Chapter 2 Concept Challenge Quiz

3 vs approach to marketing include value defining

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Unformatted text preview: Nirmalya Kumar's "3 V's" approach to marketing include value defining processes, value developing processes, and value delivering processes. Your Answer: False Correct 13. Assessing growth opportunities involves planning new businesses, downsizing, or terminating older businesses. Your Answer: True Correct 14. An uncertainty theory analysis consists of developing plausible representations of a firm's possible future that make different assumptions about forces driving the market and include different uncertainties. Your Answer: False Correct 15. The seven steps in the business unit strategic planning process are business mission, SWOT, goal formulation, strategy formulation, program formulation, implementation, feedback and control. Your Answer: True Correct 16. Environmental threats in the upper left cell of the threat matrix are considered the most serious. Your Answer: True Correct 17. When McDonald's teams up with Disney to offer products related to a current Disney film as part of its meals for children, this is an example of a product or service alliance. Your Answer: False 8/27/2012 2:29 PM Your Results for "Concept Challenge Quiz" 4 of 5 Correct 18. According to McKinsey & Company strategy is only one of seven elements in successful business practice. Your Answer: True Correct 19. A company's strategic fit with the environment will inevitably erode because the marketing environment changes faster than the company's. Your Answer: True Correct 20. Marketing plans are becoming more service oriented than in the past. Your Answer: False Correct 21. All corporate headquarters undertake four planning activities. List and discuss each of these. Your Answer: Chapter 2 Page 37 The four planning activities are 1) defining the corporate mission; 2) establishing strategic business units and assigning resources (SBUs); 3) assigning resources to each SBU; and 4) assessing growth opportunities. A good mission statement should have 3 major characteristics, it should focus on a limited number of goals, it should stress the company's major policies and values, and it should define the major competitive spheres within which the company will operate. Once this is done, the company can focus on establishing SBUs according to criteria established by the company, for example product lines. Each SBU is then assigned the resources needed to be successful. Finally, the company must assess its growth opportunities by planning new businesses, downsizing, or terminating older businesses. 22. Many strategic alliances take the form of marketing alliances. These fall into four major categories. Explain and give an example for each category. Your Answer: Chapter 2 Page 51 1. Product or service alliances: One company licenses another to produce its product, or two companies jointly market their complementary products or a new product. 8/27/2012 2:29 PM Your Results for "Concept Challenge Quiz" 5 of 5 An example is H&R Block and Hyatt Legal Services that have joined together in a marketing alliance. 2. Promotional alliances: One company agrees to carry a promotion for another company's product or service. McDonald's often teams up with Disney to offer products related to current Disney films as part of its kids meals. 3. Logistics alliances: One company offers logistical services for another company's product. Abbott Laboratories warehouses and delivers all of 3M's medical and surgical products to hospitals across the United States. 4. Pricing collaborations: One or more companies join in a special pricing collaboration. Hotel and rental car companies often offer mutual price discounts. 8/27/2012 2:29 PM...
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This note was uploaded on 10/06/2013 for the course BUSI 520 taught by Professor N/a during the Fall '12 term at Liberty.

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