MKT 475 Week 2 Quiz 1 Chapter 1 – Strayer

MKT 475 Week 2 Quiz – Strayer (All Possible Questions With Answers)

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Chapter 01

New Challenges for Market-Driven Strategy

True/False Questions

1. The underlying logic of market-driven strategy is that production needs are the starting point in business strategy.

2. Customer linking is an example of an outside-in process.

3. The outside-in organizational processes connect the organization to the external environment, providing market feedback and forging external relationships.

4. Pricing is an example of an outside-in process.

5. The inside-out processes play a key role in offering direction for the spanning and outside-in capabilities, which respond to the customer needs and requirements identified by the inside-out processes.

6. The organizational process view of distinctive capabilities requires shifting away from the traditional specialization of business functions toward a cross-functional process perspective.

7. Superior customer value results from a very favorable use experience of the customer compared to expectations of the customer and the value offerings of competitors.

8. Corporate objectives are concerned with resolving questions about the business the firm should be in, where it should focus, and its enduring strategic purpose.

9. Synergies highlight competencies, resources, and capabilities that drive efficiency and effectiveness in the business.

10. The purpose of strategic positioning is to locate the people (or organizations) that management wishes to serve in the product-market.

Multiple Choice Questions

11. _____ is a business perspective that makes the customer the focal point of a company’s total operations.
A. Market orientation
B. Competitive parity
C. Value chain integration
D. Business scaffolding

12. Getting all business functions working together to provide superior customer value is referred to as _____.
A. customer relationship management
B. competitor intelligence
C. cross-functional coordination
D. centralization

13. _____ are complex bundles of skills and accumulated knowledge, excised through organizational processes, that enables firms to coordinate activities and make use of their assets.
A. Business clusters
B. Competitor faculties
C. Cross functions
D. Distinctive capabilities

14. _____ consist(s) of the benefits and costs resulting from the purchase and use of products as perceived by the buyer.
A. Customer value
B. Distinctive capabilities
C. Spanning process
D. Market sensing

15. _____ consist(s) of deciding the scope and purpose of the business, the objectives, and the resources necessary to achieve the objectives.
A. Marketing strategy
B. Corporate strategy
C. Market sensing
D. Channel bonding

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16. With regard to corporate strategy, _____ is/are concerned with resolving questions about the business the firm should be in, where it should focus, and its enduring strategic purpose.
A. corporate objectives
B. synergies
C. scope
D. resource allocation

17. With regard to a corporate strategy framework, _____ define(s) what the corporation is and what it does and provides important guidelines for managing and improving the corporation. 
A. resource allocation
B. synergies
C. objectives
D. management’s vision

18. In a corporate strategy, _____ indicate(s) the dimensions of performance upon which to focus and the levels of achievement required.
A. corporate objectives
B. synergies
C. vision
D. scope

19. Which of the following is the final component of the corporate strategy?
A. Scope
B. Synergy
C. Corporate objective
D. benchmarking

20. A _____ is a single product or brand, a line of products, or a mix of related products that meets a common or a group of related market needs, and its management is responsible for the basic unctions.
A. market section
B. strategic business unit
C. business segment
D. marginal piece

21. Which of the following is the first step in a marketing strategy process?
A. Market-driven program development
B. Designing market-driven strategy
C. Identifying and evaluating markets, segments, and customer value
D. Implementing and managing market-driven strategy

22. Which of the following stages of marketing strategy process consists of brand, value-chain, pricing, and promotion and selling strategies designed and implemented to meet the value requirements of targeted buyers?
A. Implementing and managing market-driven strategy
B. Designing market-driven strategy
C. Identifying and evaluating markets, segments, and customer value
D. Market-driven program development

23. Which of the following stages of marketing strategy process considers organizational design and marketing strategy implementation and control?
A. Implementing and managing market-driven strategy
B. Designing market-driven strategy
C. Identifying and evaluating markets, segments, and customer value
D. Market-driven program development

24. _____ offer(s) a company the opportunity to focus its business on the requirements of one or more groups of buyers. 
A. Corporate resources
B. Market segmentation
C. Business composition
D. Distinctive capabilities

25. _____ are described by different characteristics of customers, the reasons that they buy or use certain products, and their preferences for certain brands of products.
A. Market shares
B. Strategic marketing objectives
C. Market segments
D. Corporate capabilities

26. _____ examines customer targeting and positioning strategies, marketing relationship strategies, and innovation and new product strategy.
A. Identifying markets, segments, and customer value
B. Implementing and managing market-driven strategy
C. Designing market-driven strategy
D. Market-driven program development

27. The purpose of _____ is to select the people (or organizations) that management wishes to serve in the product-market.
A. strategic positioning
B. benchmarking
C. customer linking
D. market targeting strategy

28. _____ is the combination of the product, value chain, price, and promotion strategies a firm uses to place itself against its key competitors in meeting the needs and wants of the buyers in the market target.
A. Positioning strategy
B. Customer relationship management
C. Customer linking
D. Market targeting strategy

29. _____ seeks to place the brand in the eyes and mind of the buyer and distinguish the product from those in competition.
A. Customer relationship strategy
B. Positioning strategy
C. Benchmarking
D. Value-chain strategy

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30. Which of the following activities is an example of promotion strategy?
A. Distinctive capabilities
B. Benchmarking
C. Public relations
D. Product positioning

Essay Questions

31. What does becoming market-oriented mean from a business perspective? What are its features?

32. Describe the characteristics of market-driven strategies.

33. Discuss how customers perceive value and how companies deliver customer value.

35. Discuss the steps involved in implementing marketing strategies.