Business Strategy
Pre-Test Questions
Course Introduction
Business Strategy explores the frameworks, tools, and techniques organizations use to achieve competitive advantage and long-term success in dynamic market environments. The course examines how internal resources, market positioning, industry forces, and global trends shape strategic decision-making. Students will analyze real-world cases, assess corporate strengths and weaknesses, and learn to formulate, implement, and evaluate strategic plans across various business contexts. The course also emphasizes the development of critical thinking, problem-solving, and leadership skills necessary for effective strategic management.
Recommended Textbook
Marketing Strategy 5th Edition by O. C. Ferrell
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12 Chapters
296 Verified Questions
296 Flashcards
Source URL: https://quizplus.com/study-set/1090
Page 2
Chapter 1: Marketing in Todays Economy
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25 Verified Questions
25 Flashcards
Source URL: https://quizplus.com/quiz/21488
Sample Questions
Q1) A customer's decision to purchase one product or group of products over another is primarily a function of:
A) the convenience of acquiring the product or group of products.
B) how well that choice will fulfill that person's needs and satisfy his or her wants.
C) the product's features relative to competing products.
D) the product's price.
E) the availability of the product or group of products.
Answer: B
Q2) In the airline industry, companies like American, Delta, and United have a difficult time competing because their industry has become commoditized. What does this mean for firms in the airline industry?
A) Airline firms compete in a declining industry.
B) Airline customers have become increasingly demanding.
C) There is very little differentiation among product offerings in the industry.
D) The industry experiences very little change over time.
E) Airlines have been forced to develop partnerships to remain competitive.
Answer: C
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3
Chapter 2: Strategic Marketing Planning
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25 Verified Questions
25 Flashcards
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Sample Questions
Q1) The Balanced Performance Scorecard cautions business leaders to look at strategy and performance through four interrelated perspectives. Which of the following IS NOT one of these perspectives?
A) Financial Perspective
B) Customer Perspective
C) Vision and Strategy Perspective
D) Learning and Growth Perspective
E) Internal Process Perspective
Answer: C
Q2) Focusing on customers has not always been the hallmark of strategic planning. In fact, in the early 20 century, firms tended to focus strictly on _____ rather than on developing relationships with customers.
A) efficiency and quality
B) selling products to customers
C) marketing research
D) growth and corporate profits
E) new product development
Answer: A
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Page 4
Chapter 3: Marketing Ethics and Social Responsibility in Strategic Planning
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22 Verified Questions
22 Flashcards
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Sample Questions
Q1) Research has found that corporate codes of ethics should contain six highly desirable core values or principles. Which of the following IS NOT one of these core values?
A) Trustworthiness
B) Respect
C) Legality
D) Fairness
E) Citizenship
Answer: C
Q2) Socially responsible firms tend to enjoy higher _____ because customers perceive that the firm is dedicated to doing the right thing and treating customers fairly.
A) profit margins
B) sales volume
C) customer loyalty
D) corporate integrity
E) corporate reputations
Answer: C
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Page 5
Chapter 4: Collecting and Analyzing Marketing Information
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25 Verified Questions
25 Flashcards
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Sample Questions
Q1) What is perhaps the most important economic reality in the United States over the last 50 years?
A) Real GDP has declined dramatically since the end of World War II.
B) The middle class has been shrinking.
C) Virtually all U.S. citizens have become wealthier.
D) Our economy has shifted to become dominated by intangibles such as services and information.
E) Our economy is still suffering from the very high inflation rates of the 1970s.
Q2) In the competitive sports drink market, Gatorade pays very close attention to the activities of Powerade, a major _____ competitor that markets drinks that are similar in features and benefits.
A) generic
B) direct
C) brand
D) product
E) total budget
Q3) Identify and discuss the challenges involved in collecting environmental data and information. How can a marketing manager or analyst overcome these problems?
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6
Chapter 5: Developing Competitive Advantage and Strategic Focus
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24 Verified Questions
24 Flashcards
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Sample Questions
Q1) As a tool of Blue Ocean Strategy, the strategy canvas provides a way to visualize the firm's strategy relative to other firms in the industry. The central portion of the strategy canvas is the _____, or the graphic representation of the firm's relative performance across its industry's factors.
A) value curve
B) strategy line
C) strategic focus
D) divergence curve
E) action diagram
Q2) Firms possessing certain core competencies are more likely to create competitive advantages based on these competencies. However, before a competitive advantage can be translated into specific customer benefits, the firm's _____ must recognize that its competencies give it an advantage over the competition.
A) management
B) target markets
C) shareholders
D) employees
E) strategic partners
Q3) Identify and explain the major characteristics of marketing objectives.
Page 7
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Chapter 6: Customers, Segmentation, and Target Marketing
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25 Flashcards
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Sample Questions
Q1) What is the key to using behavioral segmentation successfully in consumer markets?
A) The firm must clearly link behavioral characteristics with risk profiles.
B) The firm must clearly link behavioral characteristics to demographic characteristics.
C) The firm must determine whether consumers see their behaviors as being distinct from other behavioral segments.
D) The firm must clearly link behavioral information with geography.
E) The firm must clearly understand the basic needs and benefits sought by different consumer groups.
Q2) With respect to the consumer buying process, _____ is perhaps the most important factor that affects the time, effort, and expense dedicated to the search for information.
A) the degree of risk
B) the consumer's expertise
C) the consumer's brand loyalty
D) the degree of competition
E) the extent of product differentiation
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Chapter 7: Product Strategy
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25 Flashcards
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Sample Questions
Q1) Although the product is at the heart of marketing strategy, it is important to remember that the product offering itself is of little value to customers. The real value that a product offering come from:
A) its superiority to competing products.
B) its ability to further the image of the organization.
C) its value (good quality at a low price).
D) its ability to deliver benefits that enhance a customer's situation.
E) its quality.
Q2) With respect to product descriptors, the product's _____ communicate(s) how the product behaves, hopefully in a fashion that is distinctive and appealing to customers. A) features B) benefits
C) image
D) position
E) advantages
Q3) Compare and contrast brand loyalty and brand equity, as well as how these concepts are related. Must a brand possess high brand loyalty in order to possess high brand equity? Explain.
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9
Chapter 8: Pricing Strategy
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25 Verified Questions
25 Flashcards
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Sample Questions
Q1) Identify and discuss reasons why firms become so infatuated with pricing.
Q2) Rather than cutting prices to generate sales, most firms would be better off adjusting their marketing strategy to:
A) build value into the product and justify the current price or even a price increase.
B) decrease the supply of the product to keep prices high.
C) heavily promote the product to stimulate sales.
D) move toward an exclusive distribution strategy to increase the product's image.
E) increase the availability of the product so more customers can purchase it.
Q3) What is the basic difference between the seller's and the buyer's perspectives on pricing?
A) Buyers see pricing as negotiable; sellers do not.
B) Buyers are very concerned about price elasticity; sellers are not.
C) Sellers tend to inflate prices; buyers tend to see prices as being lower.
D) Buyers are quite concerned about competitors' prices; sellers are not.
E) Buyers tend to inflate prices; sellers tend to see prices as being lower.
Q4) Discuss the challenges associated with pricing services. How do service firms use yield management systems to balance price with revenue and maximize capacity utilization?
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Chapter 9: Distribution and Supply Chain Management
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25 Flashcards
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Sample Questions
Q1) Hallmark is a good example of a company that uses _____ distribution as a means of offering two or more lines of the same merchandise through two or more outlets.
A) direct
B) secondary
C) split
D) dual
E) complementary
Q2) What is considered to be the most important factor to successful supply chain management in today's economy?
A) channel integration
B) cost control
C) profit maximization
D) channel effectiveness
E) category management
Q3) Explain why distribution and supply chain management are critical to achieving a sustainable competitive advantage and true differentiation in the marketplace. How are these issues related to other elements of the marketing program in determining competitive advantage?
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11
Chapter 10: Integrated Marketing Communications
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25 Verified Questions
25 Flashcards
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Sample Questions
Q1) Which of the following sales promotion methods would you recommend to a packaged goods marketer who wants to stimulate trial of a new product?
A) a contest or sweepstake
B) a coupon
C) a free sample of the product
D) an in-store product demonstration
E) a point-of-purchase display
Q2) Discuss the steps involved in the AIDA model of outlining promotional goals. How does IMC strategy shift from one step to the next in the model? How does the important of various promotional elements vary across the steps?
Q3) In a recent campaign, IBM advertised that it provides infrastructure and solutions for e-business. Interestingly, these messages did not name the company's products or explain how their infrastructure and solutions actually work. What type of advertising is IBM using?
A) advocacy
B) institutional
C) pioneer
D) product
E) competitive
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Page 12
Chapter 11: Marketing Implementation and Control
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25 Flashcards
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Sample Questions
Q1) Identify and discuss the four approaches to marketing implementation and explain the various advantages and disadvantages of each approach.
Q2) According to the internal marketing approach to marketing implementation, which of the following could be best characterized as the "internal product"?
A) additional employee training
B) internal company newsletters
C) new job assignments
D) the additional effort needed to implement the strategy
E) All of the above are internal products.
Q3) Identify and explain the three different types of formal controls used by managers. In your discussion, explain how each type of control affects marketing implementation.
Q4) Discuss the role of internal marketing in marketing implementation. In what ways can the internal marketing approach help managers improve the implementation process?
Q5) Identify and explain the three different types of informal controls used by employees. In your discussion, explain how each type of control affects marketing implementation.
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13
Chapter 12: Developing and Maintaining Long Term
Customer Relationships
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25 Verified Questions
25 Flashcards
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Sample Questions
Q1) In which of the following situations would a customer become more tolerable of weak or poor product performance?
A) when the customer is in a hurry
B) when the customer can easily make shopping comparisons among competing products
C) when the purchase situation is highly involving
D) when the customer has fewer product alternatives
E) when the purchase is for a special occasion
Q2) In service offerings, the core product is typically composed of three interrelated dimensions. What are these dimensions?
A) People, Technology, and Facilities
B) People, Processes, and Physical Evidence
C) Processes, Employees, and Facilities
D) Customers, Employees, and Processes
E) Reputation, Operations, and Quality
Q3) Discuss the role of value in developing long-term customer relationships. In your discussion, explain the value formula and its component parts. How can the value formula help marketers design strategies to optimize customer value?
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