Strategic Management Process MCQ Questions!
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This quiz is designed to assess your applied understanding of the value proposition and the role of marketing within the strategic planning process.
- 1.
The purpose of the value proposition is to provide
- A.
The firm with a reason why buyers prefer their product or service offering.
- B.
The buyer with a reasons why the product or service is superior to competing offers.
- C.
The firm with a moral code of ethics.
- D.
The buyer with a pice point for purchases.
- E.
The seller with a price point for purchases.
Correct Answer
B. The buyer with a reasons why the product or service is superior to competing offers.Explanation
The purpose of the value proposition is to provide the buyer with reasons why the product or service is superior to competing offers. This helps the buyer understand the unique benefits and advantages of choosing this particular product or service over others in the market. It helps the buyer make an informed decision and feel confident in their choice.Rate this question:
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- 2.
Sally's cookie company sells products both online and at retail locations. She has developed multiple value propositions because
- A.
Cookies need more explanation than other products due to the variety of flavors.
- B.
Sally is an overachiever and likes to do more work than necessary.
- C.
Sally's firm is serving more than one target market.
- D.
Cookies are part of a saturated market.
- E.
Cookies are in the mature stage of the product life cycle.
Correct Answer
C. Sally's firm is serving more than one target market.Explanation
Sally's cookie company has developed multiple value propositions because it is serving more than one target market. This means that the company is targeting different groups of customers with different needs and preferences. By offering a variety of flavors and providing more information about the cookies, Sally's company is able to cater to the diverse tastes and requirements of these different target markets.Rate this question:
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- 3.
The group of customers toward which an organization directs its marketing efforts is know as the
- A.
Constituency.
- B.
Target market.
- C.
Direct market.
- D.
Value group.
- E.
Key market.
Correct Answer
B. Target market.Explanation
The correct answer is target market. The target market refers to the specific group of customers that an organization focuses its marketing efforts on. This group is identified based on certain characteristics, such as demographics, psychographics, and behavior, that make them more likely to be interested in and purchase the organization's products or services. By directing marketing efforts towards this specific group, organizations can tailor their messages and strategies to effectively reach and engage their desired customers, ultimately increasing the chances of success in their marketing campaigns.Rate this question:
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- 4.
A company's resources, capabilities, and technology are examples of
- A.
Capital investment.
- B.
Internal conditions.
- C.
Expenses.
- D.
Overhead charges.
Correct Answer
B. Internal conditions.Explanation
The company's resources, capabilities, and technology refer to its internal conditions. These factors are all within the control of the company and can greatly impact its performance and success. Resources include things like financial assets, human resources, and physical assets. Capabilities refer to the company's skills, knowledge, and expertise. Technology refers to the tools, systems, and processes used by the company. All of these internal conditions are important for the company to effectively compete in the market and achieve its goals.Rate this question:
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- 5.
The economy, competitors and government regulations that could affect what the firm wants to do are part of the
- A.
Internal environment
- B.
Competitive mix
- C.
External environment
- D.
Marketing mix
Correct Answer
C. External environmentExplanation
The correct answer is external environment. The external environment refers to factors outside of the firm's control that can impact its operations and decision-making. This includes the economy, competitors, and government regulations, which can all have a significant influence on the firm's ability to achieve its objectives. Understanding and adapting to the external environment is crucial for firms to effectively navigate and succeed in their respective industries.Rate this question:
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- 6.
Strategic planning is a process that
- A.
Creates unchangeable plans.
- B.
Allows individual departments to create plans independently of other areas of the corporation.
- C.
Allows an individual department to determine what's best for it, regardless of the rest of the company.
- D.
Helps an organization direct its resources to make the most of opportunities in the marketplace.
Correct Answer
D. Helps an organization direct its resources to make the most of opportunities in the marketplace.Explanation
Strategic planning is a process that helps an organization direct its resources to make the most of opportunities in the marketplace. It involves analyzing the external environment, identifying strengths and weaknesses, setting goals and objectives, and developing action plans to achieve them. By doing so, strategic planning ensures that the organization aligns its resources and efforts towards achieving a competitive advantage and maximizing its potential in the market. It also helps in anticipating and responding to changes in the market, allowing the organization to adapt and thrive in a dynamic business environment.Rate this question:
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- 7.
People who act like customers are known as
- A.
Mystery shoppers.
- B.
Decoy shoppers
- C.
Shoplifters.
- D.
The target market.
Correct Answer
A. Mystery shoppers.Explanation
Mystery shoppers are individuals who behave like regular customers but are actually hired by companies to evaluate the quality of their products or services. They visit stores or establishments and assess various aspects such as customer service, cleanliness, and product knowledge. Their feedback helps businesses identify areas for improvement and enhance the overall customer experience. Unlike shoplifters or decoy shoppers who have different intentions, mystery shoppers aim to provide valuable insights to enhance the customer satisfaction and drive business growth.Rate this question:
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- 8.
The firm's ____ explains the purpose of the organization and why it exists.
- A.
Value proposition
- B.
Marketing plan
- C.
Mission statement
- D.
Financial report
Correct Answer
C. Mission statementExplanation
A mission statement is a concise statement that defines the purpose and reason for an organization's existence. It outlines the company's goals, values, and overall direction. It serves as a guide for decision-making and helps to communicate the organization's identity and intentions to stakeholders, employees, and customers. A mission statement is an essential component of strategic planning and helps to align all activities and initiatives with the organization's overall mission and vision.Rate this question:
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- 9.
BONUS: Green marketing involves
- A.
Marketing environmentally safety products and services in a way that is good for the company.
- B.
Utilizing recycled materials for promotional purposes only.
- C.
Marketing green spaces, such as parks.
- D.
Using the Environmental Protection Agency in marketing efforts.
- E.
Marketing environmentally safe products and services in a way that is good for the environment.
Correct Answer
E. Marketing environmentally safe products and services in a way that is good for the environment.Explanation
Green marketing involves promoting and selling products and services that are environmentally safe or have a minimal impact on the environment. The focus is on sustainability and ensuring that the marketing efforts contribute to the overall well-being of the environment. This approach not only benefits the environment but also helps companies build a positive brand image and attract environmentally conscious consumers.Rate this question:
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- 10.
You own a store in a town where the population has changed from low-income singles to high-income families. You need to make changes based on what type of environmental change?
- A.
Economic
- B.
Technological
- C.
Social and cultural
- D.
Legal and political
Correct Answer
C. Social and culturalExplanation
The correct answer is social and cultural. The change in population from low-income singles to high-income families indicates a shift in the social and cultural environment of the town. This change suggests that the store owner needs to adapt their business strategies and offerings to cater to the needs and preferences of the new demographic.Rate this question:
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- 11.
The purpose of a vision statement is ________________________________________________.
- A.
To predict the demographics of a target market
- B.
To reflect historically on a companies performance
- C.
To give an accurate representation of why a company exists
- D.
To create a compelling future-oriented statement of what a company aspires to be
Correct Answer
D. To create a compelling future-oriented statement of what a company aspires to beExplanation
A vision statement outlines an organization's long-term aspirations and desired future state. It provides a clear and inspirational picture of what the company hopes to achieve, serving as a guiding force for its strategies and actions. Unlike a mission statement, which focuses on the present purpose, a vision statement sets a forward-looking goal that motivates and directs the organization's efforts.Rate this question:
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Oct 23, 2024Quiz Edited by
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Apr 07, 2011Quiz Created by
Ppageegsd
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