Question 1

Nile Inc. is one of the leading shoe manufacturing companies in Baltonia. It manufactures canvas shoes that are similar to those produced by other brands. The management of the company has decided to adopt a product/service differentiation competitive strategy. In this scenario, Nile Inc. should:

Accepted Answer

A) offer its products at the lowest rates in the market. 
B) produce aerobic, tennis, and baseball shoes that have specialized features. 
C) advertise their products through more media outlets than before. 
D) sell products to markets outside Baltonia.

Question 2

Target markets can be selected only by appealing to the entire market with one marketing mix, concentrating on one segment.

Accepted Answer

A) True 
 B)False

Question 3

Discuss how strategic planning can be made effective.

Accepted Answer

The answer of Discuss how strategic planning can be made...

Question 4

Marketing strategy involves the activities of selecting and describing one or more target markets and developing and maintaining a marketing mix that will produce mutually satisfying exchanges with target markets.

Accepted Answer

A) True 
 B)False

Question 5

Explain SWOT analysis.

Accepted Answer

The answer of Explain SWOT analysis....

Question 6

Marketing objectives serve as motivators by creating something for employees to strive for.

Accepted Answer

A) True 
 B)False

Question 7

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 8

In the context of a marketing mix, which of the following business activities is most closely related to distribution strategies?

Accepted Answer

A) Attractiveness of the product packaging 
B) Targeting market segments 
C) Storage of raw materials 
D) Medium to be used for advertising

Question 9

Which of the following statements is true of the price component of a marketing mix?

Accepted Answer

A) It does not affect a firm's competitive advantage. 
B) It is the least important of the four Ps of the marketing mix. 
C) It is what a buyer must give up in order to obtain a product. 
D) It is decided independently of the external environment of the business.

Question 10

Discuss the factors that make marketing objectives effective.

Accepted Answer

The answer of Discuss the factors that make marketing objectives...

Question 11

An effective marketing objective:

Accepted Answer

A) is qualitative rather than quantitative. 
B) is compared to a benchmark. 
C) is written independently of the mission statement. 
D) is written after a marketing plan is drafted.

Question 12

Unlike market penetration, diversification is not profitable when a firm enters markets with prominent competition.

Accepted Answer

A) True 
 B)False

Question 13

Unlike a product/service differentiation competitive strategy, a niche strategy:

Accepted Answer

A) is suitable for small companies with limited resources. 
B) is opted in a market segment that has low growth potential. 
C) aims at being the low-cost competitor in an industry. 
D) removes frills and options from a product or service.

Question 14

Fourlotts Inc. is a renowned technological firm. It controls many strategic business units (SBUs). In this case, each SBU:

Accepted Answer

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

Question 15

A competitive advantage is 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.

Accepted Answer

A) True 
 B)False

Question 16

The creation and implementation of a marketing plan will allow the organization to achieve marketing objectives and succeed.

Accepted Answer

A) True 
 B)False

Question 17

Which of the following companies has most likely adopted a product/service differentiation competitive advantage?

Accepted Answer

A) A firm that sells its products at lower costs than its competitors 
B) A firm that inhibits post-sale customer service relations 
C) A firm that provides highly reliable products 
D) A firm that solely relies on promotional strategies to increase its sales

Question 18

Which of the following statements is true of strategic planning?

Accepted Answer

A) The goal of strategic planning is to create daily operational schedules for first-line workers. 
B) Strategic planning does not require long-term commitments of resources. 
C) A good strategic plan can help protect and grow a firm's resources. 
D) Strategic planning does not cater to understanding customers and markets.

Question 19

Choqlate King Inc. is a large company that manufactures and sells chocolate bars. It plans to adopt a product development strategy. In this case, Choqlate King Inc. will:

Accepted Answer

A) focus on attracting new customers and retain existing ones. 
B) offer chocolates at competitive prices. 
C) introduce a range of low-calorie chocolates . 
D) use existing assets to provide added convenience to existing customers.

Question 20

In the context of the innovation matrix, _____ are decisions designed to take company strengths into new markets.

Accepted Answer

A) transformational innovations 
B) retroactive innovations 
C) adjacent innovations 
D) core innovations

Exam 2: Strategic Planning for Competitive Advantage

Nile Inc. is one of the leading shoe manufacturing companies in Baltonia. It manufactures canvas shoes that are similar to those produced by other brands. The management of the company has decided to adopt a product/service differentiation competitive strategy. In this scenario, Nile Inc. should:

Target markets can be selected only by appealing to the entire market with one marketing mix, concentrating on one segment.

Discuss how strategic planning can be made effective.

Marketing strategy involves the activities of selecting and describing one or more target markets and developing and maintaining a marketing mix that will produce mutually satisfying exchanges with target markets.

Explain SWOT analysis.

Marketing objectives serve as motivators by creating something for employees to strive for.

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

In the context of a marketing mix, which of the following business activities is most closely related to distribution strategies?

Which of the following statements is true of the price component of a marketing mix?

Discuss the factors that make marketing objectives effective.

An effective marketing objective:

Unlike market penetration, diversification is not profitable when a firm enters markets with prominent competition.

Unlike a product/service differentiation competitive strategy, a niche strategy:

Fourlotts Inc. is a renowned technological firm. It controls many strategic business units (SBUs) . In this case, each SBU:

A competitive advantage is 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.

The creation and implementation of a marketing plan will allow the organization to achieve marketing objectives and succeed.

Which of the following companies has most likely adopted a product/service differentiation competitive advantage?

Which of the following statements is true of strategic planning?

Choqlate King Inc. is a large company that manufactures and sells chocolate bars. It plans to adopt a product development strategy. In this case, Choqlate King Inc. will:

In the context of the innovation matrix, _____ are decisions designed to take company strengths into new markets.