Strategic Marketing Management Test-1

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| By Swapnil Tambe

Swapnil Tambe

Community Contributor

Quizzes Created: 1 | Total Attempts: 168

Questions: 10 | Attempts: 174 | Updated: Jan 27, 2023

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Strategic Marketing Management Test-1 - Quiz

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Total Questions-10
Duration-10 mins
Marks - 25
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Questions and Answers

1.

Which of the following is the component of Michael Porter's 5 Forces?
- A.
  
  Political Scenario
- B.
  
  Reaction Pattern of Competitor
- C.
  
  Customer Perception of the product
- D.
  
  Change in Customer Tastes
- E.
  
  Quality of Product/Service offered
Correct Answer
B. Reaction Pattern of Competitor

Explanation
The component of Michael Porter's 5 Forces that is being referred to in the given answer is the "Reaction Pattern of Competitor". This refers to how competitors in the industry respond to changes and actions taken by other competitors. Understanding the reaction pattern of competitors is crucial in assessing the competitive landscape and formulating effective strategies. It helps in predicting how competitors will respond to pricing changes, new product launches, or other market developments, and allows companies to proactively adjust their own strategies to gain a competitive advantage.

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2.

Company 'A' & Company 'B' were supposed to enter into a merger to evolve with new company 'AB'. However, during the process, the tangible assets of company 'B' sumed-up to just $4000 against its offer value of $14000. So, during which of the following stage of merger process, did the non-compliance was identified.
- A.
  
  Merger Plan
- B.
  
  Offer & Negotiation
- C.
  
  Due Diligence
- D.
  
  Information Exchange
- E.
  
  Valuation & Synergies
Correct Answer
C. Due Diligence

Explanation
During the Due Diligence stage of the merger process, the non-compliance was identified. This stage involves a thorough investigation and analysis of the financial, legal, and operational aspects of the companies involved in the merger. In this case, the tangible assets of company 'B' were found to be significantly lower than its stated value, indicating a non-compliance issue. Due Diligence is a crucial step to ensure that both parties have accurate and reliable information before proceeding with the merger.

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1
0
3.

Is the statement under quotes, true or false? "RETRENCHMENT is a functional strategy"
- A.
  
  True
- B.
  
  False
Correct Answer
B. False

Explanation
The statement "RETRENCHMENT is a functional strategy" is false. Retrenchment refers to the process of reducing or cutting back on the activities, operations, or resources of a company. It is a form of corporate-level strategy aimed at improving the overall performance and profitability of the organization. Functional strategies, on the other hand, focus on specific functional areas within the company, such as marketing, operations, or human resources. Therefore, retrenchment is not a functional strategy but a corporate-level strategy.

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4.

The 3 characteristics of Strategic Decision Making are :- ________, Consequential & ________

Correct Answer
Rare, Directive
Directive, Rare

Explanation
Strategic decision making is characterized by being rare, meaning that it is not a routine or everyday occurrence, but rather a unique and significant event. It also involves being directive, which means that it is guided by a clear and specific plan or course of action. Additionally, strategic decision making can have consequential outcomes, meaning that the decisions made can have a significant impact on the organization's future success or failure.

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4
5.

State the acronym for following explanation 'Analyzing the different business functions and determining which business functions are more profitable than others'
- A.
  
  BCG Matrix
- B.
  
  SWOT analysis
- C.
  
  Profit Pool Mapping
- D.
  
  Competitive Analysis
Correct Answer
C. Profit Pool Mapping

Explanation
Profit Pool Mapping is the process of analyzing the different business functions and determining which ones are more profitable than others. It helps businesses identify the areas where they can generate the most profit and allocate their resources accordingly. By understanding the profitability of each business function, companies can make informed decisions about where to invest and focus their efforts. Profit Pool Mapping provides a visual representation of the profit potential within an industry or market, allowing businesses to identify opportunities for growth and competitive advantage.

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1
0
6.

What is the purpose of PESTLE analysis
- A.
  
  Internal scanning
- B.
  
  Gain knowledge about external environment
- C.
  
  Identify the true competitor
- D.
  
  Frame strategy for countering the competition
Correct Answer
B. Gain knowledge about external environment

Explanation
PESTLE analysis is a strategic tool used by organizations to gain knowledge about the external environment. It helps in analyzing the political, economic, social, technological, legal, and environmental factors that can impact the organization's operations and decision-making. By conducting a PESTLE analysis, organizations can understand the current and potential future trends, opportunities, and threats in the external environment. This knowledge enables them to make informed decisions, identify potential risks, and develop strategies to adapt and respond effectively to the external factors that may affect their business.

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7.

List the components in 7S Framework________________________________________________________

Correct Answer
system, structure, strategy, style, shared value, skills, staff
system, structure, strategy, style, shared value, skills, staff
system, structure, strategy, style, shared value, skills, staff
system, structure, strategy, style, shared value, skills, staff
system, structure, strategy, style, shared value, skills, staff
system, structure, strategy, style, shared value, skills, staff
system, structure, strategy, style, shared value, skills, staff

Explanation
The 7S Framework includes the following components: system, structure, strategy, style, shared value, skills, and staff. These components are important for analyzing and improving the effectiveness of an organization.

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4
8.

Is the following statement true or false? 'EVALUATION is a part of strategy management process'
- A.
  
  True
- B.
  
  False
Correct Answer
A. True

Explanation
The statement is true because evaluation is indeed a part of the strategy management process. Evaluation involves assessing the effectiveness and efficiency of the strategies implemented, analyzing the outcomes, and determining whether the goals and objectives of the organization are being achieved. It helps in identifying any gaps or areas for improvement in the strategy and allows for adjustments to be made to ensure the success of the overall strategy management process.

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9.

Types of Corporate Strategy are:-
- A.
  
  Retrenchment
- B.
  
  Differentiation
- C.
  
  Cost Leadership
- D.
  
  Growth
- E.
  
  Strategy for Stability
- F.
  
  Pricing strategy
- G.
  
  Technology Advancement
- H.
  
  Change Management
- I.
  
  Competitive Nature
- J.
  
  Vision, Mission, Goals & Objectives
Correct Answer(s)
A. Retrenchment
D. Growth
E. Strategy for Stability

Explanation
The given answer includes three types of corporate strategy: retrenchment, growth, and strategy for stability. Retrenchment refers to the strategy of reducing the scale or scope of a company's operations in order to improve financial performance. Growth strategy involves expanding the company's operations, either through organic growth or acquisitions. Strategy for stability focuses on maintaining the company's current position and ensuring steady performance. These three strategies represent different approaches to managing and growing a business, each with its own benefits and considerations.

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Current Version
Jan 27, 2023

Quiz Edited by
ProProfs Editorial Team
May 09, 2020

Quiz Created by
Swapnil Tambe

Strategic Marketing Management Test-1

Which of the following is the component of Michael Porter's 5 Forces?

Is the statement under quotes, true or false? "RETRENCHMENT is a functional strategy"

The 3 characteristics of Strategic Decision Making are :- ________, Consequential & ________

State the acronym for following explanation 'Analyzing the different business functions and determining which business functions are more profitable than others'

What is the purpose of PESTLE analysis

List the components in 7S Framework________________________________________________________

Is the following statement true or false? 'EVALUATION is a part of strategy management process'

Types of Corporate Strategy are:-

The 3 characteristics of Strategic Decision Making are :- , Consequential &