SI CHEN EXAM 1 MBA 706
QUESTIONS AND ANSWERS UPDATED
(2024/2025) (VERIFIED ANSWERS)
Define "open technology" or "open innovation" - ANS ✓From Philip Kotler:
Find the best ideas, wherever they come from!
What's new about customer management? - ANS ✓From Philp Kotler: We
want to know the customers--not just have them in a database. We want to co-
create our products and ads with our customers!
What are the 5 stages of the management process? - ANS ✓•Stage 1: strategic
and marketing analysis(where are we now?)
•Stage 2: strategic direction and strategy formulation(where do we want to be?)
•Stage 3: develop alternatives(how might we get there?)
•Stage 4: evaluation of alternatives(which way is best?)
•Stage 5: strategy implementation, monitoring, and control.(how can we ensure
arrival?)
What are the 3 aspects of a strategic choice? - ANS ✓- Generation of strategic
options
- Evaluation of strategic options
- Selection of a preferred strategy
What are the 3 distinct levels of strategy? (Hofer & Schendel 1978) - ANS ✓-
Corporate strategy (allocation of resources)
- Business strategy (competitive position)
- Functional level strategy (specific actions)
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Marketing strategy assesses what? (4) - ANS ✓•Organizational capabilities
Threats from environmental forces
Competitors' strengths and weaknesses
•Customers' needs
What are the parts of the marketing strategy process - ANS ✓•Factors
affecting strategic situation
•Strategic situation determination
•Marketing strategy alternatives
•Marketing strategy selection(It is a loop)
What are some examples of forces of change? - ANS ✓- Faster pace of
technology
- New and more aggressive competitors
- Increased legislative demands
- Economic growth/decline
- The emergence of new market opportunities
- The globalization of markets
What are some examples of forces against change? - ANS ✓- Conservative
management policies
- Managerial adherence to tired formulae
- Perceptions of risk
- Compromise solutions
- Resource implications
- Cultural paradigms
- Previous failures and mistakes
SI CHEN
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