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Test Bank For Strategic Market Management, 12th Edition David A. Aaker, Christine Moorman

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Test Bank For Strategic Market Management, 12th Edition David A. Aaker, Christine Moorman Essay Question: 1.1 Describe and give examples of a well-developed business strategy including the four characteristics. Objective Questions: 1.1 Five management tasks used to develop strategic competencies do not include the following: a. Strategic analysis b. Manage multiple business units c. Identify competitors d. Develop a sustainable advantage e. Develop a growth platform Answer: C. Identifying competitors is valuable but not one of the 5 management tasks. 1.2 The book suggests that many markets are dynamic and require new strategic models. Answer: False—the book asserts that all markets are dynamic. 1.3 To develop a sustainable competitive advantage (SCA) in dynamic markets, a company must create multiple business units. Answer: False. There are two routes to creating SCA’s, developing assets and competencies and creating and leveraging organizational synergies between multiple business units. 1.4 A business is generally an organizational unit that has a distinct business strategy and a manager with sales and profit responsibility. Answer: True. 1.5 Synergy occurs when two businesses can reduce costs by sharing some asset such as a sales force or logistics system. Answer: True. 1.6 A strategy should only involve one value proposition – otherwise chaos will occur. Answer: False. Most successful strategies involve more than one – for example, a customer value proposition that involves innovation and customer intimacy such as Virgin Atlantic Airways. 1.7 A strategic market management system will have more value for an organization that is not engaged in complex markets with multiple channels and regional variation in channels and products. Answer: False. A strategic market management system is designed to help a company (complex or not) to deal with the rapid changes that can occur in a firm’s external environment. 1.8 The elements of strategy can be capsulated into four core elements--the product-market investment decision, functional area strategies, the customer value proposition, and the sustainable competitive advantage. Answer: False. The four elements are: 1) the product-market investment strategy 2) the customer value proposition, 3) assets and competencies and synergies, and 4) functional area strategies. So while a sustainable competitive advantage is the goal of a business strategy it is not one of the elements that make up a good business strategy.

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David A. Aaker, Christine Moorman Strategic Market Management

Edition:2023
ISBN:9781119802860
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strategic market management 12th edition

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,TEST BANK FOR
Strategic Market Management, 12th Edition David A. Aaker, Christine Moorman

ChapterT1T–TStrategicTMarketTManagement:TAnTOverview

EssayTQuestion:

1.1
DescribeTandTgiveTexamplesTofTaTwell-
developedTbusinessTstrategyTincludingTtheTfourTcharacteristics.

ObjectiveTQuestions:

1.1
FiveTmanagementTtasksTusedTtoTdevelopTstrategicTcompetenciesTdoTnotTincludeTtheTfol
lowing:
a. StrategicTanalysis
b. ManageTmultipleTbusinessTunits
c. IdentifyTcompetitors
d. DevelopTaTsustainableTadvantage
e. DevelopTaTgrowthTplatform
Answer:TC.TIdentifyingTcompetitorsTisTvaluableTbutTnotToneTofTtheT5Tmanagem
entTtasks.

1.2
TheTbookTsuggestsTthatTmanyTmarketsTareTdynamicTandTrequireTnewTstrategicTmodels.
Answer:TFalse—theTbookTassertsTthatTallTmarketsTareTdynamic.

1.3
ToTdevelopTaTsustainableTcompetitiveTadvantageT(SCA)TinTdynamicTmarkets,TaTcompa
nyTmustTcreateTmultipleTbusinessTunits.

Answer:TFalse.TThereTareTtwoTroutesTtoTcreatingTSCA’s,TdevelopingTassetsTand
TcompetenciesTandTcreatingTandTleveragingTorganizationalTsynergiesTbetweenT
multipleTbusinessTunits.

,1.4
ATbusinessTisTgenerallyTanTorganizationalTunitTthatThasTaTdistinctTbusinessTstrategyTandTaT
managerTwithTsalesTandTprofitTresponsibility.
Answer:TTrue.

1.5
SynergyToccursTwhenTtwoTbusinessesTcanTreduceTcostsTbyTsharingTsomeTassetTsuchTas
TaTsalesTforceTorTlogisticsTsystem.
Answer:TTrue.

1.6
ATstrategyTshouldTonlyTinvolveToneTvalueTpropositionT–TotherwiseTchaosTwillToccur.
Answer:TFalse.TMostTsuccessfulTstrategiesTinvolveTmoreTthanToneT–
TforTexample,TaTcustomerTvalueTpropositionTthatTinvolvesTinnovationTandTcust
omerTintimacyTsuchTasTVirginTAtlanticTAirways.

1.7
ATstrategicTmarketTmanagementTsystemTwillThaveTmoreTvalueTforTanTorganizationTtha
tTisTnotTengagedTinTcomplexTmarketsTwithTmultipleTchannelsTandTregionalTvariationTi
nTchannelsTandTproducts.
Answer:TFalse.TATstrategicTmarketTmanagementTsystemTisTdesignedTtoThe
lpTaTcompanyT(complexTorTnot)TtoTdealTwithTtheTrapidTchangesTthatTcanT
occurTinTaTfirm’sTexternalTenvironment.

1.8
TheTelementsTofTstrategyTcanTbeTcapsulatedTintoTfourTcoreTelements--theTproduct-
marketTinvestmentTdecision,TfunctionalTareaTstrategies,TtheTcustomerTvalueTpropositi
on,TandTtheTsustainableTcompetitiveTadvantage.
Answer:TFalse.TTheTfourTelementsTare:T1)TtheTproduct-marketTinvestmentTstrategy
2)TtheTcustomerTvalueTproposition,T3)TassetsTandTcompetenciesTandTsynergies,Tand
4)TfunctionalTareaTstrategies.TSoTwhileTaTsustainableTcompetitiveTadvantageTisTt
heTgoalTofTaTbusinessTstrategyTitTisTnotToneTofTtheTelementsTthatTmakeTupTaTg
oodTbusinessTstrategy.

1.9
ATstrategicTcompetencyTisTwhatTaTbusinessTunitTdoesTexceptionallyTwell,TsuchTaTman
ufacturing,Tpromotion,Tdistribution,Tetc.TwhichThasTstrategicTimportanceTtoTtheTbusines
s.
Answer:TTrue.TThisTisTtheTdefinitionTofTaTstrategicTcompetency.

1.10
AccordingTtoTtheTbook,TstrategicTmarketingTmanagementThasTsixTobjectivesTwhichTinc
ludeTallTexceptToneTofTtheTfollowing:
(a) PrecipitateTtheTconsiderationTofTstrategicTchoices.
(b) ContributeTtoTtheTbottomTlineTsuccessTofTtheTfirm.
(c) ForceTaTlong-rangeTview.

, (d) MakeTtheTresourceTallocationTdecisionTvisible.
(e) ProvideTmethodsTtoTaidTinTstrategicTanalysisTandTdecision-making.
Answer:TB.TThereTisTnothingTthatTwillTguaranteeTtheTsuccessTofTaTbusiness.TIn
Tfact,TitTisTinterestingTtoTdiscussTthatTaTstrategyTisTevaluatedTafterTimplementat
ion;TthatTisTwhenTitTisTknownTwhetherTaTstrategyTisTsuccessfulTorTnot.T.

1.11
TheTfourTelementsTofTaTbusinessTstrategyTforTaTfirmTareTtheTproduct-
marketTinvestmentTdecision,TtheTfunctionalTstrategiesTandTprogram,TtheTcustomerTvalueTpr
oposition,TandTthe
andT .
Answer:TAssetsTandTcompetencies.

1.12
TheTscopeTofTaTbusinessTisTdefinedTbyTtheTproductsTitToffersTandTchoosesTnotTtoToffer,Tb
yTtheTmarketsTitTdoesTandTdoesTnotTseekTtoTserve,TbyTtheTcompetitorsTitTchoosesTtoTcom
peteTwithTorTtoTavoid,TandTbyTitsTlevelTofTverticalTintegration.
Answer:TTrue.TThisTisTtheTdefinitionTofTaTbusinessTscope.

1.13
StrategicTmarketingTisTinvolvedTinTmakingTdecisions,TsomeTofTwhichTincludeTinvestmentTd
ecisions.TOfTtheTfollowingTwhichTisTnotTanTinvestmentTdecision:
(a) InvestTforTgrowth
(b) Milk
(c) Maintain
(d) Liquidate
(e) Innovation
TAnswer:TE.

1.14
AnTexternalTanalysisTincludesTtheTanalysisTofTtheTcustomers,TtheTcompetitors,TtheTmarkets/
submarketsTandTtheTenvironment.
Answer:TTrue.

1.15
AccordingTtoTtheTbook,TcustomerTanalysisTinvolvesTidentifyingTtheTorganization’sTcust
omerTsegmentsTandTeachTsegment’sTmotivationsTandTpriorityTneeds.
Answer:TFalse.

1.16
StrategicTmarketTmanagementTisTaTsystemTdesignedTtoThelpTmanagementTbothTprecipit
ateTandTmakeTstrategicTdecisions,TasTwellTasTcreateTstrategicTvisions.
Answer:TTrue.TThisTisTtheTdefinitionTofTstrategicTmarketTmanagement.

1.17
Marketing’sTroleTinTstrategyTincludesTbeingTtheTprimaryTdriverTofTstrategicTanalysis.
Answer:TTrue.

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