Question 1

Firms have numerous capabilities,not all of which they perform well.According to the text,_______ are those the firm surpasses its competitors in performing.

Accepted Answer

Distinctive capabilities are those in which a firm outperforms its competitors, highlighting its unique strengths and competencies in the market.

Question 2

_______ means performing different activities from rivals' or performing similar activities in different ways.

Accepted Answer

Strategic positioning refers to the deliberate choice of a company to differentiate itself from its competitors by performing different activities or performing similar activities in different ways. This is different from operational effectiveness, which refers to achieving maximum productivity and efficiency in a company's existing operations. Crafting a market strategy and developing a strategy are broader terms that can encompass both operational effectiveness and strategic positioning.

Question 3

Organizing skills reflect how adroit a manager is in connecting relationships and managing group dynamics,whereas interacting skills refer to one-on-one interaction adeptness.

Accepted Answer

Organizing skills are related to group dynamics and relationships, while interacting skills refer to one-on-one interaction.

Question 4

_______ (is)are resource(s)that are complementary building blocks of a value-generating strategy that provides competitive advantage.

Accepted Answer

Core competencies are defined as the unique strengths and abilities that a company possesses, which are difficult to imitate by competitors, and provide a competitive advantage. They are the complementary building blocks of a value-generating strategy, as they combine to create a distinct and superior offering to customers. Capabilities and strategic positioning can also contribute to a competitive advantage, but they are not specifically described as complementary building blocks in the same way that core competencies are. Strategy is a broader term that encompasses all aspects of a company's approach to achieving its goals, and is also not specifically described as complementary building blocks.

Question 5

_______ means providing customers with reliable products or services at competitive prices and delivered with minimal difficulty or inconvenience.

Accepted Answer

Operational excellence is the term used to describe the approach that focuses on providing customers with reliable products or services at competitive prices and delivered with minimal difficulty or inconvenience. This approach emphasizes efficiency, quality, and consistency in delivering products or services. It aims to minimize waste, reduce costs, and increase productivity to create more value for customers. The other options, such as product leadership and customer intimacy, focus on different aspects of business strategy. Strategy is a broad term that refers to the overall plan of action to achieve business goals, and it can include elements of operational excellence, product leadership, and customer intimacy.

Question 6

Allocation skills refer to a manager's expertise in budgeting time,people,and money.

Accepted Answer

Allocation skills do refer to a manager's expertise in budgeting time, people, and money. It is essential for effective management and achieving business objectives.

Question 7

_______ means performing different activities from rivals' or performing similar activities in different ways.

Accepted Answer

Strategic positioning refers to the deliberate choice of a company to differentiate itself from its competitors by performing different activities or performing similar activities in different ways. This is different from operational effectiveness, which refers to achieving maximum productivity and efficiency in a company's existing operations. Crafting a market strategy and developing a strategy are broader terms that can encompass both operational effectiveness and strategic positioning.

Question 8

The value proposition _______ consists of one or two points-of-difference (and,perhaps,a point-of-parity)whose improvement will deliver the greatest value to the customer for the foreseeable future.

Accepted Answer

The answer of The value proposition _______ consists of one...

Question 9

_______ is the process of studying how to exploit a business's resources to achieve short-term and longterm marketplace success,deciding on a course of action to pursue,and flexibly updating it as learning occurs during implementation.

Accepted Answer

Crafting market strategy involves analyzing a business's resources, determining goals, and developing a plan of action that can be adapted as the business gains experience. Operational effectiveness deals with improving a company's internal efficiency and productivity, while strategic positioning refers to how a company differentiates itself from its competition. Strategy is a broad term that encompasses all of these concepts, but crafting a market strategy specifically involves planning for marketplace success.

Question 10

According to the text _______ means performing different activities from rivals' or performing similar activities in different ways.

Accepted Answer

Strategic positioning is the method of conducting different activities or offering the same activities in unique ways to those of rivals. Core competencies refer to an organization's exceptional skills and technologies that provide it an edge over rivals. Distinctive capabilities refer to the distinct skills and resources that enable a company to benefit from an opportunity in comparison to its rivals. Business strategy refers to a long-term plan of action designed to achieve a specific goal or set of goals using resources effectively.

Question 11

_______ captures the value of a brand and refers to how customers regard a brand relative to offerings of other competing suppliers (or an offering of an unnamed supplier),based on those customers' knowledge from experience with and learning about the brand.

Accepted Answer

Brand equity refers to the value a brand holds in the minds of customers, which is based on their experiences and knowledge of the brand compared to its competitors. It reflects the overall perception of the brand and its strength in the market.

Question 12

_______ is a means of summarizing the branding strategy by displaying the number and nature of common and distinctive brand elements across the firm's products,revealing the explicit ordering of brand elements.

Accepted Answer

Brand hierarchy is the means of summarizing the branding strategy by displaying the number and nature of common and distinctive brand elements across the firm's products, revealing the explicit ordering of brand elements. It helps to create a logical structure of the brand and its different products, making it easy for consumers to identify and remember them. It also helps to maintain consistency in branding across different products and markets.

Question 13

_______ means offering customers leading-edge products and services that consistently enhance the customer's use or application of the product,thereby making rivals' goods obsolete.

Accepted Answer

Product leadership is defined as offering innovative and superior products or services that are perceptibly better than competitors, thereby making rivals' goods obsolete. This strategy requires a continuous focus on research and development to create and maintain a competitive advantage in the market.

Question 14

Examples of _______ programs are a new offering introduction,participation in an industry trade show,or increasing the supplier's share of customer's business in a targeted segment.

Accepted Answer

The examples provided are all related to marketing and sales programs, which are aimed at promoting and increasing sales of a product or service. Strategies and positioning may be components of these programs, but they are not specific examples of programs themselves. Resonating focus is not a commonly used term in marketing and does not fit the context of the examples given.

Question 15

_______ means segmenting and targeting markets precisely and then tailoring offerings to match exactly the demands of those niches.

Accepted Answer

Customer intimacy refers to the strategy of segmenting and targeting markets precisely and then tailoring offerings to match exactly the demands of those niches. Product leadership focuses on innovation and creating superior products, while operational excellence focuses on efficiency and cost effectiveness. Strategy is a broad term that can refer to any overall plan for achieving a goal or objective.

Question 16

_______ means performing similar activities better than rivals perform them.

Accepted Answer

Operational effectiveness means performing similar activities better than rivals perform them. A is incorrect because crafting market strategy refers to the process of identifying and targeting specific markets for a company's products or services. C is incorrect because strategic positioning refers to the process of positioning a company's products or services in the minds of consumers or within the market. D is incorrect because strategy refers to a plan of action designed to achieve a particular goal or objective.

Question 17

Managers in business markets know that there is no benefit from adapting the concepts and practices of their counterparts in consumer markets to the business-to-business setting.

Accepted Answer

Business markets can benefit from adapting concepts and practices from consumer markets, such as focusing on customer experience, branding, and digital marketing strategies, to better meet the needs of their business clients and differentiate themselves in the market.

Question 18

_______ for a firm identifies which brand elements a firm chooses to apply across the various products it sells." In business markets,the most significant aspect of branding strategy is deciding on the brand hierarchy to pursue.

Accepted Answer

Branding strategy involves decisions about which brand elements to apply across a firm's product range, including the choice of brand hierarchy, making it the correct answer.

Question 19

_______ refers to selecting particular market segments and customer firms that the supplier firm will focus its resources on serving.That is not to say that the firm will not sell to other market segments or customer firms,but instead,targeting specifies which segments and customer firms are of particular interest.

Accepted Answer

Targeting refers to selecting specific market segments and customer firms to focus on serving, while still allowing for sales to other segments and customers. This is different from positioning, which is about creating a unique image for the brand in the minds of customers, and operational excellence, which refers to optimizing internal processes to achieve superior performance. Strategy is a broader term that encompasses all of these concepts and more, including how a firm plans to achieve its goals and objectives.

Question 20

Monitoring skills refer to a manager's expertise in budgeting time,people,and money.

Accepted Answer

Monitoring skills primarily involve observing, tracking, and assessing the progress and performance of tasks and employees, rather than budgeting resources.

Quiz 4: Crafting Market Strategy

Firms have numerous capabilities,not all of which they perform well.According to the text,_______ are those the firm surpasses its competitors in performing.

_______ means performing different activities from rivals' or performing similar activities in different ways.

Organizing skills reflect how adroit a manager is in connecting relationships and managing group dynamics,whereas interacting skills refer to one-on-one interaction adeptness.

_______ (is) are resource(s) that are complementary building blocks of a value-generating strategy that provides competitive advantage.

_______ means providing customers with reliable products or services at competitive prices and delivered with minimal difficulty or inconvenience.

Allocation skills refer to a manager's expertise in budgeting time,people,and money.

_______ means performing different activities from rivals' or performing similar activities in different ways.

The value proposition _______ consists of one or two points-of-difference (and,perhaps,a point-of-parity) whose improvement will deliver the greatest value to the customer for the foreseeable future.

_______ is the process of studying how to exploit a business's resources to achieve short-term and longterm marketplace success,deciding on a course of action to pursue,and flexibly updating it as learning occurs during implementation.

According to the text _______ means performing different activities from rivals' or performing similar activities in different ways.

_______ captures the value of a brand and refers to how customers regard a brand relative to offerings of other competing suppliers (or an offering of an unnamed supplier) ,based on those customers' knowledge from experience with and learning about the brand.

_______ is a means of summarizing the branding strategy by displaying the number and nature of common and distinctive brand elements across the firm's products,revealing the explicit ordering of brand elements.

_______ means offering customers leading-edge products and services that consistently enhance the customer's use or application of the product,thereby making rivals' goods obsolete.

Examples of _______ programs are a new offering introduction,participation in an industry trade show,or increasing the supplier's share of customer's business in a targeted segment.

_______ means segmenting and targeting markets precisely and then tailoring offerings to match exactly the demands of those niches.

_______ means performing similar activities better than rivals perform them.

Managers in business markets know that there is no benefit from adapting the concepts and practices of their counterparts in consumer markets to the business-to-business setting.

_______ for a firm identifies which brand elements a firm chooses to apply across the various products it sells." In business markets,the most significant aspect of branding strategy is deciding on the brand hierarchy to pursue.

Monitoring skills refer to a manager's expertise in budgeting time,people,and money.