Deck 5: Strategic Marketing

Question 1

The text states that "How to get from here to there" is the essence of strategic planning.

Answer 1

True

Question 2

In general, strategic marketing will precede marketing management.

Answer 2

True

Question 3

Customer relationship management would not have occurred had there not been advances in computer hard disk storage.

Answer 3

True

Question 4

The political environment is the procedure a company goes through when establishing their bylaws.

Question 5

The concept of strategy, simply stated, follows the order: objective, tactic, strategy.

Question 6

Strategic leadership is the fundamental element necessary to establish or reestablish a clear strategy.

Question 7

Management effectiveness in lieu of strategy is the key for a company that desires to produce better results.

Question 8

Management effectiveness is necessary for a company to produce better results.

Question 9

A well thought out and well executed strategy is equal in importance to management effectiveness.

Question 10

If a strategy cannot be implemented, it may be the wrong strategy.

Question 11

McDonald's has had major problems adapting to new countries and cultures.

Question 12

Emergent strategies come from careful management thought and valuation of foreseen circumstances.

Question 13

The military concept of strategy and tactics is that tactics are the way to win the war while strategy is a way to win the battle.

Question 14

Strategic thinking and planning are needed at each level of management: corporate, business and functional.

Question 15

The confidence of a consumer is not a factor of economical environment.

Question 16

Management effectiveness refers to activities that allow a company to operate more smoothly and produce better results.

Question 17

The Hawaiian natives are upset with the tourism industry because they charge the customers too much for hotel rooms and flights, thus causing them to spend less on native artwork and crafts.

Question 18

Strategic competition is the process of perceiving new market positions that bring new customers from competitors or bring new customers into the market.

Question 19

The Five Forces model was developed by Michael Porter.

Question 20

Strategic effectiveness means performing activities that are the same as competitors.

Question 21

Competitive advantage is:

A) A sports team scoring the winning goal
B) A company stealing the customers
C) The hotel with the highest occupancy percentage for the year
D) What a company does to set themselves apart from the competition

Question 22

Management effectiveness includes all the following except:

A) Technical advances
B) Employee motivation
C) Sales advances
D) Employee empowerment

Question 23

Barriers of entry into a market are not determined by which of the following?

A) Economics of scales
B) Brand loyalty
C) Potential opportunities
D) Absolute cost advantage

Question 24

Which of the following are included in the broad types of environments?

A) Economic and sociocultural
B) Technological and political
C) Natural and strategic
D) All of the above
E) Both A & B

Question 25

Which one of these is not a type of market opportunity?

A) Created
B) Stolen
C) Cannibalized
D) Destroyed

Question 26

According to the National Restaurant Association, current industry trends include all the following except:

A) Continued expansion
B) Focus of service
C) Embracement of diversity
D) Ignoring cost control systems

Question 27

Strategy is about:

A) Making trade-offs
B) Creating a "fit" for all activities of an organization
C) The creation of a unique and valuable market position
D) Both A & C
E) All of the above

Question 28

Environmental scanning is important because:

A) It helps determine what impact the environment will have on our business
B) It helps marketing plan for the future
C) It helps us to be proactive in business decisions
D) Both A & C
E) All of the above

Question 29

What does SWOT stand for?

A) Strengths, Weaknesses, Opportunities, Threats
B) Strengths, Word of Mouth, Objectives, Trends
C) Supplies, Word of Mouth, Objectives, Trends
D) Strategy, Weaknesses, Opportunities, Trends

Question 30

Which one of these examples is not part of the 5 Forces Model?

A) Risk of entry by potential competitors
B) Market value of product
C) Threat of substitute products
D) Bargaining power of buyers
E) Rivalry amongst established firms

Question 31

Emergent strategies:

A) Start at the corporate level, as with all strategy
B) Are sometimes based on what a company actually does rather than what was planned
C) Are usually unforeseen
D) All of the above
E) Both B & C

Question 32

What industry is dramatically dying out due to technology in hospitality?

A) Travel agents
B) Office supplies distributors
C) Front desk clerks
D) Airline pilots

Question 33

In the interview at the beginning of the chapter, what did Christian Hempell state were the biggest strategic challenges for the hotel industry?

A) Value chain changes with the growth of internet distribution companies
B) Ability to differentiate within product class
C) Innovation that is economically feasible
D) Both A & C
E) All of the above

Question 34

Major criteria for growth and acquisition includes all of the following except:

A) Earnings per share
B) The turnover rate for employees
C) The strategic fit
D) Reputation of the company

Question 35

Which fast food company has more international restaurants than domestic restaurants, according to the text?

A) Pizza Hut
B) Schlotzsky's
C) KFC
D) Burger King

Question 36

What is strategy?

A) The creation of a unique and valuable market position
B) Training your employees differently than the competition
C) The debate of creation versus evolution
D) A unique style of marketing on television

Question 37

McDonald's has much strength in the market place. Which one is not an example of its strengths?

A) Brand awareness
B) Empowerment
C) Consistency
D) Distribution
E) Good systems

Question 38

When are suppliers powerful in the market?

A) When there are many substitutes and different products that they can offer the customer
B) When the company can completely focus and spread brand awareness to the buyers
C) When companies cannot use threats of vertically integrating backwards to supply their own needs
D) When they threaten to horizontally integrate to compete directly with the company

Question 39

The overall focus of most types of strategy should be on:

A) Corporate level strategies
B) The value chain
C) Functional level strategies
D) The building blocks of competitive advantage
E) Business level strategies

Question 40

Environmental scanning is:

A) A microenvironmental technique
B) An archaic theory of business, and rarely used today
C) A way of looking within an internal business environment for opportunities
D) A way of looking outside the business for opportunities and threats

Question 41

One area of the economic environment that has particular impact on international travel is .

A) The addition of self-serve kiosks
B) Ecotourism
C) The strength of the US dollar compared to international currency
D) The advent and growth of resort spas
E) The rules and regulations set by the World Trade Organization

Question 42

A careful assessment of the environment should be conducted strategic plans are implemented.

A) Before
B) While
C) After

Question 43

means moving backward into the production process (upstream) or forward into the distribution process (downstream).

A) Vertical integration
B) Spatial integration
C) Neutral integration
D) Horizontal integration

Question 44

The environment refers to the rules and regulations that can either encourage or impede growth and trade.

A) Technological
B) Economic
C) Socio-cultural
D) Natural
E) Political

Question 45

Which of the following is not an example of a focus strategy?

A) The 173 of 890 rooms at the New York Palace that compete with smaller, luxury hotels
B) Southwest Airlines
C) Hotwire.com
D) Both B & C
E) All of the above are examples of a focus strategy

Question 46

Strategic alliances and joint ventures:

A) Are examples of corporate market strategies
B) Occur when two or more parties get together and mutual value enhancement is obtained
C) Are examples of corporate level strategies
D) Both A & B
E) All of the above

Question 47

The extensive Marriott timeline that was detailed in a table in Chapter Five was included in the text as an example of:

A) A successful hotel chain that focused on understanding it's surrounding environments
B) A successful strategy with a focus on acquiring hotels and selling other businesses that required different skill sets
C) Business gains and then losses due to poor strategic planning
D) A situation of inadequate strategic leadership

Question 48

Which of the following is a true statement about the macroenvironmental forces model outlined in Chapter Five?

A) One major task is to identify the elements that affect the firm
B) A favorable effect is an "opportunity"
C) An unfavorable effect is a "strength"
D) Both A & B
E) None of the above

Question 49

Define environmental scanning and its importance in creating a strategy. Describe the five types of environments and give examples of each type.

Question 50

Which step is not included in the steps of environmental scanning?

A) Assess opportunities
B) Forecast direction
C) Analyze the impact
D) Repeat the steps with each new environment
E) Watch for broad trends

Question 51

Which comes first: tactics or strategy? Is this always the case? What is your opinion on emergent strategies?

Question 52

The five environmental forces discussed in the chapter are an example of a environmental force

A) Nano
B) Micro
C) Super
D) Macro