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?

1. 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?

Operational excellence

Low-cost leadership

Customer intimacy

Product leadership

2. 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.

technological improvement

feature improvement

style improvement

quality improvement

3. 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 partitioning

market valuation

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

Special alert control

Strategic surveillance

Implementation control

Premise control

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

promotional efforts

quality

communication

region

6. 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.

Competitive analysis

Business analysis

Customer analysis

Company analysis

7. 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?

Ultimate service benefit

Complete marketing benefit

Total customer benefit

Total management benefit

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

competitor profile

financial position

vendor profile

customer profile

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

ethics

sustainability

rules

righteousness

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

strategy

dynamic policies

competitive analysis

goals

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

single-segment concentration

product specialization

market specialization

selective specialization

12. 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

13. 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

Stakeholder factor

Economic factor

Social factor

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

shaping organizational culture

developing a vision

developing a mission

planning strategy

15. How do functional tactics compare to business strategies?

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

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

Functional tactics are more specific than business strategies.

Functional tactics are more long-term than business strategies.

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

When introducing flanker brands

When going into undefined target markets

When launching infrequently purchased brands

When there is high consumer resistance to the product

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

new product enhancements that supplement established products

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

new products that create an entirely new market

existing products that are targeted to new geographical markets

18. 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 slogan

brand personality

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

Economic

Political

Cultural

Technological

20. 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.

Emphasize benefits to the consumer rather than environmental benefits.

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

 

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