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STR 581 Capstone- Final Exam Part 3-Solutions – 30/30 Correct

1. A firm must know where to position its product based on price and2. What type of strategy consists of geographical pricing, price discounts and allowances, promotional pricing, and differentiated pricing?3. 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?4. A valuable result of task environment analysis with respect to geographic, demographic, psychographic and buyer-behavior factors is called5. New-to-the-world products are ________.6. 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.7. When diversification involves additions of a business related to the firm in terms of technology, markets or products, it involves8. Which component of a marketing audit includes major developments in income, prices, savings, and credit that affect the company?9. The ability to meet humanity’s needs without harming future generations is now a top priority in most corporate agenda10. 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 ________.11. 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.12. 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 conditioning13. 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 to14. This is designed to check systematically and continuously whether the premises on which the strategy is based are still valid15. 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 offer16. 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 situation17. 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?18. Leaders galvanize commitment to embrace change through clarifying strategic intent, building an organization, and19. 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?20. 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 effectively21. 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.22. With ________ as a target market strategy, the firm concentrates on serving many needs of a particular customer group23. How do functional tactics compare to business strategies?24. Under which of the following conditions is the frequency the most important factor in media selection?25. 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?26. Which control should periodically reassess its approach to the marketplace with a good marketing audit?27. 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 convenience28. Firms using this generic strategy attempt to build customer loyalty by stressing a specific product attribute above other product qualities29. Large-scale, future-oriented plans for interacting with the competitive environment to achieve the company objective refers to its30. 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 ________.