HFT4502 UPDATED TEST QUESTIONS AND SOLUTIONS
GUARANTEE A+
✔✔valuable - ✔✔resources that improve efficiency or effectiveness in marketplace
✔✔rare - ✔✔resources that are uniquely held by a firm. other firms don't have them
✔✔inimitable - ✔✔not only must other firms not have your valuable resources, they
should not be able to get them
✔✔non-substitutable - ✔✔not only should they not be able to get them, they should not
be able to get other resources that duplicate the resource's outcome in the marketplace
✔✔organization (sustainable competitive advantage) - ✔✔-structure, policies, culture
-how you organize managers, organizational flow chart, all determines your success
✔✔4 levels of organization - ✔✔-corporate
-division
-business
-product
✔✔strategic planning - ✔✔the selection and organization of businesses/product lines in
a manner that keeps the company healthy despite unexpected events in marketing
environment
✔✔ansoff product-market expansion grid - ✔✔matrix developed by cell, plotting new
products and existing products with new products and existing products.
-provides strategic insights into growth opportunities
✔✔backward integration - ✔✔a growth strategy by which companies acquire
businesses supplying them with products or services (ex: restaurant chain purchasing
bakery)
✔✔conglomerate diversification strategy - ✔✔a product growth strategy in which a
company seeks new businesses that have no relationship to company's current product
line or markets
✔✔corporate mission statement - ✔✔a guide to provide all the publics of a company
with a shared sense of purpose, direction, and opportunity, allowing all to work
independently, yet collectively, toward the organization's goals
✔✔forward integration - ✔✔a growth strategy by which companies acquire businesses
that are closer to the ultimate consumer, such as a hotel acquiring a chain of travel
agents
, ✔✔horizontal diversification strategy - ✔✔a product growth strategy whereby a
company looks for new products that could appeal to current customers that are
technologically unrelated to its cutest line
✔✔horizontal integration - ✔✔a growth strategy by which companies acquire
competitors
✔✔macroenvironmental forces - ✔✔demographic, economic, technological, political,
legal, social, cultural factors
✔✔market development strategy - ✔✔finding and developing new markets for your
current products
✔✔market segmentation - ✔✔the process of dividing a market into distinct groups of
buyers who have different needs, characteristics, or behavior who might require
separate products or marketing programs
✔✔marketing opportunity - ✔✔an area of need in which a company can perform
profitability
✔✔marketing strategy - ✔✔the marketing logic by which the company hopes to create
this customer value and achieve these profitable relationships
✔✔microenvironmental forces - ✔✔customers, competitors, distribution, channels,
suppliers
✔✔product development - ✔✔offering modified or new products to current markets
✔✔strategic alliances - ✔✔relationships between independent parties that agree to
cooperate but still retain separate identities
✔✔strategic business units (SBU) - ✔✔a single business or collection of related
businesses that can be planned separately from the rest of the company
✔✔SWOT analysis - ✔✔evaluates the company's overall strengths (S), weaknesses
(W), opportunities (O), threats (T)
✔✔ Best definition of marketing - ✔✔the science of exchange
✔✔IMC (integrated marketing communications) - ✔✔conscious use of all marketing mix
elements to promote a unified image of a company or brand
GUARANTEE A+
✔✔valuable - ✔✔resources that improve efficiency or effectiveness in marketplace
✔✔rare - ✔✔resources that are uniquely held by a firm. other firms don't have them
✔✔inimitable - ✔✔not only must other firms not have your valuable resources, they
should not be able to get them
✔✔non-substitutable - ✔✔not only should they not be able to get them, they should not
be able to get other resources that duplicate the resource's outcome in the marketplace
✔✔organization (sustainable competitive advantage) - ✔✔-structure, policies, culture
-how you organize managers, organizational flow chart, all determines your success
✔✔4 levels of organization - ✔✔-corporate
-division
-business
-product
✔✔strategic planning - ✔✔the selection and organization of businesses/product lines in
a manner that keeps the company healthy despite unexpected events in marketing
environment
✔✔ansoff product-market expansion grid - ✔✔matrix developed by cell, plotting new
products and existing products with new products and existing products.
-provides strategic insights into growth opportunities
✔✔backward integration - ✔✔a growth strategy by which companies acquire
businesses supplying them with products or services (ex: restaurant chain purchasing
bakery)
✔✔conglomerate diversification strategy - ✔✔a product growth strategy in which a
company seeks new businesses that have no relationship to company's current product
line or markets
✔✔corporate mission statement - ✔✔a guide to provide all the publics of a company
with a shared sense of purpose, direction, and opportunity, allowing all to work
independently, yet collectively, toward the organization's goals
✔✔forward integration - ✔✔a growth strategy by which companies acquire businesses
that are closer to the ultimate consumer, such as a hotel acquiring a chain of travel
agents
, ✔✔horizontal diversification strategy - ✔✔a product growth strategy whereby a
company looks for new products that could appeal to current customers that are
technologically unrelated to its cutest line
✔✔horizontal integration - ✔✔a growth strategy by which companies acquire
competitors
✔✔macroenvironmental forces - ✔✔demographic, economic, technological, political,
legal, social, cultural factors
✔✔market development strategy - ✔✔finding and developing new markets for your
current products
✔✔market segmentation - ✔✔the process of dividing a market into distinct groups of
buyers who have different needs, characteristics, or behavior who might require
separate products or marketing programs
✔✔marketing opportunity - ✔✔an area of need in which a company can perform
profitability
✔✔marketing strategy - ✔✔the marketing logic by which the company hopes to create
this customer value and achieve these profitable relationships
✔✔microenvironmental forces - ✔✔customers, competitors, distribution, channels,
suppliers
✔✔product development - ✔✔offering modified or new products to current markets
✔✔strategic alliances - ✔✔relationships between independent parties that agree to
cooperate but still retain separate identities
✔✔strategic business units (SBU) - ✔✔a single business or collection of related
businesses that can be planned separately from the rest of the company
✔✔SWOT analysis - ✔✔evaluates the company's overall strengths (S), weaknesses
(W), opportunities (O), threats (T)
✔✔ Best definition of marketing - ✔✔the science of exchange
✔✔IMC (integrated marketing communications) - ✔✔conscious use of all marketing mix
elements to promote a unified image of a company or brand
