Question 1

Which of the following is NOT one of the Treacy and Wiersema strategies?

Accepted Answer

Cost leadership is not one of the Treacy and Wiersema strategies. The three strategies are operational excellence, product leadership, and customer intimacy.

Question 2

A package delivery company or a cell phone company wouldn't go far if they could not deliver products smoothly and reliably. This means that is necessary for these industries.

Accepted Answer

The ability to deliver products smoothly and reliably is a key aspect of operational excellence, which focuses on streamlining processes and maximizing efficiency to provide consistent and high-quality products or services at a low cost. Cost leadership and product leadership may also be important in these industries, but operational excellence is the most relevant in terms of delivering products smoothly and reliably. Customer intimacy, while important, is more focused on understanding customers' needs and preferences, which may not directly impact delivery reliability.

Question 3

What are the two dimensions measured in the General Electric Model?

Accepted Answer

The General Electric Model measures two dimensions: market attractiveness and business strength. This model analyzes the attractiveness of a market in terms of its size and potential for growth as well as the competitive environment. It also considers the strengths of a business, such as brand recognition, market share, and financial stability. By evaluating these two dimensions, the model can help companies determine which business units to invest in and which ones to divest. Therefore, Option D is the correct answer as it mentions the two dimensions of the General Electric Model.

Question 4

According to Porter, is an attempt to distinguish one's products as unique in the industry.

Accepted Answer

Differentiation is the attempt to distinguish one's products as unique in the industry. It involves creating uniqueness in the product/service offerings that can be perceived as valuable by customers. Cost leadership is about offering products at the lowest possible cost to gain a competitive advantage. Focus is a strategy that involves targeting a specific customer segment or niche. Excellence is a general term that does not specifically relate to Porter's strategy framework.

Question 5

The General Electric Model can be compared to SWOT analysis. Market attractiveness corresponds to the element is SWOT analysis, whereas business strength corresponds to the element.

Accepted Answer

Market attractiveness is an external factor that refers to the potential of a market to bring in profits and growth. Business strength is an internal factor that relates to the resources, capabilities, and core competencies of a company. Therefore, A) external, internal is the best choice.

Question 6

Company ABC has a mature brand in a stable market, so managers maintain business as usual--same price, same marketing support, etc. What strategy are they using?

Accepted Answer

The answer of Company ABC has a mature brand in...

Question 7

What does ROM stand for?

Accepted Answer

The answer of What does ROM stand for?
...

Question 8

Which of the following is NOT true about a company dashboard?

Accepted Answer

The statement "If a gauge is in the center, the company is in trouble" is not true. There is no universal rule about the placement of gauges or what they represent on a company dashboard. The placement and color-coding of gauges may vary depending on the specific metrics being measured and the goals of the company.

Question 9

A company whose mantra is, "We do one thing very well" is probably pursuing which of the following strategies?

Accepted Answer

The mantra, "We do one thing very well" suggests that the company is focused on a specific product or service, which aligns with a focus strategy. A cost leadership strategy would emphasize low costs, while a differentiation strategy would focus on unique features or benefits. A price leadership strategy would aim for the lowest price in the industry.

Question 10

Kenneth is convinced that many indicators of his company's success exist, but is unsure of how to critically evaluate and link these factors. Kenneth should consider establishing a to gauge his company's performance.

Accepted Answer

A dashboard is a tool used to visually display and track key performance indicators (KPIs) and measures of success. It allows a company to quickly and easily monitor progress towards its goals and identify areas where improvements can be made. By establishing a dashboard, Kenneth can gain a better understanding of his company's performance and make informed decisions about where to focus his efforts. The other options (strategy, scoreboard, metrics-based report) are all important components of performance evaluation, but a dashboard is specifically designed to display key metrics in a visual and easily digestible format.

Question 11

Imagine your boss wants you to investigate ways your company might be able enhance customer satisfaction, create an attractive loyalty program, and reward your customers. Most likely, your company's immediate goal is to .

Accepted Answer

Enhancing customer satisfaction, creating an attractive loyalty program, and rewarding customers all point towards the goal of delighting customers. While making more money and enhancing product offerings may also be important goals, the focus in this scenario is directly on satisfying and retaining customers.

Question 12

Bill advises Mary that there are essentially three strategies to achieving goals. Assuming Bill is correct, how would he describe these three strategies?

Accepted Answer

The three strategies mentioned by Bill are essentially about taking action: do nothing, do nothing different, or do something different. Segmenting, targeting, and positioning are marketing strategies. Customer satisfaction, loyalty, and retention are customer service strategies. Being a leader, quick follower, or follower are also different strategies, but not the ones mentioned by Bill.

Question 13

Which is NOT one of the four classes of goals?

Accepted Answer

The answer of Which is NOT one of the four...

Question 14

It is not unusual for a company to be more in its youth and to age toward when it has market share, sales, and customers to protect.

Accepted Answer

The statement suggests that the company starts out aggressive (in its youth) and becomes more conservative as it ages and has more to protect. Therefore, the best choice is C, aggressive conservatism.

Question 15

The firm Patrick started nearly a decade ago is commonly referred to as a market leader. Upon reflecting on the leadership status of his company, Patrick considered the qualities that could eventually bring a firm to a leading position in the marketplace. Which of the following is likely NOT a reason in Patrick's mind for a company being classified as a "leader?"

Accepted Answer

Patrick is reflecting on the qualities that can bring a company to a leading position. Being a consistent and profitable follower may lead to a successful business, but it would not necessarily make a firm a market leader. Therefore, option C is the likely answer that Patrick would not consider as a reason for a company to be classified as a "leader."

Question 16

When high-tech and electronics companies churn out new products constantly, it demonstrates that they are competing for .

Accepted Answer

The fact that high-tech and electronics companies are constantly introducing new products demonstrates that they are focused on product leadership, which involves being innovative and leading the market in terms of new technologies and features. Operational excellence would be demonstrated by a company's ability to produce products efficiently and with high quality, while cost excellence would be demonstrated by a company's ability to produce products at a lower cost than competitors. Customer intimacy would be demonstrated by a company's ability to understand and meet the specific needs of individual customers.

Question 17

Which of the following is an old, traditional management adage?

Accepted Answer

"You can't manage what you don't measure" is an old, traditional management adage that emphasizes the importance of tracking and quantifying performance metrics in order to effectively manage and improve them.

Question 18

Think about the following questions: What channels do our target customers find most desirable? Do we need to continue offering and managing multi-channel touch points? Can we move some of our customer segments to self service or lower cost channel interactions? Would it make sense to off load and outsource some of our business functions to our current partners? Would they be capable of stepping in, or must we seek new partners? If a company is evaluating questions/topics such as these, with which of the goals listed below is the company most likely concerned?

Accepted Answer

The answer of Think about the following questions: What channels...

Question 19

A company whose mantra is "We are efficient" is probably pursuing which of the following strategies?

Accepted Answer

The company's emphasis on efficiency suggests a focus on minimizing costs, which is a key element of the cost leadership strategy.

Question 20

According to Porter, refers to producing goods and services for efficiently than the competition.

Accepted Answer

Cost leadership refers to producing goods and services more efficiently than the competition, allowing a company to offer lower prices while still maintaining profitability. This is one of Porter's generic competitive strategies.

Quiz 16: Marketing Strategy