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Marketing 336 Exam Two || with 100% Correct Answers.
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Market driven firms are correct answers o Centered on customers o Take an outside-in view of strategy o Demonstrate an ability to sense market trends ahead of their competitors Define Corporate Strategy correct answers The businesses in which a company competes, preferably in a manner that use...

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  • August 25, 2024
  • 8
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • market driven firms are

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Marketing 336 Exam Two || with 100% Correct Answers.
Market driven firms are correct answers o Centered on customers
o Take an outside-in view of strategy
o Demonstrate an ability to sense market trends ahead of their competitors

Define Corporate Strategy correct answers The businesses in which a company competes,
preferably in a manner that uses resources to convert distinctive competence into competitive
advantage.

What is business level strategy? correct answers Centers on how a firm competes in a given
industry and positions itself against its competitors. · The competition isn't between corporations
its between their individual business units

What is a strategic business unit? correct answers Single business or collection of businesses that
has a distinct mission, a responsible manager, and its own competitors and that is relatively
independent of other business units.

Define Functional Strategy correct answers centers on how resources allocated to the various
functional areas can be used most efficiently and effectively to support the business-level
strategy.

Accounting, marketing, management, finance, supply chain, sales, follow up service, etc correct
answers What are the functional parts of a company?

Smart Connected Products correct answers What is the 3rd IT wave?

Monitoring, Control, Optimization, and autonomy. correct answers What are the four areas of
capability for Smart Connected Products?

No! Strategy is long-term. correct answers Can you change strategy on a day-to-day basis?

Strategy correct answers an integrated and coordinated set of commitments and actions designed
to exploit core competencies and gain a competitive advantage.

False! Tactical has to do with hands and strategy has to do with mind. correct answers True or
false?
Tactical = mind
Strategy = hands

Corporate level strategy is higher! correct answers In the hierarchy of strategies is corporate or
business level strategy higher?

combines financial measures of past performance with measures of the drivers of performance.
correct answers What does the balanced scorecard set out to do?

, Financial, customer, internal business processes, and learning/growth correct answers The
balanced scorecard looks at the performance of a business unit from four perspectives. What are
they?

Operational correct answers Balanced scorecard: A framework to translate strategy into
______________ terms

Growth
Sustain
Harvest correct answers The financial perspective of a balanced scorecard is made up of three
objectives, what are they?

What are the financial objectives correlated with growth? correct answers NEW PRODUCTS

What are the financial objectives correlated with sustain? correct answers established about their
MAIN successful product

What are the financial objectives correlated with harvest? correct answers keeping a product in
production but not investing a lot in it*

What two crucial elements of a company's strategy do internal business processes support?
correct answers 1) They create and deliver the value proposition for customers
2) they improve processes and reduce costs, enriching the productivity component in the
financial perspective.

True or false it's harder for a competitor to replicate a interlocked process than a single process?
correct answers True!

What are the processes vital to the creation of customer value? correct answers Operations
Management processes
Customer Management processes
Innovation Management processes

Lock in Strategy does what? correct answers Make it difficult for the customer to switch.
-make switching costs high
-make product proprietary and easy to use

The "Learning and Growth" component of a balanced scorecard highlights what? correct answers
How the firms intangible assets must be aligned to its strategy to achieve long term goals

What are the three principal drivers of organizational learning and growth? correct answers
Human capital
Information capital
Organization capital

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