Question 1

All of the following are components of a firm's value network except:

Accepted Answer

The answer of All of the following are components of...

Question 2

In the hierarchy of strategies, _____ strategy centers on how resources allocated to various functional areas can be used most effectively and efficiently to support the strategy of a strategic business unit.

Accepted Answer

Functional strategy focuses on optimizing the use of resources within specific functional areas like marketing, finance, or operations to support the broader business unit strategy.

Question 3

The Balanced Scoreboard seeks to turn objectives into goals.​

Accepted Answer

The Balanced Scorecard is a strategic management tool that translates an organization's vision and strategy into a set of performance measures across four perspectives: financial, customer, internal processes, and learning and growth. It does not specifically focus on turning objectives into goals.

Question 4

In developing strategic plans, managers who represent the various business functions in the firm often hold different views concerning the best strategic course. Why?

Accepted Answer

Different business functions have unique orientations, goals, and reward systems, leading to varied perspectives on strategic planning.

Question 5

All of the following are elements that determine how a firm chooses to compete except:

Accepted Answer

The core processes are internal operations and do not directly determine how a firm chooses to compete in the market.

Question 6

Conflict often divides participants in the strategy formulation process. Conflict most often emerges from:

Accepted Answer

Conflict in strategy formulation often arises from "turf issues," where different departments or individuals compete for resources or influence, and "thought-world differences," where varying perspectives and priorities lead to disagreements.

Question 7

The three principal drivers of organizational learning and growth are human capital, information capital, and financial capital.

Accepted Answer

The three principal drivers of organizational learning and growth are human capital, information capital, and organizational capital, not financial capital.

Question 8

The overall objectives of the strategy that sets a course of direction and defines a set of performance criteria that will be used to measure progress is called the:

Accepted Answer

The business mission is the overall objectives of the strategy that sets a course of direction and defines a set of performance criteria that will be used to measure progress.

Question 9

Which of the following describes where the firm competes?

Accepted Answer

The answer of Which of the following describes where the...

Question 10

In the hierarchy of strategies, _____ strategy defines the businesses in which a company will compete, preferably in a manner that utilizes resources to convert distinctive competence into competitive advantage.

Accepted Answer

Corporate strategy defines the businesses in which a company will compete, preferably in a manner that utilizes resources to convert distinctive competence into competitive advantage.

Question 11

Which of the following is an element of the customer interface?

Accepted Answer

The customer interface includes elements like relationship dynamics and pricing structure, which directly affect how a company interacts with its customers.

Question 12

Responsibility charting provides a tool for defining decision-making roles. A manager who accepts or vetoes a decision before it is implemented, or chooses from alternatives developed by others, is performing which of the roles?

Accepted Answer

The "approve" role involves accepting or vetoing a decision before it is implemented or choosing from alternatives developed by others.

Question 13

The collective action perspective of strategy formulation applies to strategic decisions that cut across functional areas, involve issues related to the organization's long-term goals, or involve the allocation of resources across business units. According to the collective action perspective, strategic decision processes:

Accepted Answer

Strategic decision processes often involve conflict and require negotiation and compromise among participants, as they cut across different functional areas and involve long-term goals and resource allocation.

Question 14

The Marketing Strategy Center is involved in multifunctional marketing decisions.​

Accepted Answer

The Marketing Strategy Center typically involves various functions such as product development, pricing, distribution, and promotion, making it a multifunctional entity in marketing decisions.

Question 15

Smart connected products do not alter business models.​

Accepted Answer

Smart connected products can significantly alter business models by enabling new revenue streams, enhancing customer relationships, and creating opportunities for new services and solutions.

Question 16

Responsibility charting constitutes an approach that can be used to classify decision-making roles and to highlight the multifunctional nature of business marketing decision making. A manager who takes initiative for analyzing a situation, developing alternatives, assuring consultation with others, and who makes initial recommendations is performing which of the following roles?

Accepted Answer

The role described is "responsible," as this person takes the initiative to analyze, develop alternatives, consult, and make recommendations, which aligns with the responsibilities of someone who is accountable for the task.

Question 17

A _____ is a single business or collection of businesses that has a distinct mission, a responsible manager, its own competitors, and an independent position in the firm.

Accepted Answer

A strategic business unit (SBU) is a division or unit within a company that has its own mission, objectives, and competition, and operates independently within the larger organization.

Question 18

A business concept or model consists of the following major components except:

Accepted Answer

Negotiated outcomes are not typically considered a major component of a business concept or model, which generally includes core strategy, strategic resources, customer interface, and value network.

Question 19

In the hierarchy of strategies, _____ strategy centers on how a firm will compete in a given industry and will position itself against its competitors.

Accepted Answer

Business-level strategy focuses on how a firm will compete in a given industry and will position itself against its competitors.

Question 20

The composition or functional area representation of the marketing strategy center:

Accepted Answer

The composition of the marketing strategy center is not fixed and can change as the strategy develops and according to different strategic needs.

Quiz 5: Business Marketing Planning: Strategic Perspectives