Str 581 Capstone Final Exam

STR 581 CAPSTONE FINAL EXAM 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 8. A valuable result of task environment analysis with respect to geographic, demographic, psychographic and buyer-behavior factors is called • competitor profile • financial position • vendor profile • customer profile 9. The ability to meet humanity’s needs without harming future generations is now a top priority in most corporate agenda • ethics • sustainability • rules • righteousness 10. Large-scale, future-oriented plans for interacting with the competitive environment to achieve the company objective refers to its • strategy • dynamic policies • competitive analysis • goals 11. With as a target market strategy, the firm concentrates on serving many needs of a particular customer group. • single-segment concentration • product specialization • market specialization • selective specialization 12. Company X’s principal strength is its inbound and outbound logistics system; its relative weakness, however, is after-sales service. Its competitor, Company Y, however is often plagued with lagging shipments and an inflexible distribution setup. Company Y remains successful because it maintains a fully staffed service department and, as a result, the company is known for its dependable service. This type of analysis allows them to identify ways to build on relative strengths and avoid dependence on capabilities at which the other firm excels. • Disaggregating • Benchmarking • Past performance comparison • Industry comparison 13. The strategic factor that involves the beliefs, values, attitudes, opinions, and lifestyles of persons in the firm’s external environment, as developed from cultural, ecological, demographic, religious, educational, and ethnic conditioning. • Political factor • Stakeholder factor • Economic factor • Social factor 14. Leaders galvanize commitment to embrace change through clarifying strategic intent, building an organization, and • shaping organizational culture • developing a vision • developing a mission • planning strategy 15. How do functional tactics compare to business strategies? • Functional tactics are more focused on the general direction of the firm than business strategies. • Functional tactics are more focused on a commitment to corporate strategy than business strategies. • Functional tactics are more specific than business strategies.? • Functional tactics are more long-term than business strategies.