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Chapter 01 - Imperatives for a Market-Driven Strategy

Chapter 01
Imperatives for a Market-Driven Strategy

True / False Questions

1. (p. 4) For companies that are becoming market oriented the skills of top management only are
re!ired.
F!S"

Difficulty: Moderate

". (p. 5) #ll the ma$or components of distinctive capabilities are organi%ational processes and
assets.
F!S"

Difficulty: Easy

&. (p. 7) Superior #ustomer value res!lts from a very favorable !se e'perience of the c!stomer
compared to e'pectations of the c!stomer and the val!e offerings of competitors.
T$%"

Difficulty: Easy

(. (p. 10) Corporate strategy #onsists of the &e#isions ma&e 'y top-management and the
res!lting actions taken to achieve the ob$ectives set for the corporation.
T$%"

Difficulty: Easy

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Chapter 01 - Imperatives for a Market-Driven Strategy
). (p. 12) strategi# 'usiness unit (S)%* is a cohesive organi%ational !nit that is separately
managed* inc!rs costs and* does not generate sales.
F!S"

Difficulty: Moderate

+. (p. 13) Strategic marketing links the company ,ith the environment and marketing is the
responsibility of the entire b!siness.
T$%"

Difficulty: Challe!i!

-. (p. 14) # prod!ct-market consists of a specific prod!ct or prod!ct line that can satisfy a set of
needs and ,ants for the people ,illing and able to p!rchase it.
T$%"

Difficulty: Moderate

.. (p. 14) /he ob$ective of strategic market segmentation is to identify segments ,ithin the
prod!ct-market of interest.
T$%"

Difficulty: Moderate

0. (p. 14) C!stomer relationship management does not emphasi%e delivering s!perior c!stomer
val!e.
F!S"

Difficulty: Challe!i!

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Chapter 01 - Imperatives for a Market-Driven Strategy
10. (p. 15) /he p!rpose of market targeting strategy is to select people or organi%ations that
management ,ishes to serve in the prod!ct-market.
T$%"

Difficulty: Easy


Multiple Choi#e Questions

11. (p. 4) 11111 is more than a philosophy since it consists of a process for delivering c!stomer
val!e.
+ Market orientation
2. Competitor intelligence
C. Cross-f!nctional coordination
D. Distinctive capabilities

Difficulty: Moderate

1". (p. 4) #ns,ering the !estions 3,hich competitors* ,hat technologies and ho, c!stomers
perceive being satisfied3 comes from 11111.
#. Market orientation
)+ Competitor intelligence
C. Cross-f!nctional coordination
D. Distinctive capabilities

Difficulty: Easy

1&. (p. 4) 4etting all b!siness f!nctions ,orking together to provide s!perior c!stomer val!e is
11111.
#. Market orientation
2. Competitor intelligence
C+ Cross-f!nctional coordination
D. Distinctive capabilities

Difficulty: Easy

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Chapter 01 - Imperatives for a Market-Driven Strategy
1-(
Chapter 01 - Imperatives for a Market-Driven Strategy
1(. (p. 5) 11111 is5are a 'un&le(s* of kno,le&ge that ena'les firms to make use of their
assets+
#. Market orientation
2. Competitor intelligence
C. Cross-f!nctional coordination
D+ Distinctive capabilities

Difficulty: Moderate

1). (p. 7) 11111 #onsist(s* of the 'enefits an& #osts resulting from the pur#hase an& use of
pro&u#ts as per#eive& 'y the 'uyer+
+ C!stomer 6al!e
2. Distinctive capabilities
C. C!stomer linking
D. C!stomer 7elationships

Difficulty: Easy

1+. (p. ") 11111 consist8s9 of deciding the scope and p!rpose of the b!siness* the ob$ectives and
the reso!rces necessary to achieve the ob$ectives.
+ Corporate strategy
2. 2!siness and marketing strategy
C. Market sensing
D. C!stomer relationship management

Difficulty: Easy

1-. (p. 11) :hat defines the corporation and ,hat provides g!idelines for managing the
corporation is 11111.
#. Corporate strategy
2. 2!siness and marketing strategy
C+ Corporate vision
D. C!stomer relationship management

Difficulty: Easy

1-)
Chapter 01 - Imperatives for a Market-Driven Strategy
1-+
Chapter 01 - Imperatives for a Market-Driven Strategy
1.. (p. 11) /he 11111 is5are set at several levels of the #ompany an& in#lu&es the time frame
ne#essary for strategi# #hange+
#. Corporate strategy
2. 2!siness and marketing strategy
C. Corporate vision
D+ Corporate ob$ectives

Difficulty: Moderate

10. (p. 13) /he foc!s of 11111 is on organi-ational performan#e rather than a primary
#on#ern a'out in#reasing sales+
#. Corporate strategy
)+ Strategic marketing
C. Corporate vision
D. Corporate ob$ectives

Difficulty: Moderate

"0. (p. 14) 11111 offers a company the opport!nity to foc!s its b!siness on the re!irements of
one or more gro!ps of b!yers.
#. Corporate strategy
2. Strategic marketing
C+ Market segmentation
D. Corporate responsiveness

Difficulty: Moderate

"1. (p. 14) # 11111 is described by characteristics of people incl!ding ,hy they b!y and their
preferences for brands of prod!cts.
#. C!stomer relationship management system
2. Strategic marketing ob$ective
C+ Market segment
D. Corporate capability

Difficulty: Moderate

1--
Chapter 01 - Imperatives for a Market-Driven Strategy
1-.
Chapter 01 - Imperatives for a Market-Driven Strategy
"". (p. 14) #8n9 11111 is formed according to the type of ind!stry or the !ses of the prod!ct.
#. C!stomer relationship management system
2. Strategic marketing ob$ective
C+ Ind!strial market segment
D. Corporate capability

Difficulty: Moderate

"&. (p. 14) 11111 emphasi%es delivering s!perior c!stomer val!e by personali%ing the
interaction bet,een the c!stomer and the company.
+ C!stomer relationship management
2. Strategic marketing
C. Market segmentation
D. Corporate positioning

Difficulty: Moderate

"(. (p. 14) :hen a company decides ,hat organi%ations it ,ishes to serve in the prod!ct-
market* the company is engaged in choosing the 11111.
#. C!stomer relationship management
2. Strategic marketing
C+ Market target
D. Corporate positioning

Difficulty: Moderate

"). (p. 15) # company that is deciding the 11111 ob$ectives is likely to in#lu&e the level of
sales they ,ish to a#hieve+
#. C!stomer relationship management
2. Strategic marketing
C+ Market target
D. Corporate positioning

Difficulty: Challe!i!

1-0
Chapter 01 - Imperatives for a Market-Driven Strategy
"+. (p. 15) # 11111 is the combination of the prod!ct* val!e chain* price and promotion
strategies a firm !ses to position itself against its competitors in meeting the needs of a market
target.
#. C!stomer relationship strategy
2. Strategic market
C. Market target
D+ ;ositioning strategy

Difficulty: Easy

"-. (p. 15) # 11111 seeks to have the 'ran& o,n a pla#e in the eyes an& min& of the 'uyer
and the prod!ct be disting!ished from the prod!cts of the competition.
#. C!stomer relationship strategy
2. Strategic market
C. Market target
D+ ;ositioning strategy

Difficulty: Moderate

".. (p. 15) /he prod!ct* distrib!tion* price and promotion strategy components are !sed to
infl!ence the b!yers3 11111 of the brand.
#. 7elationship strategy
2. Idea
C. Market target
D+ ;ositioning

Difficulty: Challe!i!

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Chapter 01 - Imperatives for a Market-Driven Strategy
"0. (p. 1#) /he prod!ct* distrib!tion* price and promotion strategy components are the marketing
11111.
#. 7elationship
2. Idea
C. /arget
D+ Mi'

Difficulty: Easy

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Chapter 01 - Imperatives for a Market-Driven Strategy
&0. (p. 17) Companies ,ill !se a 11111 to contact and deliver prod!ct to the market target
b!yers.
#. ;rod!ct strategy
2. <e, idea strategy
C+ 6al!e-chain strategy
D. 7elationship strategy

Difficulty: Challe!i!


"ssay Questions

&1. (p. 7) Disc!ss ho, c!stomers perceive val!e and ho, companies deliver c!stomer val!e.
Intense global competition and the increasing demands of ever-more sophisticated c!stomers
make the creation of c!stomer val!e an important challenge for managers. =ffering s!perior
c!stomer val!e is at the core of b!siness design. 2!yers form val!e e'pectations and decide to
p!rchase goods and services based on their perceptions of prod!cts3 benefits less the total
costs inc!rred. C!stomer satisfaction indicates ho, ,ell the prod!ct !se e'perience compares
to the b!yer3s val!e e'pectations. S!perior c!stomer val!e res!lts from a very favorable !se
e'perience compared to e'pectations and the val!e offerings of competitors. /he
organi%ation3s distinctive capabilities are !sed to deliver val!e by differentiating the prod!ct
offer* offering lo,er prices relative to competing brands or a combination of lo,er cost and
differentiation. Deciding ,hich aven!e to follo, re!ires matching capabilities to the best
val!e opport!nities.

Difficulty: Moderate

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Chapter 01 - Imperatives for a Market-Driven Strategy
&". (p. 7) >'plain the logic of p!rs!ing a market-driven strategy.
2ecoming more market oriented* leveraging the distinctive capabilities and finding a good
match bet,een c!stomers3 val!e re!irements and the organi%ation3s capabilities is important
for companies. /he s!pporting logic for these actions is that they are e'pected to lead to
s!perior c!stomer val!e and organi%ational performance. 7esearch evidence indicates that
these characteristics are present in market-driven organi%ations* ,hich display higher
performance than their co!nterparts that are not market driven. # market-driven organi%ation
m!st identify ,hich capabilities to develop and ,hich investment commitments to make.
Market orientation research and evolving b!siness strategy paradigms point to the importance
of market sensing and c!stomer linking capabilities in achieving s!ccessf!l market-driven
strategies.

Difficulty: Moderate

&&. (p. $) :hat is the relationship bet,een the corporate strategy and the b!siness and
marketing strategies?
/he relationship bet,een corporate* b!siness and marketing strategy is as follo,s. Corporate
strategy consists of deciding the scope and p!rpose of the b!siness* its ob$ectives and the
initiatives and reso!rces necessary to achieve the ob$ectives. 2!siness and marketing strategy
is g!ided by the decisions top management makes abo!t ho,* ,hen and ,here to compete.
/his sho!ld be a t,o-,ay relationship @ ,hile corporate strategy defines strategic direction*
allocates reso!rces and defines constraints on ,hat cannot be done* e'ec!tives responsible for
marketing strategy have a responsibility to inform corporate strategists abo!t e'ternal change
in the market that identifies opport!nities and threats.

Difficulty: Challe!i!

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Chapter 01 - Imperatives for a Market-Driven Strategy
&(. (p. 15) Disc!ss the role of market targeting in the company3s marketing strategy.
# core iss!e is deciding ho,* ,hen and ,here to compete* given a firm3s market and
competitive environment. /he p!rpose of market targeting strategy is to select the people 8or
organi%ations9 that management ,ishes to serve in the prod!ct-market. :hen b!yers3 needs
and ,ants vary* the market target is !s!ally one or more segments of the prod!ct-market.
=nce the segments are identified and their relative importance to the firm determined* the
targeting strategy is selected. /he ob$ective is to find the best match bet,een the val!e
re!irements of each segment and the organi%ation3s distinctive capabilities. /he targeting
decision is the focal point of marketing strategy since targeting g!ides the setting of
ob$ectives and developing a positioning strategy. >'amples of market target ob$ectives are
desired levels of sales* market share* c!stomer retention* profit contrib!tion and c!stomer
satisfaction.

Difficulty: Moderate

&). (p. 15) Disc!ss the role of positioning strategy in the company3s marketing strategy.
;ositioning strategy is the combination of prod!ct* val!e chain* price and promotion strategies
a firm !ses to position itself against its key competitors in meeting the needs and ,ants of the
market target. /he strategies and tactics !sed to gain a favorable position are called the
marketing mi' or the marketing program. /he positioning strategy seeks to position the brand
in the eyes and mind of the b!yer and disting!ish the prod!ct from the competition. /he
prod!ct* distrib!tion* price and promotion strategy components make !p a b!ndle of actions
that are !sed to infl!ence b!yers3 positioning of a brand.

Difficulty: Moderate

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