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STR 581 Capstone Final Examination, Part Three
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1. 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?
Operational excellence
Low-cost leadership
Customer intimacy
Product leadership
2. 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 products performance, versatility, safety, or convenience.
technological improvement
feature improvement
style improvement
quality improvement
3. 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 ________.
market estimation
brand association
market partitioning
market valuation
4. This is designed to check systematically and continuously whether the premises on which
the strategy is based are still valid
Strategic surveillance
Implementation control
Premise control
5. A firm must know where to position its product based on price and
promotional efforts
quality
communication
region
6. 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.
Competitive analysis
Business analysis
Customer analysis
Company analysis
7. 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?
competitor profile
financial position
vendor profile
customer profile
9. The ability to meet humanitys needs without harming future generations is now a top
priority in most corporate agenda
ethics
sustainability
rules
righteousness
10. Large-scale, future-oriented plans for interacting with the competitive environment to
achieve the company objective refers to its
strategy
dynamic policies
competitive analysis
goals
11. With ________ as a target market strategy, the firm concentrates on serving many
needs of a particular customer group.
single-segment concentration
product specialization
market specialization
selective specialization
12. 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.
Disaggregating
Benchmarking
Industry comparison
13. The strategic factor that involves the beliefs, values, attitudes, opinions, and lifestyles of
persons in the firms external environment, as developed from cultural, ecological,
demographic, religious, educational, and ethnic conditioning.
Political factor
Stakeholder factor
Economic factor
Social factor
14. Leaders galvanize commitment to embrace change through clarifying strategic intent,
building an organization, and
developing a vision
developing a mission
planning strategy
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.
16. Under which of the following conditions is the frequency the most important factor in
media selection?
18. BMWs "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 mission
brand vision
brand slogan
brand personality
19. Which component of a marketing audit includes major developments in income, prices,
savings, and credit that affect the company?
Economic
Political
Cultural
Technological
20. 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?
Explain the rules and regulations laid out by governmental agencies to protect the
environment.
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 longterm.
21. When diversification involves additions of a business related to the firm in terms of
technology, markets or products, it involves
vertical diversification
concentric diversification
horizontal integration
concentrated growth
22. 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.
Economic responsibility
Legal responsibility
Employee responsibility
Discretionary responsibility
23. Which control should periodically reassess its approach to the marketplace with a good
marketing audit?
Strategic control
Marketing control
Ethical control
Performance control
24. What type of strategy consists of geographical pricing, price discounts and allowances,
promotional pricing, and differentiated pricing?
Regular prices
Fixed pricing
Price adaptation
Altered pricing
25. 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
agency theory
Adams theory
ethical responsibilities
26. Firms using this generic strategy attempt to build customer loyalty by stressing a
specific product attribute above other product qualities.
Cost leadership
Concentrated growth
Focus
Differentiation
27. 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.
switchers
hard-core loyals
shifting loyals
split loyals
28. 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.
Broadening
Differentiation
Diversification
Preferencing
29. This is a historically popular technique through which managers create a quick
overview of a company's strategic situationit is based on achieving a sound fit between
internal resources and the external situation.
Internal analysis
External analysis
SWOT analysis
30. 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?