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MBA 706 test 1 study guide questions and answers verified answers||Latest 2024/2025
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MBA 706 test 1 study guideChoosing the value - ANS___represents the "homework" marketers must do before any product
exists.
"segmentation, targeting, positioning (STP)" - ANSThe formula which is the essence of strategic
marketing.
Providing the value- - ANSPhase of Value Creation where marketing must determine specific
product features, prices, and distribution.
value chain. - ANSper Michael Porter the ___ is a tool for identifying ways to create more
customer value.
primary activities - ANSBelow are the primary or secondary activities of the value chain?
(1) inbound logistics, (2) operations, or converting materials into final products; (3) outbound
logistics, or shipping out final products; (4) marketing
secondary - ANS_—(1) procurement, (2) technology development, (3) human resource
management, and (4) firm infrastructure.
are ____ activities of the value chain
Core business processes - ANSactivities which are necessary for the the survival of the firm.
core competency - ANSA ___ has three characteristics
1)It is a source of competitive advantage and makes a significant contribution to perceived
customer benefits
2)It has applications in a wide variety of markets
3)It is difficult for competitors to imitate
SBU (strategic business unit) - ANS•It is a single business or collection of related businesses
Strategic Business Unit (SBU) - ANSa subgroup of a single business or a collection of related
businesses within the larger organization
A distinct mission and specific target market
Control over its resources
Its own competitors
Plans independent of other SBUs - ANSAn SBU has...
, Market penetration - ANSmarket ___ increases market share among existing customers
Market development - ANSMarket ____ is; attracting new customers to existing products
Diversification - ANS___ is introducing new products into new markets
Corporate culture - ANSthe shared experiences, stories, beliefs, and norms that characterize an
organization
Internal environment - ANSControllable elements inside of an organization (human capital,
organizational culture-Google, financial stability, corporate reputation, quality products, brand
strength, etc.)
These elements represent key strengths and weaknesses of the firm
•Situation analysis - ANS•An assessment of a firm's internal and external environments
External environment - ANS•Uncontrollable elements outside of an organization that may affect
its performance either positively or negatively (economy, competition, technology, political
unrest, etc.) (Greece)
SWOT - ANSenables the firm to develop strategies that maximize strengths and capitalize upon
opportunities
customer groups, customer needs, and technology. - ANSA business is defined on three
dimensions
Overall cost leadership- - ANS__ __ __ is when firms work to achieve the lowest production and
distribution costs so they can underprice competitors and win market share
Differentiation - ANSconcentrates on achieving superior performance in an important customer
benefit area valued by a large part of the market
Focus - ANSfocuses on one or more narrow market segments, gets to know them intimately,
and pursues either cost leadership or differentiation within the target segment
Product or service alliances - ANSOne company licenses another to produce its product, or two
companies jointly market their complementary products or a new product is known as ____
Marketing - ANSan organizational function that creates, communicates, and delivers value to
customers
market - ANSa collection of buyers and sellers who transact over a particular product or product
class (such as the housing market).
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