STR581 Week-6 Final Exam (Score 100%)

Question1. With ________ as a target market strategy, the firm concentrates on serving many needs of a particular customer group.market specializationselective specializationproduct specializationsingle-segment concentration2. Which control should periodically reassess its approach to the marketplace with a good marketing audit?Marketing controlEthical controlStrategic controlPerformance control3. 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.BroadeningDifferentiationPreferencingDiversification4. Under which of the following conditions is the frequency the most important factor in media selection?When introducing flanker brandsWhen launching infrequently purchased brandsWhen going into undefined target marketsWhen there is high consumer resistance to the product5. The ability to meet humanity’s needs without harming future generations is now a top priority in most corporate agendarulesethicssustainabilityrighteousness6. Large-scale, future-oriented plans for interacting with the competitive environment to achieve the company objective refers to itscompetitive analysisstrategygoalsdynamic policies7. 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 analysisExternal analysisValue chain analysisInternal analysis8. 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 factorSocial factorStakeholder factorEconomic factor9. 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 validImplementation controlStrategic surveillancePremise controlSpecial alert control11. A valuable result of task environment analysis with respect to geographic, demographic, psychographic and buyer-behavior factors is calledvendor profilecustomer profilecompetitor profilefinancial position12. Leaders galvanize commitment to embrace change through clarifying strategic intent, building an organization, andplanning strategydeveloping a missionshaping organizational culturedeveloping a vision13. 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.DisaggregatingBenchmarkingPast performance comparisonIndustry comparison14. What type of strategy consists of geographical pricing, price discounts and allowances, promotional pricing, and differentiated pricing?Fixed pricingAltered pricingPrice adaptationRegular prices15. 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 planStep 4 – analyzing the informationStep 5 – drafting the reportStep 1 – defining the problem16. 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 benefitTotal management benefitComplete marketing benefitUltimate service benefit18. Firms using this generic strategy attempt to build customer loyalty by stressing a specific product attribute above other product qualities.DifferentiationCost leadershipFocusConcentrated growth19. 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 leadershipOperational excellenceProduct leadershipCustomer intimacy20. New-to-the-world products are ________.existing products that are targeted to new geographical marketsnew products that create an entirely new marketnew product enhancements that supplement established productslow-cost products designed to obtain an edge in highly competitive markets21. A firm must know where to position its product based on price andcommunicationqualitypromotional effortsregion22. 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.switchershard-core loyalsshifting loyalssplit loyals23. Which component of a marketing audit includes major developments in income, prices, savings, and credit that affect the company?EconomicCulturalPoliticalTechnological24. When diversification involves additions of a business related to the firm in terms of technology, markets or products, it involveshorizontal integrationconcentric diversificationvertical diversificationconcentrated growth25. 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 estimationbrand associationmarket valuationmarket partitioning26. __________ social responsibilities are voluntarily assumed by a business or organization, and include public relations activities, good citizenship, and full corporate social responsibility.EmployeeDiscretionaryEconomicLegal27. 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 toagency theoryAdam’s theorythe moral hazard problemethical responsibilities28. 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 improvementtechnological improvementstyle improvementfeature improvement29. 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 missionbrand visionbrand personalitybrand slogan30. 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 analysisCompany analysisCompetitive analysisCustomer analysis