Business Strategy
Exam Review
Course Introduction
Business Strategy examines the formulation, implementation, and evaluation of cross-functional decisions that enable organizations to achieve their long-term objectives in competitive environments. The course explores key concepts such as industry analysis, competitive advantage, corporate strategy, and strategic leadership, emphasizing practical frameworks and analytical tools for assessing business opportunities and threats. Students will engage in case studies and simulation exercises to develop critical thinking and decision-making skills, learning how to align resources, capabilities, and core competencies to create sustainable value in dynamic markets.
Recommended Textbook
Strategic Marketing 10th Edition by David Cravens
Available Study Resources on Quizplus
15 Chapters
524 Verified Questions
524 Flashcards
Source URL: https://quizplus.com/study-set/1417
Page 2
Chapter 1: New Challenges for Market Driven Strategy
Available Study Resources on Quizplus for this Chatper
35 Verified Questions
35 Flashcards
Source URL: https://quizplus.com/quiz/28121
Sample Questions
Q1) 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
Answer: A
Q2) Customer linking is an example of an outside-in process.
A)True
B)False
Answer: True
Q3) _____ 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
Answer: C
To view all questions and flashcards with answers, click on the resource link above.
Page 3
Chapter 2: Markets and Competitive Space
Available Study Resources on Quizplus for this Chatper
35 Verified Questions
35 Flashcards
Source URL: https://quizplus.com/quiz/28122
Sample Questions
Q1) Explain the competitive box.Why is there a need for strategic thinkers to "think outside the competitive box"?
Answer: There is a tendency for executives to think in terms of a stable "competitive box" around their businesses defined by technology,geography,competitors and the existing customer base.This frame of reference enables analytical tools to be successfully applied,research to be carried out,and plans can be made.This traditional perspective is logical in stable markets but fails to address the reality that the real threats as well as exciting opportunities may be present outside the conventional competitive box.Increasingly,new markets,new types of competition,and new business designs are emerging that fuel market growth and cannibalize the existing customer base of incumbents' markets.Importantly,effective processes for understanding markets and competitive space and guiding the strategic initiatives appropriate for the markets require strategic thinking outside the competitive box.
Q2) A new competitor entering a market is likely to come from companies competing in other geographical regions with similar products.
A)True
B)False
Answer: True
To view all questions and flashcards with answers, click on the resource link above. Page 4
Chapter 3: Strategic Market Segmentation
Available Study Resources on Quizplus for this Chatper
35 Verified Questions
35 Flashcards
Source URL: https://quizplus.com/quiz/28123
Sample Questions
Q1) _____ is the process of identifying and analyzing sub-groups of buyers in a product-market with similar response characteristics.
A) Flighting
B) Benchmarking
C) Market segmentation
D) Product differentiation
Answer: C
Q2) _____ segmentation is concerned with allocating resources around segment targets,including them in marketing plans,and aligning organizational processes around them.
A) Strategic
B) Network
C) Operational
D) Managerial
Answer: D
To view all questions and flashcards with answers, click on the resource link above.
Page 5
Chapter 4: Strategic Customer Management: Systems, ethics,
and Social
Responsibility
Available Study Resources on Quizplus for this Chatper
35 Verified Questions
35 Flashcards
Source URL: https://quizplus.com/quiz/28124
Sample Questions
Q1) In the value creation process,the benefits the customer receives are expressed by the customer strategy.
A)True
B)False
Q2) Which of the following activities hinders the successful implementation of CRM initiatives?
A) Creating a customer strategy before implementing CRM
B) Changing the organization before putting CRM in place
C) Matching the technology to the customer strategy
D) Investing in building relationships with disinterested customers
Q3) What information should a database created through CRM technology contain?
Q4) If a firm is essentially defensive in its stance on social responsiveness,then its primary concerns will be the protection of relationships.
A)True
B)False
Q5) In order to successfully apply CRM,a firm should first create a customer strategy before implementing CRM.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above. Page 6
Chapter 5: Capabilities for Learning About Customers and Markets
Available Study Resources on Quizplus for this Chatper
34 Verified Questions
34 Flashcards
Source URL: https://quizplus.com/quiz/28125
Sample Questions
Q1) Which of the following organizational scanning initiatives would require the use of external consultants for fresh perspectives on the business to be incorporated in strategic decision making?
A) Using existing functional groups
B) Outsourcing
C) Creating ad hoc issue groups
D) Establishing a high-level lookout team
Q2) _____ is a key capability of the market-driven organization,concerned with the ability of organizations to continuously learn about their markets,and acts as an antecedent to market orientation.
A) Market penetration
B) Market capitalization
C) Market sensing
D) Market segmentation
Q3) Market sensing is concerned with the ability of organizations to continuously learn about their markets,and acts as an antecedent to market orientation.
A)True
B)False
Q4) Give an account of the barriers that affect the market learning processes.
To view all questions and flashcards with answers, click on the resource link above. Page 7
Chapter 6: Market Targeting and Strategic Positioning
Available Study Resources on Quizplus for this Chatper
35 Verified Questions
35 Flashcards
Source URL: https://quizplus.com/quiz/28126
Sample Questions
Q1) Segment targeting is used more extensively than product differentiation in marketing.
A)True
B)False
Q2) Which of the following describes doubtful positioning?
A) When frequent changes and contradictory messages confuse customers regarding the positioning of the brand
B) When the claims made for the product or brand are not regarded as credible by the customer
C) When customers have too narrow an understanding of the company,product,or brand
D) When customers have only vague ideas about the company and its products and do not perceive anything distinctive about them
Q3) Large,well-established companies are more likely to enter a new product-market than are new enterprises.
A)True
B)False
Q4) Explain the consumer behavior of buyers in mature markets affecting brand management.
To view all questions and flashcards with answers, click on the resource link above. Page 8
Chapter 7: Strategic Relationships
Available Study Resources on Quizplus for this Chatper
35 Verified Questions
35 Flashcards
Source URL: https://quizplus.com/quiz/28127
Sample Questions
Q1) Environmental diversity makes it difficult to link buyers and the goods and services that meet buyers' needs and wants in the marketplace.
A)True
B)False
Q2) Moving products through various stages in the value-added process often involves linking suppliers,manufacturers,distributors,and consumer and business end-users of goods and services into _____ channels.
A) lateral
B) vertical
C) horizontal
D) parallel
Q3) What is the rationale for Strategic Account Management (SAM) and what are the risks of SAM?
Q4) Competence in specialized technology can give smaller firms extensive bargaining power with larger firms.
A)True
B)False
Q5) What are the advantages and disadvantages of outsourcing firm activities?
Q6) Describe the different forms of organizational relationships.
Page 9
To view all questions and flashcards with answers, click on the resource link above.
Chapter 8: Innovation and New Product Strategy
Available Study Resources on Quizplus for this Chatper
35 Verified Questions
35 Flashcards
Source URL: https://quizplus.com/quiz/28128
Sample Questions
Q1) _____ is the combination of benefits provided by a product minus all of the costs incurred by the buyer.
A) Product use experience
B) Customer satisfaction
C) Customer value
D) Leveraging cost
Q2) _____ innovation occurs when products are radically new and the values created are substantial.
A) Substantial
B) Transformational
C) Incremental
D) Nondescript
Q3) When products become commodities,profit margins increase and differentiated advantages are easily achieved.
A)True
B)False
Q4) A new-product screening involves testing if the product is commercially viable.
A)True
B)False
Q5) How can innovations be classified? What are the different types of innovations?
To view all questions and flashcards with answers, click on the resource link above. Page 10
Chapter 9: Strategic Brand Management
Available Study Resources on Quizplus for this Chatper
35 Verified Questions
35 Flashcards
Source URL: https://quizplus.com/quiz/28129
Sample Questions
Q1) Combination branding places a brand name on one or more lines of related products representing different product categories.
A)True
B)False
Q2) Which of the following is a function of brands for buyers?
A) Facilitate the introduction of new products
B) Reduce customer search costs
C) Raise the buyers' perceived risk
D) Curtail premium pricing
Q3) List the measures that Aaker proposes to capture all relevant aspects of brand equity.
Q4) Marketing plans for specific brands are usually developed at _____ level.
A) market-driven management
B) product group/marketing management
C) product portfolio management
D) product/brand management
Q5) What functions do brands serve for sellers?
Q6) Discuss the state of counterfeit brands,the ethical issues,the involvement of law enforcement,and the role of the internet in counterfeiting.
Page 11
To view all questions and flashcards with answers, click on the resource link above.
Chapter 10: Value Chain Strategy
Available Study Resources on Quizplus for this Chatper
35 Verified Questions
35 Flashcards
Source URL: https://quizplus.com/quiz/28130
Sample Questions
Q1) If a company decides to distribute its products in many of the retail outlets in a trading area that might normally carry such a product,it is using a(n) _____ distribution approach.
A) exclusive
B) intensive
C) selective
D) moderate
Q2) Buying and selling activities by marketing intermediaries reduce the number of transactions for producers and end-users.
A)True
B)False
Q3) Often customers shop for information in one channel,then defect from that channel to make the purchase in another medium.This process is referred to as _____.
A) personal selling
B) channel surfing
C) direct distribution
D) channel mapping
Q4) Discuss the major issues in deciding distribution intensity.
Q5) Discuss the factors that influence distribution decision.
To view all questions and flashcards with answers, click on the resource link above. Page 12
Chapter 11: Pricing Strategy
Available Study Resources on Quizplus for this Chatper
35 Verified Questions
35 Flashcards
Source URL: https://quizplus.com/quiz/28131
Sample Questions
Q1) Charging a very low price for a product with the intent of driving competitors out of business is referred to as _____.
A) cannibalization
B) price fixing
C) predatory pricing
D) deceptive pricing
Q2) Give an account of predatory pricing.What are its ethical implications?
Q3) Which of the following is the final step in selecting a pricing strategy?
A) Setting pricing objectives
B) Determining specific prices and policies
C) Selecting pricing strategy
D) Analyzing the pricing situation
Q4) Which of the following is true of high-passive strategy pricing?
A) It is used when competition for the market target is very high.
B) It emphasizes nonprice competitive factors.
C) It is primarily used by discount retailers.
D) It is used by producers whose brands are not familiar to the market.
Q5) What are the steps in selecting a pricing strategy?
Q6) Explain the various roles of price in the marketing program.
Q7) Give an account of the impact of emerging markets on pricing.
To view all questions and flashcards with answers, click on the resource link above. Page 13
Chapter 12: Promotion, advertising, and Sales Promotion Strategies
Available Study Resources on Quizplus for this Chatper
35 Verified Questions
35 Flashcards
Source URL: https://quizplus.com/quiz/28132
Sample Questions
Q1) _____ consists of planning,implementing,and controlling an organization's communications to its customers and other target audiences.
A) Promotion strategy
B) Distribution program
C) Benchmarking
D) Planned obsolescence
Q2) The final step in developing an advertising strategy involves evaluating its effectiveness.
A)True
B)False
Q3) Which of the following sales promotion activity is targeted at industrial buyers?
A) Coupons
B) Bonuses
C) Rebates
D) Advertising support
Q4) List the activities involved in designing an organization's promotion strategy.
Q5) Explain the challenges impacting the creative process in advertising and changing the design of creative strategies and media.
To view all questions and flashcards with answers, click on the resource link above. Page 14
Chapter 13: Sales, digital, and Direct Marketing Strategies
Available Study Resources on Quizplus for this Chatper
35 Verified Questions
35 Flashcards
Source URL: https://quizplus.com/quiz/28133
Sample Questions
Q1) In direct marketing,accuracy of targeting is only as good as the lists used to access potential buyers.
A)True
B)False
Q2) What are the major initiatives of a salesforce strategy?
Q3) _____ require information on each salesperson's sales and/or costs and can help spot high performing and unprofitable territories by comparing each salesperson to an average break-even sales level.
A) Revenue/cost analysis techniques
B) Single-factor models
C) Sales and effort response models
D) Portfolio deployment models
Q4) _____ for analyzing sales force assume that size of the sales force and/or effort deployment are determined by one factor,such as market potential or workload whose values can be used to determine required selling effort.
A) Revenue/cost analysis techniques
B) Single-factor models
C) Sales and effort response models
D) Portfolio deployment models
To view all questions and flashcards with answers, click on the resource link above. Page 15
Chapter 14: Designing Market-Driven Organizations
Available Study Resources on Quizplus for this Chatper
35 Verified Questions
35 Flashcards
Source URL: https://quizplus.com/quiz/28134
Sample Questions
Q1) A new-product team is different from a venture team in a new-product team is comprised of functional specialists working on a specific new-product development project.
A)True
B)False
Q2) Which of the following organizational designs would utilize a cross-classification approach that emphasizes two different factors,such as products and marketing functions?
A) Functional organizational design
B) Market-focused design
C) Product-focused design
D) Matrix design
Q3) In traditional organizational structures,units were either within the organization and closely connected to other units,or they were outside the organization and not connected at all.
A)True
B)False
Q4) Explain the importance of organizational agility and flexibility.
Q5) Explain the traditional organizational structure and its limitations.
To view all questions and flashcards with answers, click on the resource link above. Page 16
Chapter 15: Strategic Marketing Implementation and Control
Available Study Resources on Quizplus for this Chatper
35 Verified Questions
35 Flashcards
Source URL: https://quizplus.com/quiz/28135
Sample Questions
Q1) Discuss how organizational designs help implement a strategic marketing plan.
Q2) A _____ indicates when the process is experiencing normal variation and when the process is out of control.
A) data-control process
B) value chain analysis
C) BCG matrix
D) control-chart analysis
Q3) _____ use both internal and external information sources to provide a structure for monitoring the effectiveness of marketing activities and strategies.
A) Marketing segmentation strategies
B) Balanced scorecard methods
C) Marketing metrics
D) Salesforce strategies
Q4) Marketing metrics should be chosen to reflect issues most closely linking marketing investments with value chain requirements.
A)True
B)False
Q5) What guiding points should be considered when selecting relevant marketing metrics?
To view all questions and flashcards with answers, click on the resource link above. Page 17