Deck 3: Situation Assessment: the Company

Question 1

Which of the following should first be used to narrow situation assessment data into useable information?

A)SWOT analysis
B)relevance test
C)segment rationalization test
D)scenario analysis

Answer 1

B

Question 2

Undertaking value- added activities that were once outsourced to suppliers is known as .

A)forward integration
B)backward integration
C)diversification
D)product development

Answer 2

B

Question 3

For marketing strategists,performance and performance are measures of particular importance.

A)short- term; long- term
B)sales account; distribution
C)market; financial
D)historical; anticipated

Answer 3

C

Question 4

A firm using a marketing information system would most likely have which of the following questions answered?

A)How well are we doing in our customers' eyes?
B)What metrics would be appropriate for our customers?
C)What geographic area is our firm targeting?
D)How can our financial objectives best be attained?

Question 5

Which of the following strategies would most likely be used by a firm trying to close a profitability gap?

A)selling new products to new markets
B)outsourcing value- added activities to suppliers
C)reducing investment intensity
D)decreasing the yield

Question 6

SMART marketing objectives are .

A)specific,measurable,achievable,relevant,and timed
B)specific,motivational,advantageous,realistic,and timed
C)strategic,measurable,achievable,reliable,and targeted
D)strategic,motivational,absolute,relevant,and targeted

Question 7

All of the following should be included in a corporate mission statement EXCEPT the _ of the firm.

A)long- term profits
B)long- term goals
C)core purpose
D)core values

Question 8

Which of the following collects customer satisfaction data for the purpose of measuring marketing strategies and troubleshooting product malfunctions?

A)marketing information system
B)strategic marketing matrix
C)supplemental marketing tool
D)consumer marketing database

Question 9

Which term refers to actions taken by a firm to advance a social good that is beyond the interests of the firm?

A)corporate objectives
B)corporate social responsibility
C)environmental goals
D)public policy

Question 10

Which of the following is a financial objective?

A)reduce customer complaints
B)increase sales volume
C)reduce overall sales costs
D)increase customer interest

Question 11

Which of the following provides an answer to these questions: What is our business? Why does our business exist? What are our values? What does our business intend to become?

A)operational strategy
B)mission statement
C)business portfolio
D)functional strategy

Question 12

According to the work of Bob Willard and John Elkington,firms that engage in socially responsible activities are LEAST likely to experience .

A)reduced manufacturing expenses
B)reduced health care costs
C)increased employee productivity
D)increased retention rates for top talent

Question 13

According to the text,firms that integrate social and environmental goals into their business strategy experience .

A)close government scrutiny
B)enhanced profits
C)shareholder lawsuits
D)reduced taxes

Question 14

Clear marketing objectives primarily help a firm to .

A)assess a competitor's strengths
B)achieve decision- making consistency
C)monitor business- to- business accounts
D)motivate global sales representatives

Question 15

Henry Ford,the founder of Ford Motor Company,was sued by his shareholders for .

A)supporting controversial organizations
B)failing to reduce manufacturing expenses
C)distributing bonuses to long- term employees
D)using dividend payments to hire more workers

Question 16

In most firms,the process of developing a marketing strategy begins with the guidance provided by a(n)_ .

A)mission statement
B)orientation session
C)employment plan
D)shareholder review

Question 17

Which of the following is NOT one of the three pillars integrated into the triple bottom line?

A)profits
B)planet
C)policy
D)people

Question 18

Which term best refers to the various groups of people or organizations that have an interest in the actions and success of a firm?

A)pillars
B)shareholders
C)consumers
D)stakeholders

Question 19

Competitive advantages are best defined as the .

A)unique skills of a firm's employees
B)technology developed by a firm
C)improvements made by a firm
D)strengths and weaknesses of a firm

Question 20

A firm trying to close a profitability gap is concentrating on its most profitable products and abandoning markets that it cannot win. Which strategy is the firm most likely using?

A)segmentation
B)capacity utilization
C)rationalization
D)forward integration

Question 21

SMART is a mnemonic device for determining whether a business environment is suitable for a specific marketing strategy.

Question 22

What essential elements should be included in a firm's mission and vision statements? How are mission and vision statements relevant to a firm's marketing plans?

Question 23

A large retail firm is experiencing a significant sales gap. Which of the following strategies would LEAST likely be implemented by the firm to close the gap?

A)market penetration
B)forward integration
C)diversification
D)product development

Question 24

What is the triple bottom line? What are the drawbacks of using a triple bottom line framework?

Question 25

A scenario analysis is best described as a tool used by firms to _.

A)analyze strengths of competitors
B)collect situation assessment data
C)conduct global market research
D)plan future marketing responses

Question 26

What is the primary drawback associated with the triple bottom line framework?

A)measuring corporate performance
B)maintaining shareholder support
C)developing mission statements
D)generating media interest

Question 27

Market- related objectives focus on customer behaviors and market share,while financial objectives relate to profits and costs.

Question 28

In the field of strategic management,goals are general and long- term while objectives are specific and short- term.

Question 29

SMART is a mnemonic device for _ .

A)analyzing external environments
B)evaluating customer satisfaction
C)assessing marketing objectives
D)determining strengths and weaknesses

Question 30

Why is it important to establish clear marketing objectives? How can a marketer determine whether or not a marketing objective is effective?

Question 31

According to ,the social responsibility of business is to increase its profits.

A)Milton Freedman
B)John Stuart Mill
C)Henry Ford
D)Adam Smith

Question 32

When developing marketing strategies,it is critical for a firm to understand its competitive advantages and the strengths of its competitors.

Question 33

Which of the following would be an external stakeholder of a firm?

A)shareholder
B)supplier
C)debt holder
D)manager

Question 34

A large planning gap most likely suggests that .

A)the current strategy is working adequately at the moment
B)major changes should be made to the current strategy
C)minor changes should be made to the current strategy
D)the current strategy is working much better than expected

Question 35

According to ,firms benefit from considering the interests of employees,customers,vendors,and other parties.

A)stakeholder theory
B)triple bottom line theory
C)shareholder theory
D)strategic marketing theory

Question 36

Shareholder theory addresses the firm's purpose and the firm's obligations to its stakeholders.

Question 37

The triple bottom line is best defined as a(n).

A)assessment system for financial and nonfinancial outcomes
B)accounting database used by globalized firms of all sizes
C)designation assigned to firms exhibiting corporate social responsibility
D)metric used to evaluate new and current employees

Question 38

Which term refers to the distance between where a firm is and where it wants to be?

A)bubble
B)planning gap
C)life cycle
D)strategic goal