Question 1

Give an account of the barriers that affect the market learning processes.

Accepted Answer

In some situations learning processes may be ineffective.If managers do not understand or accept the value of new information and insight from the marketplace,they are likely to maintain existing perspectives and reject new ones.Rigid organizational structures and inflexible information systems may stand in the way of learning and knowledge sharing in an organization.Political interests may defend the status quo,or the pressure of existing business operations may block the capacity of managers to take on new ideas.While investment in market sensing and learning process is mandated by both market orientation and the speed of market change,it is important to recognize that making these processes effective may require decisive management action to address organizational barriers.Learning and knowledge creation disrupt existing business models and open the way to new ones.

Question 2

_____ is "the systematic gathering,recording,processing,and analyzing of marketing data,which-when interpreted-will help the marketing executive to uncover opportunities and to reduce risks in decision making."

Accepted Answer

A)   Marketing research
B)   Systemic marketing
C)   Marginal analysis
D)   Market segmentation A

Question 3

The markets are best understood if the firm has a fixed view on what information will influence the firm.

Accepted Answer

A) True 
 B)False  False

Question 4

_____ is both a culture and a process that consists of information acquisition,broad information dissemination,and shared diagnosis leading to coordinated action.

Accepted Answer

A)   Market liquidity
B)   Market valuation
C)   Market capitalization
D)   Market orientation

Question 5

List the market-sensing processes used by market-driven companies.

Accepted Answer

The answer of  List the market-sensing processes used by market-driven...

Question 6

The market sensing process of _____ includes building a culture and process around continuous curiosity and new ideas.

Accepted Answer

A)   scanning the periphery of the market
B)   encouraging experimentation
C)   listening to front-line employees
D)   searching for latent customer needs

Question 7

Market-driven organizations are primarily interested in static events,rather than factors that cause change,in the markets.

Accepted Answer

A) True 
 B)False

Question 8

Market orientation is both a culture and a process committed to achieving superior supplier value.

Accepted Answer

A) True 
 B)False

Question 9

Investments in enhancing and shaping interpretation may create a more durable competitive advantage than investments in obtaining additional information.

Accepted Answer

A) True 
 B)False

Question 10

Market-oriented firms emphasize enhanced operating efficiency and reduced costs through automating information processing.

Accepted Answer

A) True 
 B)False

Question 11

Strategic _____ refers to a firm's capability to consistently identify and seize opportunities more quickly and effectively than rivals.

Accepted Answer

A)   alliance
B)   agility
C)   stock
D)   equity

Question 12

A _____ provides raw data to decision makers throughout a firm.

Accepted Answer

A)   marketing decision-support system
B)   marketing information system
C)   management information system
D)   market function team

Question 13

_____ is the part of the learning process of market-oriented companies that emphasizes the importance of keeping and valuing prior information.

Accepted Answer

A)   Objective inquiry
B)   Information distribution for synergy
C)   Mutually informed interpretations
D)   Accessible memory

Question 14

Which of the following activities is to be avoided when engaging in the process of market learning?

Accepted Answer

A)   Searching for new ideas without a fixed view
B)   Interpreting collected information based on managers' views
C)   Bundling information based on specific business functions
D)   Accessing prior information

Question 15

What are the activities included in the learning processes of market-oriented companies?

Accepted Answer

The answer of What are the activities included in the...

Question 16

Which of the following learning process activities involves matching the vision of executives,like managers,to the information collected?

Accepted Answer

A)   Mutually informed interpretations
B)   Information distribution for synergy
C)   Accessible memory
D)   Objective inquiry

Question 17

Knowledge intensity identifies both market risk and new opportunities for growth.

Accepted Answer

A) True 
 B)False

Question 18

Which of the following organizational scanning initiatives would require the use of external consultants for fresh perspectives on the business to be incorporated in strategic decision making?

Accepted Answer

A)   Using existing functional groups
B)   Outsourcing
C)   Creating ad hoc issue groups
D)   Establishing a high-level lookout team

Question 19

Megagro,a groceries retail chain,demonstrated the market sensing process of _____ when it hired researchers to survey the refrigerator contents and lifestyles of 90 families-checking average family size,gross family income,what the families ate for breakfast,and how often they shopped for groceries.

Accepted Answer

A)   scanning the periphery of the market
B)   encouraging experimentation
C)   searching for latent customer needs 
D)   analyzing competitors' actions

Question 20

_____ integrates data that are not easily found,assimilated,formatted or readily manipulated with software and hardware into a decision-making process that provides the marketing decision maker with assistance when needed.

Accepted Answer

A)   Market sensing
B)   Management information system
C)   Marketing information system
D)   Marketing decision-support system

Exam 5: Capabilities for Learning About Customers and Markets

Give an account of the barriers that affect the market learning processes.

_____ is "the systematic gathering,recording,processing,and analyzing of marketing data,which-when interpreted-will help the marketing executive to uncover opportunities and to reduce risks in decision making."

The markets are best understood if the firm has a fixed view on what information will influence the firm.

_____ is both a culture and a process that consists of information acquisition,broad information dissemination,and shared diagnosis leading to coordinated action.

List the market-sensing processes used by market-driven companies.

The market sensing process of _____ includes building a culture and process around continuous curiosity and new ideas.

Market-driven organizations are primarily interested in static events,rather than factors that cause change,in the markets.

Market orientation is both a culture and a process committed to achieving superior supplier value.

Investments in enhancing and shaping interpretation may create a more durable competitive advantage than investments in obtaining additional information.

Market-oriented firms emphasize enhanced operating efficiency and reduced costs through automating information processing.

Strategic _____ refers to a firm's capability to consistently identify and seize opportunities more quickly and effectively than rivals.

A _____ provides raw data to decision makers throughout a firm.

_____ is the part of the learning process of market-oriented companies that emphasizes the importance of keeping and valuing prior information.

Which of the following activities is to be avoided when engaging in the process of market learning?

What are the activities included in the learning processes of market-oriented companies?

Which of the following learning process activities involves matching the vision of executives,like managers,to the information collected?

Knowledge intensity identifies both market risk and new opportunities for growth.

Which of the following organizational scanning initiatives would require the use of external consultants for fresh perspectives on the business to be incorporated in strategic decision making?

_____ integrates data that are not easily found,assimilated,formatted or readily manipulated with software and hardware into a decision-making process that provides the marketing decision maker with assistance when needed.