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STR 581 FINAL EXAM PART 3

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STR 581/ CAPSTONE FINAL EXAM PART 3

SCORE: 29/30 (96.67%)

 

1.            Hilton Hotels customizes rooms and lobbies according to location. Northeastern hotels are sleeker and more cosmopolitan. Southwestern hotels are more rustic. This is an example of ________ segmentation.

 

psychographic

 

geographic

 

behavioral

 

Demographic

 

2.            The differentiation strategy can be effective in controlling the power of rivalry with existing competitors in an industry because__________.

 

customers will seek out the lowest-cost product

 

the differentiation strategy benefits from rivalry because it forces the firm to innovate

 

customers of nondifferentiated products are sensitive to price increases

 

customers are loyal to brands that are differentiated in meaningful ways

 

3.            Backward integration occurs when a company_________.

 

is concentrated in a single industry

 

owns its own source of distribution of outputs

 

is divesting unrelated businesses

 

produces its own inputs

 

4.            Annual-plan control requires making sure the company isn't overspending to achieve sales goals. The key ratio to watch is ___________.

 

gross margin

 

stock turnover

 

cash flow return on investment

 

marketing expense-to-sales

 

5.            The first step in the social marketing planning process is ________.

 

selecting the target audience

 

setting objectives and goals

 

determining the focus of the program

 

designing the market offering

 

6.            Many consumers are willing to pay $100 for a perfume that contains $10 worth of scent because the perfume is from a well-known brand. What kind of pricing is the company depending on?

 

target pricing

 

market-skimming pricing

 

image pricing

 

going-rate pricing

 

7.            The Enron employee who reported the financial manipulations at the company to her superiors can be considered to have engaged in__________.

 

white-collar crime

 

managerial opportunism

 

vindictive disloyalty

 

an act of courage

 

8.            AT&T's business campaign not only helped to change public perceptions of the company, it also signaled to employees that AT&T was determined to be a leader in telecommunication services. Which principle of internal branding does this example portray?

 

bringing the brand alive for employees

 

choosing the right moment to capture employees' attention and imagination

 

furnishing energizing and informative internal communication

 

linking internal and external marketing

 

 

9.            Southwest Airlines offers a Rapid Rewards program that allows customers to count flights they have taken toward free future flights. This is an example of a(n) ________.

 

value delivery system

 

activity-based costing program

 

club membership program

 

cross-selling program

 

10.          A company that seeks to increase its sales and profits through backward, forward, or horizontal integration within the industry is said to be employing a(n) ________ growth strategy.

 

diversification

 

intensive

 

integrative

 

Target

 

11.          The typical risks of a cost leadership strategy include___________.

 

loss of customer loyalty

 

production and distribution processes becoming obsolete

 

the inability to balance high differentiation and low price

 

excessive differentiation to the point where the customer base is too small

 

12.          The three parts of the external environment which affect a firm's strategic actions are__________.

 

general, industry, and competitor

 

local, national, and global

 

economic, political, and legal

 

industry, business, and product

 

13.          Moving into international markets is a particularly attractive strategy to firms whose domestic markets__________.

 

are limited in opportunities for growth

 

have developed unfriendly business attitudes toward the industry

 

demand a differentiation strategy for success

 

have too much regulation

 

14.          Aisha is a marketing manager with Injoos, a company that manufactures packaged fruit juices. Knowing that several other companies exist in the market that offer similar products, Aisha decides to build a customer base from among those who prefer to avoid mass media and other targeted promotions. Which of the following marketing communications tools would be her best option to build a favorable impression among the prospective customers?

 

public relations

 

personal selling

 

direct marketing

 

sales promotions

 

15.          A group of college graduates decides to start a business. Though they are knowledgeable in various business domains, they are unable to arrive at a valuable business idea. They decide to search for ideas in a structured manner. They meet and start discussing everyone's ideas. Each idea is recorded and then the thoughts that come up in relation to the ideas are written down and discussed. This process helps them to finalize a business plan. What technique is used here?

 

attribute listing

 

mind mapping

 

forced relationship analysis

 

reverse assumption analysis

 

16.          Successful implementation of the differentiation strategy requires a structure that___________.

 

is dominated by the operations function

 

focuses on the finance function

 

decentralizes decision making

 

has specialized jobs.

 

17.          A well-known car manufacturing company introduces a new hatchback model by describing its distinctive features and then stressing the speed and safety qualities of the car. Which of the following is the company using to convey its membership in the hatchback segment?

 

relying on the product descriptor

 

comparing to exemplars

 

announcing category benefits

 

using channel differentiation

 

18.          ________ is a form of online word of mouth, or "word of mouse," that encourages consumers to pass along company-developed products and services or audio, video or written information to others online.

 

Interstitial marketing

 

Guerrilla marketing

 

Viral marketing

 

Microsite marketing

 

19.          The strategic management process is__________.

 

a decision-making activity concerned with a firm's internal resources, capabilities, and competencies, independent of the conditions in its external environment

 

a set of activities that will assure a sustainable competitive advantage and above-average returns for the firm

 

the full set of commitments, decisions, and actions required for the firm to achieve above-average returns and strategic competitiveness

 

a process directed by top-management with input from other stakeholders that seeks to achieve above- average returns for investors through effective use of the organization's resources

 

20.          In general, compared with firms which compete in only one market, among firms which face one another in multiple markets there is__________.

 

similar competitive rivalry

 

more competitive rivalry

 

no competitive rivalry

 

less competitive rivalry

 

21.          The proper matching of what a firm can do with what a firm might do__________.

 

yields insights the firm requires to select its strategy

 

overcomes the rigidity and inertia resulting from a history of success

 

balances the internal characteristics of the firm with the characteristics of the external environment

 

develops core competencies based on human knowledge

 

 

22.          Viewing the world through the customer's eyes and constantly seeking ways to create more value for the company enhances__________.

 

the reach of the company toward the customer

 

affiliation with the customer

 

the ability to identify the customer

 

the richness of the relationship with the customer

 

23.          Which of the following can a company do to reduce defection

 

Distinguish the causes of customer attrition and identify those that can be managed better.

 

Enhance the growth potential of existing customers through cross-selling and upselling.

 

Attract new customers to try out the company's products.

 

Increase customer lifetime value by increasing the non-monetary costs of products.

 

24.          A(n) ________ market share of exactly 100 percent means that a company is tied for the market lead. A rise in relative market share means the company is gaining on its leading competitor.

 

relative

 

overall

 

potential

 

served

 

25.          Gordon Jones is considering purchasing a computer from Best Buy. He has created a scale for rating eight different computers on three different characteristics. He plans to make a short list of only those computers that score at least a 7 on his scale on all three characteristics. Which of the following choice heuristics has he chosen?

 

lexicographic heuristic

 

conjunctive heuristic

 

elimination-by-aspects heuristic

 

anchoring and adjustment heuristic

 

26.          The goal of the organization's ________ is to point the firm in the direction of where it would like to be in the years to come.

 

culture

 

mission

 

vision

 

Strategy

 

27.          The term "conglomerates" refers to firms using the      diversification strategy.

 

related linked

 

unrelated

 

global

 

related constrained

 

28.          The likelihood of entry of new competitors is affected by          and ___________.

 

the profitability of the industry; the market share of its leading firm

 

barriers to entry; expected retaliation of current industry organizations

 

the power of existing suppliers; buyers

 

the demand for the product; the profitability of the competitors

 

 

29.          The recent joint ventures formed by BP with Russian and Indian partners showed the importance of the ________ segment of the general environment that BP and other integrated oil firms have to manage when contending with scarce resources.

 

global

 

demographic

 

political/legal

 

Physical

 

30.          Organizational structure__________.

 

specifies the firm's formal reporting relationships, procedures, controls, and authority and decision-making processes

 

specifies the firm's informal reporting relationships, procedures, controls, and authority and decision-making processes

 

specifies the firm's control mechanisms, grievance procedures, reporting relationships, procedures, and authority over decision-making processes

 

specifies the firm's formal value proposition, the markets it will serve, and how the firm will provide value in those markets

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[Solved] STR 581 FINAL EXAM PART 3

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STR 581/ CAPSTONE FINAL EXAM PART 3 SCORE: 29/30 (96.67%) 1.            Hilton Hotels customizes rooms and lobbies according to location. Northeastern hotels are sleeker and more co...
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