following terms states that costs decline at a predictable rate as experience with a product increases?

Providing something to a target market that is unique and valuable beyond simply offering a lower price than that of the competition is called ________.

An Overview of Marketing

Ethics and Social Responsibility

The Marketing Environment

Developing a Global Vision

Consumer Decision Making

Business Marketing

Segmenting and Targeting Markets

Marketing Research

Product Concepts

Developing and Managing Products

Services and Nonprofit Organization Marketing

Supply Chain Management and Marketing Channels

Retailing

Marketing Communications

Advertising,public Relations,and Sales Promotion

Personal Selling and Sales Management

Social Media and Marketing

Pricing Concepts

Filters

Exam 2: Strategic Planning and Competitive Advantage

In the context of the innovation matrix,which of the following decisions is designed to take company strengths into new markets?

Market penetration refers to attracting new customers to existing products.Ideally,new uses for old products stimulate additional sales among existing customers while also bringing in new buyers.

Managers do not need to quantitatively measure whether or not an objective has been met.

Which of the following firms is most likely to follow a niche strategy?

An example of a market segment is a group of individuals from 11 to 16 years old who extensively use the Internet.

Which statement is true of implementing a task force?

In the context of SWOT analysis,marketers can identify strengths and weaknesses by focusing on:

The basic goal of ________ is to increase the short-term cash return without too much concern for the long-run impact.

Strategic planning is the managerial process of creating and maintaining a fit between the organization's objectives and resources and the evolving market opportunities.

Fourlotts Inc.is a renowned technological firm.It manages many strategic business units (SBUs)in which each SBU:

Which of the following strategies seeks to target and effectively serve a single segment of the market?

Which of the following strategies in the marketing mix aims at bringing about mutually satisfying exchanges with target markets by informing,educating,persuading,and reminding them of the benefits of an organization or a product?

Which of the following is characteristic of companies that embrace a niche market strategy?

A firm's assets are functions-customer service and promotions-that the firm performs better than its competitors.

According to the General Electric model for strategic alternatives,market conditions that have low overall attractiveness are the best candidates for investment.

In the portfolio matrix,a business unit that has low growth potential and a small market share is called a:

In the context of a marketing mix,which business activity is most closely related to a company's distribution strategies?

Which of the following is an element of a marketing mix?

Which of the following terms states that costs decline at a predictable rate as experience with a product increases?

Providing something to a target market that is unique and valuable beyond simply offering a lower price than that of the competition is called ________.

An Overview of Marketing

Ethics and Social Responsibility

The Marketing Environment

Developing a Global Vision

Consumer Decision Making

Business Marketing

Segmenting and Targeting Markets

Marketing Research

Product Concepts

Developing and Managing Products

Services and Nonprofit Organization Marketing

Supply Chain Management and Marketing Channels

Retailing

Marketing Communications

Advertising,public Relations,and Sales Promotion

Personal Selling and Sales Management

Social Media and Marketing

Pricing Concepts

Filters