1. When performing this analysis, it is good for strategic planners to consider similarities between the benefits the customers derive from the products and services that other firms offer.Customer analysisBusiness analysisCompetitive analysisCompany analysis2.Leaders galvanize commitment to embrace change through clarifying strategic intent, building an organization, andshaping organizational cultureplanning strategydeveloping a missiondeveloping a vision3.Large-scale, future-oriented plans for interacting with the competitive environment to achieve the company objective refers to itsgoalsdynamic policiescompetitive analysisstrategy4.This is designed to check systematically and continuously whether the premises on which the strategy is based are still validStrategic surveillancePremise controlSpecial alert controlImplementation control5. These social responsibilities are those that are voluntarily assumed by a business or organization. They include public relations activities, good citizenship, and full corporate social responsibility.Economic responsibilityLegal responsibilityEmployee responsibilityDiscretionary responsibility6. A company can learn a great deal by analyzing the degrees of brand loyalty. For example, ________ can show the firm which brands are most competitive with its own.hard-core loyalsswitchersshifting loyalssplit loyals7. The strategic factor that involves the beliefs, values, attitudes, opinions, and lifestyles of persons in the firm’s external environment, as developed from cultural, ecological, demographic, religious, educational, and ethnic conditioning.Social factorEconomic factorStakeholder factorPolitical factor8. How do functional tactics compare to business strategies?Functional tactics are more specific than business strategies.Functional tactics are more focused on the general direction of the firm than business strategies.Functional tactics are more focused on a commitment to corporate strategy than business strategies.Functional tactics are more long-term than business strategies.9. Firms using this generic strategy attempt to build customer loyalty by stressing a specific product attribute above other product qualities.FocusDifferentiationCost leadershipConcentrated growth10. One of the ways to change the course of a brand is to modify the product. Under product modification, ________ adds size, weight, materials, supplements, and accessories that expand the product’s performance, versatility, safety, or convenience.technological improvementfeature improvementquality improvementstyle improvement11. A company that attempts to lead its industry in price and convenience by pursuing a focus on lean and efficient operations is pursuing what strategy?Product leadershipOperational excellenceLow-cost leadership Customer intimacy12. A firm must know where to position its product based on price and promotional effortscommunicationqualityregion13. A firm must know where to position its product based on price and promotional effortscommunicationqualityregion14. This is a historically popular technique through which managers create a quick overview of a company’s strategic situation—it is based on achieving a sound fit between internal resources and the external situation.Value chain analysisInternal analysisSWOT analysisExternal analysis15. With ________ as a target market strategy, the firm concentrates on serving many needs of a particular customer group.product specializationselective specializationmarket specializationsingle-segment concentration16. Under which of the following conditions is the frequency the most important factor in media selection?When going into undefined target marketsWhen there is high consumer resistance to the productWhen introducing flanker brandsWhen launching infrequently purchased brands17. Marketers need to identify the hierarchy of attributes that guide consumer decision making in order to understand different competitive forces and how these various sets get formed. This process of identifying the hierarchy is called ________.market partitioningmarket estimationmarket valuationbrand association18. A valuable result of task environment analysis with respect to geographic, demographic, psychographic and buyer-behavior factors is calledvendor profilecompetitor profilecustomer profilefinancial position19. This is an important structural decision and resultant separate activities need to be coordinated and integrated back together as a whole so the business functions effectively.BroadeningDiversificationDifferentiationReferencing20. When diversification involves additions of a business related to the firm in terms of technology, markets or products, it involveshorizontal integrationconcentric diversificationvertical diversificationconcentrated growth

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