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Chapter
01
New Challenges for Market-Driven
Strategy
True/False
Questions
1.
The underlying logic of market-driven strategy is that production needs are the
starting point in business strategy.
2. Customer
linking is an example of an outside-in process.
3.
The outside-in organizational processes connect the organization to the
external environment, providing market feedback and forging external
relationships.
4.
Pricing is an example of an outside-in process.
5.
The inside-out processes play a key role in offering direction for the spanning
and outside-in capabilities, which respond to the customer needs and
requirements identified by the inside-out processes.
6.
The organizational process view of distinctive capabilities requires shifting
away from the traditional specialization of business functions toward a
cross-functional process perspective.
7.
Superior customer value results from a very favorable use experience of the
customer compared to expectations of the customer and the value offerings of
competitors.
8.
Corporate objectives are concerned with resolving questions about the business
the firm should be in, where it should focus, and its enduring strategic
purpose.
9.
Synergies highlight competencies, resources, and capabilities that drive efficiency
and effectiveness in the business.
10.
The purpose of strategic positioning is to locate the people (or organizations)
that management wishes to serve in the product-market.
Multiple
Choice Questions
11. _____
is a business perspective that makes the customer the focal point of a
company’s total operations.
A.
Market orientation
B.
Competitive parity
C.
Value chain integration
D.
Business scaffolding
12. Getting
all business functions working together to provide superior customer value is
referred to as _____.
A. customer relationship
management
B. competitor intelligence
C. cross-functional
coordination
D. centralization
13. _____
are complex bundles of skills and accumulated knowledge, excised through
organizational processes, that enables firms to coordinate activities and make
use of their assets.
A. Business clusters
B. Competitor
faculties
C. Cross functions
D. Distinctive capabilities
14. _____
consist(s) of the benefits and costs resulting from the purchase and use of
products as perceived by the buyer.
A. Customer value
B. Distinctive
capabilities
C. Spanning process
D. Market sensing
15. _____
consist(s) of deciding the scope and purpose of the business, the objectives,
and the resources necessary to achieve the objectives.
A. Marketing
strategy
B. Corporate strategy
C. Market sensing
D. Channel
bonding
12
16.
With regard to corporate strategy, _____ is/are concerned with resolving
questions about the business the firm should be in, where it should focus, and
its enduring strategic purpose.
A. corporate
objectives
B. synergies
C. scope
D. resource allocation
17.
With regard to a corporate strategy framework, _____ define(s) what the
corporation is and what it does and provides important guidelines for managing and
improving the corporation.
A. resource
allocation
B. synergies
C. objectives
D. management’s vision
18.
In a corporate strategy, _____ indicate(s) the dimensions of performance upon
which to focus and the levels of achievement required.
A. corporate
objectives
B. synergies
C. vision
D. scope
19.
Which of the following is the final component of the corporate strategy?
A.
Scope
B.
Synergy
C.
Corporate objective
D.
benchmarking
20.
A _____ is a single product or brand, a line of products, or a mix of related
products that meets a common or a group of related market needs, and its
management is responsible for the basic unctions.
A.
market section
B.
strategic business unit
C.
business segment
D.
marginal piece
21.
Which of the following is the first step in a marketing strategy process?
A. Market-driven program
development
B. Designing market-driven
strategy
C. Identifying and evaluating
markets, segments, and customer value
D.
Implementing and managing market-driven strategy
22.
Which of the following stages of marketing strategy process consists of brand,
value-chain, pricing, and promotion and selling strategies designed and
implemented to meet the value requirements of targeted buyers?
A.
Implementing and managing market-driven strategy
B. Designing market-driven
strategy
C. Identifying and evaluating
markets, segments, and customer value
D. Market-driven program
development
23.
Which of the following stages of marketing strategy process considers
organizational design and marketing strategy implementation and control?
A.
Implementing and managing market-driven strategy
B. Designing market-driven
strategy
C. Identifying and evaluating
markets, segments, and customer value
D. Market-driven program
development
24.
_____ offer(s) a company the opportunity to focus its business on the
requirements of one or more groups of buyers.
A. Corporate
resources
B. Market segmentation
C. Business
composition
D. Distinctive capabilities
25.
_____ are described by different characteristics of customers, the reasons that
they buy or use certain products, and their preferences for certain brands of
products.
A. Market
shares
B. Strategic marketing objectives
C. Market
segments
D. Corporate capabilities
26.
_____ examines customer targeting and positioning strategies, marketing
relationship strategies, and innovation and new product strategy.
A. Identifying markets, segments, and customer value
B.
Implementing and managing market-driven strategy
C.
Designing market-driven strategy
D.
Market-driven program development
27. The
purpose of _____ is to select the people (or organizations) that management
wishes to serve in the product-market.
A.
strategic positioning
B.
benchmarking
C.
customer linking
D.
market targeting strategy
28.
_____ is the combination of the product, value chain, price, and promotion
strategies a firm uses to place itself against its key competitors in meeting
the needs and wants of the buyers in the market target.
A.
Positioning strategy
B.
Customer relationship management
C.
Customer linking
D.
Market targeting strategy
29.
_____ seeks to place the brand in the eyes and mind of the buyer and
distinguish the product from those in competition.
A. Customer
relationship strategy
B. Positioning strategy
C. Benchmarking
D. Value-chain
strategy
17
30. Which
of the following activities is an example of promotion strategy?
A.
Distinctive capabilities
B.
Benchmarking
C.
Public relations
D.
Product positioning
Essay
Questions
31.
What does becoming market-oriented mean from a business perspective? What are
its features?
32.
Describe the characteristics of market-driven strategies.
33.
Discuss how customers perceive value and how companies deliver customer value.
35.
Discuss the steps involved in implementing marketing strategies.
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