LSUS MBA 706 Exam 1: Questions With Real Solutions
Marketing Correct Answer - The activity, set of institutions, and
processes for creating, communicating, delivering, and exchanging offerings
that have value for customers, clients, partners, and society at large.
Marketing Strategy Correct Answer - A long-term plan that consists of
activities of selecting target markets and designing marketing mixes to satisfy
the wants and needs of the selected markets.
Factors to consider when developing a marketing strategy Correct Answer -
-Market drivers
-Resources and skills available to companies
-Strategic windows
-Competition
-Stage of market lifecycle
Market drivers Correct Answer - -External to the company
-PEST Analysis helpful to understand
-What do they look like now and how are they expected to change in future?
PEST Correct Answer - Political - laws, political stability, election times,
corruption level
Economic - economic stability, growth rate, inflation and interest rates
Socio-cultural - cultural factors, age groups, traditions, religion
Technological: Infrastructure, current and future technologies
Resource-Based Theory of Competitive Advantage Correct Answer - -
External environment is constantly changing
-internal factors, like resources and capabilities offer a more stable basis to
define strategy
-Resources and capabilities lead to competitive advantage, on which strategy
should be determined
Strategic Window Correct Answer - -Fit between external env and
internal env
-Market is dynamic and constantly changing
, 4 Groups of change Correct Answer - - Development of new primary
demand
- New competing technologies
- Market redefinition
- Channel changes
Industry Lifecycle Correct Answer - A company's strategy is affected by
this:
-Introduction
-Growth
-Maturity
-Decline
Can be used to assess market competitiveness Correct Answer - Porter's
Five Forces
Rivalry among existing competitors Correct Answer - How many
competitors are in market? How strong are they? What are their capabilities
and skills?
Threat of New Entrants Correct Answer - How difficult/easy it is for new
competitors to enter the market? Are barriers to entry (technologies, patents,
financial requirements) high or low?
Bargaining power of buyers Correct Answer - Number and power of
buyers in market; Can buyers drive prices down? Can buyers easily switch to
competitors' products?
Threat of substitute products or services Correct Answer - Can products
or services easily be substituted by competitors' products or services? Can
your products or services be outsourced?
Bargaining power of suppliers Correct Answer - Number and power of
suppliers in market. How difficult/easy it is for suppliers to drive prices up?
How difficult/easy it is to switch between suppliers?
Competitive strategy is appropriate if: Correct Answer - -various goals
and policies don't contradict each other
-Goals/Policies don't contradict realities of the macro environment
Marketing Correct Answer - The activity, set of institutions, and
processes for creating, communicating, delivering, and exchanging offerings
that have value for customers, clients, partners, and society at large.
Marketing Strategy Correct Answer - A long-term plan that consists of
activities of selecting target markets and designing marketing mixes to satisfy
the wants and needs of the selected markets.
Factors to consider when developing a marketing strategy Correct Answer -
-Market drivers
-Resources and skills available to companies
-Strategic windows
-Competition
-Stage of market lifecycle
Market drivers Correct Answer - -External to the company
-PEST Analysis helpful to understand
-What do they look like now and how are they expected to change in future?
PEST Correct Answer - Political - laws, political stability, election times,
corruption level
Economic - economic stability, growth rate, inflation and interest rates
Socio-cultural - cultural factors, age groups, traditions, religion
Technological: Infrastructure, current and future technologies
Resource-Based Theory of Competitive Advantage Correct Answer - -
External environment is constantly changing
-internal factors, like resources and capabilities offer a more stable basis to
define strategy
-Resources and capabilities lead to competitive advantage, on which strategy
should be determined
Strategic Window Correct Answer - -Fit between external env and
internal env
-Market is dynamic and constantly changing
, 4 Groups of change Correct Answer - - Development of new primary
demand
- New competing technologies
- Market redefinition
- Channel changes
Industry Lifecycle Correct Answer - A company's strategy is affected by
this:
-Introduction
-Growth
-Maturity
-Decline
Can be used to assess market competitiveness Correct Answer - Porter's
Five Forces
Rivalry among existing competitors Correct Answer - How many
competitors are in market? How strong are they? What are their capabilities
and skills?
Threat of New Entrants Correct Answer - How difficult/easy it is for new
competitors to enter the market? Are barriers to entry (technologies, patents,
financial requirements) high or low?
Bargaining power of buyers Correct Answer - Number and power of
buyers in market; Can buyers drive prices down? Can buyers easily switch to
competitors' products?
Threat of substitute products or services Correct Answer - Can products
or services easily be substituted by competitors' products or services? Can
your products or services be outsourced?
Bargaining power of suppliers Correct Answer - Number and power of
suppliers in market. How difficult/easy it is for suppliers to drive prices up?
How difficult/easy it is to switch between suppliers?
Competitive strategy is appropriate if: Correct Answer - -various goals
and policies don't contradict each other
-Goals/Policies don't contradict realities of the macro environment
