Chapter 2A

50. a firm's core competencies that are superior to those of competitors are called: a. exclusive competencies. b. Sustainable competitive advantages. c. Distinctive competencies. d. Distinctive advantages.

c. Distinctive competencies.

39. On the BCG matrix, a _____ refers to products that have potential high cash users and are a prime candidates for liquidation. a. Cash cows. b. Stars. c. Dogs. d. Problem children.

c. Dogs.

7. A ______ strategy allows for expansion of the firm's product line into untapped markets, often internationally. a. Market penetration strategy. b. Product development strategy. c. Market development strategy. d. Diversification strategy.

c. Market development strategy.

44. Specific. Measurable. and attainable aims that measure what the firm wishes to accomplish are called: a. Missions. b. Goals. c. Objectives. d. Strategies.

c. Objectives.

51. ________ at the corporate and SBU level provide the benchmarks by which organizational performance is measured. a. Missions. b. Goals. c. Objectives. d. Strategies.

c. Objectives.

17. Of the five primary activities in the value chain, ______ refers to how the firm transports and distributes the final products to the marketplace. a. Inbound logistics b. Operations c. Outbound logistics d. Marketing and sales e. Service

c. Outbound logistics

35. ______ utility is created when products are available to consumers at a convenient location. a. Form utility. b. Time utility. c. Place utility. d. Ownership utility.

c. Place utility.

15. Of the five primary activities in the value chain, ______ refers to how the firm goes about sourcing raw materials for production. a. Inbound logistics b. Operations c. Outbound logistics d. Marketing and sales e. Service

a. Inbound logistics

43. Which of the following are the dimensions of the GE Business Screen approach to portfolio analysis? a. Market attractiveness. b. Market growth rate. c. Customer preference. d. Business position.

a. Market attractiveness. d. Business position.

38. On the BCG matrix, a _____ refers to products that are a key source of internal cash generation for the firm. a. Cash cows. b. Stars. c. Dogs. d. Problem children.

a. Cash cows.

11. Of the four support activities in the value chain, ______ refers to how the firm is set up for doing business. a. Firm infrastructure b. Human resource management c. Technology development d. Procurement

a. Firm infrastructure

34. ______ utility is created when the firm converts raw materials into finished products that are desired by the market. a. Form utility. b. Time utility. c. Place utility. d. Ownership utility.

a. Form utility.

20. A firm's SBU plans all incorporate ______ level plans from operations. Marketing. Financing. And the other operational areas. a. Functional-level plans. b. Market-driven plans. c. Corporate-level plans. d. SBU-level plans.

a. Functional-level plans.

33. Which of the following are types of utility given by products or services? a. Promotion b. Place c. Form d. Time e. Spatial f. Ownership.

b. Place c. Form d. Time f. Ownership.

6. A ______ strategy recognizes the opportunity to invest in new products that will increase usage from the current customer base. a. Market penetration strategy. b. Product development strategy. c. Market development strategy. d. Diversification strategy.

b. Product development strategy.

41. On the BCG matrix, a _____ refers to products that are important to building the future of the business and are deserving of any needed investment. a. Cash cows. b. Stars. c. Dogs. d. Problem children.

b. Stars.

47. _______ is a discussion of what the company would like to become in the future. a. Mission statement. b. Strategic vision. c. Objectives. d. Goals.

b. Strategic vision.

32. At the firm level, a _______ is a comprehensive plan stating how the organization will achieve its mission and objectives. a. Marketing plan. b. Strategy. c. Market plan. d. Market-driven plan.

b. Strategy.

3. When a distinctive competency cannot be easily duplicated or usurped by competitors in the marketplace, it is called: a. Distinctive competency. b. Sustainable competitive advantage. c. Core competency. d. Exclusive competency.

b. Sustainable competitive advantage.

9. _______ holds that every organization represents a synthesis of activities involved in designing. Producing. Marketing. delivering. And supporting its products. a. Value proposition. b. The value chain. c. Value-creating activities. d. Inbound logistics.

b. The value chain.

36. ______ utility is created when products are available to consumers when they want to purchase them. a. Form utility. b. Time utility. c. Place utility. d. Ownership utility.

b. Time utility.

2. The value message of a company's products that includes the whole bundle of benefits the company promises to deliver. Not just the benefits of the products itself. Is called the ______. a. Value equation. b. Value proposition. c. Offering proposition. d. Benefit statement.

b. Value proposition.

5. A ______ strategy involves investing in existing customers to gain additional usage of existing products. a. Market penetration strategy. b. Product development strategy. c. Market development strategy. d. Diversification strategy.

a. Market penetration strategy.

25. The process of measuring marketing results and adjusting the marketing plan as needed is called: a. Marketing control. b. Benchmarking. c. Strategic control. d. implementation metrics.

a. Marketing control.

29. The document that records the marketing planning process in useful framework is called the: a. Marketing plan. b. Strategic plan. c. Functional plan. d. Operational plan.

a. Marketing plan.

4. ________ provide the road map for creating, communicating, and delivering value to customers. a. Marketing strategies b. Marketing plans c. Goals d. Objectives

a. Marketing strategies

30. The fundamental, unique purpose that sets a company apart from other firms and identifies the scope of a company's operations. Products. And markets is defined by its: a. Mission statement. b. Goals. c. Objectives. d. Strategic vision.

a. Mission statement.

31. The verbal articulation of an organization's purpose, or reason for existence, is called: a. Mission statement. b. Goals. c. Objectives. d. Strategic vision.

a. Mission statement.

24. Which of the following are primary activities in the value chain? a. Service. b. Firm infrastructure. c. Operations. d. Inbound logistics. e. Outbound logistics. f. Marketing and sales.

a. Service. c. Operations. d. Inbound logistics. e. Outbound logistics. f. Marketing and sales.

22. Which of the following are macro-level external environmental factors? a. Technological. b. Sustainability. c. Sociocultural or demographic. d. Economic. e. Political. Legal. And ethical. f. Natural.

a. Technological. c. Sociocultural or demographic. d. Economic. e. Political. Legal. And ethical. f. Natural.

10. ______ plans are often described in terms of a separate plan for worst-case, best-case, and expected-case performance against the forecast. a. Functional-level plans. b. Contingency plans. c. Strategy. d. Marketing control.

b. Contingency plans.

48. A ______ level strategic plan serves as an umbrella plan for the overall direction of the corporation developed above the SBU level. a. SBU-level. b. Corporate level. c. Functional level. d. Operational level.

b. Corporate level.

21. _______ is a commitment from a customer to a company and its products and brands for the long run. a. Customer satisfaction. b. Customer loyalty. c. Customer retention. d. Customer switching.

b. Customer loyalty.

42. _______ are general statements of what the firm wishes to accomplish and eventually become refined into specific, measurable, and attainable aims for the firm. a. Missions. b. Goals. c. Objectives. d. Strategies.

b. Goals.

12. Of the four support activities in the value chain, ______ refers to how the firm ensures it has the right people in the right place, trains them, and keeps them. a. Firm infrastructure b. Human resource management c. Technology development d. Procurement

b. Human resource management

26. Investing in new customers to gain additional usage of existing products represents which type of strategy? a. Product development. b. Market development. c. Market penetration. d. Diversification.

b. Market development.

1. Planning that is the process at the corporate. Or SBU level of marshalling the various resources and functional areas of the firm toward a central purpose around the customer is called _____. a. SBU-level strategic plan. b. Market driven strategic planning. c. Corporate-level strategic planning. d. Functional-level strategic plan.

b. Market driven strategic planning.

28. The ongoing process of developing and implementing market-driven strategies for an organization is called: a. Strategic vision. b. Marketing planning. c. Marketing tactics. d. Functional-level planning.

b. Marketing planning.

16. Of the five primary activities in the value chain, ______ refers to how the firm converts raw materials into final products. a. Inbound logistics b. Operations c. Outbound logistics d. Marketing and sales e. Service

b. Operations

23. The elements of the macro-level external environment within which the firm operates. Its industry or competitive environment. And its internal environment are all contained in: a. Strategy analysis. b. Business analysis. c. Situation analysis. d. Mission plan.

c. Situation analysis.

13. Of the four support activities in the value chain, ______ refers to how the firm embraces technology usage for the benefit of customers. a. Firm infrastructure b. Human resource management c. Technology development d. Procurement

c. Technology development

46. A ________ is some type of utility that a company and its products provide its customers. a. Form. b. Time. c. Place. d. Benefit. e. Value.

d. Benefit.

8. A ______ strategy seizes on opportunities to serve new markets with new products. a. Market penetration strategy. b. Product development strategy. c. Market development strategy. d. Diversification strategy.

d. Diversification strategy.

27. Investing in new customer to generate usage of new products represents which type of strategy? a. Product development. b. Market development. c. Market penetration. d. Diversification.

d. Diversification.

18. Of the five primary activities in the value chain, ______ refers to how the firm communicates the value proposition to the marketplace. a. Inbound logistics b. Operations c. Outbound logistics d. Marketing and sales e. Service

d. Marketing and sales

37. ______ analysis views SBUs and sometimes even product lines as a series of investments from which it expects maximization of returns. a. Boston Consulting Group Growth-Share Matrix. b. Benchmarks. c. Ge Business Screen. d. Portfolio analysis.

d. Portfolio analysis.

40. On the BCG matrix, a _____ refers to products that have high cash needs that. If nurtured properly. Can convert into stars. a. Cash cows. b. Stars. c. Dogs. d. Problem children.

d. Problem children.

14. Of the four support activities in the value chain, ______ refers to how the firm deals with vendors and quality issues. a. Firm infrastructure b. Human resource management c. Technology development d. Procurement

d. Procurement

45. A _______ strategic plan serves as a plan for the individual business of a corporate. a. Customer-focused. b. Market-driven. c. Corporate-level. d. SBU-level.

d. SBU-level.

49. The want-satisfying power of a good or service is called: a. A value. b. A benefit. c. Satisfaction. d. Utility.

d. Utility.

19. Of the five primary activities in the value chain, ______ refers to how the firm supports customers during and after the sale. a. Inbound logistics b. Operations c. Outbound logistics d. Marketing and sales e. Service

e. Service