Deck 5: Capabilities for Learning About Customers and Markets

Question 1

_____ is both a culture and a process that consists of information acquisition,broad information dissemination,and shared diagnosis leading to coordinated action.

A) Market liquidity
B) Market valuation
C) Market capitalization
D) Market orientation

Answer 1

Market orientation

Question 2

The markets are best understood if the firm has a fixed view on what information will influence the firm.

Answer 2

False

Question 3

 The market sensing process of _____ includes building a culture and process around continuous curiosity and new ideas. 

A) scanning the periphery of the market
B) encouraging experimentation
C) listening to front-line employees
D) searching for latent customer needs

Answer 3

 encouraging experimentation

Question 4

Strategic _____ refers to a firm's capability to consistently identify and seize opportunities more quickly and effectively than rivals.

A) alliance
B) agility
C) stock
D) equity

Question 5

 Market orientation is both a culture and a process committed to achieving superior supplier value.

Question 6

_____ is a key capability of the market-driven organization,concerned with the ability of organizations to continuously learn about their markets,and acts as an antecedent to market orientation.

A) Market penetration
B) Market capitalization
C) Market sensing
D) Market segmentation

Question 7

The market sensing process of _____ helps to study and understand changes that occur in the markets and avoid complacency in reacting to such changes.

A) building open-minded inquiry
B) analyzing competitors' actions
C) listening to front-line employees
D) searching for latent customer needs

Question 8

Investments in enhancing and shaping interpretation may create a more durable competitive advantage than investments in obtaining additional information.

Question 9

Typically,the MIS does not interact in the decision-making process and is primarily used in collecting data.

Question 10

Market sensing is concerned with the ability of organizations to continuously learn about their markets,and acts as an antecedent to market orientation.

Question 11

 The market sensing process of _____ gives detailed attention to rivals' tactics and strategies to develop understanding of their plans and capabilities.

A) building open-minded inquiry
B) analyzing competitors' actions
C) listening to front-line employees
D) searching for latent customer needs

Question 12

Searching for latent customer needs primarily involves understanding customer needs through interaction with front-line employees who are in direct contact with customers.

Question 13

 The market sensing process of _____ includes actively looking for new opportunities in the market.

A) scanning the periphery of the market
B) encouraging experimentation
C) listening to front-line employees
D) searching for latent customer needs

Question 14

 The market sensing process of _____ includes finding discontent through dialogue,observation,and engagement with clients.

A) building open-minded inquiry
B) analyzing competitors' actions
C) listening to front-line employees
D) searching for latent customer needs

Question 15

 Strategic _____ refers to a firm's awareness of what is happening and what is going to happen next,as a basis for rapidly developing effective responses to change or new opportunities.

A) sensitivity
B) alliance
C) equity
D) network optimization

Question 16

Knowledge intensity identifies both market risk and new opportunities for growth.

Question 17

Market-driven organizations are primarily interested in static events,rather than factors that cause change,in the markets.

Question 18

 The market sensing process of _____ includes motivating the involvement of staff who are in contact with customers in building understanding of change,new opportunities and threats.

A) building open-minded inquiry
B) analyzing competitors' actions
C) listening to front-line employees
D) searching for latent customer needs

Question 19

Market-oriented firms emphasize enhanced operating efficiency and reduced costs through automating information processing.

Question 20

Unbundling information from its physical carrier will provide access as well as speed in organizations.

Question 21

 A _____ provides raw data to decision makers throughout a firm.

A) marketing decision-support system
B) marketing information system
C) management information system
D) market function team

Question 22

 List the market-sensing processes used by market-driven companies.

Question 23

Give an account of the barriers that affect the market learning processes.

Question 24

 _____ is the part of the learning process of market-oriented companies that emphasizes the importance of keeping and valuing prior information.

A) Objective inquiry
B) Information distribution for synergy
C) Mutually informed interpretations
D) Accessible memory

Question 25

What are the activities included in the learning processes of market-oriented companies?

Question 26

_____ integrates data that are not easily found,assimilated,formatted or readily manipulated with software and hardware into a decision-making process that provides the marketing decision maker with assistance when needed.

A) Market sensing
B) Management information system
C) Marketing information system
D) Marketing decision-support system

Question 27

Give an account of how internet-based research helps in creating new market information.

Question 28

Which of the following activities is to be avoided when engaging in the process of market learning?

A) Searching for new ideas without a fixed view
B) Interpreting collected information based on managers' views
C) Bundling information based on specific business functions
D) Accessing prior information

Question 29

 Which of the following learning process activities can leverage the value of the information by cutting across business functions to share information on customers,channels of distribution,suppliers and competitors?

A) Objective inquiry
B) Mutually informed interpretations
C) Information distribution for synergy
D) Accessible memory

Question 30

 What is the role of management information systems (MISs) in data collection? 

Question 31

Which of the following learning process activities involves matching the vision of executives,like managers,to the information collected?

A) Mutually informed interpretations
B) Information distribution for synergy
C) Accessible memory
D) Objective inquiry

Question 32

Which of the following organizational scanning initiatives would require the use of external consultants for fresh perspectives on the business to be incorporated in strategic decision making?

A) Using existing functional groups
B) Outsourcing
C) Creating ad hoc issue groups
D) Establishing a high-level lookout team

Question 33

Megagro,a groceries retail chain,demonstrated the market sensing process of _____ when it hired researchers to survey the refrigerator contents and lifestyles of 90 families-checking average family size,gross family income,what the families ate for breakfast,and how often they shopped for groceries. 

A) scanning the periphery of the market
B) encouraging experimentation
C) searching for latent customer needs
D) analyzing competitors' actions

Question 34

 _____ is "the systematic gathering,recording,processing,and analyzing of marketing data,which-when interpreted-will help the marketing executive to uncover opportunities and to reduce risks in decision making."

A) Marketing research
B) Systemic marketing
C) Marginal analysis
D) Market segmentation