Deck 1: Strategic Market Management: an Overview

Question 1

business is generally an organizational unit that has a distinct business strategy and a manager with sales and profit responsibility.

Answer 1

True

Question 2

Strategic marketing is involved in making decisions, some of which include investment decisions. Of the following which is not an investment decision:

A) Invest for growth
B) Milk
C) Maintain
D) Liquidate
E) Innovation

Answer 2

E

Question 3

The four elements of a business strategy for a firm are the product-market investment decision, the functional strategies and program, the customer value proposition, and the __________ and _________.

Answer 3

assets and competencies. .

Question 4

develop a sustainable competitive advantage (SCA) in dynamic markets, a company must create multiple business units.

Question 5

management tasks used to develop strategic competencies do not include the following:

A) Strategic analysis
B) Manage multiple business units
C) Identify competitors
D) Develop a sustainable advantage
E) Develop a growth platform

Question 6

The scope of a business is defined by the products it offers and chooses not to offer, by the markets it does and does not seek to serve, by the competitors it chooses to compete with or to avoid, and by its level of vertical integration.

Question 7

According to the book, strategic marketing management has six objectives which include all except one of the following:

A) Precipitate the consideration of strategic choices.
B) Contribute to the bottom line success of the firm.
C) Force a long-range view.
D) Make visible the resource allocation decision.
E) Provide methods to aid in strategic analysis and decision-making.

Question 8

An external analysis includes the analysis of the customers, the competitors, the markets/submarkets and the environment.

Question 9

Strategic market management is a system designed to help management both precipitate and make strategic decisions, as well as create strategic visions.

Question 10

strategy should only involve one value proposition - otherwise chaos will occur.

Question 11

Marketing's role in strategy includes being the primary driver of strategic analysis.

Question 12

strategic market management system will have more value for an organization that is not engaged in complex markets with multiple channels and regional variation in channels and products.

Question 13

book suggests that many markets are dynamic and require new strategic models.

Question 14

Synergy occurs when two businesses can reduce costs by sharing some asset such as a sales force or logistics system.

Question 15

elements of strategy can be capsulated into four core elements--the product-market investment decision, functional area strategies, the customer value proposition, and the sustainable competitive advantage.

Question 16

The strategic plan should be developed annually.

Question 17

strategic competency is what a business unit does exceptionally well, such a manufacturing, promotion, distribution, etc. which has strategic importance to the business.

Question 18

According to the book, customer analysis involves identifying the organization's customer segments and each segment's motivations and priority needs.