Question 1

In terms of SWOT analysis,when does a strength become a capability of the firm?

Accepted Answer

A)  when the strength can be tied to satisfying a customer need 
B)  when the strength cannot be copied by competitors 
C)  when the strength stands alone without any corresponding weaknesses 
D)  when the strength can be connected to a second strength 
E)  when the strength can be supported by sufficient resources 
A)  when the strength can be tied to satisfying a customer need 
B)  when the strength cannot be copied by competitors 
C)  when the strength stands alone without any corresponding weaknesses 
D)  when the strength can be connected to a second strength 
E)  when the strength can be supported by sufficient resources A

Question 2

With respect to the text's advice in conducting a SWOT analysis,which of the following best describes "Look for Causes,Not Characteristics"?

Accepted Answer

A)  Break down clichés into meaningful customer-oriented issues. 
B)  Refrain from conducting a single generic analysis for the entire organization. 
C)  Gauge the actual perceptions of customers that give rise to the firm's strengths and weaknesses. 
D)  Focus on the resources possessed by the firm and/or its competitors that are the true causes for the firm's strengths,weaknesses,opportunities,and threats. 
E)  Clearly differentiate internal issues from external issues. 
A)  Break down clichés into meaningful customer-oriented issues. 
B)  Refrain from conducting a single generic analysis for the entire organization. 
C)  Gauge the actual perceptions of customers that give rise to the firm's strengths and weaknesses. 
D)  Focus on the resources possessed by the firm and/or its competitors that are the true causes for the firm's strengths,weaknesses,opportunities,and threats. 
E)  Clearly differentiate internal issues from external issues. D

Question 3

__________ typically occur within the competitive,customer,economic,political/legal,technological,and/or sociocultural environments of the firm.

Accepted Answer

A)  Strengths and weaknesses 
B)  Strengths and opportunities 
C)  Opportunities and threats 
D)  Weaknesses and threats 
E)  Opportunities and weaknesses 
A)  Strengths and weaknesses 
B)  Strengths and opportunities 
C)  Opportunities and threats 
D)  Weaknesses and threats 
E)  Opportunities and weaknesses C

Question 4

In the marketing strategy for Amazon,the following statement appears: Our strategy is designed to increase the percentage of repeat customers from 80 percent to 85 percent in the next 12 months.This statement is an example of a:

Accepted Answer

A)  quantitative goal. 
B)  continuous objective. 
C)  procedural objective. 
D)  qualitative objective. 
E)  discontinuous objective. 
A)  quantitative goal. 
B)  continuous objective. 
C)  procedural objective. 
D)  qualitative objective. 
E)  discontinuous objective.

Question 5

May firms,like the Altria Group,focus on diversification in their marketing strategies because they possess:

Accepted Answer

A)  many internal strengths and many external opportunities. 
B)  many internal weaknesses and many external opportunities. 
C)  many internal strengths and few external opportunities. 
D)  many internal strengths and many external threats. 
E)  many internal weaknesses and many external threats. 
A)  many internal strengths and many external opportunities. 
B)  many internal weaknesses and many external opportunities. 
C)  many internal strengths and few external opportunities. 
D)  many internal strengths and many external threats. 
E)  many internal weaknesses and many external threats.

Question 6

Discuss the role of the strategy canvas and the four-actions framework in establishing a strategic focus for the firm's marketing strategy.Why are these approaches invaluable in today's highly competitive environment?

Accepted Answer

Establishing a solid strategic focus is

Question 7

To successfully utilize SWOT analysis as a catalyst for strategic planning,the marketing manager must focus on several important issues.Which of the following IS NOT one of these issues?

Accepted Answer

A)  The manager must look beyond the firm's current product offerings. 
B)  The manager must find ways to connect the firm's strengths to its opportunities. 
C)  The manager must strive to convert weaknesses into strengths. 
D)  The manager must attempt to minimize the firm's limitations. 
E)  The manager must find ways to transform key threats into strengths. 
A)  The manager must look beyond the firm's current product offerings. 
B)  The manager must find ways to connect the firm's strengths to its opportunities. 
C)  The manager must strive to convert weaknesses into strengths. 
D)  The manager must attempt to minimize the firm's limitations. 
E)  The manager must find ways to transform key threats into strengths.

Question 8

By focusing on efficiency of operations and processes,lower costs,and delivering good value,Southwest Airlines attempts to build a competitive advantage based on:

Accepted Answer

A)  production orientation. 
B)  customer intimacy. 
C)  process improvement. 
D)  operational excellence. 
E)  strategic efficiency. 
A)  production orientation. 
B)  customer intimacy. 
C)  process improvement. 
D)  operational excellence. 
E)  strategic efficiency.

Question 9

Marketing goals can be defined as:

Accepted Answer

A)  quantitative guidelines that help firms achieve desired results. 
B)  broad,qualitative statements of desired accomplishments. 
C)  performance process controls. 
D)  specifications by which performance will be assessed. 
E)  precise statements of desired accomplishments. 
A)  quantitative guidelines that help firms achieve desired results. 
B)  broad,qualitative statements of desired accomplishments. 
C)  performance process controls. 
D)  specifications by which performance will be assessed. 
E)  precise statements of desired accomplishments.

Question 10

With regard to Blue Ocean Strategy,the Four-Actions Framework is designed to challenge traditional assumptions about marketing strategy by asking four key questions.Which of the following IS NOT one of these questions?

Accepted Answer

A)  Which factors should be reduced well below the industry's standard? 
B)  Which factors should be raised well above the industry's standard? 
C)  Which factors should be created that the industry has never offered? 
D)  Which factors that the industry takes for granted should be eliminated? 
E)  Which factors used throughout the industry should be copied? 
A)  Which factors should be reduced well below the industry's standard? 
B)  Which factors should be raised well above the industry's standard? 
C)  Which factors should be created that the industry has never offered? 
D)  Which factors that the industry takes for granted should be eliminated? 
E)  Which factors used throughout the industry should be copied?

Question 11

Expansion and growth,with new products and new markets,are the keys to Google's __________ approach to marketing strategy.Google uses this approach because it possesses many different strengths that coincide with key market opportunities.

Accepted Answer

A)  defensive 
B)  focused 
C)  aggressive 
D)  proactive 
E)  diversified 
A)  defensive 
B)  focused 
C)  aggressive 
D)  proactive 
E)  diversified

Question 12

Identify and explain the major characteristics of marketing goals.

Accepted Answer

In developing goals for the marketing pl

Question 13

Discuss each of the three competitive advantage strategies (operational excellence,product leadership,customer intimacy)and explain why most firms pursue only one of these strategies.

Accepted Answer

In recent years,many successful firms ha

Question 14

In terms of setting goals and objectives,what is considered to be one of the major benefits gained from applying for the Malcolm Baldrige National Quality Award?

Accepted Answer

A)  It promotes the development of discontinuous objectives. 
B)  It helps the firm to set objectives that are difficult for competitors to copy. 
C)  It helps the firm to focus solely on customer requirements. 
D)  It promotes the development of goals that are consistent with the firm's mission. 
E)  It allows the firm the freedom to pursue other strategic initiatives. 
A)  It promotes the development of discontinuous objectives. 
B)  It helps the firm to set objectives that are difficult for competitors to copy. 
C)  It helps the firm to focus solely on customer requirements. 
D)  It promotes the development of goals that are consistent with the firm's mission. 
E)  It allows the firm the freedom to pursue other strategic initiatives.

Question 15

Why is it important that marketing goals involve some degree of intangibility?

Accepted Answer

A)  It makes it more difficult for competitors to determine the firm's marketing strategy. 
B)  It makes goals more consistent with the objectives that follow. 
C)  It makes goals easier to achieve. 
D)  It promotes learning by forcing employees to ask questions about the strategy. 
E)  It makes the goal more motivational and promotes continuous improvement 
A)  It makes it more difficult for competitors to determine the firm's marketing strategy. 
B)  It makes goals more consistent with the objectives that follow. 
C)  It makes goals easier to achieve. 
D)  It promotes learning by forcing employees to ask questions about the strategy. 
E)  It makes the goal more motivational and promotes continuous improvement

Question 16

Microsoft's Windows platform dominates the market for personal computer operating systems.By continuously upgrading and stretching the technology underlying its Windows system,Microsoft is pursuing a strategy of:

Accepted Answer

A)  customer intimacy. 
B)  product leadership. 
C)  operational excellence. 
D)  total quality management. 
E)  technological leadership. 
A)  customer intimacy. 
B)  product leadership. 
C)  operational excellence. 
D)  total quality management. 
E)  technological leadership.

Question 17

The overall concept or model that guides the firm as it weaves various marketing elements together into a coherent strategy is called its:

Accepted Answer

A)  marketing strategy. 
B)  operational focus. 
C)  strategic posture. 
D)  marketing thrust. 
E)  strategic focus. 
A)  marketing strategy. 
B)  operational focus. 
C)  strategic posture. 
D)  marketing thrust. 
E)  strategic focus.

Question 18

As a tool of Blue Ocean Strategy,the strategy canvas provides a way to visualize the firm's strategy relative to other firms in the industry.The central portion of the strategy canvas is the __________,or the graphic representation of the firm's relative performance across its industry's factors.

Accepted Answer

A)  value curve 
B)  strategy line 
C)  strategic focus 
D)  divergence curve 
E)  action diagram 
A)  value curve 
B)  strategy line 
C)  strategic focus 
D)  divergence curve 
E)  action diagram

Question 19

Identify and explain the major characteristics of marketing objectives.

Accepted Answer

Objectives provide specific and quantita

Question 20

Your supervisor repeatedly informs you that "Goals without objectives are essentially meaningless." What is the rationale for such a philosophy?

Accepted Answer

A)  Goals are necessary to provide specific benchmarks that are used to gauge performance. 
B)  Objectives provide a theoretical benchmark rather than a practical benchmark. 
C)  A goal is not a goal unless it contains one or more objectives. 
D)  Progress is impossible to track without measurable performance targets. 
E)  Objectives are necessary to provide qualitative benchmarks that are used to gauge performance. 
A)  Goals are necessary to provide specific benchmarks that are used to gauge performance. 
B)  Objectives provide a theoretical benchmark rather than a practical benchmark. 
C)  A goal is not a goal unless it contains one or more objectives. 
D)  Progress is impossible to track without measurable performance targets. 
E)  Objectives are necessary to provide qualitative benchmarks that are used to gauge performance.

In terms of SWOT analysis,when does a strength become a capability of the firm?

With respect to the text's advice in conducting a SWOT analysis,which of the following best describes "Look for Causes,Not Characteristics"?

__________ typically occur within the competitive,customer,economic,political/legal,technological,and/or sociocultural environments of the firm.

In the marketing strategy for Amazon,the following statement appears: Our strategy is designed to increase the percentage of repeat customers from 80 percent to 85 percent in the next 12 months.This statement is an example of a:

May firms,like the Altria Group,focus on diversification in their marketing strategies because they possess:

Discuss the role of the strategy canvas and the four-actions framework in establishing a strategic focus for the firm's marketing strategy.Why are these approaches invaluable in today's highly competitive environment?

To successfully utilize SWOT analysis as a catalyst for strategic planning,the marketing manager must focus on several important issues.Which of the following IS NOT one of these issues?

By focusing on efficiency of operations and processes,lower costs,and delivering good value,Southwest Airlines attempts to build a competitive advantage based on:

Marketing goals can be defined as:

With regard to Blue Ocean Strategy,the Four-Actions Framework is designed to challenge traditional assumptions about marketing strategy by asking four key questions.Which of the following IS NOT one of these questions?

Expansion and growth,with new products and new markets,are the keys to Google's __________ approach to marketing strategy.Google uses this approach because it possesses many different strengths that coincide with key market opportunities.

Identify and explain the major characteristics of marketing goals.

Discuss each of the three competitive advantage strategies (operational excellence,product leadership,customer intimacy)and explain why most firms pursue only one of these strategies.

In terms of setting goals and objectives,what is considered to be one of the major benefits gained from applying for the Malcolm Baldrige National Quality Award?

Why is it important that marketing goals involve some degree of intangibility?

Microsoft's Windows platform dominates the market for personal computer operating systems.By continuously upgrading and stretching the technology underlying its Windows system,Microsoft is pursuing a strategy of:

The overall concept or model that guides the firm as it weaves various marketing elements together into a coherent strategy is called its:

As a tool of Blue Ocean Strategy,the strategy canvas provides a way to visualize the firm's strategy relative to other firms in the industry.The central portion of the strategy canvas is the __________,or the graphic representation of the firm's relative performance across its industry's factors.

Identify and explain the major characteristics of marketing objectives.

Your supervisor repeatedly informs you that "Goals without objectives are essentially meaningless." What is the rationale for such a philosophy?

Marketing in Todays Economy

Strategic Marketing Planning

Collecting and Analyzing Marketing Information

Customers,segmentation,and Target Marketing

The Marketing Program

Branding and Positioning

Ethics and Social Responsibility in Marketing Strategy

Marketing Implementation and Control

Developing and Maintaining Long-Term Customer Relationships

Filters

Exam 4: Developing Competitive Advantage and Strategic Focus

In terms of SWOT analysis,when does a strength become a capability of the firm?

With respect to the text's advice in conducting a SWOT analysis,which of the following best describes "Look for Causes,Not Characteristics"?

__________ typically occur within the competitive,customer,economic,political/legal,technological,and/or sociocultural environments of the firm.

In the marketing strategy for Amazon,the following statement appears: Our strategy is designed to increase the percentage of repeat customers from 80 percent to 85 percent in the next 12 months.This statement is an example of a:

May firms,like the Altria Group,focus on diversification in their marketing strategies because they possess:

Discuss the role of the strategy canvas and the four-actions framework in establishing a strategic focus for the firm's marketing strategy.Why are these approaches invaluable in today's highly competitive environment?

To successfully utilize SWOT analysis as a catalyst for strategic planning,the marketing manager must focus on several important issues.Which of the following IS NOT one of these issues?

By focusing on efficiency of operations and processes,lower costs,and delivering good value,Southwest Airlines attempts to build a competitive advantage based on:

Marketing goals can be defined as:

With regard to Blue Ocean Strategy,the Four-Actions Framework is designed to challenge traditional assumptions about marketing strategy by asking four key questions.Which of the following IS NOT one of these questions?

Expansion and growth,with new products and new markets,are the keys to Google's __________ approach to marketing strategy.Google uses this approach because it possesses many different strengths that coincide with key market opportunities.

Identify and explain the major characteristics of marketing goals.

Discuss each of the three competitive advantage strategies (operational excellence,product leadership,customer intimacy)and explain why most firms pursue only one of these strategies.

In terms of setting goals and objectives,what is considered to be one of the major benefits gained from applying for the Malcolm Baldrige National Quality Award?

Why is it important that marketing goals involve some degree of intangibility?

Microsoft's Windows platform dominates the market for personal computer operating systems.By continuously upgrading and stretching the technology underlying its Windows system,Microsoft is pursuing a strategy of:

The overall concept or model that guides the firm as it weaves various marketing elements together into a coherent strategy is called its:

As a tool of Blue Ocean Strategy,the strategy canvas provides a way to visualize the firm's strategy relative to other firms in the industry.The central portion of the strategy canvas is the __________,or the graphic representation of the firm's relative performance across its industry's factors.

Identify and explain the major characteristics of marketing objectives.

Your supervisor repeatedly informs you that "Goals without objectives are essentially meaningless." What is the rationale for such a philosophy?

Marketing in Todays Economy

Strategic Marketing Planning

Collecting and Analyzing Marketing Information

Customers,segmentation,and Target Marketing

The Marketing Program

Branding and Positioning

Ethics and Social Responsibility in Marketing Strategy

Marketing Implementation and Control

Developing and Maintaining Long-Term Customer Relationships

Filters