STR 581 Week 6 Capstone Examination Part 3 Answers for STR 581 Capstone Final Exam Part 3

STR 581 Capstone Final 

Examination Part 3 

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1. 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? 

 

 

 

 

Operational excellence 

Low-cost leadership 

Customer intimacy 

Product leadership 

2. 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 improvement 

feature improvement 

style improvement 

quality improvement 


3. 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 estimation 

brand association 

market partitioning 

market valuation 

4. This is designed to check systematically and continuously whether the premises on which the strategy is 

based are still valid 

 

 

 

 

Special alert control 

Strategic surveillance 

Implementation control 

Premise control 


5. A firm must know where to position its product based on price and 

 

 

 

 

promotional efforts 

quality 

communication 

region 

6. 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. 

 

 

 

 

Competitive analysis 

Business analysis 

Customer analysis 

Company analysis 


7. What is the perceived monetary value of the bundle of economic, functional, and psychological benefits 

customers expect from a given market offering because of the product, service, people, and image? 

 

 

 

 

Ultimate service benefit 

Complete marketing benefit 

Total customer benefit 

Total management benefit 

8. A valuable result of task environment analysis with respect to geographic, demographic, psychographic 

and buyer-behavior factors is called 

 

 

 

competitor profile 

financial position 

vendor profile 

• customer profile 


9. The ability to meet humanity’s needs without harming future generations is now a top priority in most 

corporate agenda 

 

 

 

 

ethics 

sustainability 

rules 

righteousness 

10. Large-scale, future-oriented plans for interacting with the competitive environment to achieve the 

company objective refers to its 

 

 

 

 

strategy 

dynamic policies 

competitive analysis 

goals 


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11. With ________ as a target market strategy, the firm concentrates on serving many needs of a particular 

customer group. 

 

 

 

 

single-segment concentration 

product specialization 

market specialization 

selective specialization 

12. Company X's principal strength is its inbound and outbound logistics system; its relative weakness, 

however, is after-sales service. Its competitor, Company Y, however is often plagued with lagging shipments 

and an inflexible distribution setup. Company Y remains successful because it maintains a fully staffed 

service department and, as a result, the company is known for its dependable service. This type of analysis 

allows them to identify ways to build on relative strengths and avoid dependence on capabilities at which the 

other firm excels. 

 

 

 

 

Disaggregating 

Benchmarking 

Past performance comparison 

Industry comparison 


13. 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. 

 

 

 

 

Political factor 

Stakeholder factor 

Economic factor 

Social factor 

14. Leaders galvanize commitment to embrace change through clarifying strategic intent, building an 

organization, and 

 

 

 

 

shaping organizational culture 

developing a vision 

developing a mission 

planning strategy 


15. How do functional tactics compare to 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 specific than business strategies. 

Functional tactics are more long-term than business strategies 

16. Under which of the following conditions is the frequency the most important factor in media 

selection? 

 

 

 

 

When introducing flanker brands 

When going into undefined target markets 

When launching infrequently purchased brands 

When there is high consumer resistance to the product 


17. New-to-the-world products are ________. 

 

 

 

 

new product enhancements that supplement established products 

low-cost products designed to obtain an edge in highly competitive markets 

new products that create an entirely new market 

existing products that are targeted to new geographical markets 

18. BMW’s "The ultimate driving machine," American Express' "Don't leave home without it," 

New York Times' "All the news that's fit to print," and AT&T's "Reach out and touch someone" 

are all examples of ________. 

 

 

 

 

brand mission 

brand vision 

brand slogan 

brand personality 


19. Which component of a marketing audit includes major developments in income, prices, savings, and 

credit that affect the company? 

 

 

 

 

Economic 

Political 

Cultural 

Technological 

20. Prestige LLC, a small company that manufactures specialty cereals and energy bars, wants to launch a 

"green marketing" program in response to heightened consumer awareness about environmental issues. 

What should the company do to maximize the program's chances of being successful? 

 

 

 

 

Explain the rules and regulations laid out by governmental agencies to protect the environment. 

Focus on the efforts and costs incurred by the company to bring these "green" products to consumers. 

Emphasize benefits to the consumer rather than environmental benefits. 

Demonstrate that the products will benefit both customers and the society in the long-term. 


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21. When diversification involves additions of a business related to the firm in terms of technology, 

markets or products, it involves 

 

 

 

 

vertical diversification 

concentric diversification 

horizontal integration 

concentrated growth 

22. 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 responsibility 

Legal responsibility 

Employee responsibility 

Discretionary responsibility 


23. Which control should periodically reassess its approach to the marketplace with a good marketing audit? 

 

 

 

 

Strategic control 

Marketing control 

Ethical control 

Performance control 

24. What type of strategy consists of geographical pricing, price discounts and allowances, promotional 

pricing, and differentiated pricing? 

 

 

 

Regular prices 

Fixed pricing 

Price adaptation 

• Altered pricing 

25. A set of ideas on organizational control based on the belief that the separation of the ownership from 

management creates the potential for the wishes of owners to be ignored refers to 

• agency theory 

• the moral hazard problem 

• Adam’s theory 

• ethical responsibilities 


26. Firms using this generic strategy attempt to build customer loyalty by stressing a specific product attribute above other 

product qualities. 

 

 

 

 

Cost leadership 

Concentrated growth 

Focus 

Differentiation 

27. 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. 

 

 

 

 

switchers 

hard-core loyals 

shifting loyals 

split loyals 

28. 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. 

 

 

 

 

Broadening 

Differentiation 

Diversification 

Preferencing 


29. 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. 

 

 

 

 

Internal analysis 

Value chain analysis 

External analysis 

SWOT analysis 

30. The marketing manager needs to know the cost of the research project before approving it. During 

which stage of the marketing research process would such a consideration most likely take place? 

 

 

 

 

Step 4 – analyzing the information 

Step 5 – drafting the report 

Step 1 – defining the problem 

Step 2 – developing the research plan 


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