Question 1

To successfully utilize SWOT analysis as a catalyst for strategic planning, the marketing manager must focus on several important issues. Which of the following IS NOT one of these issues?
A) The manager must look beyond the firm's current product offerings.
B) The manager must find ways to connect the firm's strengths to its opportunities.
C) The manager must strive to convert weaknesses into strengths.
D) The manager must attempt to minimize the firm's limitations.
E) The manager must find ways to transform key threats into strengths.

Accepted Answer

The statement "The manager must find ways to transform key threats into strengths" is not a necessary issue to focus on when utilizing SWOT analysis for strategic planning. While it may be desirable to turn threats into opportunities or strengths, it is not always feasible, and the focus should primarily be on leveraging the firm's strengths and opportunities while minimizing weaknesses and limitations. Therefore, option E is not one of the important issues that the marketing manager must focus on.

Question 2

With respect to the text's advice in conducting a SWOT analysis, which of the following best describes "Look for Causes, Not Characteristics"?
A) Break down clichés into meaningful customer-oriented issues
B) Refrain from conducting a single generic analysis for the entire organization
C) Gauge the actual perceptions of customers that give rise to the firm's strengths and weaknesses
D) Focus on the resources possessed by the firm and/or its competitors that are the true causes for the firm's strengths, weaknesses, opportunities, and threats
E) Clearly differentiate internal issues from external issues

Accepted Answer

"Look for Causes. Not Characteristics" suggests that instead of just describing characteristics of the firm's strengths, weaknesses, opportunities, and threats, the focus should be on identifying the underlying causes. This means looking at the resources possessed by the firm and its competitors that are responsible for creating these characteristics. By doing so, the SWOT analysis can provide more actionable insights for the organization.

Question 3

The failure to understand the difference between internal and external issues is one of the major reasons for a poorly conducted SWOT analysis. This happens because managers:
A) see opportunities and threats as being the same thing.
B) confuse weaknesses with threats.
C) see strengths as the only meaningful issue in a SWOT analysis.
D) confuse strengths with opportunities.
E) list their marketing options or strategies as opportunities.

Accepted Answer

E

Question 4

As a tool of Blue Ocean Strategy, the strategy canvas provides a way to visualize the firm's strategy relative to other firms in the industry. The central portion of the strategy canvas is the _____, or the graphic representation of the firm's relative performance across its industry's factors.
A) value curve
B) strategy line
C) strategic focus
D) divergence curve
E) action diagram

Accepted Answer

The strategy canvas is a visual representation of a firm's strategy in comparison to other firms in the industry. The central portion of the strategy canvas is the value curve, which shows the firm's relative performance across its industry's key factors. The value curve is the most important part of the strategy canvas, as it allows the firm to see where it stands in the industry and identify areas where it can differentiate itself and create a blue ocean.

Question 5

The overall concept or model that guides the firm as it weaves various marketing elements together into a coherent strategy is called its:
A) marketing strategy
B) operational focus
C) strategic posture
D) marketing thrust
E) strategic focus

Accepted Answer

The term used to describe the overall concept or model that guides a firm as it weaves together various marketing elements into a coherent strategy is its strategic focus. This includes decisions on target market, positioning, product development, pricing, promotion, and distribution, among others. A firm's strategic focus is the foundation on which its marketing strategy is built, and it helps ensure that all marketing efforts are aligned and working towards the same goals.

Question 6

In the marketing strategy for Amazon, the following statement appears: Our strategy is designed to increase the percentage of repeat customers from 80 percent to 85 percent in the next 12 months. This statement is an example of a:
A) quantitative goal
B) continuous objective
C) procedural objective
D) qualitative objective
E) discontinuous objective

Accepted Answer

The answer of In the marketing strategy for Amazon, the...

Question 7

By focusing on efficiency of operations and processes, lower costs, and delivering good value, Southwest Airlines attempts to build a competitive advantage based on:
A) production orientation
B) customer intimacy
C) process improvement
D) operational excellence
E) strategic efficiency

Accepted Answer

The focus on efficiency of operations and processes, lower costs, and delivering good value aligns with the concept of operational excellence, which is one of the key components of building a competitive advantage. This strategy involves optimizing operations and processes to reduce costs, increase productivity, and deliver higher value to customers.

Question 8

Microsoft's Windows platform dominates the market for personal computer operating systems. By continuously upgrading and stretching the technology underlying its Windows system, Microsoft is pursuing a strategy of:
A) customer intimacy
B) product leadership
C) operational excellence
D) total quality management
E) technological leadership

Accepted Answer

By continuously upgrading and stretching the technology underlying its Windows system, Microsoft is pursuing a strategy of product leadership, in which the company constantly innovates to develop new and better products, features, and technologies to stay ahead of the competition.

Question 9

Identify and explain the directives for the productive use of SWOT analysis. Which directive do you think is the most important? Why?

Accepted Answer

The answer of Identify and explain the directives for the...

Question 10

In terms of SWOT analysis, when does a strength become a capability of the firm?
A) when the strength can be tied to satisfying a customer need
B) when the strength cannot be copied by competitors
C) when the strength stands alone without any corresponding weaknesses
D) when the strength can be connected to a second strength
E) when the strength can be supported by sufficient resources

Accepted Answer

A strength becomes a capability of the firm when it can be tied to satisfying a customer need. A strength is an internal attribute of the firm, while a capability is the ability of the firm to use its strengths to effectively deliver value to customers. Therefore, a strength can only become a capability when it is leveraged to satisfy a customer need. This allows the firm to create a competitive advantage based on its unique strengths and capabilities.

Question 11

Your supervisor repeatedly informs you that "Goals without objectives are essentially meaningless." What is the rationale for such a philosophy?
A) Goals are necessary to provide specific benchmarks that are used to gauge performance.
B) Objectives provide a theoretical benchmark rather than a practical benchmark.
C) A goal is not a goal unless it contains one or more objectives.
D) Progress is impossible to track without measurable performance targets.
E) Objectives are necessary to provide qualitative benchmarks that are used to gauge performance.

Accepted Answer

The answer of Your supervisor repeatedly informs you that "Goals...

Question 12

Why is it important that marketing goals involve some degree of intangibility?
A) It makes it more difficult for competitors to determine the firm's marketing strategy.
B) It makes goals more consistent with the objectives that follow.
C) It makes goals easier to achieve.
D) It promotes learning by forcing employees to ask questions about the strategy.
E) It makes the goal more motivational and promotes continuous improvement

Accepted Answer

Including a degree of intangibility in marketing goals can make them more motivational and promote continuous improvement. This is because intangible goals are often more abstract and open-ended, requiring employees to think creatively and work collaboratively to achieve them. This can inspire a sense of ownership over the goal and promote ongoing effort to improve and innovate.

Question 13

Firms possessing certain core competencies are more likely to create competitive advantages based on these competencies. However, before a competitive advantage can be translated into specific customer benefits, the firm's _____ must recognize that its competencies give it an advantage over the competition.
A) management
B) target markets
C) shareholders
D) employees
E) strategic partners

Accepted Answer

Target markets must recognize the firm's competencies as advantageous for a competitive advantage to translate into specific customer benefits. This recognition drives demand and preference for the firm's offerings.

Question 14

_____ typically occur within the competitive, customer, economic, political/legal, technological, and/or sociocultural environments of the firm.
A) Strengths and weaknesses
B) Strengths and opportunities
C) Opportunities and threats
D) Weaknesses and threats
E) Opportunities and weaknesses

Accepted Answer

Opportunities and threats are external factors that can impact a business, and they are typically found within the competitive, customer, economic, political/legal, technological, and/or sociocultural environments of the firm. Strengths and weaknesses, on the other hand, are internal factors that are specific to the business itself. Opportunities refer to external factors that the business can capitalize on, while threats are external factors that pose a risk to the business.

Question 15

Marketing goals can be defined as:
A) quantitative guidelines that help firms achieve desired results.
B) broad, qualitative statements of desired accomplishments.
C) performance process controls.
D) specifications by which performance will be assessed.
E) precise statements of desired accomplishments.

Accepted Answer

The answer of Marketing goals can be defined as:
A) quantitative...

Question 16

All of the following are benefits of SWOT analysis EXCEPT:
A) It is simple to use.
B) Its structured nature ensures that data and information are correctly categorized.
C) It promotes managerial collaboration.
D) It can synthesize and integrate diverse information.
E) It can reduce costs.

Accepted Answer

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

Question 17

With regard to Blue Ocean Strategy, the Four-Actions Framework is designed to challenge traditional assumptions about marketing strategy by asking four key questions. Which of the following IS NOT one of these questions?
A) Which factors should be reduced well below the industry's standard?
B) Which factors should be raised well above the industry's standard?
C) Which factors should be created that the industry has never offered?
D) Which factors that the industry takes for granted should be eliminated?
E) Which factors used throughout the industry should be copied?

Accepted Answer

The question "Which factors used throughout the industry should be copied?" is not one of the four key questions asked in the Four-Actions Framework of Blue Ocean Strategy. The framework instead focuses on challenging traditional assumptions and identifying factors to reduce, raise, create, or eliminate in order to create a new, uncontested market space.

Question 18

May firms, like the Altria Group, focus on diversification in their marketing strategies because they possess:
A) many internal strengths and many external opportunities.
B) many internal weaknesses and many external opportunities.
C) many internal strengths and few external opportunities.
D) many internal strengths and many external threats.
E) many internal weaknesses and many external threats.

Accepted Answer

The answer of May firms, like the Altria Group, focus...

Question 19

Expansion and growth, with new products and new markets, are the keys to Google's _____ approach to marketing strategy. Google uses this approach because it possesses many different strengths that coincide with key market opportunities.
A) defensive
B) focused
C) aggressive
D) proactive
E) diversified

Accepted Answer

The word "aggressive" best describes Google's approach to marketing strategy as it focuses on expansion and growth through new products and markets. This approach requires taking risks and being assertive in pursuing opportunities, which aligns with Google's strengths in innovation and technology.

Question 20

Strengths are typically based on the existence and nature of the _____ possessed by the firm. Weaknesses stem from a lack of these important factors.
A) patents and capital
B) resources and relationships
C) customers and partnerships
D) products and customers
E) customers and resources

Accepted Answer

Strengths and weaknesses are internal factors of a firm, which are primarily determined by their resources (such as capital, technology, human resources), and relationships (such as partnerships and collaborations). While customers are crucial to a firm's success, they are not considered internal factors, and therefore, not the correct choice. Similarly, patents and products are assets owned by the firm, but they do not necessarily reflect its inherent strengths or weaknesses. Therefore, the best choice is B.

Quiz 5: Developing Competitive Advantage and Strategic Focus

To successfully utilize SWOT analysis as a catalyst for strategic planning, the marketing manager must focus on several important issues. Which of the following IS NOT one of these issues?

With respect to the text's advice in conducting a SWOT analysis, which of the following best describes "Look for Causes, Not Characteristics"?

The failure to understand the difference between internal and external issues is one of the major reasons for a poorly conducted SWOT analysis. This happens because managers:

As a tool of Blue Ocean Strategy, the strategy canvas provides a way to visualize the firm's strategy relative to other firms in the industry. The central portion of the strategy canvas is the _____, or the graphic representation of the firm's relative performance across its industry's factors.

The overall concept or model that guides the firm as it weaves various marketing elements together into a coherent strategy is called its:

In the marketing strategy for Amazon, the following statement appears: Our strategy is designed to increase the percentage of repeat customers from 80 percent to 85 percent in the next 12 months. This statement is an example of a:

By focusing on efficiency of operations and processes, lower costs, and delivering good value, Southwest Airlines attempts to build a competitive advantage based on:

Microsoft's Windows platform dominates the market for personal computer operating systems. By continuously upgrading and stretching the technology underlying its Windows system, Microsoft is pursuing a strategy of:

Identify and explain the directives for the productive use of SWOT analysis. Which directive do you think is the most important? Why?

In terms of SWOT analysis, when does a strength become a capability of the firm?

Your supervisor repeatedly informs you that "Goals without objectives are essentially meaningless." What is the rationale for such a philosophy?

Why is it important that marketing goals involve some degree of intangibility?

_____ typically occur within the competitive, customer, economic, political/legal, technological, and/or sociocultural environments of the firm.

Marketing goals can be defined as:

All of the following are benefits of SWOT analysis EXCEPT:

With regard to Blue Ocean Strategy, the Four-Actions Framework is designed to challenge traditional assumptions about marketing strategy by asking four key questions. Which of the following IS NOT one of these questions?

May firms, like the Altria Group, focus on diversification in their marketing strategies because they possess:

Expansion and growth, with new products and new markets, are the keys to Google's _____ approach to marketing strategy. Google uses this approach because it possesses many different strengths that coincide with key market opportunities.

Strengths are typically based on the existence and nature of the _____ possessed by the firm. Weaknesses stem from a lack of these important factors.