Quiz: Strategic Management Process MCQ Questions!
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This quiz is designed to assess your applied understanding of the value proposition and the role of marketing within the strategic planning process.
- 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
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