Question 1

Identify and explain the major characteristics of marketing goals.

Accepted Answer

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Question 2

Microsoft's Windows platform dominates the market for personal computer operating systems. By continuously upgrading and stretching the technology underlying its Windows system, Microsoft is pursuing a strategy of:
A) customer intimacy.
B) product leadership.
C) operational excellence.
D) total quality management.
E) technological leadership.

Accepted Answer

Microsoft's strategy of continuously upgrading and enhancing its Windows system aligns with product leadership, which focuses on offering superior products and staying ahead in technology and innovation.

Question 3

Discuss each of the three competitive advantage strategies (operational excellence, product leadership, customer intimacy) and explain why most firms pursue only one of these strategies.

Accepted Answer

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Question 4

By focusing on efficiency of operations and processes, lower costs, and delivering good value, Southwest Airlines attempts to build a competitive advantage based on:
A) production orientation.
B) customer intimacy.
C) process improvement.
D) operational excellence.
E) strategic efficiency.

Accepted Answer

Southwest Airlines' focus on efficiency of operations and processes, lowering costs, and delivering good value aligns with the concept of operational excellence. This strategy emphasizes efficient operations and excellent supply chain management to deliver products and services faster, cheaper, and with higher quality.

Question 5

With regard to Blue Ocean Strategy, the Four-Actions Framework is designed to challenge traditional assumptions about marketing strategy by asking four key questions. Which of the following IS NOT one of these questions?
A) Which factors should be reduced well below the industry's standard?
B) Which factors should be raised well above the industry's standard?
C) Which factors should be created that the industry has never offered?
D) Which factors that the industry takes for granted should be eliminated?
E) Which factors used throughout the industry should be copied?

Accepted Answer

The Four-Actions Framework in the Blue Ocean Strategy includes questions about reducing, raising, creating, and eliminating factors to innovate and differentiate in the market. It does not include copying factors used throughout the industry, as this does not align with the strategy's emphasis on creating new market spaces and breaking away from the competition.

Question 6

Firms possessing certain core competencies are more likely to create competitive advantages based on these competencies. However, before a competitive advantage can be translated into specific customer benefits, the firm's __________ must recognize that its competencies give it an advantage over the competition.
A) management
B) target markets
C) shareholders
D) employees
E) strategic partners

Accepted Answer

Target markets must recognize the firm's competencies as advantageous for a competitive advantage to translate into specific customer benefits. This recognition drives demand and preference for the firm's offerings.

Question 7

The failure to understand the difference between internal and external issues is one of the major reasons for a poorly conducted SWOT analysis. This happens because managers:
A) see opportunities and threats as being the same thing.
B) confuse weaknesses with threats.
C) see strengths as the only meaningful issue in a SWOT analysis.
D) confuse strengths with opportunities.
E) list their marketing options or strategies as opportunities.

Accepted Answer

The answer of The failure to understand the difference between...

Question 8

What might be the problem with only taking the customer's perspective?
A) Taking a customer perspective involves a lot of costs and resources.
B) Customers often take a generic analysis of the organization.
C) The information is more constructive than descriptive.
D) Customers do not see behind the scenes to understand the firm's characteristics.
E) Adopting a customer perspective doesn't usually translate into insightful information.

Accepted Answer

Customers may not have insight into the internal operations, constraints, and strategic considerations of a company, which can limit the usefulness of their perspective in making comprehensive business decisions.

Question 9

May firms, like the Altria Group, focus on diversification in their marketing strategies because they possess:
A) many internal strengths and many external opportunities.
B) many internal weaknesses and many external opportunities.
C) many internal strengths and few external opportunities.
D) many internal strengths and many external threats.
E) many internal weaknesses and many external threats.

Accepted Answer

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Question 10

An organization plans to increase its market share from 10% to 20% within the next year. This 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 An organization plans to increase its market...

Question 11

To successfully utilize SWOT analysis as a catalyst for strategic planning, the marketing manager must focus on several important issues. Which of the following IS NOT one of these issues?
A) The manager must look beyond the firm's current product offerings.
B) The manager must find ways to connect the firm's strengths to its opportunities.
C) The manager must strive to convert weaknesses into strengths.
D) The manager must attempt to minimize the firm's limitations.
E) The manager must find ways to transform key threats into strengths.

Accepted Answer

SWOT analysis involves identifying strengths, weaknesses, opportunities, and threats. While it is important to address threats, transforming them into strengths is not typically a focus. Instead, the focus is on leveraging strengths and opportunities and addressing weaknesses and threats.

Question 12

The overall concept or model that guides the firm as it weaves various marketing elements together into a coherent strategy is called its:
A) marketing strategy.
B) operational focus.
C) strategic posture.
D) marketing thrust.
E) strategic focus.

Accepted Answer

The answer of The overall concept or model that guides...

Question 13

As a tool of Blue Ocean Strategy, the strategy canvas provides a way to visualize the firm's strategy relative to other firms in the industry. The central portion of the strategy canvas is the __________, or the graphic representation of the firm's relative performance across its industry's factors.
A) value curve
B) strategy line
C) strategic focus
D) divergence curve
E) action diagram

Accepted Answer

The central portion of the strategy canvas in Blue Ocean Strategy is known as the "value curve." It serves as a graphical depiction of a company's relative performance across the key success factors in its industry.

Question 14

In 2009 General Motors had numerous internal weaknesses. However, there were still many external opportunities available for the company to pursue. Which of the following strategy direction is appropriate for this scenario?
A) ​Turnaround
B) ​Defensive
C) ​Diversification
D) ​Passive
E) ​Aggressive

Accepted Answer

A turnaround strategy is appropriate when a company has internal weaknesses but external opportunities, as it focuses on improving internal operations to capitalize on external opportunities.

Question 15

Identify and explain the major characteristics of marketing objectives.

Accepted Answer

The answer of Identify and explain the major characteristics of...

Question 16

Discuss the role of the strategy canvas and the four actions framework in establishing a strategic focus for the firm's marketing strategy. Why are these approaches invaluable in today's highly competitive environment?

Accepted Answer

The answer of Discuss the role of the strategy canvas...

Question 17

Strengths are typically based on the existence and nature of the __________ possessed by the firm. Weaknesses stem from a lack of these important factors.
A) patents and capital
B) resources and relationships
C) customers and partnerships
D) products and customers
E) customers and resources

Accepted Answer

Strengths and weaknesses in a firm are often determined by the resources (such as physical, financial, human resources) and relationships (including partnerships, customer relationships, and network) it possesses. These elements are foundational to a firm's competitive advantage and operational capabilities.

Question 18

Weaknesses that cannot be converted into strengths are called _____.
A) ​threats
B) ​limitations
C) ​uncontrollables
D) ​capabilities
E) ​failures

Accepted Answer

Weaknesses that cannot be converted into strengths are referred to as limitations. This term accurately describes aspects of a situation or personal attributes that inherently restrict performance or potential and cannot be effectively transformed into positive attributes.

Question 19

Identify and explain the directives for the productive use of SWOT analysis. Which directive do you think is the most important? Why?

Accepted Answer

The answer of Identify and explain the directives for the...

Question 20

Your supervisor repeatedly informs you that "Goals without objectives are essentially meaningless." What is the rationale for such a philosophy?
A) Goals are necessary to provide specific benchmarks that are used to gauge performance.
B) Objectives provide a theoretical benchmark rather than a practical benchmark.
C) A goal is not a goal unless it contains one or more objectives.
D) Progress is impossible to track without measurable performance targets.
E) Objectives are necessary to provide qualitative benchmarks that are used to gauge performance.

Accepted Answer

Objectives provide measurable performance targets, making it possible to track progress towards achieving goals. Without objectives, goals lack the specificity needed for effective measurement and evaluation.

Quiz 4: Developing Competitive Advantage and Strategic Focus

Identify and explain the major characteristics of marketing goals.

Microsoft's Windows platform dominates the market for personal computer operating systems. By continuously upgrading and stretching the technology underlying its Windows system, Microsoft is pursuing a strategy of:

Discuss each of the three competitive advantage strategies (operational excellence, product leadership, customer intimacy) and explain why most firms pursue only one of these strategies.

By focusing on efficiency of operations and processes, lower costs, and delivering good value, Southwest Airlines attempts to build a competitive advantage based on:

With regard to Blue Ocean Strategy, the Four-Actions Framework is designed to challenge traditional assumptions about marketing strategy by asking four key questions. Which of the following IS NOT one of these questions?

The failure to understand the difference between internal and external issues is one of the major reasons for a poorly conducted SWOT analysis. This happens because managers:

What might be the problem with only taking the customer's perspective?

May firms, like the Altria Group, focus on diversification in their marketing strategies because they possess:

An organization plans to increase its market share from 10% to 20% within the next year. This is an example of a

To successfully utilize SWOT analysis as a catalyst for strategic planning, the marketing manager must focus on several important issues. Which of the following IS NOT one of these issues?

The overall concept or model that guides the firm as it weaves various marketing elements together into a coherent strategy is called its:

In 2009 General Motors had numerous internal weaknesses. However, there were still many external opportunities available for the company to pursue. Which of the following strategy direction is appropriate for this scenario?

Identify and explain the major characteristics of marketing objectives.

Discuss the role of the strategy canvas and the four actions framework in establishing a strategic focus for the firm's marketing strategy. Why are these approaches invaluable in today's highly competitive environment?

Strengths are typically based on the existence and nature of the __________ possessed by the firm. Weaknesses stem from a lack of these important factors.

Weaknesses that cannot be converted into strengths are called _____.

Identify and explain the directives for the productive use of SWOT analysis. Which directive do you think is the most important? Why?

Your supervisor repeatedly informs you that "Goals without objectives are essentially meaningless." What is the rationale for such a philosophy?