Flashcards and Answers – Chapter 1 Learn Smart

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Which of the following are the three levels of strategy in organizations a) board of directors, strategic business unit, functional b) board of directors, corporate, and strategic business unit c) corporate, strategic business unit, and functional d) board of directors, corporate, and functional
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c
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Which two of the following are the elements that define and organizations direction a) organizational strategies b) specific goals c) organizational culture d) the business it is in
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b d
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a statement of an accomplishment of a task to be achieved, often by a specific time is known as an
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objective
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Which of the following are NOT part of the implementation phase of the strategic marketing process a) executing the marketing program b) comparing results to plans c) setting marketing and product goals d) defining tasks, responsibilities, and deadlines
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b c
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Organizational ________ is defined as a set of values, ideas, attitudes, and norms of behavior that is learned and shared among the members of an organization
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culture
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An organization sets its ________ in terms of the business it is in and its specific goals
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direction
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A marketing metric is a _______ of the quantitative value or trend or a marketing activity or result
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measure
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Obtaining resources and developing planning schedules are part of which phase in the strategic marketing process a) evaluation b) differentiation c) implementation d) planning
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c
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A _______ statement describes an organization’s function in society and often identifies its customers and products
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mission
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Business portfolio analysis and diversification analysis help and organization to answer what important strategic question a) where do competitors operate b) where do we want to go for growth c) where can we find new products d) what product characteristics indicate success
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b
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Which of the following are true of portfolio analysis a) management develops the marketing mix for each SBU b) management allocates its resources to products with the greatest potential to be profitable c) management evaluates the firm’s various products and businesses d) firms typically perform it at the SBU or product line level at firms
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b c d
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The clear broad, underlying industry category or market sector of an organization’s offerings defines its a) shareholders b) business c) objective d) culture
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b
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A visionary organization’s core values, ______, and organization culture make up its foundation
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mission
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The marketing department is part of the ________ level, in terms of strategy within an organization
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functional
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The primary difference between a business firm and a nonprofit organization is that a a) business serves its customers in order to earn a profit b) nonprofit organization exists only as a charity c) nonprofit organization takes no risks d) business has a board of directors
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a
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In searching for growth opportunities, organizations using diversification analysis consider both current and new options for which of the following a) portfolios b) products c) markets d) metrics
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b c
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In ________ analysis, management evaluates the firm’s various products and businesses, and then allocates resources according to potential profit outlook a) portfolio b) operations c) contingency d) pricing
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a
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A marketing ________ is the visual computer display of the essential information related to achieving a marketing objective
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dashboard
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Which step of the planning phase of the strategic marketing process involves developing a plan for how to satisfy customer needs, while the who and what aspects had been determined previously a) situation analysis b) goal setting c) marketing program d) evaluation
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c
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Performing SWOT analysis, setting market and product goals, and developing a marketing program are all steps in the _______ phase of the strategic marketing process a) implementation b) planning c) development d) evaluation
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b
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Which of the following are part of the implementation phase of the strategic marketing process a) comparing results with plans b) designing the marketing organization c) developing a SWOT analysis d) obtaining results
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b d
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An organization’s ________ are the fundamental, passionate, and enduring principles that guide its conduct over time a) core values b) foundations c) objectives d) missions
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a
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A marketing ______ is the means by which a marketing goal is to be achieved, whereas marketing ________ are detailed day-to-day operational decisions essential to the success of the former
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strategy tactics
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If you develop a desire for a product that does not exist yet in the marketplace, this would be an unsatisfied _____, one of the conditions required for marketing to occur
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need
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Obtaining resources and developing planning schedules are part of which phase in the strategic marketing process a) differentiation b) evaluation c) implementation d) planning
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c
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Which two of the following are the elements that define an organization’s direction? a) organizational culture b) specific goals c) the business it is in d) organization strategies
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b c
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The marketing department is part of the _______ level, in terms of strategy within an organization
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functional
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In _______ analysis, management evaluates the firm’s various products and businesses, and then allocates resources according to potential profit outlook a) operations b) pricing c) portfolio d) contingency
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c
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What is the final step in the planning phase of the strategic marketing process? a) situational analysis b) market product focus c) goal setting d) the marketing program
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d
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______ is the money left over after a business firm’s total expenses are subtracted from its total revenues and is the reward for the risk it undertakes in marketing its offerings
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profit
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Which of the following are part of the implementation phase of the strategic marketing process a) developing a SWOT analysis b) obtaining resources c) designing the marketing organization d) comparing results with plans
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b c
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Which of the following are true regarding market share? a) it represents the profitability of a specific market in which the product competes b) it is the percentage of sales of an industry accounted for by a specific firm c) it is a SBU d) it may need to be increased, even at the expense of profit, if industry status or prestige is at stake
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b d
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For an organization, _______ may vary both by level and by offering
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strategies
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Identifying one’s competencies, customers, and competitors helps an organization answer what important question in setting a strategic direction? a) how should we change b) where are we now c) what is our biggest business opportunity d) where do we want to go
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b
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An organization’s core ________ are its special capabilities, including skills, technologies and resources that distinguish it from other organizations and provide value to its customers
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competencies
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Which of the following are true regarding SBU? a) it stands for strategic business unit b) firms with a single business focus may no have SBUs c) it is the same thing as portfolio analysis d) managers of an SBU set specific strategic direction
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a b d
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A company that has a unique strength relative to competitors, often based on quality, time, cost or innovation, has a) benchmarking capability b) operational excellence c) a competitive advantage d) superior service
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c
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A strategy a) is a day to day blueprint for an organization b) is an organization’s long term course of action allowing it to achieve its goals c) is the same thing as competitive advantage d) allows marketers to understand how forces in the environment will impact their plan
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b
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Which of the following are appropriate responses when a deviation is identified in the evaluation phase of the strategic marketing process a) exploit a positive deviation b) revise organizational values c) change measurement criteria d) correct a negative deviation
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a d
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Organizations that develop similar offerings, when grouped together, create an ________
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industry
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The overall strategy for the entire organization is set at the a) functional level b) corporate level c) strategic business unit level
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b
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Which of the following are NOT part of the implementation phase of the strategic marketing process a) comparing results to plans b) defining tasks, responsibilities, and deadlines c) executing the marketing program d) setting marketing and product goals
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a d
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Points of _____ are characteristics of a product that make it superior to competitive substitutes
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difference
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A __________ is a subsidiary, division, or unit of an organization that markets a set of related offerings to a clearly defined group of customers a) SBU b) cross functional team c) market segment d) marketing department
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a
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A marketing plan is a road map for marketing actions for a) a maximization of unit sales b) a future time period c) executive personel in all disciplines d) the redirection of corporate strategy
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b
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_____________ pertain to favorable aspects of the external environment
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opportunities
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International expansion is riskier than domestic expansion because of differences in which of the following a) governmental regulations b) cultural traditions c) life expectancy d) language
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a b d
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Which of the following in NOT an example of a firm’s strengths a) an untapped overseas market b) a reputation for social responsibility c) a well known brand name d) a large market share
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a
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A diversification strategy, one of four possible market product strategies included in diversification analysis, introduces a ______ product to a _____ market a) current, current b) new, new c) new, current d) current, new
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b
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Which step of the planning phase of the strategic marketing process involves developing a plan for how to satisfy customer needs, while the who and what aspects had been determined previously a) marketing program b) goal setting c) evaluation d) situation analysis
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a
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Businesses can pursue several different types of ______ that they would like to achieve, such as those pertaining to market share, quality, or customer satisfaction
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goals
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The Business Portfolio Analysis a) requires calculations of market growth rate and relative market share b) is applied by classifying a firm’s products or services into a four quadrant matrix c) is an easy tool to use because the information is readily available and simple to incorporate into the model d) helps firms determine whether they should withdraw resources from and eventually phase out products
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a b d
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For an organization performing a SWOT analysis, a threat is which of the following a) unfavorable b) internal c) external d) favorable
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a c
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The _____ is the difference between the projection of the path to reach a new sales revenue goal and the projection path of a plan already in place
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planning gap
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Obtaining resources are developing planning schedules are part of which phase in the strategic marketing process a) evaluation b) implementation c) differentiation d) planning
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implementation
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Among the four growth opportunities in diversification analysis, which is the most risky a) market penetration b) market development c) diversification d) product development
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c
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To what does opportunity refer in SWOT analysis a) favorable aspects of the external environment b) unfavorable aspects of the external environment c) favorable internal attributes of a firm d) unfavorable internal attributes of a firm
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a
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Recently, organizations such as Ben and Jerry’s have added an element to their mission statements to reflect what? a) strategy for developing a superior marketing plan b) a simplified way to increase profits c) an ideal that is is morally right and worthwhile d) direct measures for desired level of income
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c
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A market penetration strategy attempts to increase sales of present products among a) new market segments b) previously unaware consumers c) existing customers d) those who were not previously considered part of the market
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c
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Inexperienced managers would be considered what in SWOT analysis a) opportunity b) threat c) weakness d) strength
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c
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______ refer to the favorable internal attributes of the firm a) threats b) strengths c) opportunities d) weaknesses
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b
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Which of the following is essential to recognize when determining organizational strategy a) strategy must be derived from recently proven marketing tactics b) strategy depends on and is limited only by financial resources c) an organization has limited resources which must be focused on achieving goals d) a strategy that reaches more people with more products is always preferable for the marketer
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c
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A small group of people from different departments who are mutually accountable to accomplish a task or common goals is known as a a) cross functional team b) board of directors c) strategy group d) SBU
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a

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