Business Marketing Management B2B 11th Edition Michael D. Hutt – Test Bank

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Chapter 5—Business Marketing Planning: Strategic Perspectives

 

MULTIPLE CHOICE

 

  1. In the hierarchy of strategies, _____ strategy defines the businesses in which a company will compete, preferably in a manner that utilizes resources to convert distinctive competence into competitive advantage.
a. functional
b. corporate
c. business-level
d. product
e. divisional

 

 

ANS:  B                    PTS:   1

NAT:  AACSB Reflective Thinking | CB&E Model Strategy | R&D Managing strategy & innovation

 

  1. In the hierarchy of strategies, _____ strategy centers on how a firm will compete in a given industry and will position itself against its competitors.
a. functional
b. corporate
c. business-level
d. product
e. divisional

 

 

ANS:  C                    PTS:   1

NAT:  AACSB Reflective Thinking | CB&E Model Strategy | R&D Managing strategy & innovation

 

  1. In the hierarchy of strategies, _____ strategy centers on how resources allocated to various functional areas can be used most effectively and efficiently to support the strategy of a strategic business unit.
a. functional
b. corporate
c. business-level
d. product
e. divisional

 

 

ANS:  A                    PTS:   1

NAT:  AACSB Reflective Thinking | CB&E Model Strategy | R&D Managing strategy & innovation

 

  1. A _____ is a single business or collection of businesses that has a distinct mission, a responsible manager, its own competitors, and an independent position in the firm.
a. strategic business unit
b. market segment
c. sub-business center
d. divisional organizational scheme
e. sector unit

 

 

ANS:  A                    PTS:   1

NAT:  AACSB Reflective Thinking | CB&E Model Strategy | R&D Managing strategy & innovation

 

  1. The collective action perspective of strategy formulation applies to strategic decisions that cut across functional areas, involve issues related to the organization’s long-term goals, or involve the allocation of resources across business units. According to the collective action perspective, strategic decision processes:
a. are typically centered in a single functional area (e.g., in marketing or in R&D).
b. are often characterized by conflict that often divides participants in the strategy formulation process.
c. involve negotiation and compromise among partisan participants.
d. all of the above
e. (b) and (c) only

 

 

ANS:  E                    PTS:   1

NAT:  AACSB Reflective Thinking | CB&E Model Strategy | R&D Managing strategy & innovation

 

  1. Conflict often divides participants in the strategy formulation process. Conflict most often emerges from:
a. bickering within a single functional area.
b. issues surrounding sales territories.
c. turf issues.
d. thought world differences.
e. both (c) and (d)

 

 

ANS:  E                    PTS:   1

NAT:  AACSB Reflective Thinking | CB&E Model Strategy | R&D Managing strategy & innovation

 

  1. The composition or functional area representation of the marketing strategy center:
a. is strictly prescribed by the organizational chart.
b. evolves during the strategy development process.
c. varies from one strategy situation to another.
d. all of the above
e. (b) and (c) only

 

 

ANS:  E                    PTS:   1

NAT:  AACSB Reflective Thinking | CB&E Model Strategy | R&D Managing strategy & innovation

 

  1. Responsibility charting provides a tool for defining decision-making roles. A manager who accepts or vetoes a decision before it is implemented, or chooses from alternatives developed by others, is performing which of the roles?
a. responsible
b. approve
c. consult
d. implement
e. inform

 

 

ANS:  B                    PTS:   1

NAT:  AACSB Reflective Thinking | CB&E Model Strategy | R&D Managing strategy & innovation

 

  1. Responsibility charting constitutes an approach that can be used to classify decision-making roles and to highlight the multifunctional nature of business marketing decision making. A manager who takes initiative for analyzing a situation, developing alternatives, assuring consultation with others, and who makes initial recommendations is performing which of the following roles?
a. responsible
b. approve
c. consult
d. implement
e. inform

 

 

ANS:  A                    PTS:   1

NAT:  AACSB Reflective Thinking | CB&E Model Strategy | R&D Managing strategy & innovation

 

  1. In developing strategic plans, managers who represent the various business functions in the firm often hold different views concerning the best strategic course. Why?
a. Because different functions are rewarded for different things.
b. Because each function often reflects a unique orientation or thought world.
c. Because some functions are oriented toward short-term objectives while others center on long-term goals.
d. All of the above.
e. (a) and (c) only.

 

 

ANS:  D                    PTS:   1

NAT:  AACSB Reflective Thinking | CB&E Model Strategy | R&D Managing strategy & innovation

 

  1. A business concept or model consists of the following major components except:
a. core strategy.
b. strategic resources.
c. customer interface.
d. value network
e. negotiated outcomes.

 

 

ANS:  E                    PTS:   1

NAT:  AACSB Reflective Thinking | CB&E Model Strategy | R&D Managing strategy & innovation

 

  1. The overall objectives of the strategy that sets a course of direction and defines a set of performance criteria that will be used to measure progress is called the:
a. business mission.
b. product scope.
c. market scope.
d. basis for differentiation.

 

 

ANS:  A                    PTS:   1

NAT:  AACSB Reflective Thinking | CB&E Model Strategy | R&D Managing strategy & innovation

 

  1. Which of the following describes where the firm competes?
a. The business mission.
b. The product scope.
c. The market scope.
d. All of the above.
e. (b) and (c) only.

 

 

ANS:  E                    PTS:   1

NAT:  AACSB Reflective Thinking | CB&E Model Strategy | R&D Managing strategy & innovation

 

  1. All of the following are elements that determine how a firm chooses to compete except:
a. the business mission.
b. the product scope.
c. the basis for differentiation.
d. the core process processes.

 

 

ANS:  D                    PTS:   1

NAT:  AACSB Reflective Thinking | CB&E Model Strategy | R&D Managing strategy & innovation

 

  1. Which of the following is an element of the customer interface?
a. Relationship dynamics.
b. Core processes.
c. Pricing structure.
d. All of the above.
e. (a) and (c) only.

 

 

ANS:  E                    PTS:   1

NAT:  AACSB Reflective Thinking | CB&E Model Strategy | R&D Managing strategy & innovation

 

  1. All of the following are components of a firm’s value network except:
a. suppliers.
b. coalitions.
c. strategic alliance partners.
d. customers.

 

 

ANS:  D                    PTS:   1

NAT:  AACSB Reflective Thinking | CB&E Model Strategy | R&D Managing strategy & innovation

 

  1. Cisco and General Electric demonstrate special skills in forging relationships with suppliers and alliance partners.  This is an example of:
a. a value network.
b. relationship dynamics
c. a strategic asset.
d. a market scope.

 

 

ANS:  A                    PTS:   1

NAT:  AACSB Reflective Thinking | CB&E Model Strategy | R&D Managing strategy & innovation

 

  1. Responsibility charting constitutes an approach that can be used to classify decision-making roles and to highlight the multifunctional nature of business marketing decision-making.  A manager who is asked for substantive input before the decision is approved but does not possess veto power is performing which of the following roles?
a. responsible
b. approve
c. consult
d. implement
e. inform

 

 

ANS:  C                    PTS:   1

NAT:  AACSB Reflective Thinking | CB&E Model Strategy | R&D Managing strategy & innovation

 

  1. Responsibility charting constitutes an approach that can be used to classify decision-making roles and to highlight the multifunctional nature of business marketing decision-making.  A manager who is told of the decision when it is made, but may not have been consulted before the decision was approved is performing which of the following roles?
a. responsible
b. approve
c. consult
d. implement
e. inform

 

 

ANS:  E                    PTS:   1

NAT:  AACSB Reflective Thinking | CB&E Model Strategy | R&D Managing strategy & innovation

 

  1. The element of customer interface that refers to the channels a business marketing firm uses to reach customers and the level of service it provides is:
a. fulfillment and support.
b. information and insight.
c. relationship dynamics.
d. pricing structure.

 

 

ANS:  A                    PTS:   1

NAT:  AACSB Reflective Thinking | CB&E Model Strategy | R&D Managing strategy & innovation

 

  1. The element of customer interface that refers to the knowledge captured from customers and the degree to which this information is used to provide enhanced value to the customer is:
a. fulfillment and support.
b. information and insight.
c. relationship dynamics.
d. pricing structure.

 

 

ANS:  B                    PTS:   1

NAT:  AACSB Reflective Thinking | CB&E Model Strategy | R&D Managing strategy & innovation

 

  1. Techniques for differentiating products and services include which of the following?
a. Superior service or technical assistance.
b. Superior quality.
c. Lowest price among competitors.
d. All of the above.
e. Only a and b.

 

 

ANS:  E                    PTS:   1

NAT:  AACSB Reflective Thinking | CB&E Model Strategy | R&D Managing strategy & innovation

 

  1. _____ are the set of skills, systems, and technologies a company uses to create uniquely high value for customers.
a. Strategic assets
b. Core competencies
c. Core processes
d. Core strategies
e. Customer interfaces

 

 

ANS:  B                    PTS:   1

NAT:  AACSB Reflective Thinking | CB&E Model Strategy | R&D Managing strategy & innovation

 

  1. _____ are the most tangible requirements for advantage that enable a firm to exercise its capabilities.
a. Core competencies
b. Strategic assets
c. Core processes
d. Core strategies
e. Customer interfaces

 

 

ANS:  B                    PTS:   1

NAT:  AACSB Reflective Thinking | CB&E Model Strategy | R&D Managing strategy & innovation

 

  1. _____ are the methodologies and routines companies use to transform competencies, assets, and other inputs in to value for customers.
a. Core competencies
b. Core strategies
c. Core processes
d. Value networks
e. Customer interfaces

 

 

ANS:  A                    PTS:   1

NAT:  AACSB Reflective Thinking | CB&E Model Strategy | R&D Managing strategy & innovation

 

  1. The three major levels of strategy include which of the following?
a. Corporate strategy
b. Competitive strategy
c. Functional strategy
d. All of the above.
e. Only a and c.

 

 

ANS:  E                    PTS:   1

NAT:  AACSB Reflective Thinking | CB&E Model Strategy | R&D Managing strategy & innovation

 

  1. The role of marketing at the corporate level of strategy includes which of the following?
a. Assess market attractiveness.
b. Assess competitive effectiveness.
c. Formulate the firm’s overall value proposition.
d. All of the above.
e. Only a and b.

 

 

ANS:  D                    PTS:   1

NAT:  AACSB Reflective Thinking | CB&E Model Strategy | R&D Managing strategy & innovation

 

  1. The members of the organization involved in the business marketing decision-making process constitute the _____.
a. marketing strategy center.
b. buying center.
c. value network.
d. target market.
e. core business.

 

 

ANS:  A                    PTS:   1

NAT:  AACSB Reflective Thinking | CB&E Model Strategy | R&D Managing strategy & innovation

 

  1. Common challenges for marketers using the marketing strategy center to manage across business functions include which of the following?
a. The fostering of a shared appreciation of other functional units.
b. Minimization of interdepartmental conflict.
c. Elimination of interdependencies between functional units.
d. All of the above.
e. Only a and b.

 

 

ANS:  E                    PTS:   1

NAT:  AACSB Reflective Thinking | CB&E Model Strategy | R&D Managing strategy & innovation

 

  1. Which of the following represent the three bridge elements that tie together the major components of the business model?
a. Customer benefits, configuration, and company boundaries.
b. Firm benefits, configuration, and functional boundaries.
c. Customer benefits, configuration, and functional boundaries.
d. Core strategies, strategic resources, and value networks.

 

 

ANS:  A                    PTS:   1

NAT:  AACSB Reflective Thinking | CB&E Model Strategy | R&D Managing strategy & innovation

 

  1. The _____ provides managers with a comprehensive system for converting a company’s vision and strategy into a tightly connected set of performance measures.
a. value network
b. balanced scorecard
c. customer interface
d. financial audit
e. core business strategy

 

 

ANS:  B                    PTS:   1

NAT:  AACSB Reflective Thinking | CB&E Model Strategy | R&D Managing strategy & innovation

 

  1. The balanced scorecard uses which of the following perspectives to measure firm performance?
a. Financial.
b. Customer.
c. Internal business processes.
d. Learning and growth.
e. All of the above.

 

 

ANS:  E                    PTS:   1

NAT:  AACSB Reflective Thinking | CB&E Model Strategy | R&D Managing strategy & innovation

 

  1. Which of the following are forms of differentiation that can be used by business marketers when developing a value proposition?
a. Lowest total cost.
b. Complete customer solutions.
c. Product innovation.
d. All of the above.
e. Only a and c.

 

 

ANS:  D                    PTS:   1

NAT:  AACSB Reflective Thinking | CB&E Model Strategy | R&D Managing strategy & innovation

 

  1. Which of the following are used in the Customer Perspective of the Balanced Scorecard to measure core customer outcome measures?
a. Market share.
b. Customer acquisition.
c. Customer retention.
d. All of the above.
e. Only b and c.

 

 

ANS:  D                    PTS:   1

NAT:  AACSB Reflective Thinking | CB&E Model Strategy | R&D Managing strategy & innovation

 

  1. Internal business processes support which elements of a company’s strategy?
a. They create and deliver the value proposition for customers.
b. They create and support interfirm supply chain teams.
c. Both a and b.
d. Neither a or b.

 

 

ANS:  A                    PTS:   1

NAT:  AACSB Reflective Thinking | CB&E Model Strategy | R&D Managing strategy & innovation

 

  1. The three principal drivers of organizational learning and growth include:
a. human capital.
b. information capital.
c. organizational capital.
d. All of the above.
e. Only b and c.

 

 

ANS:  D                    PTS:   1

NAT:  AACSB Reflective Thinking | CB&E Model Strategy | R&D Managing strategy & innovation

 

  1. A _____ enables an organization to describe and illustrate its objectives, initiatives, targets, the measures used to assess performance, and the linkages that are the foundation for strategic direction.
a. value network
b. marketing strategy center
c. strategy map
d. strategic alignment
e. positioning map

 

 

ANS:  C                    PTS:   1

NAT:  AACSB Reflective Thinking | CB&E Model Strategy | R&D Managing strategy & innovation

 

TRUE/FALSE

 

  1. Functional strategy centers on how a firm will compete in a given industry and will position itself against its competitors.

 

ANS:  F                    PTS:   1

NAT:  AACSB Reflective Thinking | CB&E Model Strategy | R&D Managing strategy & innovation

 

  1. All business marketing decisions are affected, directly or indirectly, by other functional areas.

 

ANS:  T                    PTS:   1

NAT:  AACSB Reflective Thinking | CB&E Model Strategy | R&D Managing strategy & innovation

 

  1. The composition of the marketing strategy center is neatly prescribed on the organizational chart.

 

ANS:  F                    PTS:   1

NAT:  AACSB Reflective Thinking | CB&E Model Strategy | R&D Managing strategy & innovation

 

  1. The composition or functional area representation of the strategy center evolves during the marketing strategy development process, varies from firm to firm, and varies from one strategy situation to another.

 

ANS:  T                    PTS:   1

NAT:  AACSB Reflective Thinking | CB&E Model Strategy | R&D Managing strategy & innovation

 

  1. All participants in the business marketing planning process are evaluated on the bases of sales, profits, and market share.

 

ANS:  F                    PTS:   1

NAT:  AACSB Reflective Thinking | CB&E Model Strategy | R&D Managing strategy & innovation

 

  1. Strategic plans emerge out of a bargaining process among functional areas.

 

ANS:  T                    PTS:   1

NAT:  AACSB Reflective Thinking | CB&E Model Strategy | R&D Managing strategy & innovation

 

  1. Conflicts frequently emerge during the strategy formulation process because various functional units operate under unique reward systems and reflect unique orientations.

 

ANS:  T                    PTS:   1

NAT:  AACSB Reflective Thinking | CB&E Model Strategy | R&D Managing strategy & innovation

 

  1. For a strategy to succeed, individuals in a company must understand and share a common definition of a firm’s existing business concept.

 

ANS:  T                    PTS:   1

NAT:  AACSB Reflective Thinking | CB&E Model Strategy | R&D Managing strategy & innovation

 

  1. The extent to which the business concept is common to competitors on dimensions shared by the customer is a factor than can determine the potential profit of a business concept.

 

ANS:  F                    PTS:   1

NAT:  AACSB Reflective Thinking | CB&E Model Strategy | R&D Managing strategy & innovation

 

  1. Suppliers and coalitions are part of a firm’s value network.

 

ANS:  T                    PTS:   1

NAT:  AACSB Reflective Thinking | CB&E Model Strategy | R&D Managing strategy & innovation

 

  1. The business mission defines where the firm competes.

 

ANS:  F                    PTS:   1

NAT:  AACSB Reflective Thinking | CB&E Model Strategy | R&D Managing strategy & innovation

 

  1. In the hierarchy of strategies, the three major levels of strategy are corporate, business-level, and functional.

 

ANS:  T                    PTS:   1

NAT:  AACSB Reflective Thinking | CB&E Model Strategy | R&D Managing strategy & innovation

 

  1. The two most common forces that divide participants during the strategy formulation process are turf issues and different thought-worlds.

 

ANS:  T                    PTS:   1

NAT:  AACSB Reflective Thinking | CB&E Model Strategy | R&D Managing strategy & innovation

 

  1. Responsibility charting is an approach that can classify decision-making roles and highlight the multifunctional nature of business marketing decision making.

 

ANS:  T                    PTS:   1

NAT:  AACSB Reflective Thinking | CB&E Model Strategy | R&D Managing strategy & innovation

 

  1. The four perspectives used in the balanced scorecard to measure performance are financial, customer, internal business processes, and learning and growth.

 

ANS:  T                    PTS:   1

NAT:  AACSB Reflective Thinking | CB&E Model Strategy | R&D Managing strategy & innovation

 

  1. Lowest total cost and product innovation are two forms of differentiation that can be uses by business marketers when developing a value proposition.

 

ANS:  T                    PTS:   1

NAT:  AACSB Reflective Thinking | CB&E Model Strategy | R&D Managing strategy & innovation

 

  1. The four major components of the business model or concept are customer interface, core competencies, strategic resources, and the value network.

 

ANS:  F                    PTS:   1

NAT:  AACSB Reflective Thinking | CB&E Model Strategy | R&D Managing strategy & innovation

 

  1. The core strategy determines how the firm chooses to compete.

 

ANS:  T                    PTS:   1

NAT:  AACSB Reflective Thinking | CB&E Model Strategy | R&D Managing strategy & innovation

 

  1. Core competencies are the more tangible requirements for advantage that enable a firm to exercise its capabilities.

 

ANS:  F                    PTS:   1

NAT:  AACSB Reflective Thinking | CB&E Model Strategy | R&D Managing strategy & innovation

 

  1. Core customer outcome measures used to monitor performance include market share, customer retention, and customer profitability.

 

ANS:  T                    PTS:   1

NAT:  AACSB Reflective Thinking | CB&E Model Strategy | R&D Managing strategy & innovation

 

  1. The three principal drivers of organizational learning and growth are human capital, information capital, and financial capital.

 

ANS:  F                    PTS:   1

NAT:  AACSB Reflective Thinking | CB&E Model Strategy | R&D Managing strategy & innovation

 

COMPLETION

 

  1. Subcultures exist when one subunit shares different values, beliefs, and goals than another subunit, resulting in different____________________.

 

ANS:  thought-worlds

 

PTS:   1

NAT:  AACSB Reflective Thinking | CB&E Model Strategy | R&D Managing strategy & innovation

 

  1. Responsibility charting is an approach that can classify ____________________roles and highlight the multifunctional nature of business marketing decision making.

 

ANS:  decision-making

 

PTS:   1

NAT:  AACSB Reflective Thinking | CB&E Model Strategy | R&D Managing strategy & innovation

 

  1. Customer interface, core strategy, strategic resources and the value network constitute the ____________________or model.

 

ANS:  business concept

 

PTS:   1

NAT:  AACSB Reflective Thinking | CB&E Model Strategy | R&D Managing strategy & innovation

 

  1. The____________________determines how the firm chooses to compete.

 

ANS:  Core strategy

 

PTS:   1

NAT:  AACSB Reflective Thinking | CB&E Model Strategy | R&D Managing strategy & innovation

 

  1. A ____________________ is a tool used for visualizing a firm’s strategy as a chain of cause-and-effect relationships among strategic objectives.

 

ANS:  Strategy map

 

PTS:   1

NAT:  AACSB Reflective Thinking | CB&E Model Strategy | R&D Managing strategy & innovation

 

  1. The ____________________clarifies the condistions that will create value for the customer.

 

ANS:  Customer value proposition

 

PTS:   1

NAT:  AACSB Reflective Thinking | CB&E Model Strategy | R&D Managing strategy & innovation

 

  1. Growth, sustain and ____________________ are three stages of a business that are isolated and linked to appropriate financial objectives.

 

ANS:  Harvest

 

PTS:   1

NAT:  AACSB Reflective Thinking | CB&E Model Strategy | R&D Managing strategy & innovation

 

ESSAY

 

  1. For a strategy to succeed, individuals in a company must understand and share a common definition of a firm’s existing business concept. For example, ask any employee at Dell and they will tell you about the “Dell model” that sets them apart from competitors. A critical component of a business model is the core strategy. Describe the key elements that are involved in setting a core strategy.

 

ANS:

n/a

 

PTS:   1

NAT:  AACSB Reflective Thinking | CB&E Model Strategy | R&D Strategic & systems skills

 

  1. Some business models demonstrate more profit potential than others: Southwest Airlines is more profitable than America West Airlines; Dell is more profitable than Gateway; and Intel readily outperforms its rivals. Describe the factors that determine the profit potential of a business concept or model.

 

ANS:

n/a

 

PTS:   1

NAT:  AACSB Reflective Thinking | CB&E Model Strategy | R&D Strategic & systems skills

 

  1. Jim Craig, a marketing manager at a communications equipment firm, was enthusiastic about the prospects for the new, upgraded model of the Apex tester.  The previous two models were quite profitable and a marketing research study clearly identified the improvements that should be embodied in the new model.  Key market segments wanted a lighter more compact system and one that could handle a wider range of equipment test functions.  Given the strength of the firm’s R&D and manufacturing capabilities and the “can do” attitude that prevailed in the organization, Jim was confident that the model could be designed to incorporate the new upgrades and meet the planned target to release the new model in fifteen months.  To his surprise, however, R&D and manufacturing vigorously resisted his proposed modification.  In the end, the Apex tester was released on schedule, embodied the attributes isolated by marketing research, and was a glowing market success.  Why do managers who represent different functional areas often see things differently and clash over the appropriate strategic course?  What steps can marketing managers like Jim take to minimize cross-functional conflict while serving as a strong advocate for the consumer?

 

ANS:

n/a

 

PTS:   1

NAT:  AACSB Reflective Thinking | CB&E Model Strategy | R&D Strategic & systems skills

 

  1. A central challenge for the business marketer during the strategy formulation process is to minimize interdepartmental conflict while fostering shared appreciations of the interdependencies with other functional units.  Explain.

 

ANS:

n/a

 

PTS:   1

NAT:  AACSB Reflective Thinking | CB&E Model Strategy | R&D Strategic & systems skills

 

  1. The marketing strategy center includes the members of an organization involved in the business marketing decision-making process.  Using any product and market setting you choose, please illustrate how responsibility charting can be used to classify decision-making roles and highlight the multifunctional nature of business marketing.  Be sure to include a discussion of all five roles that participants can play in the decision-making process.

 

ANS:

n/a

 

PTS:   1

NAT:  AACSB Reflective Thinking | CB&E Model Strategy | R&D Strategic & systems skills

 

  1. The balanced scorecard provides managers with a performance measurement system that can be linked to a company’s business marketing strategies.  Identify and briefly describe the four perspectives of performance in the balanced scorecard.  Next, explain how each perspective can help business marketers with their business strategies.

 

ANS:

n/a

 

PTS:   1

NAT:  AACSB Reflective Thinking | CB&E Model Strategy | R&D Strategic & systems skills

 

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