Question 1

Discuss the process of market opportunity analysis.

Accepted Answer

Answers will vary. The target market str

Question 2

Unlike an operating decision, a strategic decision probably will not have a big impact on the long-run profitability of a company.

Accepted Answer

A) True 
 B)False

Question 3

Nessca Inc. is a pharmaceutical company. It follows a target market strategy because its products are designed to suit the needs of a group of people with similar characteristics. In this case, which of the following market segments can be targeted by Nessca Inc.?

Accepted Answer

A) A group of individuals who are diabetic 
B) A group of individuals who work in the same organization 
C) A group of individuals who are working professionals 
D) A group of individuals who reside in the same residential area 
A) A group of individuals who are diabetic 
B) A group of individuals who work in the same organization 
C) A group of individuals who are working professionals 
D) A group of individuals who reside in the same residential area

Question 4

The key to having a sustainable competitive advantage is having a product that can be imitated by a competitor.

Accepted Answer

A) True 
 B)False

Question 5

Varion Air, an airline company, is providing promotional offers to mark its first anniversary. Its customers will be given a complimentary air ticket on the purchase of three business class tickets. In this case, which of the following is true of its promotional strategy?

Accepted Answer

A) It will satisfy the flyers and not the management of Varion Air. 
B) It may not be effective because promotion does not apply to services. 
C) It may increase the sales of Varion Air. 
D) It will work independently of the other three elements of the marketing mix. 
A) It will satisfy the flyers and not the management of Varion Air. 
B) It may not be effective because promotion does not apply to services. 
C) It may increase the sales of Varion Air. 
D) It will work independently of the other three elements of the marketing mix.

Question 6

_____ tells us that costs decline at a predictable rate as experience with a product increases.

Accepted Answer

A) A market opportunity analysis (MO
A)  
B) An experience curve 
C) Marketing myopia 
D) Ansoff's strategic opportunity matrix 
A) A market opportunity analysis (MO
A)  
B) An experience curve 
C) Marketing myopia 
D) Ansoff's strategic opportunity matrix

Question 7

Adjacent innovation involves decisions that result in brand-new markets, products, and often new businesses by relying on new, unfamiliar assets to develop the type of breakthrough decisions that fall in this category.

Accepted Answer

A) True 
 B)False

Question 8

In the context of following up on a marketing plan, _____ entails gauging the extent to which marketing objectives have been achieved during the specified time period.

Accepted Answer

A) implementation 
B) control 
C) evaluation 
D) environmental scanning 
A) implementation 
B) control 
C) evaluation 
D) environmental scanning

Question 9

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

Accepted Answer

A) True 
 B)False

Question 10

In the context of a marketing mix, which of the following statements is true of a product?

Accepted Answer

A) The heart of a marketing mix is the product offering and product strategy. 
B) A buyer must give up the need for a product in order to obtain its benefit. 
C) A product includes all the business activities concerned with storing and transporting raw materials. 
D) Products are often the most flexible in a marketing mix- the quickest elements to change. 
A) The heart of a marketing mix is the product offering and product strategy. 
B) A buyer must give up the need for a product in order to obtain its benefit. 
C) A product includes all the business activities concerned with storing and transporting raw materials. 
D) Products are often the most flexible in a marketing mix- the quickest elements to change.

Question 11

Defining a business in terms of goods and services rather than in terms of the benefits customers seek is called _____.

Accepted Answer

A) marketing myopia 
B) marketing inertia 
C) marketing dissonance 
D) marketing blockage 
A) marketing myopia 
B) marketing inertia 
C) marketing dissonance 
D) marketing blockage

Question 12

Explain how a business mission has to be defined.

Accepted Answer

Answers will vary. The foundation of any

Question 13

Apcon Mobiles Inc. is a popular cell phone manufacturing company. To acquire new customers, it decides to launch its own SIM cards in highly competitive new markets. According to Ansoff's strategic opportunity matrix, which of the following is true of Apcon Mobiles Inc.?

Accepted Answer

A) Apcon Mobiles Inc.'s entry into new markets is likely to be risky. 
B) Apcon Mobiles Inc.follows a product development strategy. 
C) Apcon Mobiles Inc.'s follows a market penetration strategy. 
D) Apcon Mobiles Inc.'s entry into new markets is likely to be successful. 
A) Apcon Mobiles Inc.'s entry into new markets is likely to be risky. 
B) Apcon Mobiles Inc.follows a product development strategy. 
C) Apcon Mobiles Inc.'s follows a market penetration strategy. 
D) Apcon Mobiles Inc.'s entry into new markets is likely to be successful.

Question 14

In the context of the innovation matrix, decisions taken at the _____ level implement changes that use existing assets to provide added convenience to existing customers, and potentially entice customers from other brands.

Accepted Answer

A) divestment 
B) diversification 
C) adjacent innovation 
D) core innovation 
A) divestment 
B) diversification 
C) adjacent innovation 
D) core innovation

Question 15

Unlike a cost competitive advantage, a sustainable competitive advantage:

Accepted Answer

A) is not attractive because of its durability. 
B) cannot be copied by the competition. 
C) lowers costs by removing frills. 
D) does not offer any low-priced products. 
A) is not attractive because of its durability. 
B) cannot be copied by the competition. 
C) lowers costs by removing frills. 
D) does not offer any low-priced products.

Question 16

In a target market strategy, identifying the market segment or segments begins with a market opportunity analysis (MOA).

Accepted Answer

A) True 
 B)False

Question 17

A marketing mix typically involves:

Accepted Answer

A) distribution strategies. 
B) divestiture strategies. 
C) restrictive covenants. 
D) federal regulations. 
A) distribution strategies. 
B) divestiture strategies. 
C) restrictive covenants. 
D) federal regulations.

Question 18

Which of the following should be the main focus of marketers in accordance with distribution strategies?

Accepted Answer

A) Market segments to be targeted 
B) Medium to be used for advertising 
C) Products to be manufactured 
D) Physical locations of products 
A) Market segments to be targeted 
B) Medium to be used for advertising 
C) Products to be manufactured 
D) Physical locations of products

Question 19

A premise of the Boston Consulting Group model states that:

Accepted Answer

A) diversification strategies can be risky when firms enter unfamiliar markets even with little or no competition in those markets segments. 
B) the cash generated from cash cows should be allotted to question marks and dogs instead of stars. 
C) management must find a balance among the SBUs that yields the overall organization's desired growth and profits with an acceptable level of risk. 
D) companies must rely on new, unfamiliar assets to develop the type of breakthrough decisions that would determine their sustainability in the future. 
A) diversification strategies can be risky when firms enter unfamiliar markets even with little or no competition in those markets segments. 
B) the cash generated from cash cows should be allotted to question marks and dogs instead of stars. 
C) management must find a balance among the SBUs that yields the overall organization's desired growth and profits with an acceptable level of risk. 
D) companies must rely on new, unfamiliar assets to develop the type of breakthrough decisions that would determine their sustainability in the future.

Question 20

In terms of effect strategic planning, managers should refrain from establishing new strategies.

Accepted Answer

A) True 
 B)False

Discuss the process of market opportunity analysis.

Unlike an operating decision, a strategic decision probably will not have a big impact on the long-run profitability of a company.

Nessca Inc. is a pharmaceutical company. It follows a target market strategy because its products are designed to suit the needs of a group of people with similar characteristics. In this case, which of the following market segments can be targeted by Nessca Inc.?

The key to having a sustainable competitive advantage is having a product that can be imitated by a competitor.

Varion Air, an airline company, is providing promotional offers to mark its first anniversary. Its customers will be given a complimentary air ticket on the purchase of three business class tickets. In this case, which of the following is true of its promotional strategy?

_____ tells us that costs decline at a predictable rate as experience with a product increases.

Adjacent innovation involves decisions that result in brand-new markets, products, and often new businesses by relying on new, unfamiliar assets to develop the type of breakthrough decisions that fall in this category.

In the context of following up on a marketing plan, _____ entails gauging the extent to which marketing objectives have been achieved during the specified time period.

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

In the context of a marketing mix, which of the following statements is true of a product?

Defining a business in terms of goods and services rather than in terms of the benefits customers seek is called _____.

Explain how a business mission has to be defined.

Apcon Mobiles Inc. is a popular cell phone manufacturing company. To acquire new customers, it decides to launch its own SIM cards in highly competitive new markets. According to Ansoff's strategic opportunity matrix, which of the following is true of Apcon Mobiles Inc.?

In the context of the innovation matrix, decisions taken at the _____ level implement changes that use existing assets to provide added convenience to existing customers, and potentially entice customers from other brands.

Unlike a cost competitive advantage, a sustainable competitive advantage:

In a target market strategy, identifying the market segment or segments begins with a market opportunity analysis (MOA).

A marketing mix typically involves:

Which of the following should be the main focus of marketers in accordance with distribution strategies?

A premise of the Boston Consulting Group model states that:

In terms of effect strategic planning, managers should refrain from establishing new strategies.

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 for Competitive Advantage

Discuss the process of market opportunity analysis.

Unlike an operating decision, a strategic decision probably will not have a big impact on the long-run profitability of a company.

Nessca Inc. is a pharmaceutical company. It follows a target market strategy because its products are designed to suit the needs of a group of people with similar characteristics. In this case, which of the following market segments can be targeted by Nessca Inc.?

The key to having a sustainable competitive advantage is having a product that can be imitated by a competitor.

Varion Air, an airline company, is providing promotional offers to mark its first anniversary. Its customers will be given a complimentary air ticket on the purchase of three business class tickets. In this case, which of the following is true of its promotional strategy?

_____ tells us that costs decline at a predictable rate as experience with a product increases.

Adjacent innovation involves decisions that result in brand-new markets, products, and often new businesses by relying on new, unfamiliar assets to develop the type of breakthrough decisions that fall in this category.

In the context of following up on a marketing plan, _____ entails gauging the extent to which marketing objectives have been achieved during the specified time period.

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

In the context of a marketing mix, which of the following statements is true of a product?

Defining a business in terms of goods and services rather than in terms of the benefits customers seek is called _____.

Explain how a business mission has to be defined.

Apcon Mobiles Inc. is a popular cell phone manufacturing company. To acquire new customers, it decides to launch its own SIM cards in highly competitive new markets. According to Ansoff's strategic opportunity matrix, which of the following is true of Apcon Mobiles Inc.?

In the context of the innovation matrix, decisions taken at the _____ level implement changes that use existing assets to provide added convenience to existing customers, and potentially entice customers from other brands.

Unlike a cost competitive advantage, a sustainable competitive advantage:

In a target market strategy, identifying the market segment or segments begins with a market opportunity analysis (MOA).

A marketing mix typically involves:

Which of the following should be the main focus of marketers in accordance with distribution strategies?

A premise of the Boston Consulting Group model states that:

In terms of effect strategic planning, managers should refrain from establishing new strategies.

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