Question Details

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- 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- 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- 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- "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.
21. When diversification involves additions of a business related to the firm in terms of technology, markets or products, it involves           
vertical diversification        
concentric diversification  
horizontal integration         
concentrated growth
22. These social responsibilities are those that are voluntarily assumed by a business or organization. They include public relations activities, good citizenship, and full corporate social responsibility.        
Economic responsibility    
Legal responsibility
Employee responsibility    
Discretionary responsibility
23. Which control should periodically reassess its approach to the marketplace with a good marketing audit?   
Strategic control      
Marketing control    
Ethical control         
Performance control
24. What type of strategy consists of geographical pricing, price discounts and allowances, promotional pricing, and differentiated pricing?      
Regular prices         
Fixed pricing
Price adaptation      
Altered pricing
25. 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          
the moral hazard problem 
Adam- theory         
ethical responsibilities
26. Firms using this generic strategy attempt to build customer loyalty by stressing a specific product attribute above other product qualities.      
Cost leadership       
Concentrated growth         
Focus
Differentiation
27. 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
28. 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         
Diversification         
Preferencing
29. 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.      
Internal analysis     
Value chain analysis         
External analysis    
SWOT analysis
30. 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 4 - analyzing the information         
Step 5 - drafting the report
Step 1 - defining the problem
Step 2 - developing the research plan