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Describe the nature of strategic planning.

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Which of the following is a distinct feature of a product/service differentiation competitive advantage?


A) ​Using government subsidies
B) Controlling overhead costs
C) Establishing a brand name
D) ​Obtaining inexpensive raw materials

E) B) and C)
F) A) and D)

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Environmental scanning refers to the process of collecting and interpreting information about forces,events,and relationships in the external environment that may affect the future of the organization or the implementation of the marketing plan.

A) True
B) False

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_____ multiplied by the number of units sold equals total revenue for a firm.


A) ​Discount
B) Price
C) Overhead cost
D) ​Profit margin

E) All of the above
F) A) and D)

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According to the Boston Consulting Group's (BCG's)portfolio matrix,a star is a fast-growing market leader.

A) True
B) False

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In the context of the Boston Consulting Group's (BCG's) portfolio matrix,which of the following is a similarity between stars and cash cows?


A) ​Both have rapid growth potential but poor profit margins. 
B) Both have a low growth potential.
C) Both have a high market share in their respective markets.
D) ​Both have a low market share in their respective markets.

E) C) and D)
F) B) and C)

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Nile Inc.is one of the leading shoe manufacturing companies in Baltonia.It manufactures canvas shoes that are quite similar to those produced by other brands.The management of the company has decided to adopt a product/service differentiation competitive strategy.In this scenario,Nile Inc.should:


A) ​offer its products at the lowest rates in the market.
B) produce aerobic, tennis, and baseball shoes that have specialized features.
C) advertise their products through more media outlets than it previously did.
D) ​sell products to markets outside Baltonia.

E) B) and C)
F) A) and B)

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Which of the following strategies can help companies make strategic planning effective?


A) ​Excluding top management from the strategic planning process
B) Making strategic planning an ongoing process rather than an annual exercise
C) Eliminating managerial intuitions
D) ​Avoiding cross-functional teams

E) A) and B)
F) All of the above

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The marketers at Gemini Inc.have prepared a marketing plan for the company's air conditioners.The managers at Gemini have outlined several activities for their subordinates based on this marketing plan.The employees are required to finish these activities within a month.The managers have also allocated a budget for each activity.In the context of marketing planning,which of the following concepts is illustrated in the scenario?


A) ​Divestment
B) Implementation
C) Diversification
D) ​Vertical integration

E) A) and B)
F) A) and C)

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Discuss the process of implementing a marketing plan.

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Apcon Mobiles Inc.is a popular cell phone manufacturing company.To acquire new customers,it decides to launch its own sim cards in new markets.According to Ansoff's strategic opportunity matrix,which of the following is true of Apcon Mobiles Inc.?


A) ​Apcon Mobiles Inc.'s entry into unfamiliar markets is likely to be risky.
B) Apcon Mobiles Inc. follows a product development strategy.
C) Apcon Mobiles Inc.'s strategy can be implemented by using customer databases.
D) ​Apcon Mobiles Inc.'s entry into a market with high competition is likely to be successful.

E) None of the above
F) A) and C)

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A company sells paper stationery made of recycled materials that no other paper manufacturing company in the market has the ability produce.This company has a competitive advantage.

A) True
B) False

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According to Ansoff's strategic opportunity matrix,which of the following factors is associated with market development?


A) ​ Limiting the production of products
B) Increasing the prices of products
C)  Adding new uses to products
D) ​ Limiting resources used for promotion

E) B) and D)
F) A) and B)

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Explain SWOT analysis.

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Discuss the general strategies for selecting target markets.

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Unlike a cost competitive advantage,a competitive advantage based on product/service differentiation:


A) ​tends to be more attractive to top managers because of its durability.
B) provides a shorter-lasting competitive advantage.
C) focuses primarily on offering a low-priced product or service than that of competitors.
D) ​lowers costs by removing frills and options from a product or service.

E) B) and C)
F) A) and C)

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Which of the following statements is true about a niche strategy?


A) ​Only large companies can implement a niche strategy.
B) Companies that adopt a niche strategy have only a small number of customers.
C) Only the companies that do not have competitors can adopt a niche strategy.
D) ​Companies that adopt a niche strategy can only gain a price advantage over competitors.

E) C) and D)
F) B) and C)

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Marketers at Libra Electronics Inc.are developing promotional strategies to increase product sales.They want to promote the company's products among the public.In this case,which of the following is an effective promotional strategy that the marketers can follow to improve product/brand awareness among the public?


A) ​They can limit the products' availability to a few retail stores in the city.
B) They can raise the prices of the products to signify quality. 
C) They can reduce frills or options from the products.
D) ​They can print pamphlets that elaborate the products' features.

E) B) and C)
F) A) and D)

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Freulia Inc.manufactures and sells stationery and office supplies.The firm loses its competitive advantage with the entry of new competitors.In this case,in order to gain a sustainable competitive advantage,Freulia Inc.should:


A) ​imitate the products of its competitors.
B) depend on government subsidies.
C) build its own competitive advantages.
D) ​aim at being the low-cost competitor in the industry.

E) B) and C)
F) C) and D)

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In the context of the marketing mix,the product includes:


A) ​the name of the brand.
B) the point of purchase.
C) the elements of advanced strategic planning.
D) ​personal selling.

E) A) and B)
F) A) and C)

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