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STR581 Week-6 Final Exam (A+++++ Answer)
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Question

1. With ________ as a target market strategy, the firm concentrates on serving many needs of a particular customer group.

market specialization

selective specialization

product specialization

single-segment concentration

2. Which control should periodically reassess its approach to the marketplace with a good marketing audit?

Marketing control

Ethical control

Strategic control

Performance control

3. This is an important structural decision and resultant separate activities need to be coordinated and integrated back together as a whole so the business functions effectively.

Broadening

Differentiation

Preferencing

Diversification

4. Under which of the following conditions is the frequency the most important factor in media selection?

When introducing flanker brands

When launching infrequently purchased brands

When going into undefined target markets

When there is high consumer resistance to the product

5. The ability to meet humanity’s needs without harming future generations is now a top priority in most corporate agenda

rules

ethics

sustainability

righteousness

6. Large-scale, future-oriented plans for interacting with the competitive environment to achieve the company objective refers to its

competitive analysis

strategy

goals

dynamic policies

7. This is a historically popular technique through which managers create a quick overview of a company's strategic situation—it is based on achieving a sound fit between internal resources and the external situation.

SWOT analysis

External analysis

Value chain analysis

Internal analysis

8. The strategic factor that involves the beliefs, values, attitudes, opinions, and lifestyles of persons in the firm’s external environment, as developed from cultural, ecological, demographic, religious, educational, and ethnic conditioning.

Political factor

Social factor

Stakeholder factor

Economic factor

9. Prestige LLC, a small company that manufactures specialty cereals and energy bars, wants to launch a "green marketing" program in response to heightened consumer awareness about environmental issues. What should the company do to maximize the program's chances of being successful?

Explain the rules and regulations laid out by governmental agencies to protect the environment.

Focus on the efforts and costs incurred by the company to bring these "green" products to consumers.

Demonstrate that the products will benefit both customers and the society in the long-term.

Emphasize benefits to the consumer rather than environmental benefits.

10. This is designed to check systematically and continuously whether the premises on which the strategy is based are still valid

Implementation control

Strategic surveillance

Premise control

Special alert control

11. A valuable result of task environment analysis with respect to geographic, demographic, psychographic and buyer-behavior factors is called

vendor profile

customer profile

competitor profile

financial position

12. Leaders galvanize commitment to embrace change through clarifying strategic intent, building an organization, and

planning strategy

developing a mission

shaping organizational culture

developing a vision

13. Company X's principal strength is its inbound and outbound logistics system; its relative weakness, however, is after-sales service. Its competitor, Company Y, however is often plagued with lagging shipments and an inflexible distribution setup. Company Y remains successful because it maintains a fully staffed service department and, as a result, the company is known for its dependable service. This type of analysis allows them to identify ways to build on relative strengths and avoid dependence on capabilities at which the other firm excels.

Disaggregating

Benchmarking

Past performance comparison

Industry comparison

14. What type of strategy consists of geographical pricing, price discounts and allowances, promotional pricing, and differentiated pricing?

Fixed pricing

Altered pricing

Price adaptation

Regular prices

15. The marketing manager needs to know the cost of the research project before approving it. During which stage of the marketing research process would such a consideration most likely take place?

Step 2 – developing the research plan

Step 4 – analyzing the information

Step 5 – drafting the report

Step 1 – defining the problem

16. How do functional tactics compare to business strategies?

Functional tactics are more specific than business strategies.

Functional tactics are more focused on a commitment to corporate strategy than business strategies.

Functional tactics are more focused on the general direction of the firm than business strategies.

Functional tactics are more long-term than business strategies.

17. What is the perceived monetary value of the bundle of economic, functional, and psychological benefits customers expect from a given market offering because of the product, service, people, and image?

Total customer benefit

Total management benefit

Complete marketing benefit

Ultimate service benefit

18. Firms using this generic strategy attempt to build customer loyalty by stressing a specific product attribute above other product qualities.

Differentiation

Cost leadership

Focus

Concentrated growth

19. A company that attempts to lead its industry in price and convenience by pursuing a focus on lean and efficient operations is pursuing what strategy?

Low-cost leadership

Operational excellence

Product leadership

Customer intimacy

20. New-to-the-world products are ________.

existing products that are targeted to new geographical markets

new products that create an entirely new market

new product enhancements that supplement established products

low-cost products designed to obtain an edge in highly competitive markets

21. A firm must know where to position its product based on price and

communication

quality

promotional efforts

region

22. A company can learn a great deal by analyzing the degrees of brand loyalty. For example, ________ can show the firm which brands are most competitive with its own.

switchers

hard-core loyals

shifting loyals

split loyals

23. Which component of a marketing audit includes major developments in income, prices, savings, and credit that affect the company?

Economic

Cultural

Political

Technological

24. When diversification involves additions of a business related to the firm in terms of technology, markets or products, it involves

horizontal integration

concentric diversification

vertical diversification

concentrated growth

25. Marketers need to identify the hierarchy of attributes that guide consumer decision making in order to understand different competitive forces and how these various sets get formed. This process of identifying the hierarchy is called ________.

market estimation

brand association

market valuation

market partitioning

26. __________ social responsibilities are voluntarily assumed by a business or organization, and include public relations activities, good citizenship, and full corporate social responsibility.

Employee

Discretionary

Economic

Legal

27. A set of ideas on organizational control based on the belief that the separation of the ownership from management creates the potential for the wishes of owners to be ignored refers to

agency theory

Adam’s theory

the moral hazard problem

ethical responsibilities

28. One of the ways to change the course of a brand is to modify the product. Under product modification, ________ adds size, weight, materials, supplements, and accessories that expand the product’s performance, versatility, safety, or convenience.

quality improvement

technological improvement

style improvement

feature improvement

29. BMW's "The ultimate driving machine," American Express' "Don't leave home without it," New York Times' "All the news that's fit to print," and AT&T's "Reach out and touch someone" are all examples of ________.

brand mission

brand vision

brand personality

brand slogan

30. When performing this analysis, it is good for strategic planners to consider similarities between the benefits the customers derive from the products and services that other firms offer.

Business analysis

Company analysis

Competitive analysis

Customer analysis

 

 

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  • STR581 Week-6 Final Exam (A+++++ Answer)
    $23.00

    Question 1. With ________ as a target market strategy, the firm concentrates on serving many needs of a particular customer group. market specialization selective specialization product specialization single-segment concentration 2. Which control should periodically reassess its approach to the marketplace with a good marketing audit? Marketing control Ethical control Strategic control Performance contro

    Submitted on: 10 Jun, 2017 05:32:28 This tutorial has not been purchased yet .