Deck 3: Situation Assessment - the Company

Question 1

According to ________,firms benefit from considering the interests of employees,customers,vendors,and other parties.

A) shareholder theory
B) strategic marketing theory
C) stakeholder theory
D) triple bottom line theory

Answer 1

C

Question 2

Henry Ford,the founder of Ford Motor Company,was sued by his shareholders for ________.

A) using dividend payments to hire more workers
B) distributing bonuses to long-term employees
C) failing to reduce manufacturing expenses
D) supporting controversial organizations

Answer 2

A

Question 3

According to ________,the social responsibility of business is to increase its profits.

A) Henry Ford
B) Adam Smith
C) John Stuart Mill
D) Milton Freedman

Answer 3

D

Question 4

SMART is a mnemonic device for ________.

A) determining strengths and weaknesses
B) analyzing external environments
C) evaluating customer satisfaction
D) assessing marketing objectives

Question 5

Competitive advantages are best defined as the ________.

A) strengths and weaknesses of a firm
B) unique skills of a firm's employees
C) technology developed by a firm
D) improvements made by a firm

Question 6

Which of the following provides an answer to these questions: What is our business? Why does our business exist? What are our values? What does our business intend to become?

A) functional strategy
B) operational strategy
C) business portfolio
D) mission statement

Question 7

The triple bottom line is best defined as a(n)________.

A) metric used to evaluate new and current employees
B) accounting database used by globalized firms of all sizes
C) assessment system for financial and nonfinancial outcomes
D) designation assigned to firms exhibiting corporate social responsibility

Question 8

According to the work of Bob Willard and John Elkington,firms that engage in socially responsible activities are LEAST likely to experience ________.

A) increased retention rates for top talent
B) reduced manufacturing expenses
C) increased employee productivity
D) reduced health care costs

Question 9

Which term refers to actions taken by a firm to advance a social good that is beyond the interests of the firm?

A) corporate social responsibility
B) environmental goals
C) corporate objectives
D) public policy

Question 10

Which of the following collects customer satisfaction data for the purpose of measuring marketing strategies and troubleshooting product malfunctions?

A) marketing information system
B) supplemental marketing tool
C) consumer marketing database
D) strategic marketing matrix

Question 11

Which term best refers to the various groups of people or organizations that have an interest in the actions and success of a firm?

A) pillars
B) stakeholders
C) consumers
D) shareholders

Question 12

In most firms,the process of developing a marketing strategy begins with the guidance provided by a(n)________.

A) mission statement
B) orientation session
C) shareholder review
D) employment plan

Question 13

SMART marketing objectives are ________.

A) specific, measurable, achievable, relevant, and timed
B) strategic, motivational, absolute, relevant, and targeted
C) specific, motivational, advantageous, realistic, and timed
D) strategic, measurable, achievable, reliable, and targeted

Question 14

Which of the following is NOT one of the three pillars integrated into the triple bottom line?

A) policy
B) profits
C) people
D) planet

Question 15

Clear marketing objectives primarily help a firm to ________.

A) assess a competitor's strengths
B) motivate global sales representatives
C) achieve decision-making consistency
D) monitor business-to-business accounts

Question 16

According to the text,firms that integrate social and environmental goals into their business strategy experience ________.

A) close government scrutiny
B) shareholder lawsuits
C) enhanced profits
D) reduced taxes

Question 17

What is the primary drawback associated with the triple bottom line framework?

A) generating media interest
B) developing mission statements
C) maintaining shareholder support
D) measuring corporate performance

Question 18

All of the following should be included in a corporate mission statement EXCEPT the ________ of the firm.

A) core purpose
B) long-term profits
C) core values
D) long-term goals

Question 19

Which of the following would be an external stakeholder of a firm?

A) supplier
B) manager
C) debt holder
D) shareholder

Question 20

A firm using a marketing information system would most likely have which of the following questions answered?

A) What geographic area is our firm targeting?
B) How well are we doing in our customers' eyes?
C) How can our financial objectives best be attained?
D) What metrics would be appropriate for our customers?

Question 21

Undertaking value-added activities that were once outsourced to suppliers is known as ________.

A) backward integration
B) product development
C) forward integration
D) diversification

Question 22

For marketing strategists,________ performance and ________ performance are measures of particular importance.

A) sales account; distribution
B) short-term; long-term
C) historical; anticipated
D) market; financial

Question 23

What essential elements should be included in a firm's mission and vision statements? How are mission and vision statements relevant to a firm's marketing plans?

Question 24

When developing marketing strategies,it is critical for a firm to understand its competitive advantages and the strengths of its competitors.

Question 25

What is the triple bottom line? What are the drawbacks of using a triple bottom line framework?

Question 26

SMART is a mnemonic device for determining whether a business environment is suitable for a specific marketing strategy.

Question 27

A scenario analysis is best described as a tool used by firms to ________.

A) conduct global market research
B) plan future marketing responses
C) analyze strengths of competitors
D) collect situation assessment data

Question 28

Shareholder theory addresses the firm's purpose and the firm's obligations to its stakeholders.

Question 29

Which term refers to the distance between where a firm is and where it wants to be?

A) strategic goal
B) planning gap
C) life cycle
D) bubble

Question 30

Why is it important to establish clear marketing objectives? How can a marketer determine whether or not a marketing objective is effective?

Question 31

A large retail firm is experiencing a significant sales gap.Which of the following strategies would LEAST likely be implemented by the firm to close the gap?

A) diversification
B) market penetration
C) forward integration
D) product development

Question 32

A large planning gap most likely suggests that ________.

A) major changes should be made to the current strategy
B) the current strategy is working much better than expected
C) minor changes should be made to the current strategy
D) the current strategy is working adequately at the moment

Question 33

Which of the following is a financial objective?

A) reduce customer complaints
B) increase customer interest
C) reduce overall sales costs
D) increase sales volume

Question 34

Which of the following should first be used to narrow situation assessment data into useable information?

A) segment rationalization test
B) scenario analysis
C) SWOT analysis
D) relevance test

Question 35

In the field of strategic management,goals are general and long-term while objectives are specific and short-term.

Question 36

Which of the following strategies would most likely be used by a firm trying to close a profitability gap?

A) decreasing the yield
B) reducing investment intensity
C) selling new products to new markets
D) outsourcing value-added activities to suppliers

Question 37

Market-related objectives focus on customer behaviors and market share,while financial objectives relate to profits and costs.

Question 38

A firm trying to close a profitability gap is concentrating on its most profitable products and abandoning markets that it cannot win.Which strategy is the firm most likely using?

A) capacity utilization
B) forward integration
C) rationalization
D) segmentation