STR 581 Capstone Final Examination, Part Three
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
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581 Capstone Final Examination, Part Three
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
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5. A firm must know
where to position its product based 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
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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
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581 Capstone Final Examination, Part Two
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
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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
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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
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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
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581 Capstone Final Examination, Part Two
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
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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’s
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
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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
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