Question 1

In a corporate strategy,_____ indicate(s) the dimensions of performance upon which to focus and the levels of achievement required.
A) corporate objectives
B) synergies
C) vision
D) scope

Accepted Answer

Corporate objectives are the specific, measurable goals that a company has set for its performance. These objectives indicate the dimensions of performance upon which to focus, such as revenue growth or market share, as well as the levels of achievement required to meet those goals. Synergies, vision, and scope are all important elements of a corporate strategy, but they do not necessarily define the specific objectives of the company.

Question 2

With regard to corporate strategy,_____ is/are concerned with resolving questions about the business the firm should be in,where it should focus,and its enduring strategic purpose.
A) corporate objectives
B) synergies
C) scope
D) resource allocation

Accepted Answer

Scope refers to the boundaries of the business, including the products, services, markets, and geographic areas in which the firm operates. It involves making strategic choices about the business the firm should be in, where it should focus, and its enduring strategic purpose. Corporate objectives, synergies, and resource allocation are important aspects of corporate strategy, but they are not specifically focused on resolving questions about the firm's scope.

Question 3

_____ is a business perspective that makes the customer the focal point of a company's total operations.
A) Market orientation
B) Competitive parity
C) Value chain integration
D) Business scaffolding

Accepted Answer

Market orientation is the business perspective that puts the customer at the center of a company's operations. This means that a company's strategies and decisions are based on understanding and meeting the needs and wants of its customers. It involves conducting market research, analyzing customer feedback, and developing products and services that provide value to customers. Competitive parity refers to matching competitors' offerings in terms of price, quality, and features. Value chain integration involves seamless coordination and collaboration between different departments and stakeholders involved in a company's value chain. Business scaffolding is not a recognized term in the field of business.

Question 4

A _____ is a single product or brand,a line of products,or a mix of related products that meets a common or a group of related market needs,and its management is responsible for the basic unctions.
A) market section
B) strategic business unit
C) business segment
D) marginal piece

Accepted Answer

A strategic business unit (SBU) is a single product or brand, a line of products, or a mix of related products that meets a common or a group of related market needs, and its management is responsible for the basic functions such as strategic planning, product development, pricing, promotion, and distribution. SBUs are often used as a way to organize a company into smaller, more manageable units for effective management and decision-making. Options A, C, and D are not the correct terms for this definition.

Question 5

Getting all business functions working together to provide superior customer value is referred to as _____.
A) customer relationship management
B) competitor intelligence
C) cross-functional coordination
D) centralization

Accepted Answer

Cross-functional coordination involves aligning all business functions, including marketing, sales, customer service, and operations, to work together towards a common goal of delivering superior customer value. This approach ensures that every department is aware of the customer's needs and expectations and can adapt its activities and processes to meet those needs. Customer relationship management and competitor intelligence are part of cross-functional coordination but do not encompass all business functions. Centralization, on the other hand, refers to the concentration of decision-making power and authority in a single entity, which is not necessarily related to improving customer value.

Question 6

The purpose of strategic positioning is to locate the people (or organizations) that management wishes to serve in the product-market.

Accepted Answer

Strategic positioning involves determining how to distinguish the company's offerings and image to gain a competitive advantage in the minds of the target market, not just locating the people or organizations to serve.

Question 7

The outside-in organizational processes connect the organization to the external environment,providing market feedback and forging external relationships.

Accepted Answer

The statement correctly describes the purpose of outside-in organizational processes, which are focused on connecting the organization to the external environment. These processes include gathering customer feedback, monitoring market trends, and establishing partnerships with external stakeholders. By maintaining a strong outside-in perspective, organizations can better anticipate market changes and adapt to meet changing customer needs.

Question 8

Superior customer value results from a very favorable use experience of the customer compared to expectations of the customer and the value offerings of competitors.

Accepted Answer

Superior customer value is achieved when the customer's experience exceeds their expectations and the offerings of competing companies.

Question 9

The underlying logic of market-driven strategy is that production needs are the starting point in business strategy.

Accepted Answer

The underlying logic of market-driven strategy is that customer needs and preferences are the starting point in business strategy, not production needs.

Question 10

_____ are complex bundles of skills and accumulated knowledge,excised through organizational processes,that enables firms to coordinate activities and make use of their assets.
A) Business clusters
B) Competitor faculties
C) Cross functions
D) Distinctive capabilities

Accepted Answer

Distinctive capabilities refer to the unique set of skills, knowledge, and processes accumulated by a firm over time that allows it to effectively coordinate activities and leverage its assets. These capabilities are difficult to replicate by competitors, giving the firm a sustainable competitive advantage. Business clusters refer to geographic concentrations of related businesses, competitor faculties are not a commonly used term, and cross functions refer to the integration of different functional areas within an organization.

Question 11

Corporate objectives are concerned with resolving questions about the business the firm should be in,where it should focus,and its enduring strategic purpose.

Accepted Answer

The answer of Corporate objectives are concerned with resolving questions...

Question 12

The inside-out processes play a key role in offering direction for the spanning and outside-in capabilities,which respond to the customer needs and requirements identified by the inside-out processes.

Accepted Answer

Inside-out processes focus on internal capabilities and resources, while outside-in processes are driven by external customer needs and market demands. The statement incorrectly suggests that inside-out processes guide outside-in capabilities, when it is typically the other way around.

Question 13

Pricing is an example of an outside-in process.

Accepted Answer

The answer of Pricing is an example of an outside-in...

Question 14

Which of the following is the final component of the corporate strategy?
A) Scope
B) Synergy
C) Corporate objective
D) benchmarking

Accepted Answer

Synergy is often considered the final component of corporate strategy as it focuses on how different parts of the company can work together to create greater value.

Question 15

Synergies highlight competencies,resources,and capabilities that drive efficiency and effectiveness in the business.

Accepted Answer

Synergies refer to the combined effort of competencies, resources, and capabilities that lead to improved efficiency and effectiveness in a business. Therefore, the statement is true.

Question 16

The organizational process view of distinctive capabilities requires shifting away from the traditional specialization of business functions toward a cross-functional process perspective.

Accepted Answer

The statement is true. The organizational process view emphasizes a cross-functional approach that integrates business functions to improve overall performance and competitiveness.

Question 17

Customer linking is an example of an outside-in process.

Accepted Answer

Customer linking involves the organization reaching out to customers and establishing a connection with them, which is a form of an outside-in process where the organization is bringing external perspectives and insights into their operations.

Question 18

With regard to a corporate strategy framework,_____ define(s) what the corporation is and what it does and provides important guidelines for managing and improving the corporation. 
A) resource allocation
B) synergies
C) objectives
D) management's vision

Accepted Answer

Management's vision defines the purpose, values, and aspirations of the corporation. It provides direction for corporate strategy formulation and guides decision-making throughout the organization. A clear and compelling vision can inspire employees, investors, and stakeholders, and help align interests towards achieving common goals. While resource allocation, synergies, and objectives are important components of corporate strategy, they are usually derived from and informed by management's vision.

Question 19

_____ consist(s) of the benefits and costs resulting from the purchase and use of products as perceived by the buyer.
A) Customer value
B) Distinctive capabilities
C) Spanning process
D) Market sensing

Accepted Answer

Customer value refers to the perceived benefits and costs of products or services by the buyer. It is the overall value that a customer believes they will receive from a product, taking into account all the features, benefits, and costs associated with the purchase and use. Distinctive capabilities refer to a company's unique strengths or competencies that give it a competitive advantage over others. Spanning process is a term used in project management and refers to the process of linking and coordinating multiple projects within an organization. Market sensing is the process of gathering information about customer needs and preferences in order to better understand and target them with marketing efforts.

Question 20

_____ consist(s) of deciding the scope and purpose of the business,the objectives,and the resources necessary to achieve the objectives.
A) Marketing strategy
B) Corporate strategy
C) Market sensing
D) Channel bonding

Accepted Answer

Corporate strategy involves deciding the overall scope and purpose of a business, including setting objectives and identifying the resources needed to achieve them. Marketing strategy, on the other hand, focuses specifically on how a company will market and promote its products or services to target customers. Market sensing is the process of gathering and analyzing market information to support decision-making, while channel bonding refers to building strong relationships with channel partners to improve distribution and sales.

Quiz 1: New Challenges for Market Driven Strategy

In a corporate strategy,_____ indicate(s) the dimensions of performance upon which to focus and the levels of achievement required.

With regard to corporate strategy,_____ is/are concerned with resolving questions about the business the firm should be in,where it should focus,and its enduring strategic purpose.

_____ is a business perspective that makes the customer the focal point of a company's total operations.

A _____ is a single product or brand,a line of products,or a mix of related products that meets a common or a group of related market needs,and its management is responsible for the basic unctions.

Getting all business functions working together to provide superior customer value is referred to as _____.

The purpose of strategic positioning is to locate the people (or organizations) that management wishes to serve in the product-market.

The outside-in organizational processes connect the organization to the external environment,providing market feedback and forging external relationships.

Superior customer value results from a very favorable use experience of the customer compared to expectations of the customer and the value offerings of competitors.

The underlying logic of market-driven strategy is that production needs are the starting point in business strategy.

_____ are complex bundles of skills and accumulated knowledge,excised through organizational processes,that enables firms to coordinate activities and make use of their assets.

Corporate objectives are concerned with resolving questions about the business the firm should be in,where it should focus,and its enduring strategic purpose.

The inside-out processes play a key role in offering direction for the spanning and outside-in capabilities,which respond to the customer needs and requirements identified by the inside-out processes.

Pricing is an example of an outside-in process.

Which of the following is the final component of the corporate strategy?

Synergies highlight competencies,resources,and capabilities that drive efficiency and effectiveness in the business.

The organizational process view of distinctive capabilities requires shifting away from the traditional specialization of business functions toward a cross-functional process perspective.

Customer linking is an example of an outside-in process.

With regard to a corporate strategy framework,_____ define(s) what the corporation is and what it does and provides important guidelines for managing and improving the corporation.

_____ consist(s) of the benefits and costs resulting from the purchase and use of products as perceived by the buyer.

_____ consist(s) of deciding the scope and purpose of the business,the objectives,and the resources necessary to achieve the objectives.