Business

35. (p. 8) The degree to which participation, responsibility, authority and discretion in decision-making are specified is called:

A. Informality

B. Formality

C. Functional tactic

D. Dynamic mode

 

 

Difficulty: Medium

Learning Objective: 4

 

 

 

36. (p. 8) Which of these is usually positively correlated with the cost, comprehensiveness, accuracy and success of planning?

A. Greater formality

B. Functional structure

C. Organizational matrix

D. Functional tactics

 

 

Difficulty: Medium

Learning Objective: 4

 

37. (p. 8) According to Henry Mintzberg, very large firms typically use the _____ mode of strategic management.

A. Adaptive

B. Entrepreneurial

C. Informal

D. Planning

 

 

Difficulty: Medium

Learning Objective: 4

 

38. (p. 8) Henry Mintzberg identified a mode which he associates with medium-sized firms in relatively stable environments. This is referred to as a(n) ____ mode.

A. Entrepreneurial

B. Adaptive

C. Business

D. Planning

 

 

Difficulty: Medium

Learning Objective: 4

 

 

 

39. (p. 8) Firms that are basically under the control of a single individual and produce a limited number of products/services are referred to as following ______ mode.

A. Entrepreneurial

B. Intrapreneurial

C. Managerial

D. Corporate

 

 

Difficulty: Medium

Learning Objective: 4

 

40. (p. 8) The informal, intuitive and limited approach to strategic management associated with owner-managers of smaller firm refers to the ____ mode of formality, according to Mintzberg.

A. Entrepreneurial

B. Functional

C. Planning

D. Adaptive

 

 

Difficulty: Easy

Learning Objective: 4

 

41. (p. 8) The planning mode refers to the

A. Strategic formality associated with the large firms that operate under a comprehensive, formal planning system

B. Strategic formality associated with medium-sized firms that emphasize the incremental modification of existing competitive approaches

C. Strategic formality associated with global firms that emphasize cultural value systems

D. Informal, intuitive and limited approach to strategic management with owner-manager of smaller firms

 

 

Difficulty: Medium

Learning Objective: 4

 

 

 

42. (p. 8) According to Mintzberg, the adaptive mode refers to

A. Strategic formality associated with the large firms that operate under a comprehensive, formal planning system

B. Strategic formality associated with medium-sized firms that emphasize the incremental modification of existing competitive approaches

C. Strategic formality associated with global firms that emphasize cultural value systems

D. Informal, intuitive and limited approach to strategic management with owner-manager of smaller firms

 

 

Difficulty: Medium

Learning Objective: 4

 

43. (p. 8) Which of these is NOT a mode of formality identified by Mintzberg?

A. Adaptive

B. Planning

C. Functional

D. Entrepreneurial

 

 

Difficulty: Easy

Learning Objective: 4

 

44. (p. 9) The ideal strategic management team includes decision makers from

A. All three company levels (corporate, business and functional)

B. Just the functional level since they are closest to the customers

C. Just the corporate and business levels given that they focus on doing the right thing

D. Just the top management since they understand the big picture

 

 

Difficulty: Medium

Learning Objective: 4

 

 

 

45. (p. 8) Managers at the _____ level typically have principal responsibilities for developing environmental analysis and forecasting, establishing business objectives and developing business plans prepared by staff groups.

A. Corporate

B. Functional

C. Operational

D. Business

 

 

Difficulty: Medium

Learning Objective: 4

 

46. (p. 9) When the dominance of the CEO approaches autocracy, the effectiveness of the form’s strategic planning and management processes are likely to:

A. Enhance strategic planning but diminish its processes

B. Be greatly enhanced

C. Have no effect

D. Be diminished

 

 

Difficulty: Medium

Learning Objective: 5

 

47. (p. 11) Which of these is NOT true about the behavioral effect of strategic management?

A. Strategy formulation activities enhance the firm’s ability to prevent problems

B. Resistance to change is reduced

C. Gaps and overlaps in activities among individuals and groups are increased to ensure the checks and balance

D. The employee involvement is strategy formulation improves their understanding of the productivity reward relationship in every strategy plan

 

 

Difficulty: Hard

Learning Objective: 5

 

 

 

48. (p. 11) Managers must be trained to guard against all of the following types of unintended negative consequences of involvement in strategy formulation EXCEPT

A. Managers must be trained to minimize the negative impact on operational responsibilities by scheduling their duties to allow the necessary time for strategic activities

B. Managers must be trained to limit their promises to performance that the decision makers and their subordinates can deliver

C. Managers must be trained to anticipate and respond to the disappointment of participating subordinates over unattained expectations

D. Managers must be trained to disregard the productivity-reward relationship since strategy implementation makes it invalid

 

 

Difficulty: Hard

Learning Objective: 5

 

49. (p. 11) Which of the following is a major function of the strategic management model?

A. It helps make profits for the firm

B. It helps in identifying key issues faced by the firm

C. It helps in deciding which products to sell

D. It depicts the sequence and relationships of the major components of the strategic management process

 

 

Difficulty: Medium

Learning Objective: 5

 

50. (p. 13) Social responsibility is a critical consideration for a company’s strategic decision makers since

A. Stockholders demand it

B. The mission statement must express how the company intends to contribute to the societies that sustain it

C. It increases a company’s profits

D. It helps make decisions

 

 

Difficulty: Medium

Learning Objective: 5

 

 

 

51. (p. 13) Analysis of the quantity and quality of the company’s financial, human and physical resources is a part of

A. Internal analysis

B. Mission statement

C. External environment analysis

D. Corporate goals

 

 

Difficulty: Easy

Learning Objective: 5

 

52. (p. 13) The external environment consists of:

A. The operating environment

B. Managers

C. Employees

D. Owners

 

 

Difficulty: Easy

Learning Objective: 5

 

53. (p. 13) Which one of the following is NOT an interactive segment of a firm’s external environment?

A. Functional

B. Remote

C. Industry

D. Operating

 

 

Difficulty: Medium

Learning Objective: 5

 

 

 

54. (p. 12) Description of the company’s product, market and technological areas of emphasis is contained in the

A. Assessment of the external environment

B. Company profile

C. Company mission

D. Interactive opportunity analysis

 

 

Difficulty: Easy

Learning Objective: 5

 

55. (p. 13) The results that an organization seeks over a multiyear period are its

A. Generic strategies

B. Grand strategies

C. Mission statements

D. Long-term objectives

 

 

Difficulty: Easy

Learning Objective: 5

 

56. (p. 13) The doubling of EPS within 5 years with increases in each intervening year is called a(n):

A. Long-term goal

B. Long-term objective

C. Short-term goal

D. Short-term objective

 

 

Difficulty: Hard

Learning Objective: 5

 

57. (p. 13-14) The difference between long-term and short-term objectives is principally:

A. Greater attainability

B. Greater flexibility

C. Greater measurability

D. Greater specificity

 

 

Difficulty: Hard

Learning Objective: 5

 

 

 

58. (p. 14) Grand strategies include:

A. Market turnaround

B. Vertical diversification

C. Conglomerate integration

D. Concentric diversification

 

 

Difficulty: Medium

Learning Objective: 5

 

59. (p. 14) Which of the following is an example of a grand strategy?

A. Decentralization

B. Policy making

C. Conglomerate integration

D. Innovation

 

 

Difficulty: Hard

Learning Objective: 5

 

60. (p. 14) Long-term objectives are principally attained through:

A. Annual goals

B. Functional strategies

C. Short-term goals

D. Grand strategy

 

 

Difficulty: Hard

Learning Objective: 5

 

61. (p. 14) The minimum equity position required for all new McDonald’s franchises is an example of:

A. A goal

B. A procedure

C. A policy

D. An objective

 

 

Difficulty: Medium

Learning Objective: 5

 

 

 

62. (p. 14) The general plan of major actions through which a firm intends to achieve is long-term objectives is called its:

A. Corporate plan

B. Long-term goal

C. Grand strategy

D. Mission

 

 

Difficulty: Easy

Learning Objective: 5

 

63. (p. 14) Broad, precedent-setting decisions that guide or substitute for repetitive or time-sensitive managerial decision making are called

A. Goals

B. Strategies

C. Objectives

D. Policies

 

 

Difficulty: Easy

Learning Objective: 5

 

64. (p. 13) Which of the following is a generic strategy option?

A. Narrow margins

B. Diversification

C. Differentiation

D. Retrenchment

 

 

Difficulty: Medium

Learning Objective: 5

 

65. (p. 14) Horizontal integration is an example of a

A. Generic strategy

B. Grand strategy

C. Functional level strategy

D. SBU strategy

 

 

Difficulty: Hard

Learning Objective: 5

 

 

 

66. (p. 14) Specific actions that need to be undertaken to achieve short-term objectives, usually by functional areas, refers to

A. Policies

B. Formality

C. Tactics

D. Process

 

 

Difficulty: Easy

Learning Objective: 5

 

67. (p. 14) Which of these refers to short-term, narrow scoped plans that detail “means” or activities that a company will use to achieve short-term projects?

A. Policies

B. Formality

C. Vision

D. Functional tactics

 

 

Difficulty: Easy

Learning Objective: 5

 

68. (p. 15) _____ is a critical stage in strategy implementation wherein managers attempt to recast their organization.

A. Continuous improvement

B. Reengineering

C. Strategic control

D. Strategy formulation

 

 

Difficulty: Medium

Learning Objective: 5

 

 

 

69. (p. 15) _____ is concerned with tracking a strategy as it is being implemented, detecting problems or changes in its underlying premises and making necessary adjustments.

A. Restructuring strategy

B. Strategic control

C. Internal analysis

D. Functional tactics

 

 

Difficulty: Easy

Learning Objective: 5

 

70. (p. 15) Which of these is a form of strategic control in which managers are encouraged to be proactive in improving all operations of the firm?

A. Continuous improvement

B. Adaptive mode

C. Functional tactics

D. Planning mode

 

 

Difficulty: Easy

Learning Objective: 5

 

71. (p. 16) A flow of information through interrelated stages of analysis toward achievement of an aim is:

A. A process

B. A procedure

C. A policy

D. A system

 

 

Difficulty: Easy

Learning Objective: 5

 

 

 

72. (p. 16) Influential individuals and groups that are vitally interested in the actions of the business are called

A. Stockholders

B. Stakeholders

C. Strategists

D. Customers

 

 

Difficulty: Easy

Learning Objective: 5

 

73. (p. 16) Strategic formulation and implementation of a plan are:

A. Sequential

B. Simultaneous

C. Random

D. Reversible

 

 

Difficulty: Medium

Learning Objective: 5

 

74. (p. 16) Strategic management processes need which of the following to enhance future decision making?

A. Testing

B. Feedback

C. Discontinuity

D. Projecting

 

 

Difficulty: Hard

Learning Objective: 5

 

 

 

75. (p. 17) The strategy management process is:

A. Stationary

B. Dynamic

C. Static

D. Radical

SET#2 MCQS

1.In ________ marketing, the seller engages in the mass production, mass distribution, and mass promotion of one product for all buyers.

a.group

b.mass

c.general

d.segmented

e.differentiated

 

2.The argument for ________ marketing is that it creates the largest potential market, which leads to the lowest costs, which in turn can lead to lower prices or higher margins.

a.niche

b.micro

c.macro

d.differentiated

e.mass

 

3.A ________ consists of a group of customers who share a similar set of needs and wants.

a.market target

b.market group

c.market slice

d.market segment

e.market level

 

4.A ________ consists of two parts: a naked solution and discretionary options.

a.differentiated market offering

b.flexible market offering

c.rigid market offering

d.vertical market offering

e.horizontal market offering

 

 

5.If a marketing manager observes that his or her market shows no natural segments and consumers seem to have roughly the same preferences, the marketing manager will most likely be faced with a ________ preferences pattern.

a.homogeneous

b.heterogeneous

c.diffused

d.clustered

e.scattered

 

6.Procter & Gamble has many soap brands. One reason for this is that soap users tend to group together in terms of preferences such as bleaching action, softness, stain removal, et cetera. Which of the following preferences pattern would most likely apply to P&G’s method of response to market needs?

a.Homogeneous preferences

b.Diffused preferences

c.Clustered preferences

d.Psychological preferences

e.Cultural preferences

 

7.Marketers usually identify niches by ________.

a.dividing a segment into subsegments

b.conducting VALS tests

c.allowing consumers to gravitate toward product brands

d.examining the demographics section of The Handbook of Marketing

e.producing products that can be used in a variety of ways

 

8.A niche is characterized as being all of the following EXCEPT that ________.

a.the customers in the niche have a distinct set of needs

b.the customers will pay a premium to the firm that satisfies their needs

c.the niche is not likely to attract other competitors

d.the customers generally have smaller amounts of income

e.the nicher gains certain economies through specialization

 

9.Those who favor localized marketing see national advertising as wasteful because ________.

a.it gets too up close and personal with consumers

b.it drives up manufacturing and marketing costs by reducing economies of scale

c.it magnifies logistical problems

d.it fails to address local needs

e.all of the above

 

10.________ combines operationally driven mass customization with customized marketing in a way that empowers consumers to design the product service offering of their choice.

a.Consumptionization

b.Viral marketing

c.Virtual marketing

d.Regionalization

e.Customerization

 

11.All of the following are disadvantages of customerization EXCEPT that ________.

a.it requires more prior information about the customer than most customers are willing to share

b.it is difficult to implement for complex products

c.it can raise the cost of goods by more than the customer is willing to pay

d.some customers don’t know what they want until they see the actual product

e.the product may be hard to repair and have little sales value

 

12.Regardless of the type of segmentation scheme used, the key is adjusting the marketing program to recognize ________.

a.the level of disposable income earned by the target group

b.customer differences

c.the cost–benefit relationship of narrowing the target market

d.customer similarities

e.saturated markets

 

13.If a marketer decides to segment a market based on neighborhoods, the marketer will have chosen the ________ method of segmentation.

a.demographic

b.psychographic

c.geographic

d.cultural

e.social class

 

14.When segmenting on the basis of family life cycle, all of the following are segment categories EXCEPT ________.

a.young, single

b.male, female

c.young, married

d.older, married, no children under 18

e.young, married, youngest child 6 or over

 

15.If a marketing manager segments the market into culture-oriented, sports-oriented, or outdoor-oriented groups, he or she is segmenting on the basis of ________.

a.personality

b.behavioral occasions

c.user status

d.psychographic lifestyle

e.readiness stage

 

16.If a market is segmented according to light, medium, and heavy product users, the marketer segmenting this market is using the ________ as the means to segment.

a.user status

b.usage rate

c.buyer-readiness stage

d.occasion

e.benefit

 

17.John and May have just divorced. Which of the following demographic segmentation subsegment formats might be used by marketers to reach Jose or Erika?

a.Life stage

b.Benefits

c.Age segment

d.User segment

e.Occasion segment

 

18.Men and women tend to have different attitudinal and behavioral orientations, based partly on genetic makeup and partly on ________.

a.income

b.occupation

c.socialization

d.heredity

e.globalization

 

19.________ is the science of using psychology and demographics to better understand consumers.

a.Psychographics

b.Segmentation

c.Clustering

d.Demographics

e.Social psychology

 

20.According to the VALS segmentation system, ________ are successful, sophisticated, active, “take-charge” people with high self-esteem. Their purchases often reflect cultivated tastes for relatively upscale, niche-oriented products and services.

a.innovators

b.thinkers

c.achievers

d.experiencers

e.believers

 

21.Kim is a young professional who enjoys snowboarding and going to rock concerts with her friends.  According to the VALS eight-part typology segmentation system, Kim is best described as a(n) ________.

a.thinker

b.achiever

c.experiencer

d.striver

e.survivor

 

22.According to the VALS segmentation system, ________ are considered to be elderly, passive people who are concerned about change and are loyal to their favorite brands.

a.believers

b.strivers

c.makers

d.survivors

e.experiencers

 

23.A housewife requests a new treadmill for her birthday.  With respect to consumer decision roles, which role is the housewife currently playing?

a.Initiator

b.Influencer

c.Decider

d.Buyer

e.Gatekeeper

 

24.The sale of turkeys in Asian countries like Hongkong, Singapore and The Philippines is highest in December, as people buy turkeys to serve at Christmas.  Supermarkets that specifically advertise turkeys at this time of year are segmenting on the basis of ________.

a.benefits

b.user status

c.psychographics

d.demographics

e.occasion

 

25.Mothers-to-be are potential users who will turn into heavy users of infant products and services.  By targeting mothers-to-be as future heavy users, producers of these products and services are segmenting consumers on the basis of ________.

a.usage rate

b.buyer-readiness stage

c.loyalty status

d.user status

e.benefits

 

 

26.If a buyer is loyal to two or three different brands of soap, this buyer’s loyalty status can be described as being among the ________.

a.switchers

b.shifting loyals

c.split loyals

d.hard-core loyals

e.antiloyals

 

27.Pete always buys Purina dog food for his dog because he believes that it is the best value for the nutritional content.  Pete’s loyalty status is best described as ________.

a.split loyal

b.shifting loyal

c.consistent loyal

d.hard-core loyal

e.switcher

 

28.A company can learn a great deal by analyzing the degrees of brand loyalty. For example, by studying the ________ the company can pinpoint which brands are most competitive with its own.

a.hard-core loyals

b.split loyals

c.shifting loyals

d.switchers

e.antiloyals

 

 

29.All of the following are considered to be product attitude segments EXCEPT ________.

a.synergistic

b.enthusiastic

c.positive

d.indifferent

e.hostile

 

30.A potato chip manufacturer is concerned about consumers leaving its brand and going to competitive alternatives. Which of the following groups (based on strength of commitment) would be most likely to leave the company’s offering and go somewhere else for snack products?

a.Convertible

b.Shallow

c.Average

d.Entrenched

e.Hard rocks

31.If a consumer group is designated based on their “balance of disposition,” the ________ group can be described as one that is made up of nonusers who are as attracted to a competing brand as they are to their current brands.

a.strongly unavailable

b.weakly unavailable

c.ambivalent

d.available

e.desirable

 

32.If a marketer is seeking to segment a business market, which of the following variables is generally felt to be the most important?

a.Personal characteristics

b.Demographic variables

c.Situational factors

d.Operating variables

e.Purchasing approaches

 

33.A marketer is interested in segmenting a business market based on technology and customer capabilities. Which of the following major segmentation variables would most likely be used by the marketer to assist with the task?

a.Demographic variables

b.Purchasing approaches

c.Situational factors

d.Personal characteristics

e.Operating variables

 

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