29 Questions
Which function involves work division, assignments, and authority?
Leading
What does the situation analysis framework 5 C Analysis include?
Analysis of past, present, and future aspects
What is one of the objectives of controlling?
Communication
Which element is considered in the Collaborator part of the 5 C Analysis framework?
Alliances
Which function involves setting objectives, policies, procedures, and SOPs?
Organizing
In the context of situation analysis, what does forecasting aim to reduce?
Chance of bringing a product to market when it's not needed
What is one of the possible competitive advantages mentioned in the text?
Product differentiation – a unique or superior product
Which of the following is NOT mentioned as a possible competitive advantage?
Customization differentiation – tailoring products to individual preferences
What is emphasized as the key to building a strong position in the market place?
Consistency in promotional activities
What should businesses do to avoid confusion in the minds of customers?
Maintain consistency in all promotional activities
Based on the text, what should businesses do after selecting the right competitive edge?
Communicate and deliver the desired position
What is NOT mentioned as a basis of positioning according to the perceptions and choices of customers?
"Ferrero" due to a happy memory
What does a sales forecast project?
Expected customer demand for products
Why is forecasting important for companies?
To understand customer preferences and prepare for market changes
How can buyer surveys help in forecasting?
Provide information on customers' geographical distribution
What is the purpose of using Business Intelligence tools in forecasting?
To understand consumer buying intentions and preferences
In the context of sales forecasts, what does 'stand out from competitors' mean?
Respond quickly to market trends before competitors
How does a sales forecast help companies improve their products?
By predicting customer preferences and needs accurately
What is the main consideration in determining the size of a market segment?
Attractiveness
Which target market strategy involves serving one market segment with one marketing mix?
Single segment strategy
In which target market strategy does the firm offer an array of different products to a particular market segment?
Market Specialization
What does 'Suitability' in target market strategies refer to?
Fit with the firm's objectives, resources, and capabilities
Which element is crucial in determining the profitability of a market segment?
Sales potential
Which target market strategy serves multiple segments with different marketing mixes?
Selective Specialization
What is the economic significance of effective marketing?
Maximizing profit
What is a key focus of the Production era of marketing?
Outperforming rivals
In the context of marketing, what does 'marketing myopia' refer to?
Focusing only on the product and not the customer needs
What is essential for a company to do in order to implement global marketing effectively?
Designate country and regional offices
What does the text suggest is necessary for making a product sell itself?
Identification and segmentation of target markets
Test your knowledge by matching each management function to its corresponding outcomes or results. Practice connecting planning, organizing, leading, controlling, and situation analysis to their specific purposes in a business context.
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