Quiz: Strategic Management Process MCQ Questions!

11 Questions | By Ppageegsd | Last updated: Mar 22, 2022 | Total Attempts: 1688

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Quiz: Strategic Management Process MCQ Questions! - Quiz

This quiz is designed to assess your applied understanding of the value proposition and the role of marketing within the strategic planning process.

Questions and Answers

1.

The purpose of the value proposition is to provide
- A.
  
  The firm with a reason why buyers prefer their product or service offering.
- B.
  
  The buyer with a reasons why the product or service is superior to competing offers.
- C.
  
  The firm with a moral code of ethics.
- D.
  
  The buyer with a pice point for purchases.
- E.
  
  The seller with a price point for purchases.
2.

Sally's cookie company sells products both online and at retail locations. She has developed multiple value propositions because
- A.
  
  Cookies need more explanation than other products due to the variety of flavors.
- B.
  
  Sally is an overachiever and likes to do more work than necessary.
- C.
  
  Sally's firm is serving more than one target market.
- D.
  
  Cookies are part of a saturated market.
- E.
  
  Cookies are in the mature stage of the product life cycle.
3.

The group of customers toward which an organization directs its marketing efforts is know as the
- A.
  
  Constituency.
- B.
  
  Target market.
- C.
  
  Direct market.
- D.
  
  Value group.
- E.
  
  Key market.
4.

A company's resources, capabilities, and technology are examples of
- A.
  
  Capital investment.
- B.
  
  Internal conditions.
- C.
  
  Expenses.
- D.
  
  Overhead charges.
5.

The economy, competitors and government regulations that could affect what the firm wants to do are part of the
- A.
  
  Internal environment
- B.
  
  Competitive mix
- C.
  
  External environment
- D.
  
  Marketing mix
6.

Strategic planning is a process that
- A.
  
  Creates unchangeable plans.
- B.
  
  Allows individual departments to create plans independently of other areas of the corporation.
- C.
  
  Allows an individual department to determine what's best for it, regardless of the rest of the company.
- D.
  
  Helps an organization direct its resources to make the most of opportunities in the marketplace.
7.

People who act like customers are known as
- A.
  
  Mystery shoppers.
- B.
  
  Decoy shoppers
- C.
  
  Shoplifters.
- D.
  
  The target market.
8.

The firm's ____ explains the purpose of the organization and why it exists.
- A.
  
  Value proposition
- B.
  
  Marketing plan
- C.
  
  Mission statement
- D.
  
  Financial report
9.

BONUS: Green marketing involves
- A.
  
  Marketing environmentally safety products and services in a way that is good for the company.
- B.
  
  Utilizing recycled materials for promotional purposes only.
- C.
  
  Marketing green spaces, such as parks.
- D.
  
  Using the Environmental Protection Agency in marketing efforts.
- E.
  
  Marketing environmentally safe products and services in a way that is good for the environment.
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?
- A.
  
  Economic
- B.
  
  Technological
- C.
  
  Social and cultural
- D.
  
  Legal and political
11.

The purpose of a vision statement is ________________________________________________.
- A.
  
  To predict the demographics of a target market
- B.
  
  To reflect historically on a companies performance
- C.
  
  To give an accurate representation of why a company exists
- D.
  
  To create a compelling future-oriented statement of what a company aspires to be