Question 1

Firms specializing in operational excellence excel at basic research/rapid research interpretation as a core competency.

Accepted Answer

Firms specializing in operational excellence focus on delivering their products or services with optimal efficiency, reliability, and speed, rather than on basic or rapid research interpretation, which is more characteristic of firms that prioritize innovation or product leadership.

Question 2

While goals should be quantitative in nature, objectives are usually expressed in qualitative terms.​

Accepted Answer

Goals are broad, general intentions and are often qualitative, while objectives are specific, measurable actions that are quantitative in nature to achieve those goals.

Question 3

Expansion and growth, with new products and new markets, are the keys to Google's __________ approach to marketing strategy. Google uses this approach because it possesses many different strengths that coincide with key market opportunities.
A) defensive
B) focused
C) aggressive
D) proactive
E) diversified

Accepted Answer

C

Question 4

A SWOT analysis assesses the fit between what a firm can and cannot do (strengths and weaknesses), and the environmental conditions working for and against the firm (opportunities and threats).

Accepted Answer

A SWOT analysis is a strategic planning tool used to identify and understand the Strengths, Weaknesses, Opportunities, and Threats related to business competition or project planning, assessing both internal capabilities and external possibilities and challenges.

Question 5

Why is it important that marketing goals involve some degree of intangibility?
A) It makes it more difficult for competitors to determine the firm's marketing strategy.
B) It makes goals more consistent with the objectives that follow.
C) It makes goals easier to achieve.
D) It promotes learning by forcing employees to ask questions about the strategy.
E) It makes the goal more motivational and promotes continuous improvement

Accepted Answer

Intangible goals can inspire and motivate employees by focusing on continuous improvement and innovation, rather than just meeting specific, tangible targets.

Question 6

In terms of SWOT analysis, when does a strength become a capability of the firm?
A) when the strength can be tied to satisfying a customer need
B) when the strength cannot be copied by competitors
C) when the strength stands alone without any corresponding weaknesses
D) when the strength can be connected to a second strength
E) when the strength can be supported by sufficient resources

Accepted Answer

A strength becomes a capability when it can be tied to satisfying a customer need, as this connection allows the firm to leverage the strength effectively in the market.

Question 7

All of the following are benefits of SWOT analysis EXCEPT:
A) It is simple to use and requires no extensive training or skills.
B) Its structured nature ensures that data and information are correctly categorized.
C) It promotes collaboration and open information exchange.
D) It can synthesize and integrate diverse information.
E) It can reduce costs associated with strategic planning.

Accepted Answer

The answer of All of the following are benefits of...

Question 8

Marketing goals can be defined as:
A) quantitative guidelines that help firms achieve desired results.
B) broad, qualitative statements of desired accomplishments.
C) performance process controls.
D) specifications by which performance will be assessed.
E) precise statements of desired accomplishments.

Accepted Answer

Marketing goals are broad, qualitative statements of desired accomplishments, providing a general direction for a firm's marketing efforts.

Question 9

A firm's strategic focus will change over time due to the dynamic nature of internal and external environments.

Accepted Answer

A firm's strategic focus must adapt to changes in both internal conditions, such as organizational capabilities and resources, and external conditions, including market trends, competition, and regulatory changes, to remain competitive and effective.

Question 10

The SWOT analysis should always be analyzed quantitatively.​

Accepted Answer

SWOT analysis is primarily a qualitative tool that assesses strengths, weaknesses, opportunities, and threats, although quantitative data can support the analysis.

Question 11

Marketers should set some easily attainable objectives because they will encourage employees to achieve higher levels of performance.​

Accepted Answer

Easily attainable objectives may not challenge employees enough to push for higher performance, potentially leading to complacency rather than motivation.

Question 12

In Mexico the government has levied a tax on sugary soft drinks. For Coca-Cola, this represents a threat.

Accepted Answer

The tax on sugary soft drinks in Mexico increases the cost of these beverages, potentially reducing their consumption and affecting Coca-Cola's sales and market share in the country, thus representing a threat to the company.

Question 13

What is an advantage of assigning responsibility for achieving marketing objectives? ​
A) ​It makes the processes less complex.
B) ​It eliminates organizational conflict.
C) ​It gives the marketing manager more control.
D) ​It limits the problems of stealing credit.
E) ​It aids in the goal-setting process.

Accepted Answer

It limits the problems of stealing credit.

Question 14

Kodak focused on maintaining market dominance over Polaroid and Fuji but failed to consider Sony, Nikon, Canon, and even smartphones. What mistake did Kodak make? ​
A) ​It idenfied the wrong brand competitors.
B) ​It was too obsessed with market dominance.
C) ​It only focused on brand competitors.
D) ​It didn't engage in competitive analysis.
E) ​It refused to collaborate with its competitors.

Accepted Answer

The answer of Kodak focused on maintaining market dominance over...

Question 15

In terms of setting goals and objectives, what is considered to be one of the major benefits gained from applying for the Malcolm Baldrige National Quality Award?
A) It promotes the development of discontinuous objectives.
B) It helps the firm to set objectives that are difficult for competitors to copy.
C) It helps the firm to focus solely on customer requirements.
D) It promotes the development of goals that are consistent with the firm's mission.
E) It allows the firm the freedom to pursue other strategic initiatives.

Accepted Answer

The answer of In terms of setting goals and objectives,...

Question 16

__________ typically occur within the competitive, customer, economic, political/legal, technological, and/or sociocultural environments of the firm.
A) Strengths and weaknesses
B) Strengths and opportunities
C) Opportunities and threats
D) Weaknesses and threats
E) Opportunities and weaknesses

Accepted Answer

Opportunities and threats are external factors that typically occur within the competitive, customer, economic, political/legal, technological, and/or sociocultural environments of the firm. Opportunities represent external factors that the firm might exploit to its advantage, while threats are external challenges that could cause trouble for the business.

Question 17

Because total budget competitors don't compete with the organization directly, marketers should not consider them when conducting a SWOT analysis.​

Accepted Answer

Total budget competitors, who compete for the same overall budget as the organization, should be considered in a SWOT analysis as they impact the organization's strategic planning by influencing how consumers allocate their spending.

Question 18

Rather than conducting just one SWOT analysis, marketers should conduct a series of analyses, each focusing on a specific product/market combination.

Accepted Answer

Conducting a series of SWOT analyses for different product/market combinations allows marketers to tailor their strategies to specific contexts and identify unique opportunities and threats for each scenario, leading to more effective and targeted marketing plans.

Question 19

In the marketing strategy for Amazon, the following statement appears: Our strategy is designed to increase the percentage of repeat customers from 80 percent to 85 percent in the next 12 months. This statement is an example of a:
A) quantitative goal.
B) continuous objective.
C) procedural objective.
D) qualitative objective.
E) discontinuous objective.

Accepted Answer

The answer of In the marketing strategy for Amazon, the...

Question 20

Comprehensiveness in the goal-setting process means that each functional area should be able to develop its own goals that relate to the organization's needs.

Accepted Answer

Comprehensiveness in goal setting ensures that goals cover all significant areas of operation, allowing each functional area to align its objectives with the overall needs and strategic direction of the organization. This approach ensures a holistic and coordinated effort towards achieving the organization's mission and vision.

Quiz 4: Developing Competitive Advantage and Strategic Focus

Firms specializing in operational excellence excel at basic research/rapid research interpretation as a core competency.

While goals should be quantitative in nature, objectives are usually expressed in qualitative terms.​

Expansion and growth, with new products and new markets, are the keys to Google's __________ approach to marketing strategy. Google uses this approach because it possesses many different strengths that coincide with key market opportunities.

A SWOT analysis assesses the fit between what a firm can and cannot do (strengths and weaknesses), and the environmental conditions working for and against the firm (opportunities and threats).

Why is it important that marketing goals involve some degree of intangibility?

In terms of SWOT analysis, when does a strength become a capability of the firm?

All of the following are benefits of SWOT analysis EXCEPT:

Marketing goals can be defined as:

A firm's strategic focus will change over time due to the dynamic nature of internal and external environments.

The SWOT analysis should always be analyzed quantitatively.​

Marketers should set some easily attainable objectives because they will encourage employees to achieve higher levels of performance.​

In Mexico the government has levied a tax on sugary soft drinks. For Coca-Cola, this represents a threat.

What is an advantage of assigning responsibility for achieving marketing objectives? ​

Kodak focused on maintaining market dominance over Polaroid and Fuji but failed to consider Sony, Nikon, Canon, and even smartphones. What mistake did Kodak make? ​

In terms of setting goals and objectives, what is considered to be one of the major benefits gained from applying for the Malcolm Baldrige National Quality Award?

__________ typically occur within the competitive, customer, economic, political/legal, technological, and/or sociocultural environments of the firm.

Because total budget competitors don't compete with the organization directly, marketers should not consider them when conducting a SWOT analysis.​

Rather than conducting just one SWOT analysis, marketers should conduct a series of analyses, each focusing on a specific product/market combination.

In the marketing strategy for Amazon, the following statement appears: Our strategy is designed to increase the percentage of repeat customers from 80 percent to 85 percent in the next 12 months. This statement is an example of a:

Comprehensiveness in the goal-setting process means that each functional area should be able to develop its own goals that relate to the organization's needs.

While goals should be quantitative in nature, objectives are usually expressed in qualitative terms.

The SWOT analysis should always be analyzed quantitatively.

Marketers should set some easily attainable objectives because they will encourage employees to achieve higher levels of performance.

What is an advantage of assigning responsibility for achieving marketing objectives?

Kodak focused on maintaining market dominance over Polaroid and Fuji but failed to consider Sony, Nikon, Canon, and even smartphones. What mistake did Kodak make?

Because total budget competitors don't compete with the organization directly, marketers should not consider them when conducting a SWOT analysis.