Question 1

A competitive advantage refers to
A)the cluster of benefits that an organization promises customers to satisfy their needs.
B)those characteristics of a product that make it superior to competitive substitutes.
C)a unique strength relative to competitors that provides superior returns,often based on quality,time,cost,or innovation.
D)actions taken by a firm with the sole intent of putting a competitor out of business.
E)the cluster of benefits that an organization promises customers to satisfy their needs

Accepted Answer

A competitive advantage refers to a unique strength relative to competitors that provides superior returns, often based on quality, time, cost, or innovation. It is not simply the benefits promised to customers or characteristics of a product but rather a sustainable edge that a company has over its competitors. Competitive advantage can come in many forms such as superior technology, talented employees, or low cost structure.

Question 2

The Boston Consulting Group (BCG)uses business portfolio analysis to quantify performance measures and growth targets to analyze its clients' strategic business units (SBUs)
A)as if each were a separate investment.
B)to establish their worth to society at large.
C)to determine which would be suited for a SWOT analysis.
D)to determine which units are candidates for diversification analysis.
E)to determine which units can be divided into smaller,tactical business units (TBUs).

Accepted Answer

Business portfolio analysis involves evaluating each SBU as a separate investment and assessing its contribution to the overall portfolio of the company. BCG uses this approach to determine which SBUs are high-growth and high-profit and which ones are low-growth or low-profit. This helps the company to prioritize its investments and allocate resources effectively. Options B, C, D, and E are not accurate descriptions of BCG's use of portfolio analysis.

Question 3

Although now a part of Sears,Lands' End was primarily known as a catalog retailer.This means that traditional department stores,mass merchandisers,specialty shops,and other catalog retailers are considered to be Lands' End's
A)competitors.
B)consideration set.
C)industry.
D)target market.
E)stakeholders.

Accepted Answer

Lands' End's competitors are those retailers who offer similar products, including traditional department stores, mass merchandisers, specialty shops, and other catalog retailers.

Question 4

Netflix is a company that rents DVD movies either by mail or streams movies over the Internet.It jumped into an industry where there were many competitors from other local and national video stores.Initially,it established a loyal clientele by providing a service that was not available-reliable and fast shipment.Its delivery system created Netflix's
A)viable mission.
B)competitive advantage.
C)tactical innovation.
D)core benefit.
E)sales orientation.

Accepted Answer

Netflix's reliable and fast shipment created a competitive advantage for the company by setting it apart from its competitors in the industry.

Question 5

Two commonly used techniques to aid mangers with important decisions for setting a direction and allocating resources include __________ and __________ analysis strategies.
A)micromarketing; macromarketing
B)business portfolio; diversification
C)investment; divestment
D)dashboards; metrics
E)subjective; objective

Accepted Answer

Business portfolio and diversification are both techniques commonly used by managers to make important decisions regarding setting a direction and allocating resources. Business portfolio analysis helps managers evaluate their current portfolio of business units and allocate resources accordingly, while diversification analysis helps managers identify opportunities for growth by expanding their portfolio of products or services.

Question 6

Evergreen Air Center is the world's biggest parking lot for unwanted aircraft.Airlines pay a monthly fee from $750 to $5,000 to mothball their unneeded airplanes at this site.Its location is on 1,600 acres of Arizona desert near Tucson.The Southwest climate of dry,warm air serves as a cheap and effective airplane preservative against rust.Evergreen's location is a(n)
A)competency.
B)sustainable advantage.
C)competitive identity.
D)core benefit proposition.
E)innovative distinction.

Accepted Answer

The answer of Evergreen Air Center is the world's biggest...

Question 7

The Boston Consulting Group (BCG)uses __________ to quantify performance measures and growth targets to analyze its clients' SBUs as though they were a collection of separate investments.
A)target marketing
B)business portfolio analysis
C)synergy analysis
D)market-product grids
E)diversification analysis

Accepted Answer

BCG uses business portfolio analysis to assess the growth potential and performance of its clients' strategic business units (SBUs). This involves evaluating the SBUs as separate investments and allocating resources accordingly based on their profitability and growth potential.

Question 8

Data visualization
A)is the visual computer display of the essential information related to achieving a marketing objective.
B)is a road map for the marketing activities of an organization for a specified future time period.
C)is the process of continuously collecting information about customers' needs,sharing this information across departments,and using it to create marketing metrics.
D)is a measure of the quantitative value or trend of a marketing activity or result is the visual computer display of the essential information related to achieving a marketing objective.
E)presents information about an organization's marketing metrics graphically so marketers can quickly spot deviations from plans and take corrective actions.

Accepted Answer

Data visualization presents information about an organization's marketing metrics graphically so marketers can quickly spot deviations from plans and take corrective actions.

Question 9

A unique strength relative to competitors that provides superior returns,often based on quality,time,cost,or innovation,is referred to as a
A)creative advantage.
B)marketing edge.
C)distinctive competency.
D)competitive advantage.
E)core benefit.

Accepted Answer

The term "competitive advantage" refers to a unique strength that enables a company to outperform its competitors and achieve superior returns. It can be based on various factors such as quality, time, cost, or innovation. This advantage is what distinguishes a company from its rivals and gives it an edge in the marketplace.

Question 10

Designing a car is expensive and time-consuming even with the use of computers because of the difficulty of getting all the varied departments that are to work together.Mercedes-Benz created a unique centralized web-based system that cuts the design and production process by at least two years,thus providing customer value.This is an example of a(n)
A)point of similarity.
B)innovation-oriented mission.
C)action program.
D)operational goal implementation.
E)competency.

Accepted Answer

The answer of Designing a car is expensive and time-consuming...

Question 11

An organization's competencies include all of the following EXCEPT: A)profit. B)customer service. C)technologies. D)resources. E)employee skills.

Accepted Answer

Competencies refer to an organization's abilities, skills, and knowledge that enable it to perform certain functions successfully. Profit is an outcome or result of the organization's competencies and not considered a competency itself.

Question 12

Consider the Lands' End ad above.Lands' End communicates a remarkable commitment to its __________ with these unconditional words: "We accept any return,for any reason.Guaranteed.Period."
A)competitive advantage
B)core values
C)core benefit proposition
D)customers
E)mission statement

Accepted Answer

The answer of Consider the Lands' End ad above.Lands' End...

Question 13

Men's Wearhouse (MW)caters to the man who doesn't necessarily enjoy shopping.Its stores are located in shopping centers so that customers can get in and out quickly.Additionally,the MW targets the budget-conscious consumer with suit prices ranging from $250 to $500.Earnings rose 23% recently,indicating that the location of its stores and the pricing strategy both are part of MW's
A)competitive advantage.
B)core values.
C)core benefit proposition.
D)marketing edge.
E)viable mission.

Accepted Answer

MW's store location and pricing strategy both give it a competitive advantage in targeting budget-conscious consumers. Earnings rising 23% indicate that this strategy is effective.

Question 14

Business portfolio analysis refers to
A)a tool that helps a firm search for growth opportunities from among current and new markets as well as current and new products.
B)a technique that managers use to graphically track their firm's strategic business units (SBUs)as though they were a single expense in order to identify cost-cutting measures.
C)a technique that managers use to quantify performance measures and growth targets to analyze their firm's strategic business units (SBUs)as though they were a collection of separate investments.
D)an analysis that uses percentage points of market share as the common basis of comparison to allocate marketing resources effectively for different product lines within the same firm.
E)a tool that seeks opportunities by finding the optimum balance between marketing efficiencies versus R&D-manufacturing efficiencies.

Accepted Answer

The answer of Business portfolio analysis refers to
A)a tool that...

Question 15

The primary purpose of a marketing metric is to
A)assign qualitative values to quantitative data.
B)allow the sharing of information across product lines.
C)measure the quantitative value of a marketing activity.
D)forecast potential product/service opportunities over a period of five years.
E)provide a numerically precise measurement of management judgment for an industry's growth.

Accepted Answer

The primary purpose of a marketing metric is to measure the quantitative value of a marketing activity. Marketing metrics provide numerical measurements of marketing activities such as website traffic, social media engagement, and sales numbers to assess the effectiveness of marketing strategies. Using these measurements, marketers can determine what is working well and what needs to be improved for future marketing activities.

Question 16

An organization's special capabilities,including skills,technology,and resources that distinguish it from other organizations and provide customer value is (are)referred to as
A)a marketing edge.
B)a sustainable advantage.
C)core values.
D)points of similarity.
E)competencies.

Accepted Answer

Competencies refer to the unique skills, technologies, and resources that distinguish an organization from others and provide value to customers.

Question 17

All of the following retailers are principal or direct competitors to Lands' End EXCEPT: A)Amazon.com B)Sears C)L.L.Bean D)Target E)Pierre Cardin

Accepted Answer

Pierre Cardin is not a direct competitor to Lands' End as it primarily focuses on high-end fashion and accessories. The other options, Amazon.com, Sears, L.L. Bean, and Target, are all competitors in the retail industry that offer similar products and services as Lands' End.

Question 18

Weight Watchers is a weight-management company with operations in more than 25 countries.Consumers buy more than $4 billion of Weight Watchers-branded products each year,and every week approximately 1.8 million people attend Weight Watchers meetings worldwide.The company's brand recognition and meeting infrastructure are difficult for competitors to match,so they provide Weight Watchers with a distinct
A)viable mission.
B)competitive advantage.
C)tactical innovation.
D)core benefit.
E)sales orientation.

Accepted Answer

Weight Watchers' brand recognition and meeting infrastructure give them a competitive advantage that is difficult for competitors to match.

Question 19

Jude Medical makes cardiovascular medical devices,including the world's most widely used mechanical heart valve.Its products include tissue heart valves,pacemakers,and implantable cardiovascular defibrillators.St.Jude's innovation in cardiac devices helps it outperform rivals,and thus provides it with
A)a competitive advantage.
B)core values.
C)a core benefit proposition.
D)a marketing edge.
E)a viable mission.

Accepted Answer

St. Jude Medical's innovation in cardiovascular medical devices gives them a competitive advantage over their rivals in the industry.

Question 20

Rhone-Poulenc is an international French company that produces and markets a variety of chemicals and pharmaceuticals.Due to the resources it makes available to its scientists and researchers,the company has a number of Nobel Prize winners working in its laboratories.This ability to employ some of the finest minds in the world is an example of a
A)point of similarity.
B)competency.
C)sustainable advantage.
D)product development strategy.
E)human resource strategy.

Accepted Answer

The answer of Rhone-Poulenc is an international French company that...

Quiz 2: Developing Successful Marketing and Organizational Strategies

A competitive advantage refers to

The Boston Consulting Group (BCG) uses business portfolio analysis to quantify performance measures and growth targets to analyze its clients' strategic business units (SBUs)

Although now a part of Sears,Lands' End was primarily known as a catalog retailer.This means that traditional department stores,mass merchandisers,specialty shops,and other catalog retailers are considered to be Lands' End's

Two commonly used techniques to aid mangers with important decisions for setting a direction and allocating resources include and analysis strategies.

The Boston Consulting Group (BCG) uses __________ to quantify performance measures and growth targets to analyze its clients' SBUs as though they were a collection of separate investments.

Data visualization

A unique strength relative to competitors that provides superior returns,often based on quality,time,cost,or innovation,is referred to as a

An organization's competencies include all of the following EXCEPT:

Consider the Lands' End ad above.Lands' End communicates a remarkable commitment to its __________ with these unconditional words: "We accept any return,for any reason.Guaranteed.Period."

Business portfolio analysis refers to

The primary purpose of a marketing metric is to

An organization's special capabilities,including skills,technology,and resources that distinguish it from other organizations and provide customer value is (are) referred to as

All of the following retailers are principal or direct competitors to Lands' End EXCEPT: