Question 1

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 is asked for substantive input before the decision is approved but does not possess veto power is performing which of the following roles?

Accepted Answer

The role described in the question is that of a consultant, who provides input and advice but does not have veto power. The other options (Responsible, Approve, Implement, Inform) do not match this description.

Question 2

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 is a single business or collection of businesses that operates as a distinct entity within a larger firm, and has its own mission, strategies, competitors, and managers who are responsible for its performance. This kind of structure is often used by companies that operate in multiple industries or markets, and allows them to focus on specific areas of the business and allocate resources accordingly. The other answer choices are not accurate descriptions of a strategic business unit.

Question 3

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

Accepted Answer

All other options listed (business mission, product scope, basis for differentiation) are key elements that determine a firm's competitive strategy. Core process processes, while important, are not typically considered a primary factor in a firm's choice to compete.

Question 4

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 specific industry, with a focus on positioning itself against its competitors. Functional strategies focus on specific functions of the company, corporate strategies focus on the overall direction of the company, product strategies focus on individual products or product lines, and divisional strategies focus on the performance of specific business units within the company.

Question 5

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 manager described is responsible for analyzing the situation, developing alternatives, assuring consultation with others, and making initial recommendations. Therefore, the best choice is "responsible."

Question 6

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 functions within a firm are rewarded and evaluated for different things, which leads to differences in priorities and perspectives. Additionally, each function has a unique orientation or thought world based on their specialized knowledge and expertise. Finally, some functions are focused on short-term objectives (such as sales) while others prioritize long-term goals (such as research and development), leading to disagreements on strategic direction. All of these factors contribute to the differing views held by managers representing various functions in the firm.

Question 7

Which of the following describes where the firm competes?

Accepted Answer

The product and market scope together describe where the firm competes. The business mission may provide context for the firm's overall goals and values, but does not necessarily specify the scope of the firm's competition. Therefore, the best choice is (b) and (c) only.

Question 8

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

The corporate strategy is focused on defining the businesses in which a company will compete. This involves making decisions about which markets to enter, which products to offer, and how to allocate resources in a way that leverages the company's distinctive competencies to create a sustainable competitive advantage. This is a top-level strategy that guides the overall direction of the company and sets the stage for other strategies at the business or functional level. A, C, D, and E are all lower-level strategies that support the corporate strategy.

Question 9

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 is told of the decision when it is made,but may not have been consulted before the decision was approved is performing which of the following roles?

Accepted Answer

The manager is performing the role of an Informer, as they were not consulted before the decision was made but were informed after it was approved.

Question 10

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

Accepted Answer

The major components of a business concept or model include core strategy, strategic resources, customer interface, and value network. "Negotiated outcomes" is not one of these components.

Question 11

The element of customer interface that refers to the channels a business marketing firm uses to reach customers and the level of service it provides is:

Accepted Answer

The element of customer interface that refers to the channels a business marketing firm uses to reach customers and the level of service it provides is fulfillment and support. Option A correctly defines this element as it includes the channels of reaching customers (i.e., fulfillment) and the level of service provided to them (i.e., support). Option B pertains to knowledge and data about customers, while option C pertains to the dynamics and quality of the relationship between customers and the firm. Option D refers to the pricing scheme used by the business.

Question 12

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 13

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

Accepted Answer

The composition or functional area representation of the marketing strategy center can vary depending on the strategy development process and the specific situation at hand. It is not strictly prescribed by organizational charts. Therefore, (b) and (c) are the correct choices.

Question 14

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 defines the overall direction and purpose of the organization, and sets objectives that will be used to measure progress towards achieving that mission. It provides a clear framework for decision-making and resource allocation, and helps to ensure that everyone in the organization is working towards the same goals. Product scope, market scope, and basis for differentiation are all important elements of a comprehensive strategy, but they are not equivalent to the overall objectives of the strategy itself.

Question 15

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

The collective action perspective of strategy formulation applies to decisions that involve multiple functional areas and long-term goals. These decisions are often characterized by conflict and require negotiation and compromise among participants. Therefore, options (b) and (c) are correct, but there is no evidence to suggest that these decisions are typically centered in a single functional area, so option (a) is not correct. Therefore, the best answer is option (E).

Question 16

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

Accepted Answer

Relationship dynamics refer to the interactions between customers and employees, while pricing structure is a component of the transactional element of the customer interface. Core processes, on the other hand, are the operational activities involved in delivering products or services. Therefore, the correct answer is (a) and (c) only.

Question 17

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 manager who accepts or vetoes a decision before it is implemented is performing the "approve" role, which involves making the final decision from among alternatives developed by others.

Question 18

Cisco and General Electric demonstrate special skills in forging relationships with suppliers and alliance partners.This is an example of:

Accepted Answer

A value network refers to the interconnected system of relationships between various organizations, suppliers, and customers that work together to create value and deliver products or services to the market. Cisco and General Electric have demonstrated their ability to effectively manage and collaborate with their suppliers and alliance partners, which is a key component of a successful value network.

Question 19

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

Accepted Answer

Conflict in strategy formulation can arise from turf issues where different departments or individuals are vying for control or resources. It can also arise from thought world differences where participants may have differing views on the company's mission, values, or goals. Bickering within a single functional area or issues surrounding sales territories are more specific and less likely to cause conflict in the overall strategy formulation process.

Question 20

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 how resources can be best utilized within a specific department or functional area (such as finance, marketing, operations, etc.) to support the overall strategy of the organization or business unit. This strategy is typically developed to ensure that each department is aligned and contributing to the overall success of the organization. Corporate, business-level, product, and divisional strategies all focus on different levels and aspects of an organization's strategy.

Quiz 5: Business Marketing Planning: Strategic Perspectives