Question 1

Which is NOT one of the four classes of goals?

Accepted Answer

Being a leader is not a class of goals.

Question 2

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

A company being a consistent and profitable follower is not typically considered a reason for being classified as a market leader, as leadership is usually associated with innovation, market share, or being first to market.

Question 3

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

Accepted Answer

High-tech and electronics companies releasing new products frequently are focusing on product leadership, which involves innovation and being at the forefront of product development.

Question 4

According to Porter, __________ refers to producing goods and services more 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 or achieve higher margins.

Question 5

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 a focus strategy, where the company concentrates on a specific niche or market segment, excelling in that particular area.

Question 6

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

Accepted Answer

A gauge in the center of a dashboard does not inherently indicate that a company is in trouble. Dashboards are customizable and can display various types of data in different formats, including gauges, without implying any specific condition of the company.

Question 7

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

Accepted Answer

The mantra "We are efficient" suggests that the company is likely focusing on minimizing costs and maximizing productivity, which aligns with a cost leadership strategy.

Question 8

Think about the following questions: What channels do our target customers find most desirable? Do we need to continue offering and managing multichannel 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 9

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

Accepted Answer

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

Question 10

The dimensions used in the General Electric model are analogous to elements used in

Accepted Answer

The dimensions used in the General Electric model are analogous to the elements used in SWOT analysis. SWOT analysis is a strategic planning tool that helps organizations identify their strengths, weaknesses, opportunities, and threats. The General Electric model is a strategic planning tool that helps organizations evaluate their business units and make decisions about which ones to invest in. The dimensions used in the General Electric model are similar to the elements used in SWOT analysis, as they both help organizations identify their internal and external factors.

Question 11

The General Electric model uses the external element of _________ and the internal element of __________.

Accepted Answer

The General Electric model evaluates market attractiveness as an external element and business strength as an internal element to assess strategic business units.

Question 12

What does ROM stand for?

Accepted Answer

ROM stands for "Return on Marketing," which is a metric used to measure the effectiveness of marketing campaigns in generating revenue.

Question 13

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 that provides a visual representation of key performance indicators (KPIs) and metrics, allowing Kenneth to effectively evaluate and link various factors of his company's success.

Question 14

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

Accepted Answer

Differentiation is an attempt to distinguish one's products as unique in the industry.

Question 15

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

Accepted Answer

The adage "You can't manage what you don't measure" emphasizes the importance of measurement in management to effectively control and improve processes.

Question 16

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 strategy of maintaining the same price, marketing support, and overall approach in a stable market is best described as "doing nothing differently," which aligns with option B.

Question 17

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

The immediate goal of enhancing customer satisfaction, creating a loyalty program, and rewarding customers is to delight customers, as these actions are directly aimed at improving the customer experience and fostering loyalty.

Question 18

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 Bill describes are: doing nothing, maintaining the status quo, or doing something different, which are fundamental approaches to decision-making and change.

Question 19

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

In its youth, a company is often more aggressive as it seeks to establish itself and grow. As it matures and gains market share, it tends to become more conservative to protect its established position.

Question 20

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

Accepted Answer

Operational excellence is necessary for these industries to ensure smooth and reliable delivery of products and services.

Quiz 16: Marketing Strategy