STR 581 Week 6 Capstone Final Exam NEW 2016

The strategic management process is__________.

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a process directed by top-management with input from other stakeholders that seeks to achieve above- average returns for investors through effective use of the organization's resources

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the full set of commitments, decisions, and actions required for the firm to achieve above-average returns and strategic competitiveness

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a set of activities that will assure a sustainable competitive advantage and above-average returns for the firm

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a decision-making activity concerned with a firm's internal resources, capabilities, and competencies, independent of the conditions in its external environment

 

 

The proper matching of what a firm can do with what a firm might do__________.

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overcomes the rigidity and inertia resulting from a history of success

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balances the internal characteristics of the firm with the characteristics of the external environment

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yields insights the firm requires to select its strategy

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develops core competencies based on human knowledge

 

Gordon Jones is considering purchasing a computer from Best Buy. He has created a scale for rating eight different computers on three different characteristics. He plans to make a short list of only those computers that score at least a 7 on his scale on all three characteristics. Which of the following choice heuristics has he chosen?

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conjunctive heuristic

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lexicographic heuristic

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elimination-by-aspects heuristic

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anchoring and adjustment heuristic

 

The three parts of the external environment which affect a firm's strategic actions are__________.

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economic, political, and legal

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local, national, and global

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industry, business, and product

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general, industry, and competitor

 

Backward integration occurs when a company_________.

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produces its own inputs

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is divesting unrelated businesses

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owns its own source of distribution of outputs

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is concentrated in a single industry

Organizational structure__________.

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specifies the firm's formal reporting relationships, procedures, controls, and authority and decision-makingprocesses

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specifies the firm's informal reporting relationships, procedures, controls, and authority and decision-makingprocesses

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specifies the firm's control mechanisms, grievance procedures, reporting relationships, procedures, and authorityover decision-making processes

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specifies the firm's formal value proposition, the markets it will serve, and how the firm will provide value inthose markets

The term "conglomerates" refers to firms using the      diversification strategy.

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related linked

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unrelated

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global

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related constrained

The likelihood of entry of new competitors is affected by          and ___________.

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barriers to entry; expected retaliation of current industry organizations

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the demand for the product; the profitability of the competitors

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the power of existing suppliers; buyers

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the profitability of the industry; the market share of its leading firm

A well-known car manufacturing company introduces a new hatchback model by describing its distinctive features and then stressing the speed and safety qualities of the car. Which of the following is the company using to convey its membership in the hatchback segment?

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relying on the product descriptor

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comparing to exemplars

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announcing category benefits

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using channel differentiation

In general, compared with firms which compete in only one market, among firms which face one another in multiple markets there is__________.

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similar competitive rivalry

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less competitive rivalry

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no competitive rivalry

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more competitive rivalry

The first step in the social marketing planning process is ________.

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designing the market offering

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determining the focus of the program

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setting objectives and goals

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selecting the target audience

The differentiation strategy can be effective in controlling the power of rivalry with existing competitors in an industry because__________.

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customers will seek out the lowest-cost product

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customers are loyal to brands that are differentiated in meaningful ways

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customers of nondifferentiated products are sensitive to price increases

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the differentiation strategy benefits from rivalry because it forces the firm to innovate

A company that seeks to increase its sales and profits through backward, forward, or horizontal integration within the industry is said to be employing a(n) ________ growth strategy.

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intensive

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integrative

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diversification

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target

A(n) ________ market share of exactly 100 percent means that a company is tied for the market lead. A rise in relative market share means the company is gaining on its leading competitor.

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overall

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relative

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served

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potential

Successful implementation of the differentiation strategy requires a structure that___________.

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is dominated by the operations function

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decentralizes decision making

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focuses on the finance function

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has specialized jobs.

Southwest Airlines offers a Rapid Rewards program that allows customers to count flights they have taken toward free future flights. This is an example of a(n) ________.

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activity-based costing program

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club membership program

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value delivery system

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cross-selling program

The recent joint ventures formed by BP with Russian and Indian partners showed the importance of the ________ segment of the general environment that BP and other integrated oil firms have to manage when contending with scarce resources.

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political/legal

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demographic

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global

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physical

Which of the following can a company do to reduce defection

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Increase customer lifetime value by increasing the non-monetary costs of products.

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Enhance the growth potential of existing customers through cross-selling and upselling.

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Attract new customers to try out the company's products.

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Distinguish the causes of customer attrition and identify those that can be managed better.

Aisha is a marketing manager with Injoos, a company that manufactures packaged fruit juices. Knowing that several other companies exist in the market that offer similar products, Aisha decides to build a customer base from among those who prefer to avoid mass media and other targeted promotions. Which of the following marketing communications tools would be her best option to build a favorable impression among the prospective customers?

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direct marketing

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personal selling

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public relations

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sales promotions

Hilton Hotels customizes rooms and lobbies according to location. Northeastern hotels are sleeker and more cosmopolitan. Southwestern hotels are more rustic. This is an example of ________ segmentation.

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behavioral

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demographic

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geographic

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psychographic

AT&T's business campaign not only helped to change public perceptions of the company, it also signaled to employees that AT&T was determined to be a leader in telecommunication services. Which principle of internal branding does this example portray?

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bringing the brand alive for employees

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furnishing energizing and informative internal communication

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linking internal and external marketing

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choosing the right moment to capture employees' attention and imagination

_______ is a form of online word of mouth, or "word of mouse," that encourages consumers to pass along company-developed products and services or audio, video or written information to others online.

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Guerrilla marketing

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Interstitial marketing

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Microsite marketing

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Viral marketing

The goal of the organization's ________ is to point the firm in the direction of where it would like to be in the years to come.

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vision

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strategy

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mission

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culture

Annual-plan control requires making sure the company isn't overspending to achieve sales goals. The key ratio to watch is ___________.

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gross margin

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stock turnover

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marketing expense-to-sales

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cash flow return on investment

The Enron employee who reported the financial manipulations at the company to her superiors can be considered to have engaged in__________.

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managerial opportunism

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white-collar crime

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an act of courage

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vindictive disloyalty

Many consumers are willing to pay $100 for a perfume that contains $10 worth of scent because the perfume is from a well-known brand. What kind of pricing is the company depending on?

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target pricing

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image pricing

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market-skimming pricing

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going-rate pricing

 

A group of college graduates decides to start a business. Though they are knowledgeable in various business domains, they are unable to arrive at a valuable business idea. They decide to search for ideas in a structured manner. They meet and start discussing everyone's ideas. Each idea is recorded and then the thoughts that come up in relation to the ideas are written down and discussed. This process helps them to finalize a business plan. What technique is used here?

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attribute listing

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forced relationship analysis

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reverse assumption analysis

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mind mapping

Viewing the world through the customer's eyes and constantly seeking ways to create more value for the company enhances__________.

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the richness of the relationship with the customer

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the reach of the company toward the customer

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affiliation with the customer

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the ability to identify the customer

The typical risks of a cost leadership strategy include___________.

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production and distribution processes becoming obsolete

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excessive differentiation to the point where the customer base is too small

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loss of customer loyalty

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the inability to balance high differentiation and low price

Moving into international markets is a particularly attractive strategy to firms whose domestic markets__________.

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have developed unfriendly business attitudes toward the industry

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demand a differentiation strategy for success

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are limited in opportunities for growth

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have too much regulation

 

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Status NEW Posted 02 Jun 2017 05:06 PM My Price 20.00

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