Question 1
Through market research, corporations can target their various products or services so that management can discover what niches to seek or develop, and how to minimize competitive pressure. Which of the following terms does this statement describe?
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Answer
| Marketing position | ||
| Product life cycle | ||
| Market segmentation | ||
| Marketing mix |
4 points
Question 2
Which of the following is more valuable because it can provide companies with a sustainable competitive advantage that is harder for competitors to imitate?
Answer
| Tacit knowledge | ||
| Explicit knowledge | ||
| Imitable knowledge | ||
| Transferable knowledge |
4 points
Question 3
According to the textbook, which of the following is NOT descriptive of a corporation’s culture?
Answer
| A corporation’s culture is a collection of beliefs, expectations, and values learned and shared by corporation’s members and transmitted from one generation of employees to another. | ||
| Corporate cultures are only temporary and can be easily changed. | ||
| Corporate culture norms are created and define acceptable behavior from top management to operative employee. | ||
| Myths and rituals often emerge over time to explain why a certain aspect of the culture is important. |
4 points
Question 4
Which societal force includes demographic trends?
Answer
| Political-legal forces | ||
| Labor forces | ||
| Economic forces | ||
| Sociocultural forces |
4 points
Question 5
Which of the following terms describes an industry dominated by a few large firms, all of which struggle with product differentiation?
Answer
| Multidomestic | ||
| Consolidated | ||
| Global | ||
| Indigenous |
4 points
Question 6
Which of the following terms refers to a formal program of gathering information on a company’s competitors?
Answer
| Statistical modeling | ||
| Competitive intelligence | ||
| Competitive strategy | ||
| Quantitative forecasting |
4 points
Question 7
What is trend extrapolation?
Answer
| The process of converting intuition and hunches into reality | ||
| The extension of present trends into the future | ||
| The process of asking some authorities in the area to make an “informed guess” about the future. | ||
| The attempt to conceptualize alternative futures |
4 points
Question 8
What process involves a company taking apart a competitor’s product in order to find out how it works?
Answer
| Competitive strategy | ||
| Replicability | ||
| Reverse engineering | ||
| Transparency |
4 points
Question 9
What are the key environmental trends that are judged to have a medium to high probability of occurrence and a medium to high probability of impact on the corporation?
Answer
| External strategic factors | ||
| Scenarios | ||
| Industry forces | ||
| Strategic issues |
4 points
Question 10
According to Porter, the corporation is most concerned with:
Answer
| the intensity of competition within its industry. | ||
| the aggregate level of demand for a product line. | ||
| a market’s position on its life cycle. | ||
| the amount of pressure from the societal environment. |
4 points
Question 11
Distinguish between a fragmented and consolidated industry, and describe examples of each.
Answer
30 points
Question 12
List and explain four current sociocultural trends in the U.S. that are transforming North America and the world.
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