STR 581- Final Exam Part 3 - 29/30 Correct - A+ solution

1. A company can learn a great deal by analyzing the degrees of brand loyalty. For example, ________ can show the firm which brands are most competitive with its own.

split loyals

shifting loyals

hard-core loyals

switchers

2. Leaders galvanize commitment to embrace change through clarifying strategic intent, building an organization, and

developing a mission

planning strategy

shaping organizational culture

developing a vision

3. These social responsibilities are those that are voluntarily assumed by a business or organization. They include public relations activities, good citizenship, and full corporate social responsibility.

Legal responsibility

Discretionary responsibility

Economic responsibility

Employee responsibility

4. One of the ways to change the course of a brand is to modify the product. Under product modification, ________ adds size, weight, materials, supplements, and accessories that expand the product’s performance, versatility, safety, or convenience.

style improvement

technological improvement

quality improvement

feature improvement

5. A valuable result of task environment analysis with respect to geographic, demographic, psychographic and buyer-behavior factors is called

competitor profile

customer profile

financial position

vendor profile

6. New-to-the-world products are ________.

new products that create an entirely new market

existing products that are targeted to new geographical markets

low-cost products designed to obtain an edge in highly competitive markets

new product enhancements that supplement established products

7. Under which of the following conditions is the frequency the most important factor in media selection?

When going into undefined target markets

When introducing flanker brands

When launching infrequently purchased brands

When there is high consumer resistance to the product

8. The strategic factor that involves the beliefs, values, attitudes, opinions, and lifestyles of persons in the firm’s external environment, as developed from cultural, ecological, demographic, religious, educational, and ethnic conditioning.

Social factor

Political factor

Stakeholder factor

Economic factor

9. The ability to meet humanity’s needs without harming future generations is now a top priority in most corporate agenda

rules

righteousness

ethics

sustainability

10. Prestige LLC, a small company that manufactures specialty cereals and energy bars, wants to launch a "green marketing" program in response to heightened consumer awareness about environmental issues. What should the company do to maximize the program's chances of being successful?

Focus on the efforts and costs incurred by the company to bring these "green" products to consumers.

Demonstrate that the products will benefit both customers and the society in the long-term.

Emphasize benefits to the consumer rather than environmental benefits.

Explain the rules and regulations laid out by governmental agencies to protect the environment.

11. The marketing manager needs to know the cost of the research project before approving it. During which stage of the marketing research process would such a consideration most likely take place?

Step 4 – analyzing the information

Step 2 – developing the research plan

Step 1 – defining the problem

Step 5 – drafting the report

12. A set of ideas on organizational control based on the belief that the separation of the ownership from management creates the potential for the wishes of owners to be ignored refers to

the moral hazard problem

Adam’s theory

agency theory

ethical responsibilities

13. This is an important structural decision and resultant separate activities need to be coordinated and integrated back together as a whole so the business functions effectively.

Differentiation

Preferencing

Diversification

Broadening

14. Large-scale, future-oriented plans for interacting with the competitive environment to achieve the company objective refers to its

goals

competitive analysis

dynamic policies

strategy

15. What is the perceived monetary value of the bundle of economic, functional, and psychological benefits customers expect from a given market offering because of the product, service, people, and image?

Ultimate service benefit

Complete marketing benefit

Total management benefit

Total customer benefit

16. What type of strategy consists of geographical pricing, price discounts and allowances, promotional pricing, and differentiated pricing?

Altered pricing

Price adaptation

Regular prices

Fixed pricing

17. When performing this analysis, it is good for strategic planners to consider similarities between the benefits the customers derive from the products and services that other firms offer.

Customer analysis

Company analysis

Business analysis

Competitive analysis

18. This is a historically popular technique through which managers create a quick overview of a company's strategic situation—it is based on achieving a sound fit between internal resources and the external situation.

SWOT analysis

Value chain analysis

External analysis

Internal analysis

19. Which component of a marketing audit includes major developments in income, prices, savings, and credit that affect the company?

Economic

Cultural

Technological

Political

20. When diversification involves additions of a business related to the firm in terms of technology, markets or products, it involves

horizontal integration

concentric diversification

vertical diversification

concentrated growth

21. How do functional tactics compare to business strategies?

Functional tactics are more specific than business strategies.

Functional tactics are more focused on the general direction of the firm than business strategies.

Functional tactics are more focused on a commitment to corporate strategy than business strategies.

Functional tactics are more long-term than business strategies.

22. Firms using this generic strategy attempt to build customer loyalty by stressing a specific product attribute above other product qualities.

Differentiation

Concentrated growth

Cost leadership

Focus

23. A company that attempts to lead its industry in price and convenience by pursuing a focus on lean and efficient operations is pursuing what strategy?

Customer intimacy

Product leadership

Operational excellence

Low-cost leadership

24. A firm must know where to position its product based on price and

region

quality

communication

promotional efforts

25. Marketers need to identify the hierarchy of attributes that guide consumer decision making in order to understand different competitive forces and how these various sets get formed. This process of identifying the hierarchy is called ________.

brand association

market estimation

market valuation

market partitioning

26. Company X's principal strength is its inbound and outbound logistics system; its relative weakness, however, is after-sales service. Its competitor, Company Y, however is often plagued with lagging shipments and an inflexible distribution setup. Company Y remains successful because it maintains a fully staffed service department and, as a result, the company is known for its dependable service. This type of analysis allows them to identify ways to build on relative strengths and avoid dependence on capabilities at which the other firm excels.

Past performance comparison

Benchmarking

Industry comparison

Disaggregating

27. Which control should periodically reassess its approach to the marketplace with a good marketing audit?

Marketing control

Strategic control

Ethical control

Performance control

28. This is designed to check systematically and continuously whether the premises on which the strategy is based are still valid

Strategic surveillance

Implementation control

Special alert control

Premise control

29. With ________ as a target market strategy, the firm concentrates on serving many needs of a particular customer group.

selective specialization

market specialization

single-segment concentration

product specialization

30. BMW's "The ultimate driving machine," American Express' "Don't leave home without it," New York Times' "All the news that's fit to print," and AT&T's "Reach out and touch someone" are all examples of ________.

brand vision

brand slogan

brand mission

brand personality