Question 1

Which of the following statements about a company's mission and goals is true?
A)A firm should define its mission in terms of the broad human needs it attempts to satisfy
B)The company's product or service defines the mission of the company and the scope of its activities
C)The best way for management to avoid opportunities that are inconsistent with the firm's purpose is to state the mission in broad terms
D)Strategies are easier to develop for a company that has a narrowly defined mission,especially if it is operating in a dynamic environment
E)A narrowly defined mission makes it easier to identify attractive market opportunities

Accepted Answer

A firm's mission should relate to the needs it seeks to satisfy, not just its products or services.

Answer: C 
 A broad mission statement can help guide decision-making and prevent the company from missing opportunities outside of its defined scope.

Answer: D 
 A narrowly defined mission can make it easier to develop focused strategies that align with the company's purpose, particularly in a fast-changing environment.

Overall, all of the statements provided have some element of truth to them, but A, C, and D are the most accurate and complete answers.

Question 2

Alexandra,the sales manager for a regional hotel chain,knows her salespeople identify customer needs,tailor products and services to meet those needs,negotiate prices and a variety of other activities.She decides to redefine their jobs and call her salespeople
A)Category management specialists
B)Data mining marketers
C)Marketing representatives
D)Customer loyalty partners
E)Preferred providers

Accepted Answer

This title best encompasses the salespeople's roles of identifying customer needs, tailoring products and services, negotiating prices, and other marketing activities. The other choices, while potentially accurate in describing aspects of the salespeople's jobs, do not encompass the full range of their duties.

Question 3

Your school is implementing a new CRM initiative.Which of the following questions should they ask?
A)What do our investors want and expect?
B)How do we centralize control?
C)Who are we?
D)How do we increase our control for change?
E)All of the above

Accepted Answer

The most relevant question in this scenario is "Who are we?" as it will help the school identify their goals, values, and needs that the CRM initiative should align with. The other options are not directly related to a CRM initiative and may not be the most relevant questions to ask in this context.

Question 4

Low cost,differentiation and niche are examples of __________ pursued by business units across a variety of industries.
A)Market exchanges
B)Generic strategies
C)Sustainable competitive advantages
D)Customer orientations
E)Category management systems

Accepted Answer

Low cost, differentiation, and niche are all examples of generic strategies, which are methods used by businesses to gain a competitive advantage over their rivals. These strategies can be implemented across a variety of industries and allow companies to focus on different aspects of their operations to meet the needs of different customer segments. Market exchanges, sustainable competitive advantages, customer orientations, and category management systems are all related concepts but are not specific examples of the strategies mentioned in the question.

Question 5

The most appropriate way for a plant nursery owner to define her business's mission is in terms of:
A)A target market or markets
B)Distribution and pricing strategies
C)How it will improve the quality of life of its customers
D)The plants,bulbs,seeds and other gardening supplies it sells
E)Its marketing communications

Accepted Answer

Defining the mission of a plant nursery in terms of how it will improve the quality of life of its customers is the most appropriate option. Since plant nurseries directly deal with improving the environment and beautifying outdoor spaces, highlighting their contribution towards enhancing the customer's quality of life is a significant consideration. It portrays the business as one that aims to create a positive impact beyond just selling gardening supplies. Such an approach creates a loyal customer base and helps the business stand out from its competition.

Question 6

A Cleveland,Ohio,men's clothing manufacturer has a low industry market share,but it has a high market share with its target market,which is men shorter than 5'8" tall.Which of Michael Porter's competitive strategy is this manufacturer using?
A)Niche
B)Differentiation
C)Defender
D)Analyzer
E)Prospector

Accepted Answer

The men's clothing manufacturer is using a niche strategy by targeting a specific market segment, in this case, men shorter than 5'8" tall. This allows them to have a high market share within their target market, even though their overall industry market share may be low.

Question 7

Which of the following is not a part of the process cycle for CRM?
A)Marketing planning
B)Knowledge discovery
C)Customer interaction
D)Touchpoint targeting
E)Analysis and refinement

Accepted Answer

Touchpoint targeting is not typically described as a part of the process cycle for Customer Relationship Management (CRM). CRM process cycles generally include stages like marketing planning, knowledge discovery, customer interaction, and analysis and refinement to manage and analyze customer interactions and data throughout the customer lifecycle. Touchpoint targeting is more a strategy within marketing planning and customer interaction rather than a distinct phase in the CRM process cycle.

Question 8

Some key reasons for CRM system flops in sales organizations include:
A)Lack of focus
B)Complicated procedures
C)Minimal buy-in
D)Business units are silos
E)All of the above

Accepted Answer

All of the above reasons contribute to a CRM system flop in sales organizations. Lack of focus on what the organization needs from the system, complicated procedures that discourage usage, minimal buy-in from salespeople who may not see the value, and business units acting as silos that don't share information all impede the successful adoption and use of a CRM system.

Question 9

According to Michael Porter,a firm practicing a niche strategy:
A)Has relative market share and emphasizes efficient-scale facilities
B)Dominates a particular target market although its overall market share may be low
C)Chooses high-growth markets while holding onto substantial mature markets
D)Attempts to pioneer in product/market development
E)Insulates itself from competitive rivalry by creating brand loyalty and the resulting lower sensitivity to price

Accepted Answer

According to Michael Porter, a firm practicing a niche strategy dominates a particular target market although its overall market share may be low. This means that the company focuses on serving the needs of a specific segment or niche within the market rather than trying to serve the entire market. This allows the firm to differentiate itself and create a strong market position while insulating itself from competitive rivalry.

Question 10

Which of the following statements about market opportunity analysis is true?
A)One of the tasks of market opportunity analysis is to determine whether a mission statement is feasible
B)A market opportunity would be viable and attractive to a firm even if the opportunity is inconsistent with the company's mission and objectives
C)The steps involved in a market opportunity analysis begin with the generation of strategies,followed by the determination of marketing objectives and ends with the reviewing and revising of plans
D)Market opportunities must be defined for the whole marketplace,not for specific target markets
E)None of the above statements about market opportunity analysis is true

Accepted Answer

None of the statements about market opportunity analysis is true. 
A market opportunity analysis involves determining potential opportunities for a company in the market, evaluating those opportunities, and selecting the best opportunity for the firm to pursue. This process starts with defining the mission and objectives of the company, followed by analyzing the external and internal environment, identifying market trends and customer needs, evaluating the competition, and developing marketing strategies to pursue a viable opportunity. The process ends with the implementation of the chosen strategy and monitoring the results.

Question 11

Tyler takes over as CEO of a failing software company.He asks to see the company's mission statement and finds there isn't one.Without clarity in its mission and goals,Tyler knows the company will lack
A)Integrated supply chain alliances
B)Strategic direction
C)Generic strategies
D)Functional,strategic partnerships
E)Customer delight

Accepted Answer

Without a mission statement, the company lacks strategic direction and clarity in its overall goals and objectives. This could lead to a lack of direction and focus, hindering the company's ability to succeed. The other options listed are not directly related to the absence of a mission statement.

Question 12

After developing a mission statement for his company,Tyler knows ________ and ____________,representing specific targets the firm wishes to meet will be addressed.
A)Touchpoints;concepts
B)Push;pull strategies
C)Advantage;disadvantages
D)Goals;objectives
E)Distinctive corollaries;formalized value concepts

Accepted Answer

Goals and objectives are specific targets that a company sets to achieve its mission. Tyler's mission statement will guide his company's overall direction and purpose, while his goals and objectives will provide more specific direction on how to reach that mission.

Question 13

Evanscon manufactures refrigerator units that are sold to retailers that handle perishable products.It is a pioneer in product and market development.It offers a frequently changing product line and has been known to sacrifice short-term profits to gain a long-term stronghold in their market.According to Miles and Snow's Typology,Evanscon uses which of the following competitive strategies?
A)Niche
B)Differentiation
C)Defender
D)Analyzer
E)Prospector

Accepted Answer

Evanscon's focus on frequent product line changes and sacrificing short-term profits to gain long-term market share align with the characteristics of a prospector strategy, according to Miles and Snow's Typology. This strategy emphasizes innovation and risk-taking in order to seek out new market opportunities.

Question 14

You are the new sales manager for automobile retailer.You attempt to improve the customer focus of the organization but are resisted by the _____________ department.
A)Parts
B)Accounting
C)Finance
D)Human resources
E)Every department other than sales

Accepted Answer

Since the prompt states that "every department other than sales" resists the attempt to improve customer focus, it can be inferred that no specific department is explicitly mentioned as resisting. Therefore, the answer must be E, which encompasses all other departments besides sales.

Question 15

As part of a sales organization,you are responsible for alerting the company to changes in external environment.Which of the following would most likely be your responsibility?
A)Cost control
B)Market sensing
C)Purchasing management
D)Strategy development
E)Environmental health and safety

Accepted Answer

Market sensing involves monitoring and analyzing changes in the external environment, such as shifts in customer needs and preferences, competitor actions, and technological advancements. As part of the sales organization, it would be your responsibility to gather and report this information to the company to inform strategic decision-making. The other options (A, C, D, E) are not directly related to market sensing or monitoring the external environment.

Question 16

Which of the following statements describes a major advantage of having a clearly defined mission?
A)A clearly defined mission prevents interdepartmental conflict
B)A clearly defined mission helps management evaluate available market opportunities and avoid those that are inconsistent
C)Market planning and implementation can be done easily with a clearly defined mission
D)A clearly defined mission eliminates the need for specific functional objectives
E)A clearly defined mission defines the company's competitive advantage in terms of product and/or service

Accepted Answer

A clearly defined mission helps management evaluate available market opportunities and avoid those that are inconsistent. This is because the mission statement serves as a guide for the organization's goals and objectives, and helps ensure that any opportunities pursued are aligned with the mission.

Question 17

A ___________ environment affords the opportunity to combine large amounts of information and then use __________ techniques to learn more about current and potential customers.
A)One-to-one;strategic partnerships
B)Customer loyalty;delivery
C)Data warehouse;data mining
D)Just-in-time data;efficient customer response (ECR)
E)Preferred supplier;Total quality management (TQM)

Accepted Answer

A data warehouse environment allows for the consolidation of large amounts of diverse data, which can then be analyzed using data mining techniques to gain insights into customer behavior and preferences. The other options do not directly relate to this type of analytical environment.

Question 18

The question of what business a firm is in is addressed in its:
A)Organization-wide strategic plan
B)Opportunity analysis
C)Tactical plans
D)Mission statement
E)Market segmentation strategy

Accepted Answer

The mission statement defines a company's purpose, products/services offered, and target market, which answers the question of what business a firm is in. The organization-wide strategic plan and opportunity analysis focus on overall objectives and potential market opportunities, while tactical plans and market segmentation strategy address more specific operational and marketing details.

Question 19

Justine is frustrated with her company's inability to link production,customer service and other internal processes with her customers.Justine believes her company's __________ are inadequate.
A)Spanning processes
B)Customer value measures
C)Strategic business units
D)Mission statements
E)Top-to-top selling teams

Accepted Answer

The term "spanning processes" refers to the processes that span across different departments or divisions within a company. Justine's frustration suggests that there is a lack of coordination and communication between different departments or processes, which means that the spanning processes may be inadequate. Customer value measures, strategic business units, mission statements, and top-to-top selling teams may not directly address the issue of process coordination and communication.

Question 20

The School of Business at a regional university was the first part of the institution to adopt CRM.Two years later,the initiative was quietly dropped.One possible cause for the failure was:
A)Total buy-in by the staff and administrators
B)Simplification of procedures as a result of CRM
C)Training
D)Focus on software that met the goals
E)Lack of management initiative

Accepted Answer

The fact that the initiative was quietly dropped after two years suggests a lack of management initiative. If there had been strong leadership and commitment to the CRM strategy, the initiative would likely have continued and been expanded to other parts of the institution. The other factors listed may have played a role in the success or failure of the initiative, but a lack of management initiative is the most likely cause of the failure.

Quiz 3: Linking Strategies and the Sales Role in the Era of Customer Relationship Management

Which of the following statements about a company's mission and goals is true?

Alexandra,the sales manager for a regional hotel chain,knows her salespeople identify customer needs,tailor products and services to meet those needs,negotiate prices and a variety of other activities.She decides to redefine their jobs and call her salespeople

Your school is implementing a new CRM initiative.Which of the following questions should they ask?

Low cost,differentiation and niche are examples of __________ pursued by business units across a variety of industries.

The most appropriate way for a plant nursery owner to define her business's mission is in terms of:

A Cleveland,Ohio,men's clothing manufacturer has a low industry market share,but it has a high market share with its target market,which is men shorter than 5'8" tall.Which of Michael Porter's competitive strategy is this manufacturer using?

Which of the following is not a part of the process cycle for CRM?

Some key reasons for CRM system flops in sales organizations include:

According to Michael Porter,a firm practicing a niche strategy:

Which of the following statements about market opportunity analysis is true?

Tyler takes over as CEO of a failing software company.He asks to see the company's mission statement and finds there isn't one.Without clarity in its mission and goals,Tyler knows the company will lack

After developing a mission statement for his company,Tyler knows and ____,representing specific targets the firm wishes to meet will be addressed.

You are the new sales manager for automobile retailer.You attempt to improve the customer focus of the organization but are resisted by the _____________ department.

As part of a sales organization,you are responsible for alerting the company to changes in external environment.Which of the following would most likely be your responsibility?

Which of the following statements describes a major advantage of having a clearly defined mission?

A _ environment affords the opportunity to combine large amounts of information and then use techniques to learn more about current and potential customers.

The question of what business a firm is in is addressed in its:

Justine is frustrated with her company's inability to link production,customer service and other internal processes with her customers.Justine believes her company's __________ are inadequate.

The School of Business at a regional university was the first part of the institution to adopt CRM.Two years later,the initiative was quietly dropped.One possible cause for the failure was: