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Question
According to Porter's four generic business strategies framework, a __________ strategy focuses on reducing expenses and, in turn, lowers product prices, while targeting a broad array of market segments.
a. differentiation focus
b. cost focus
c. cost leadership
d. differentiation
e. supply focus
Answer
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Related questions
Q:
What is the primary disadvantage of employing a product specialization strategy?
a. The organization may be spread too thin.
b. The organization achieves neither marketing nor manufacturing synergies.
c. R&D-manufacturing has the difficulty of producing multiple new lines.
d. There are too many product substitutes over which a firm would not have control.
e. Gaining market distribution will be costly.
Q:
Loving Care Pets manufactures food for dogs, cats, rabbits, and gerbils specifically created for pets under three months of age. In terms of the market-product grid framework, adding a line of pet food for mature dogs, cats, rabbits, and gerbils will result in a __________ strategy that will provide Loving Care Pets with increased marketing efficiencies.
a. market specialization
b. market product concentration
c. product specialization
d. selective specialization
e. full coverage
Q:
Loving Care Pets manufactures dog food specifically created for puppies under three months of age. In terms of the market-product grid framework, Loving Care Pets is a small firm without sustainable comparative advantages in marketing or production efficiencies. Loving Care Pets is using a __________ strategy.
a. market-product concentration
b. market specialization
c. product specialization
d. selective specialization
e. full coverage
Q:
A market-product grid shows __________ horizontally across the rows and __________ vertically down the columns.
a. financial synergies; marketing synergies
b. distribution synergies; R&D-manufacturing synergies
c. R&D-manufacturing synergies; financial synergies
d. revenue synergies; cost synergies
e. marketing synergies; R&D-manufacturing synergies
Q:
Synergy analysis seeks opportunities by finding the optimum balance between
a. the needs of the manufacturer versus the needs of the consumer.
b. the desire for profit versus responsibility to society as a whole.
c. the expense of marketing effort versus the marketing results obtained.
d. a firm's market segments and its product groupings.
e. marketing efficiencies versus R&D-manufacturing efficiencies.
Q:
Volkswagen achieved spectacular success in the late 1990s by targeting the "nostalgia" segment, 35- to 54-year-old baby boomers, with its technology-laden New Beetle. Which of Porter's generic business strategies did Volkswagen use to launch the New Beetle?
a. differentiation focus
b. cost leadership
c. differentiation
d. cost focus
e. marketing focus
Q:
A cost focus strategy refers to one of Porter's generic business strategies that
a. focuses on reducing expenses and, in turn, lowers product prices, while targeting a broad array of market segments.
b. requires products to have significant points of difference to target one or only a few market segments.
c. requires products to have significant points of difference to charge a higher price while targeting a broad array of market segments.
d. involves controlling expenses and, in turn, lowering product prices targeted at a narrow range of markets segments.
e. seeks opportunities by finding the optimum balance between marketing efficiencies versus R&D"manufacturing efficiencies.
Q:
Many people are concerned about "eating healthy," but many of these same people still grab lunch at fast food restaurants because the restaurants are convenient and they like cheeseburgers. Burger King has created a veggie burger that "tastes like the real thing without all the fat." Burger King is using a __________ strategy to attract this large market that encompasses many different segments.
a. cost leadership strategy
b. cost focus strategy
c. differentiation strategy
d. different focus strategy
e. service focus strategy
Q:
Delphi Automobile Systems manufacturers and sells satellite communications systems for automobiles that connect you and your car to 24-hour-a-day emergency service, direct you to a destination, and enable you to order a movie while on the road. Because of the unique services it provides, it charges a higher price than its competitors. Delphi Automobile Systems is using a(n) __________.
a. cost leadership strategy
b. cost focus strategy
c. differentiation focus strategy
d. innovation strategy
e. differentiation strategy
Q:
A cost leadership strategy refers to one of Porter's generic business strategies that
a. involves controlling expenses and, in turn, lowering product prices targeted at a narrow range of markets segments.
b. focuses on reducing expenses and, in turn, lowers product prices, while targeting a broad array of market segments.
c. requires products to have significant points of difference to target one or only a few market segments.
d. requires products to have significant points of difference to charge a higher price while targeting a broad array of market segments.
e. seeks opportunities by finding the optimum balance between marketing efficiencies versus R&D"manufacturing efficiencies.
Q:
__________ is the financial ratio that measures the inventory turnover rate.
a. Markup
b. Selling price
c. Return on investment
d. Stockturn rate
e. Markdown
Q:
The gift shop purchased four sets of Block brand handpainted stemware expecting to sell all four at the list price of $24.99. Unfortunately, the demand for the stemware was not as high as the owner had anticipated. She was only able to sell one at this price. She reduced the price on the other three sets to $16.49 and was able to sell all three sets. Calculate her markdown percentage.a. 0.34 percentb. 3.43 percentc. 34.3 percentd. 2.78 percente. 27.8 percent
Q:
The ___________ is the amount added to the cost of goods sold (COGS) to arrive at the selling price.
a. markup
b. selling price
c. return on investment
d. stockturn rate
e. markdown
Q:
The total cost of the products sold by a firm during a specified period is called
a. amortization.
b. cost of goods sold.
c. gross sales.
d. net sales.
e. gross margin.
Q:
Gross sales minus returns and allowances equals
a. inventory shrinkage.
b. discounted return on investment.
c. gross sales.
d. net sales.
e. gross margin.
Q:
Figure 1.
Porter's generic business strategies shown in Figure 1. above, "D" refers to a __________ strategy.
a. quality focus
b. cost leadership
c. differentiation
d. cost focus
e. differentiation focus
Q:
Porter's four generic business strategies are __________, cost focus, differentiation focus, and cost leadership.
a. exclusivity
b. quality focus
c. differentiation
d. geographic span
e. service leadership
Q:
According to Porter's framework regarding generic business strategy, there are two fundamental alternatives a firm can use to seek a competitive advantage. One of these is to
a. become the high-cost producer within the markets it competes and using a skimming pricing strategy to recoup these high R&D expenses.
b. adopt a "me too" strategy to achieve competitive parity.
c. become the low-cost producer within the markets in which it competes.
d. state its function in society to differentiate itself from competitors.
e. differentiate itself from competitors by developing similar marketing programs.
Q:
Annual __________ are documents that deal with the marketing goals and strategies for a product, product line, or entire firm for a single year.
a. production estimates
b. sales forecasts
c. budget projections
d. marketing plans
e. tactical forecasts
Q:
Each phase of the strategic marketing process creates its own unique type of output report. Which of the following would be associated with the evaluation phase?
a. performance reviews for key personnel
b. corrective action memos, triggered by comparing results with goals, often using the firm's marketing dashboards and metrics
c. sales reports using the firm's marketing metrics and dashboards
d. action memos that tell who is to do what by when
e. marketing plans that define goals with the relevant metrics and the marketing mix strategies to achieve them
Q:
Which of the following output reports is used in the planning phase of the strategic marketing process?
a. marketing plans that define goals
b. action memos that tell who is to do what
c. action memos that tell who is to do what by when
d. corrective action memos
e. tracking reports
Q:
Which of the following pieces of information is used in the evaluation phase of the strategic marketing process?
a. action memos to correct problems and exploit opportunities
b. charts assigning responsibilities for actions and deadlines
c. revenues associated with each point of market share
d. trends for industry and competitors
e. possible cannibalization effects on other products in the line
Q:
The information needed for the evaluation phase of the strategic marketing process includes: (1) __________ and (2) action memos to correct problems and exploit opportunities.
a. positioning studies
b. market-product grids with target segments and product groupings
c. detailed plans to execute the marketing program
d. tracking reports to measure results
e. projected future sales, expenses, and profits
Q:
The actions taken during the evaluation phase of the strategic marketing process include: (1) compare results with plans to identify deviations and (2) __________.
a. find points of difference
b. execute the marketing program
c. track sales and revenues and compare with competitors
d. develop the budget by estimating revenues, expenses, and profits
e. correct negative deviations and exploit positive ones
Q:
The actions taken in the development of the marketing program, Step 3 of the planning phase, include: (1) develop the program's marketing mix actions and (2) __________.
a. select target markets
b. identify industry trends
c. position the product
d. find points of difference
e. develop the budget by estimating revenues, expenses, and profits
Q:
The actions taken during market product focus and goal setting, Step 2 of the planning phase, include: (1) set market and product goals, (2) select target markets, (3) __________, and (4) position the product.
a. find points of difference
b. identify industry trends
c. research customers
d. develop the program's marketing mix
e. develop the budget by estimating revenues, expenses, and profits
Q:
The actions taken during market product focus and goal setting, Step 2 of the planning phase, include: (1) set market and product goals; (2) __________; (3) find points of difference; and (4) position the product.
a. identify industry trends
b. select target markets
c. research customers
d. develop the program's marketing mix
e. develop the budget by estimating revenues, expenses, and profits
Q:
Which of the following pieces of information is used in market-product focus and goal setting, the second step of the planning phase of the strategic marketing process?
a. market-product grids with target segments and product groupings
b. marketing return on investment
c. revenues associated with each point of market share
d. trends for industry and competitors
e. possible cannibalization effects on other products in the line
Q:
When participating in major projects in college marketing classes, effective teams can make use of a __________ to be sure that each team member does a fair amount of work and that their class projects are finished efficiently and on time.
a. market-product grid
b. project schedule
c. Plan-A-Gram
d. Gantt chart
e. sales response function
Q:
Figure 1.
What is the name of the tool shown in Figure 1. above that is the basis for the scheduling techniques used today in marketing and production?
a. a market-product grid
b. a Gantt chart
c. a project schedule
d. a sales response function
e. a Plan-A-Gram