1. A company that attempts to lead
its industry in price and convenience by pursuing a focus on lean and efficient
operations is pursuing what strategy?
·
Operational
excellence
·
Low-cost
leadership
·
Customer intimacy
·
Product leadership
2. One of the ways to change the
course of a brand is to modify the product. Under product modification,
________ adds size, weight, materials, supplements, and accessories that expand
the product’s performance, versatility, safety, or
convenience.
·
technological
improvement
·
feature
improvement
·
style improvement
·
quality improvement
3. Marketers need to identify the
hierarchy of attributes that guide consumer decision making in order to
understand different competitive forces and how these various sets get formed.
This process of identifying the hierarchy is called ________.
·
market
estimation
·
brand association
·
market partitioning
·
market valuation
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4. This is designed to check
systematically and continuously whether the premises on which the strategy is
based are still valid
·
Special alert control
·
Strategic
surveillance
·
Implementation
control
·
Premise control
5. A firm must know where to
position its product based on price and
·
promotional efforts
·
quality
·
communication
·
region
6. When performing this analysis, it
is good for strategic planners to consider similarities between the benefits
the customers derive from the products and services that other firms
offer.
·
Competitive analysis
·
Business analysis
·
Customer analysis
·
Company analysis
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7. What is the perceived monetary
value of the bundle of economic, functional, and psychological benefits
customers expect from a given market offering because of the product, service,
people, and image?
·
Ultimate service
benefit
·
Complete marketing
benefit
·
Total customer
benefit
·
Total management benefit
8. A valuable result of task
environment analysis with respect to geographic, demographic, psychographic and
buyer-behavior factors is
called
·
competitor
profile
·
financial
position
·
vendor
profile
·
customer profile
9. The ability to meet humanity’s
needs without harming future generations is now a top priority in most
corporate agenda
·
ethics
·
sustainability
·
rules
·
righteousness
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10. Large-scale, future-oriented
plans for interacting with the competitive environment to achieve the company
objective refers to its
·
strategy
·
dynamic
policies
·
competitive
analysis
·
goals
11. With ________ as a target market
strategy, the firm concentrates on serving many needs of a particular customer
group.
·
single-segment
concentration
·
product
specialization
·
market
specialization
·
selective specialization
12. Company X's principal strength
is its inbound and outbound logistics system; its relative weakness, however,
is after-sales service. Its competitor, Company Y, however is often plagued
with lagging shipments and an inflexible distribution setup. Company Y remains
successful because it maintains a fully staffed service department and, as a
result, the company is known for its dependable service. This type of analysis
allows them to identify ways to build on relative strengths and avoid
dependence on capabilities at which the other firm
excels.
·
Disaggregating
·
Benchmarking
·
Past performance
comparison
·
Industry comparison
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13. The strategic factor that
involves the beliefs, values, attitudes, opinions, and lifestyles of persons in
the firm’s external environment, as developed from cultural, ecological,
demographic, religious, educational, and ethnic
conditioning.
·
Political
factor
·
Stakeholder factor
·
Economic
factor
·
Social factor
14. Leaders galvanize commitment to
embrace change through clarifying strategic intent, building an organization,
and
·
shaping organizational
culture
·
developing a vision
·
developing a
mission
·
planning strategy
15. How do functional tactics
compare to business strategies?
·
Functional tactics are more focused
on the general direction of the firm than business
strategies.
·
Functional tactics are more focused
on a commitment to corporate strategy than business
strategies.
·
Functional tactics are more specific
than business
strategies.
·
Functional tactics are more
long-term than business strategies.
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16. Under which of the following
conditions is the frequency the most important factor in media
selection?
·
When introducing flanker brands
·
When going into undefined target
markets
·
When launching infrequently
purchased brands
·
When there is high consumer
resistance to the product
17. New-to-the-world products are
________.
·
new product enhancements that
supplement established products
·
low-cost products designed to obtain
an edge in highly competitive
markets
·
new products that create an entirely
new market
·
existing products that are targeted
to new geographical markets
18. BMW’s "The ultimate driving
machine," American Express' "Don't leave home without it," New
York Times' "All the news that's fit to print," and AT&T's
"Reach out and touch someone" are all examples of ________.
·
brand
mission
·
brand vision
·
brand
slogan
·
brand personality
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19. Which component of a marketing
audit includes major developments in income, prices, savings, and credit that
affect the
company?
·
Economic
·
Political
·
Cultural
·
Technological
20. Prestige LLC, a small company
that manufactures specialty cereals and energy bars, wants to launch a
"green marketing" program in response to heightened consumer
awareness about environmental issues. What should the company do to maximize
the program's chances of being successful?
·
Explain the rules and regulations
laid out by governmental agencies to protect the
environment.
·
Focus on the efforts and costs
incurred by the company to bring these "green" products to
consumers.
·
Emphasize benefits to the consumer
rather than environmental benefits.
·
Demonstrate that the products will
benefit both customers and the society in the long-term.
21. When diversification involves
additions of a business related to the firm in terms of technology, markets or
products, it
involves
·
vertical
diversification
·
concentric diversification
·
horizontal
integration
·
concentrated growth
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22. These social responsibilities
are those that are voluntarily assumed by a business or organization. They
include public relations activities, good citizenship, and full corporate
social responsibility.
·
Economic
responsibility
·
Legal responsibility
·
Employee responsibility
·
Discretionary responsibility
23. Which control should
periodically reassess its approach to the marketplace with a good marketing
audit?
·
Strategic
control
·
Marketing
control
·
Ethical
control
·
Performance control
24. What type of strategy consists
of geographical pricing, price discounts and allowances, promotional pricing,
and differentiated pricing?
·
Regular
prices
·
Fixed pricing
·
Price
adaptation
·
Altered pricing
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25. A set of ideas on organizational
control based on the belief that the separation of the ownership from
management creates the potential for the wishes of owners to be ignored refers
to
·
agency
theory
·
the moral hazard problem
·
Adam’s
theory
·
ethical responsibilities
26. Firms using this generic
strategy attempt to build customer loyalty by stressing a specific product
attribute above other product qualities.
·
Cost
leadership
·
Concentrated
growth
·
Focus
·
Differentiation
27. A company can learn a great deal
by analyzing the degrees of brand loyalty. For example, ________ can show the
firm which brands are most competitive with its
own.
·
switchers
·
hard-core
loyals
·
shifting
loyals
·
split loyals
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28. This is an important structural
decision and resultant separate activities need to be coordinated and
integrated back together as a whole so the business functions
effectively.
·
Broadening
·
Differentiation
·
Diversification
·
Preferencing
29. This is a historically popular
technique through which managers create a quick overview of a company's
strategic situation—it is based on achieving a sound fit between internal
resources and the external situation.
·
Internal analysis
·
Value chain
analysis
·
External
analysis
·
SWOT analysis
30. The marketing manager needs to
know the cost of the research project before approving it. During which stage
of the marketing research process would such a consideration most likely take
place?
·
Step 4 – analyzing the
information
·
Step 5 – drafting the report
·
Step 1 – defining the problem
·
Step 2 – developing the research
plan
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