Deck 4: Crafting Market Strategy

Question 1

Firms have numerous capabilities,not all of which they perform well.According to the text,_______ are those the firm surpasses its competitors in performing.

A)core competencies
B)distinctive capabilities
C)strategic positioning
D)strategies

Answer 1

B

Question 2

_______ means performing different activities from rivals' or performing similar activities in different ways.

A)Crafting market strategy
B)Operational effectiveness
C)Strategic positioning
D)Strategy

Answer 2

D

Question 3

Organizing skills reflect how adroit a manager is in connecting relationships and managing group dynamics,whereas interacting skills refer to one-on-one interaction adeptness.

Answer 3

True

Question 4

_______ (is)are resource(s)that are complementary building blocks of a value-generating strategy that provides competitive advantage.

A)Core competencies
B)Capabilities
C)Strategic positioning
D)Strategy

Question 5

_______ means providing customers with reliable products or services at competitive prices and delivered with minimal difficulty or inconvenience.

A)Product leadership
B)Customer intimacy
C)Operational excellence
D)Strategy

Question 6

Allocation skills refer to a manager's expertise in budgeting time,people,and money.

Question 7

_______ means performing different activities from rivals' or performing similar activities in different ways.

A)Crafting market strategy
B)Operational effectiveness
C)Strategic positioning
D)Strategy

Question 8

The value proposition _______ consists of one or two points-of-difference (and,perhaps,a point-of-parity)whose improvement will deliver the greatest value to the customer for the foreseeable future.

A)all benefits
B)favorable points of difference
C)resonating focus
D)operational excellence

Question 9

_______ is the process of studying how to exploit a business's resources to achieve short-term and longterm marketplace success,deciding on a course of action to pursue,and flexibly updating it as learning occurs during implementation.

A)Crafting market strategy
B)Operational effectiveness
C)Strategic positioning
D)Strategy

Question 10

According to the text _______ means performing different activities from rivals' or performing similar activities in different ways.

A)core competencies
B)distinctive capabilities
C)strategic positioning
D)business strategy

Question 11

_______ captures the value of a brand and refers to how customers regard a brand relative to offerings of other competing suppliers (or an offering of an unnamed supplier),based on those customers' knowledge from experience with and learning about the brand.

A)brand equity
B)branding strategy
C)brand hierarchy
D)brand loyalty

Question 12

_______ is a means of summarizing the branding strategy by displaying the number and nature of common and distinctive brand elements across the firm's products,revealing the explicit ordering of brand elements.

A)brand equity
B)branding strategy
C)brand hierarchy
D)brand loyalty

Question 13

_______ means offering customers leading-edge products and services that consistently enhance the customer's use or application of the product,thereby making rivals' goods obsolete.

A)Product leadership
B)Customer intimacy
C)Operational excellence
D)Strategy

Question 14

Examples of _______ programs are a new offering introduction,participation in an industry trade show,or increasing the supplier's share of customer's business in a targeted segment.

A)strategy
B)positioning
C)resonating focus
D)marketing and sales

Question 15

_______ means segmenting and targeting markets precisely and then tailoring offerings to match exactly the demands of those niches.

A)Product leadership
B)Customer intimacy
C)Operational excellence
D)Strategy

Question 16

_______ means performing similar activities better than rivals perform them.

A)Crafting market strategy
B)Operational effectiveness
C)Strategic positioning
D)Strategy

Question 17

Managers in business markets know that there is no benefit from adapting the concepts and practices of their counterparts in consumer markets to the business-to-business setting.

Question 18

_______ for a firm identifies which brand elements a firm chooses to apply across the various products it sells." In business markets,the most significant aspect of branding strategy is deciding on the brand hierarchy to pursue.

A)brand equity
B)branding strategy
C)brand hierarchy
D)brand loyalty

Question 19

_______ refers to selecting particular market segments and customer firms that the supplier firm will focus its resources on serving.That is not to say that the firm will not sell to other market segments or customer firms,but instead,targeting specifies which segments and customer firms are of particular interest.

A)Targeting
B)Positioning
C)Operational excellence
D)Strategy

Question 20

Monitoring skills refer to a manager's expertise in budgeting time,people,and money.

Question 21

Implementation considerations should inform and guide the generation of market strategy.It is in answering the question,"How will we do it?" that the business develops action plans,designs sales and marketing programs,takes stock of its implementation skills,and prepares for learning and adapting