Deck 1: Market-Oriented Perspectives Underlie Successful Corporate, Business and Marketing Strategies

Question 1

What question needs to be specifically addressed while developing a business strategy?

A)What business are we in?
B)What business should we be in?
C)What portion of our total resources should we devote to each business to achieve overall goals and objectives?
D)What distinctive competencies can give the business unit a competitive advantage?

Answer 1

D

Question 2

Changes in the environment that are rapidly altering the way marketing strategies are planned include the following:

A)globalisation and Americanisation
B)globalisation and information technology
C)globalisation and terrorism
D)globalisation and the ageing workforce

Answer 2

B

Question 3

A distinct subset of people with similar needs, circumstances and characteristics that lead them to respond in a similar way to a particular product or service offering is known as a:

A)market segment
B)target market
C)penetrated market
D)marketing mix

Answer 3

A

Question 4

What component of strategy involves detailing the desired levels of accomplishment on one or more performance dimension over specified time periods for the organisation as a whole?

A)scope of an organisation
B)resource deployments
C)identifying a sustainable competitive advantage
D)goals and objectives of an organisation

Question 5

Which of the following is considered an important tool for communicating and coordinating expectations and responsibilities throughout the firm?

A)value statement
B)written marketing plan
C)detailed market analysis
D)positioning statement

Question 6

What characterises a market-oriented organisation?

A)narrow product lines
B)packaging designed for customer convenience
C)technical research and focus on cost cutting in the production process
D)emphasis on product features, quality and price

Question 7

Why are early entrants into newly emerging industries, particularly industries based on new technologies, especially likely to be internally focused and not very market-oriented?

A)strong competition during the formative years
B)rapid growth in demand for the new product
C)customer demand less than available supply
D)resource constraints rarely an immediate threat to survival

Question 8

Dell attempted to maintain its long-standing low-cost position by reducing the number of technicians in its customer call centres.As a result, an increasing number of customers spent 30 minutes or more on hold before they found a technician to solve their problem.This affected Dell's customer satisfaction rating in the United States and its sales and profit growth stagnated.This scenario highlights:

A)the increased importance of service
B)strategic inertia
C)the company's market-orientation focus
D)the impact of information technology

Question 9

Which level of strategy provides direction on the company's mission, the kinds of businesses it should be in and its growth policies?

A)business-level strategy
B)corporate strategy
C)marketing strategy
D)service strategy

Question 10

Identify the incorrect statement concerning services.

A)Services are the fastest-growing sector of developed economies.
B)Good services improve customer loyalty over the long term.
C)The intangible nature of services creates unique challenges for marketers.
D)Efficient services are always tied to a physical product.

Question 11

E-tailers such as Amazon and iTunes are examples of firms in this e-commerce category:

A)business-to-business
B)consumer-to-business
C)business-to-consumer
D)consumer-to-consumer

Question 12

The tendency for firms to automatically continue strategies that were successful in the past, even though current market conditions are changing, is referred to as:

A)marketing myopia
B)strategic inertia
C)cognitive dissonance
D)law of probability

Question 13

Marketers have identified 4Cs critical to a good strategic marketing plan.Which of the following is not one among them?

A)company
B)context
C)contacts
D)customers

Question 14

Research indicates that the general influence of marketing managers on higher-level strategic decisions has:

A)remained negligible in comparison to managers from other departments such as finance and operations
B)been welcomed by governments as a move toward greater market efficiency
C)increased significantly in recent years and is particularly noticeable in countries like the US
D)increased significantly in recent years and is particularly noticeable in countries like Germany

Question 15

Product-oriented firms:

A)are primarily concerned with the marketing concept
B)are likely to be internally focused
C)have broad product lines
D)consider credit a customer service

Question 16

Which of the following approaches characterises a production-oriented organisation?

A)pricing based on perceived benefits provided
B)applying new technology to satisfy customer needs
C)company makes what can be sold
D)primary focus on functional performance and cost

Question 17

Which of the following falls within the scope of corporate strategy?

A)target market definition
B)vertical integration
C)branding policies
D)line extension

Question 18

Which observation concerning market-oriented firms is incorrect?

A)They are characterised by a consistent focus on customers' needs by personnel in all departments.
B)They adapt product offerings to the special needs of different target markets.
C)They are slower and less willing to adapt products and functional programs to fit environmental changes.
D)They adopt a variety of organisational procedures to improve the responsiveness of decision-making.

Question 19

The marketing concept was originally developed by:

A)Motorola
B)Philip Kotler
C)The American Marketing Association
D)General Electric

Question 20

What is the primary focus of marketing strategy?

A)decisions about the organisation's scope and resource deployments across divisions
B)effective allocation and coordination of resources to meet organisational objectives within a specific product-market
C)addressing which competitive advantage best matches the needs and wants of the customers in the target segment
D)how a business unit competes within its industry

Question 21

What is a marketing plan? Explain its importance.

Question 22

The five components of strategy are scope, goals and objectives, resource deployments, identification of a sustainable competitive advantage and systems.

Question 23

Planning and executing a marketing strategy involves many interrelated decisions about what to do, when to do it and how.

Question 24

Spending more on selling efforts usually creates a sustainable competitive advantage.

Question 25

When Eric Kim joined the global marketing team at Samsung, he quickly recognised the importance of service training for all employees and initiated a process of total quality management, whereby all departments received extensive training in quality assurance.

Question 26

Market orientation should generally be the main goal for organisations because:

A)once you achieve market orientation, no other competitor can also become market-oriented
B)market orientation generally provides superior performance
C)market orientation protects against imports
D)market orientation makes advertising your products cheaper

Question 27

Current trends indicate that in the future, the most important task for strategic marketing is the creation of effective advertising and promotion campaigns to reach customers in global markets.

Question 28

A marketing plan is vital for an organisation as the plan can be regarded as:

A)protection against competitors
B)a blueprint for action
C)a standard practice and procedure
D)a document to show customers

Question 29

What is the primary focus of marketing-level strategies? What critical issues do they focus on?

Question 30

What are the major parts to a marketing plan?

A)assessment of current situation, strategy for coming period, financial and resource implications
B)executive summary, SWOT, competitor analysis
C)assessment of current situation, product development, competitor analysis
D)executive summary, market audit, controls

Question 31

When analysing available market opportunities, managers must always consider price as being the key attribute for positioning a product or service in the minds of customers in the target market segment.

Question 32

The primary strategic responsibility of any manager is to continuously monitor the performance of market competitors.