Question 1

In the context of the innovation matrix, decisions taken at the _____ level implement changes that use existing assets to provide added convenience to existing customers, and potentially entice customers from other brands.

Accepted Answer

A)  divestment
B)  diversification
C)  adjacent innovation
D)  core innovationE) A) and B)
F) A) and C)

Question 2

Unlike an operating decision, a strategic decision probably will not have a big impact on the long-run profitability of a company.

Accepted Answer

A) True 
 B)False

Question 3

Unlike a cost competitive advantage, a sustainable competitive advantage:

Accepted Answer

A)  is not attractive because of its durability.
B)  cannot be copied by the competition.
C)  lowers costs by removing frills.
D)  does not offer any low-priced products.E) A) and C)
F) A) and D)

Question 4

According to the General Electric model for strategic alternatives, conditions that have low overall attractiveness are the best candidates for investment.

Accepted Answer

A) True 
 B)False

Question 5

Discuss the process of market opportunity analysis.

Accepted Answer

Answers will vary. The target market str...

Question 6

Varion Air, an airline company, is providing promotional offers to mark its first anniversary. Its customers will be given a complimentary air ticket on the purchase of three business class tickets. In this case, which of the following is true of its promotional strategy?

Accepted Answer

A)  It will satisfy the flyers and not the management of Varion Air.
B)  It may not be effective because promotion does not apply to services.
C)  It may increase the sales of Varion Air.
D)  It will work independently of the other three elements of the marketing mix.E) B) and C)
F) B) and D)

Question 7

_____ tells us that costs decline at a predictable rate as experience with a product increases.

Accepted Answer

A)  A market opportunity analysis (MO
A)  
B)  An experience curve
C)  Marketing myopia
D)  Ansoff's strategic opportunity matrixE) A) and D)
F) None of the above

Question 8

In a target market strategy, identifying the market segment or segments begins with a market opportunity analysis (MOA).

Accepted Answer

A) True 
 B)False

Question 9

In terms of effect strategic planning, managers should refrain from establishing new strategies.

Accepted Answer

A) True 
 B)False

Question 10

Nessca Inc. is a pharmaceutical company. It follows a target market strategy because its products are designed to suit the needs of a group of people with similar characteristics. In this case, which of the following market segments can be targeted by Nessca Inc.?

Accepted Answer

A)  A group of individuals who are diabetic
B)  A group of individuals who work in the same organization
C)  A group of individuals who are working professionals
D)  A group of individuals who reside in the same residential areaE) A) and C)
F) A) and D)

Question 11

The key to having a sustainable competitive advantage is having a product that can be imitated by a competitor.

Accepted Answer

A) True 
 B)False

Question 12

A marketing mix typically involves:

Accepted Answer

A)  distribution strategies.
B)  divestiture strategies.
C)  restrictive covenants.
D)  federal regulations.E) B) and D)
F) None of the above

Question 13

Defining a business in terms of goods and services rather than in terms of the benefits customers seek is called _____.

Accepted Answer

A)  marketing myopia
B)  marketing inertia
C)  marketing dissonance
D)  marketing blockageE) None of the above
F) A) and B)

Question 14

A premise of the Boston Consulting Group model states that:

Accepted Answer

A)  diversification strategies can be risky when firms enter unfamiliar markets even with little or no competition in those markets segments.
B)  the cash generated from cash cows should be allotted to question marks and dogs instead of stars.
C)  management must find a balance among the SBUs that yields the overall organization's desired growth and profits with an acceptable level of risk.
D)  companies must rely on new, unfamiliar assets to develop the type of breakthrough decisions that would determine their sustainability in the future.E) A) and B)
F) All of the above

Question 15

Apcon Mobiles Inc. is a popular cell phone manufacturing company. To acquire new customers, it decides to launch its own SIM cards in highly competitive new markets. According to Ansoff's strategic opportunity matrix, which of the following is true of Apcon Mobiles Inc.?

Accepted Answer

A)  Apcon Mobiles Inc.'s entry into new markets is likely to be risky.
B)  Apcon Mobiles Inc.follows a product development strategy.
C)  Apcon Mobiles Inc.'s follows a market penetration strategy.
D)  Apcon Mobiles Inc.'s entry into new markets is likely to be successful.E) A) and B)
F) None of the above

Question 16

In the context of following up on a marketing plan, _____ entails gauging the extent to which marketing objectives have been achieved during the specified time period.

Accepted Answer

A)  implementation
B)  control
C)  evaluation
D)  environmental scanningE) A) and D)
F) C) and D)

Question 17

Which of the following should be the main focus of marketers in accordance with distribution strategies?

Accepted Answer

A)  Market segments to be targeted
B)  Medium to be used for advertising
C)  Products to be manufactured
D)  Physical locations of productsE) C) and D)
F) B) and D)

Question 18

In the context of a marketing mix, which of the following statements is true of a product?

Accepted Answer

A)  The heart of a marketing mix is the product offering and product strategy.
B)  A buyer must give up the need for a product in order to obtain its benefit.
C)  A product includes all the business activities concerned with storing and transporting raw materials.
D)  Products are often the most flexible in a marketing mix- the quickest elements to change.E) B) and D)
F) B) and C)

Question 19

Explain how a business mission has to be defined.

Accepted Answer

Answers will vary. The foundation of any...

Question 20

Adjacent innovation involves decisions that result in brand-new markets, products, and often new businesses by relying on new, unfamiliar assets to develop the type of breakthrough decisions that fall in this category.

Accepted Answer

A) True 
 B)False

Exam 2: Strategic Planning for Competitive Advantage

In the context of the innovation matrix, decisions taken at the _____ level implement changes that use existing assets to provide added convenience to existing customers, and potentially entice customers from other brands.

Correct AnswerverifiedShow Answer

A marketing mix typically involves:

Correct AnswerverifiedShow Answer

The key to having a sustainable competitive advantage is having a product that can be imitated by a competitor.

Correct AnswerverifiedShow Answer

Unlike a cost competitive advantage, a sustainable competitive advantage:

Correct AnswerverifiedShow Answer

Discuss the process of market opportunity analysis.

Correct AnswerverifiedAnswers will vary. The target market str...View AnswerShow Answer

Defining a business in terms of goods and services rather than in terms of the benefits customers seek is called _____.

Correct AnswerverifiedShow Answer

In the context of a marketing mix, which of the following statements is true of a product?

Correct AnswerverifiedShow Answer

_____ tells us that costs decline at a predictable rate as experience with a product increases.

Correct AnswerverifiedShow Answer

In a target market strategy, identifying the market segment or segments begins with a market opportunity analysis (MOA).

Correct AnswerverifiedShow Answer

In terms of effect strategic planning, managers should refrain from establishing new strategies.

Correct AnswerverifiedShow Answer

Varion Air, an airline company, is providing promotional offers to mark its first anniversary. Its customers will be given a complimentary air ticket on the purchase of three business class tickets. In this case, which of the following is true of its promotional strategy?

Correct AnswerverifiedShow Answer

According to the General Electric model for strategic alternatives, conditions that have low overall attractiveness are the best candidates for investment.

Correct AnswerverifiedShow Answer

In the context of following up on a marketing plan, _____ entails gauging the extent to which marketing objectives have been achieved during the specified time period.

Correct AnswerverifiedShow Answer

Nessca Inc. is a pharmaceutical company. It follows a target market strategy because its products are designed to suit the needs of a group of people with similar characteristics. In this case, which of the following market segments can be targeted by Nessca Inc.?

Correct AnswerverifiedShow Answer

Which of the following should be the main focus of marketers in accordance with distribution strategies?

Correct AnswerverifiedShow Answer

A premise of the Boston Consulting Group model states that:

Correct AnswerverifiedShow Answer

Apcon Mobiles Inc. is a popular cell phone manufacturing company. To acquire new customers, it decides to launch its own SIM cards in highly competitive new markets. According to Ansoff's strategic opportunity matrix, which of the following is true of Apcon Mobiles Inc.?

Correct AnswerverifiedShow Answer

Adjacent innovation involves decisions that result in brand-new markets, products, and often new businesses by relying on new, unfamiliar assets to develop the type of breakthrough decisions that fall in this category.

Correct AnswerverifiedShow Answer

Unlike an operating decision, a strategic decision probably will not have a big impact on the long-run profitability of a company.

Correct AnswerverifiedShow Answer

Explain how a business mission has to be defined.

Correct AnswerverifiedAnswers will vary. The foundation of any...View AnswerShow Answer

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Answers will vary. The foundation of any...
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