Strategic Management Process MCQ Questions!

2.

Sally's cookie company sells products both online and at retail locations. She has developed multiple value propositions because

Cookies need more explanation than other products due to the variety of flavors.
Sally is an overachiever and likes to do more work than necessary.
Sally's firm is serving more than one target market.
Cookies are part of a saturated market.
Cookies are in the mature stage of the product life cycle.

Correct Answer

A. Sally's firm is serving more than one target market.

Explanation

Sally's cookie company has developed multiple value propositions because it is serving more than one target market. This means that the company is targeting different groups of customers with different needs and preferences. By offering a variety of flavors and providing more information about the cookies, Sally's company is able to cater to the diverse tastes and requirements of these different target markets.

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3.

The group of customers toward which an organization directs its marketing efforts is know as the

Constituency.
Target market.
Direct market.
Value group.
Key market.

Correct Answer

A. Target market.

Explanation

The correct answer is target market. The target market refers to the specific group of customers that an organization focuses its marketing efforts on. This group is identified based on certain characteristics, such as demographics, psychographics, and behavior, that make them more likely to be interested in and purchase the organization's products or services. By directing marketing efforts towards this specific group, organizations can tailor their messages and strategies to effectively reach and engage their desired customers, ultimately increasing the chances of success in their marketing campaigns.

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4.

A company's resources, capabilities, and technology are examples of

Capital investment.
Internal conditions.
Expenses.
Overhead charges.

Correct Answer

A. Internal conditions.

Explanation

The company's resources, capabilities, and technology refer to its internal conditions. These factors are all within the control of the company and can greatly impact its performance and success. Resources include things like financial assets, human resources, and physical assets. Capabilities refer to the company's skills, knowledge, and expertise. Technology refers to the tools, systems, and processes used by the company. All of these internal conditions are important for the company to effectively compete in the market and achieve its goals.

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5.

The economy, competitors and government regulations that could affect what the firm wants to do are part of the

Internal environment
Competitive mix
External environment
Marketing mix

Correct Answer

A. External environment

Explanation

The correct answer is external environment. The external environment refers to factors outside of the firm's control that can impact its operations and decision-making. This includes the economy, competitors, and government regulations, which can all have a significant influence on the firm's ability to achieve its objectives. Understanding and adapting to the external environment is crucial for firms to effectively navigate and succeed in their respective industries.

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6.

Strategic planning is a process that

Creates unchangeable plans.
Allows individual departments to create plans independently of other areas of the corporation.
Allows an individual department to determine what's best for it, regardless of the rest of the company.
Helps an organization direct its resources to make the most of opportunities in the marketplace.

Correct Answer

A. Helps an organization direct its resources to make the most of opportunities in the marketplace.

Explanation

Strategic planning is a process that helps an organization direct its resources to make the most of opportunities in the marketplace. It involves analyzing the external environment, identifying strengths and weaknesses, setting goals and objectives, and developing action plans to achieve them. By doing so, strategic planning ensures that the organization aligns its resources and efforts towards achieving a competitive advantage and maximizing its potential in the market. It also helps in anticipating and responding to changes in the market, allowing the organization to adapt and thrive in a dynamic business environment.

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7.

People who act like customers are known as

Mystery shoppers.
Decoy shoppers
Shoplifters.
The target market.

Correct Answer

A. Mystery shoppers.

Explanation

Mystery shoppers are individuals who behave like regular customers but are actually hired by companies to evaluate the quality of their products or services. They visit stores or establishments and assess various aspects such as customer service, cleanliness, and product knowledge. Their feedback helps businesses identify areas for improvement and enhance the overall customer experience. Unlike shoplifters or decoy shoppers who have different intentions, mystery shoppers aim to provide valuable insights to enhance the customer satisfaction and drive business growth.

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8.

The firm's ____ explains the purpose of the organization and why it exists.

Value proposition
Marketing plan
Mission statement
Financial report

Correct Answer

A. Mission statement

Explanation

A mission statement is a concise statement that defines the purpose and reason for an organization's existence. It outlines the company's goals, values, and overall direction. It serves as a guide for decision-making and helps to communicate the organization's identity and intentions to stakeholders, employees, and customers. A mission statement is an essential component of strategic planning and helps to align all activities and initiatives with the organization's overall mission and vision.

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9.

BONUS: Green marketing involves

Marketing environmentally safety products and services in a way that is good for the company.
Utilizing recycled materials for promotional purposes only.
Marketing green spaces, such as parks.
Using the Environmental Protection Agency in marketing efforts.
Marketing environmentally safe products and services in a way that is good for the environment.

Correct Answer

A. Marketing environmentally safe products and services in a way that is good for the environment.

Explanation

Green marketing involves promoting and selling products and services that are environmentally safe or have a minimal impact on the environment. The focus is on sustainability and ensuring that the marketing efforts contribute to the overall well-being of the environment. This approach not only benefits the environment but also helps companies build a positive brand image and attract environmentally conscious consumers.

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10.

You own a store in a town where the population has changed from low-income singles to high-income families. You need to make changes based on what type of environmental change?

Economic
Technological
Social and cultural
Legal and political

Correct Answer

A. Social and cultural

Explanation

The correct answer is social and cultural. The change in population from low-income singles to high-income families indicates a shift in the social and cultural environment of the town. This change suggests that the store owner needs to adapt their business strategies and offerings to cater to the needs and preferences of the new demographic.

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11.

The purpose of a vision statement is ________________________________________________.

To predict the demographics of a target market
To reflect historically on a companies performance
To give an accurate representation of why a company exists
To create a compelling future-oriented statement of what a company aspires to be

Correct Answer

A. To create a compelling future-oriented statement of what a company aspires to be

Explanation

A vision statement outlines an organization's long-term aspirations and desired future state. It provides a clear and inspirational picture of what the company hopes to achieve, serving as a guiding force for its strategies and actions. Unlike a mission statement, which focuses on the present purpose, a vision statement sets a forward-looking goal that motivates and directs the organization's efforts.

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Strategic Management Process MCQ Questions!

The purpose of the value proposition is to provide

Quiz Preview

Sally's cookie company sells products both online and at retail locations. She has developed multiple value propositions because

The group of customers toward which an organization directs its marketing efforts is know as the

A company's resources, capabilities, and technology are examples of

The economy, competitors and government regulations that could affect what the firm wants to do are part of the

Strategic planning is a process that

People who act like customers are known as

The firm's ____ explains the purpose of the organization and why it exists.

BONUS: Green marketing involves

You own a store in a town where the population has changed from low-income singles to high-income families. You need to make changes based on what type of environmental change?

The purpose of a vision statement is ________________________________________________.