STR581 Capstone Final Exam - STUDY GUIDE (wink ; ) Week 6 questions and answers.

Week 6 STR581 Capstone Final Exam - STUDY GUIDE (wink ; ) 1. A company that attempts to lead its industry in price and convenience by pursuing a focus on lean and efficient operations is pursuing what strategy?  Operational excellence  Low-cost leadership  Customer intimacy  Product leadership 2. One of the ways to change the course of a brand is to modify the product. Under product modification, ________ adds size, weight, materials, supplements, and accessories that expand the product’s performance, versatility, safety, or convenience.  technological improvement  feature improvement  style improvement  quality improvement 3. Marketers need to identify the hierarchy of attributes that guide consumer decision making in order to understand different competitive forces and how these various sets get formed. This process of identifying the hierarchy is called ________.  market estimation  brand association  market partitioning  market valuation 4. This is designed to check systematically and continuously whether the premises on which the strategy is based are still valid  Special alert control  Strategic surveillance  Implementation control  Premise control 5. A firm must know where to position its product based on price and  promotional efforts  quality  communication  region 6. When performing this analysis, it is good for strategic planners to consider similarities between the benefits the customers derive from the products and services that other firms offer.  Competitive analysis  Business analysis  Customer analysis  Company analysis 7. What is the perceived monetary value of the bundle of economic, functional, and psychological benefits customers expect from a given market offering because of the product, service, people, and image?  Ultimate service benefit  Complete marketing benefit  Total customer benefit  Total management benefit