LSUS MBA 706 Saleh Exam 01 Questions and Complete Solutions Graded A+

1. The term "PEST" in a strategic perspective refers to Answer: Answer: Political, Economic, Social, and Technological factors 2. The focus of strategic business decisions includes all of the following Answer:- Answer: Establishing long-term goals, Analyzing the organization's external and internal environments, Making decisions about the organization's direction and scope 3. The concept of Marketing Myopia is closely related to Answer: Answer: A narrow definition of one's business 4. A balanced scorecard for measuring success includes the following mea- sures Answer: Answer: Financial performance, customer knowledge, internal business processes, learning and growth 5. Which one of the following are the stages in the strategy development process? Answer: Setting objectives, evaluating strategic options, and implementing strat- egy 6. The marketing mix, often referred to as the 4 P's, consists of Answer: Answer: Product, Price, Promotion, Place 7. Business orientations include all of the following Answer: Answer: Production orientation, sales orientation, market orientation, and societal orientation 8. The concept of marketing as being too important to be left only to the marketing department is attributed to Answer: Answer: David Packard 9. What does strategic marketing contribute to business? Answer: It helps in making major decisions affecting the long-term direction of the business 10. What does it mean when a company has a sales orientation? Answer: The company is all about aggressively selling and convincing customers to buy products 11. The consequence of change can be Answer: Answer: New opportunities 12. What is the purpose of a marketing strategy? Answer: To define core competencies, understand the external environment, and offer an integrative approach to deci- sion-making 13. What kind of change can be caused by the impact of competition or environment? Answer: Evolutionary 14. Which orientation focuses on what a company can already do and what skills it has to create a new product? Answer: Production orientation 15. What are the elements of a marketing orientation philosophy? Answer: Cus- tomer-focused, competitor-focused, marketing integration, strategic vision, and re- alistic expectations 16. In the PEST analysis, which factor involves aspects such as age profiles, changes in lifestyle, and education? Answer: Social/Cultural 17. Environmental Scanning involves Answer: Answer: Monitoring activity to obtain info about the environment