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?

<p>Understanding customers and focusing on profitability (A)</p> Signup and view all the answers

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

<p>Making one wrong move (A)</p> Signup and view all the answers

What is a popular way to alter customer perceptions?

<p>Developing uniqueness (B)</p> Signup and view all the answers

What are the main advantages of selling on the internet?

<p>Reducing sales costs and satisfying more customers (B)</p> Signup and view all the answers

How are brands described in the text?

<p>Complex assets with distinguishing features (B)</p> Signup and view all the answers

What is the focus of customer-focused businesses?

<p>Enhancing customer satisfaction and building strong customer relationships (C)</p> Signup and view all the answers

What are the types of production strategies under Competitive Priorities?

<p>Price or cost strategy, Quality strategy, Delivery strategy (A)</p> Signup and view all the answers

What is the focus of strategic marketing management?

<p>Sales and marketing functions (D)</p> Signup and view all the answers

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

<p>Understanding the specific needs and nature of the target market (B)</p> Signup and view all the answers

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

<p>Retaining market share and taking customers from competitors (A)</p> Signup and view all the answers

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

<p>To build and gain market share as rapidly as possible (C)</p> Signup and view all the answers

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

<p>Sales and marketing (C)</p> Signup and view all the answers

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

<p>Pricing, selling techniques, internet sales, brand management, customer loyalty (C)</p> Signup and view all the answers

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