Chapter 3 Flashcards
How do managers match resources and capabilities to make long term growth decisions? A. Functional planning B. Integrated activity C. Environmental analysis D. Operational planning E. Strategic planning
Strategic planning
Business planning is considered a(n)\_\_\_\_ as all plans related to the business should work to benefit the organizations mission and objectives. A. SWOT analysis B. Functional planning C. Marketing plan D. Strategic plan E. Integrated activity
Integrated activity
Employee skills and their knowledge, skills, and intellect are considered to be \_\_\_\_ A. Specific and memorable traits B. Aspects of the external environment C. Controllable risks D. The basis for the mission statement E. Human and intellectual capital
Human and intellectual capital
Which of the following enables an organization to develop strategies that make use of what the company does best in seizing opportunities while simultaneously avoiding threats?
A. Portfolio analysis
B. Review of human and intellectual capital
C. SWOT analysis
D. Situation analysis
E. Business review
SWOT analysis
Which of the following provides a framework that aims toward transparency, inspection, and adaptation while making it easier for team members to produce consistently strong products? A. Activity matrix B. Agility C. Action plans D. Scrum E. SWOT analysis
SCRUM
What is the 3rd step in the market planning process?
A. Perform a situation analysis
B. Develop marketing strategies
C. Set marketing objectives
D. Implement and control the marketing plan
Develop marketing strategies
Which of the following is used to determine how marketing contributes to the firms financial success? A. Outcome metrics B. Control processing planning C. Return on marketing investment D. Sustainability E. Activity metrics
Return on marketing investment
A document that describes the marketing environment, outlines the marketing objectives and strategy, and identifies who will be responsible for carrying out each part of the marketing strategy is known as \_\_\_\_\_? A. A marketing plan B. Business planning C. Strategic planning D. A business plan
A marketing plan
A market development strategy ____
A. Creates growth by selling new product in existing markets.
B. Emphasizes both new product and new markets to achieve growth
C. introduces existing products to new markets
D. Seeks to increase sales of existing products to existing markets.
Introduces existing products to new markets
Supervisory managers are charged with the planning in the \_\_\_\_\_ stage. A. Operational planning B. Human resource planning C. Functional planning D. Strategic planning
Operational planning
What happens during the establish the business portfolio step of strategic planning?
A. Management performs a situation analysis
B. Decisions are made about how to best allocate resources across a a companies strategic business units (SBUs) to ensure growth for the entire company
C. Managers analyze how to make growth happen
D. Top management translates a mission statement into organizational or SBU objectives
Decisions are made about how to best allocate resources across a a companies strategic business units (SBUs) to ensure growth for the entire company
According to the BCG growth- market share matrix, stars are strategic business units (SBUs) with _____
A. A small share of slow growth market
B. Low market shares in fast growth markets
C. A dominant market share in a low growth potential market.
D. Products that have a dominant market share in high growth markets
Products that have a dominant market share in a high growth market.
Which growth strategy os designed to increase sales of existing product to current customers, nonusers, and users of competitive brans in served markets? A. Diversification strategy B. Product development strategy C. Market penetration strategy D. Market development strategy
Market penetration strategy
What is an action plan?
A. A process that entails measuring actual performance, comparing this performance with the established marketing objectives and then making adjustments to the strategies or objectives on the basis of this analysis.
B. A description of the overall purpose of the organization and what it intends to achieve in terms of its customers, products and resources.
C. An individual support plan included in a marketing plan that provides the guidance for implementation and control of the various marketing strategies with the plan.
D. An assessment of a firms internal and external environments
An individual support plan included in a marketing plan that provides the guidance for implementation and control of the various marketing strategies with the plan.
According to the BCG growth- market share matrix, \_\_\_\_\_\_ are strategic business units (SBUs) with low market shares in fast growth markets. A. Dogs B. Question marks C. Cash cows D. Stars
Question marks
\_\_\_\_\_ planning is a managerial decision process that matches an organizations resources and capabilities to its market opportunities for long term growth and survival. A. Operational B. Business C. Strategic D. Functional
Strategic
A(n)\_\_\_\_\_ describes the overall purpose of the organization and what it intends to achieve in terms of its customers, products and resources. A. Action plan B. Control C. Situational analysis D. Mission statement
Mission statement
What is the second step in the operational planning process?
A. Use marketing metrics to monitor how the plan is working.
B. Perform a situational analysis
C.Develop growth strategies
D. Develop action plans to implement the marketing plan
Use marketing metrics to monitor how the plan is working
Which of the following describes an operational plan?
A. The quantification of how an investment in marketing has an impact on the firms success, financially and otherwise
B. Individual support plans included in a marketing plan that provide guidance for implementation and control of the carious marketing strategies within the plan
C. A process that entails measuring actual performance, comparing this performance with the established marketing objectives, and then making adjustments to the strategies or objectives on the basis of the analysis
D. A plan that focuses on the day to day execution of the marketing plan
A plan that focuses on the day to day execution of the marketing plan
The \_\_\_\_\_ step in the strategic planning process is to evaluate the internal and external environments. A. Second B. First C. Fourth D. Third
Second
What is the first step in market planning
A. Perform a situation analysis
B. Implementing and control the marketing plan
C. Set marketing objectives
D. Developing marketing strategies
Performance a situation analysis
Which of the following describes the external environment?
A. The controllable elements inside an organization, including its people, its facilities, and how it does things that influence the operations of the organization
B. The uncontrollable elements outside an organization that may affect its performance either positively or negatively
C. A formal statement in an organizations strategic plan that describes the overall purpose of the organization and what it intends to achieve in terms of its customers, products and resources
D. The group of different products or brands owned by an organization and characterized by different income generating and growth capabilities
The uncontrollable elements outside an organization that may affect its performance either positively or negatively
Functional planning is _____
A. A decision process that concentrates on developing detailed plans for strategies and tactics for the short term, supporting an organizations long term strategic plan.
B. A decision process that focuses on developing plans for day to day activities that carry out an organizations functional plans.
C. A managerial decision process that matches the firms resources and capabilities to its marketing opportunities for long term growth.
D. An ongoing process of decision making that guides a firm in both the short term and the long term.
A decision process that concentrates on developing detailed plans for strategies and tactics for the short term, supporting an organizations long term strategic plan.
A process that entails measuring actual performance, comparing this performance with the established marketing objectives, and then making adjustments to the strategies or objectives on the basis of this analysis is a(n) A. Diversification strategy B. Action plan C. Control D. Operational plan
Control
What is the second step in the operational planning process?
A. Use marketing metrics to monitor how the plan is working
B. Perform a situation analysis
C. Develop action plans to implement the marketing plan
D. Developing growth strategies
Use marketing metrics to monitor how the plan is working
A marketing development strategy ______
A. Creates growth by selling new products in existing markets
B. Emphasizes both new products and new markets to achieve growth
C. Seeks to increase sales of existing products to existing markets
D. Introduces existing products to new markets
Introduces existing products to new markets
The notion of \_\_\_\_\_ is adopted largely from a software development context. A. A market development strategy B. A diversification strategy C. Agile marketing D. Situation analysis E. A market penetration system
Agile marketing
Which of the following is described as an event that a company hosts to thank its loyal customers? A.Crowdsourcing B.Value proposition C.Rentrepreneur D.Folksonomy E.Brandfest
E.Brandfest
Which of the following BEST describes a distinctive competency of a firm?
A.
How players in the value chain work together
B.
A series of pre-established systems to sort online content
C.
The idea that groups within the organization are smarter than any single person
D.
A capability that is superior to the competition
E.
A value a competitor doesn’t offer
A capability that is superior to the competition
What is a value proposition?
A.
A marketplace offering that fairly and accurately sums up the value that the customer will realize if he or she purchases the product
B.
When a company makes money for the company’s management, its workers, and its shareholders
C.
The benefits of a product itself
D.
An undisputed fact that one product or service is superior to other products or services that customers might choose from competitors
E.
An acknowledgement that it is more expensive to attract new customers than it is to retain current ones
A marketplace offering that fairly and accurately sums up the value that the customer will realize if he or she purchases the product
What is competitive advantage?
A value that competitors don't offer B. A firm's capability that is superior to that of its competition C. A cost advantage D. An edge over a firm's competitors that allows it to have higher sales, higher profits, more customers E. A differential advantage
An edge over a firm’s competitors that allows it to have higher sales, higher profits, more customers
Which of the following is NOT considered a primary activity of a value chain? A. Inbound logistics B. Competitive advantage C. Human resource management D. Technology development E. Marketing activities
Competitive advantage
Which of the following is NOT an example of consumer-generated content?
One million posts by individuals on Twitter and Facebook, using the hashtag #Adidaslove to show support for a new Adidas line of shoes with a social purpose
B.
A YouTube video recommending the purchase of a telescope, posted by an expert in the field of astrophysics with more than 500,000 followers
C.
Doritos’ “Crash the Super Bowl” contest, where fans submitted their best 30-second commercials for voting by fans
D.
Data stored in the cloud
E.
A Nike shoe commercial that uses marathon runners as spokespeople
Nike shoe commercial that uses marathon runners as spokespeople
Which of the following refers to the total value of all the exports and imports of the world's nations? A. Countertrade B. Licensing C. Joint ventures D. Free trade zones E. World trade
world trade
