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MBA 706 TEST 1 QUESTIONS AND ANSWERS
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MBA 706 TEST 1 QUESTIONS AND ANSWERS
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MBA 706 TEST 1 QUESTIONS AND ANSWERSChoosing the value - Answers- ___represents the "homework" marketers must do
before any product exists.
"segmentation, targeting, positioning (STP)" - Answers- The formula which is the
essence of strategic marketing.
Providing the value- - Answers- Phase of Value Creation where marketing must
determine specific product features, prices, and distribution.
value chain. - Answers- per Michael Porter the ___ is a tool for identifying ways to
create more customer value.
primary activities - Answers- Below 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 - Answers- _—(1) procurement, (2) technology development, (3) human
resource management, and (4) firm infrastructure.
are ____ activities of the value chain
Core business processes - Answers- activities which are necessary for the the survival
of the firm.
core competency - Answers- A ___ 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) - Answers- •It is a single business or collection of related
businesses
Strategic Business Unit (SBU) - Answers- a 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 - Answers- An SBU has...
, Market penetration - Answers- market ___ increases market share among existing
customers
External environment - Answers- •Uncontrollable elements outside of an organization
that may affect its performance either positively or negatively (economy, competition,
technology, political unrest, etc.) (Greece)
SWOT - Answers- enables the firm to develop strategies that maximize strengths and
capitalize upon opportunities
customer groups, customer needs, and technology. - Answers- A business is defined on
three dimensions
Overall cost leadership- - Answers- __ __ __ is when firms work to achieve the lowest
production and distribution costs so they can underprice competitors and win market
share
Differentiation - Answers- concentrates on achieving superior performance in an
important customer benefit area valued by a large part of the market
Focus - Answers- focuses 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 - Answers- One company licenses another to produce its
product, or two companies jointly market their complementary products or a new
product is known as ____
Marketing - Answers- an organizational function that creates, communicates, and
delivers value to customers
market - Answers- a collection of buyers and sellers who transact over a particular
product or product class (such as the housing market).
Consumers - Answers- sell their labor and receive money with which they pay for
goods and services
Market development - Answers- Market ____ is; attracting new customers to existing
products
Diversification - Answers- ___ is introducing new products into new markets
Corporate culture - Answers- the shared experiences, stories, beliefs, and norms that
characterize an organization
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