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Exam 2: Strategic Planning and Competitive Advantage

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Question 51

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The price component of a marketing mix is:

A) a competitive weapon for companies.
B) the basis for achieving a product differentiation advantage.
C) the starting point of the marketing mix.
D) the least flexible element of the marketing mix.

E) C) and D)
F) B) and C)

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Question 52

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__________ is the process of anticipating future events and determining strategies to achieve organizational objectives in the future.

A) Divesting
B) Planning
C) Holding
D) Harvesting

E) All of the above
F) A) and C)

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Question 53

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Which of the following statements is true about a marketing plan?

The strategy in which an SBU preserves market share so that it can take advantage of a very positive cash flow is called ______________.

Unlike a sustainable competitive advantage,a cost competitive advantage:

If an organization has an SBU that it believes has the potential to be a star (and is probably a problem child at present),building would be an appropriate goal.

In the context of a marketing mix,the product includes:

Remvault Dairies witnessed a steady decline in the sales of its products due to increased competition in the local market.Remvault Dairies plans to adopt the market development strategy.In this scenario,which of the following is the best step the company can take to rejuvenate its financial losses?

Imitation by competitors indicates a lack of competitive advantage and almost ensures mediocre performance.

A diversification strategy is free of risk when a firm is entering unfamiliar markets.

The total revenue of a firm is calculated by multiplying the number of units sold by the ___________ of each unit.

Nile Inc.is one of the leading shoe manufacturing companies in Baltonia.It manufactures canvas shoes that are similar to those produced by other brands.The management of the company has decided to adopt a product/service differentiation competitive strategy.In this scenario,what would Nile be likely to do?

Rues and West Bros.,an ammunition manufacturer,defines its mission statement as being in the ammunition-production business rather than in the arms industry.In the given scenario,Rues and West Bros.is exhibiting _____.

A company's skills include patents,copyrights,and technology that are superior to those of the competition.

Freulia Inc.manufactures and sells stationery and office supplies.It is beginning to lose its competitive advantage with the entry of new competitors.In this case,to gain a sustainable competitive advantage,what should Freulia do?

According to Ansoff's strategic opportunity matrix,a firm using the market penetration alternative would try to:

The creation and implementation of a marketing plan allows the organization to achieve marketing objectives and succeed.

Drafi Arts Corp.makes and sells original handicraft products.The management of the company has been successfully using a niche strategy for years.In this case,which of the following is the most likely to be true of Drafi Arts Corp.?

In the case of SBUs that are cash cows,problem children,or dogs,the basic goal of _______________ is to increase short-term cash return without increased concern for long-run impact.

Which of the following is an example of a competitive advantage due to a product/service differentiation?