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16 Questions

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Strategic Decision Making in Business

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Questions and Answers

How are internet activities recommended to be integrated into the business?

By being disconnected from the whole business

By reinventing whole industries

By avoiding sharing information about customers

By being integrated into the whole business (correct)

What is the primary benefit of a strong brand identity?

Reducing sales costs

Increasing sales both to current and potential customers

Exploiting the strengths of an established brand

Building customer loyalty (correct)

What is the main purpose of customer loyalty programs?

To build repeat business (correct)

To reduce sales costs

To increase production strategies

To reinvent whole industries

What is emphasized as essential in making sales decisions?

Understanding customers and focusing on profitability Signup and view all the answers

What do selling techniques emphasize to avoid handing the initiative to competitors?

Making one wrong move Signup and view all the answers

What is a popular way to alter customer perceptions?

Developing uniqueness Signup and view all the answers

What are the main advantages of selling on the internet?

Reducing sales costs and satisfying more customers Signup and view all the answers

How are brands described in the text?

Complex assets with distinguishing features Signup and view all the answers

What is the focus of customer-focused businesses?

Enhancing customer satisfaction and building strong customer relationships Signup and view all the answers

What are the types of production strategies under Competitive Priorities?

Price or cost strategy, Quality strategy, Delivery strategy Signup and view all the answers

What is the focus of strategic marketing management?

Sales and marketing functions Signup and view all the answers

What does successful pricing depend on, according to the text?

Understanding the specific needs and nature of the target market Signup and view all the answers

In a mature market with few new customers, what should pricing strategies focus on?

Retaining market share and taking customers from competitors Signup and view all the answers

What is the aim in a new and growing market, according to the text?

To build and gain market share as rapidly as possible Signup and view all the answers

Which function is described as crucial due to product differentiation becoming less clear?

Sales and marketing Signup and view all the answers

What are some techniques explained in the section about strategic marketing management?

Pricing, selling techniques, internet sales, brand management, customer loyalty Signup and view all the answers