SMM Quiz 2
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Questions and Answers

At which level do market-oriented perspectives underlie successful corporate, business, and marketing strategies?

  • Among functions shared by multiple businesses
  • Across components of the marketing plan for a specific product-market entry
  • Among businesses in the corporate portfolio (correct)
  • Among product-market entries in the business unit

    • What is the primary focus of marketing strategy?

  • Manage and coordinate the organization's scope and resource deployments across divisions
  • Decide about which competitive advantage best matches the needs and wants of the customers in the target segment
  • Allocate and coordinate resources and activities to accomplish the firm's objectives within a specific product-market (correct)
  • Develop and maintain distinctive competencies at the corporate level

    • Which of the following statements about market-oriented firms is true?

  • They are slower and less willing to adapt products and functional programs to fit environmental changes
  • They pay attention to customer research only after the product has been in the market for a few years
  • They refrain from using cross-functional teams during the development of new products
  • They are characterized by a consistent focus on customers' needs by personnel in all departments (correct)

    • What is the term for the tendency for firms to automatically continue strategies that were successful in the past, even though current market conditions are changing?

    <p>Strategic inertia</p> Signup and view all the answers

    Which of the following is a characteristic of a market-oriented firm?

    <p>Focusing on customer needs by personnel in all departments</p> Signup and view all the answers

    What is the main goal of allocating and coordinating resources and activities in a marketing strategy?

    <p>To accomplish the firm's objectives within a specific product-market</p> Signup and view all the answers

    What is the primary focus of a market-oriented organization?

    <p>Customer needs and wants</p> Signup and view all the answers

    Which of the following is a key aspect of market-oriented perspectives?

    <p>Focusing on customers' needs in all departments</p> Signup and view all the answers

    What is a key characteristic of a product-oriented organization?

    <p>Focuses technical research on product improvement and cost-cutting in production</p> Signup and view all the answers

    Which of the following is true of a market-oriented strategy?

    <p>Pricing is based on perceived benefits the product provides</p> Signup and view all the answers

    What happens when firms continue to use strategies that were successful in the past, even though current market conditions are changing?

    <p>They experience strategic inertia</p> Signup and view all the answers

    What is the main difference between a market-oriented organization and a product-oriented organization?

    <p>Focus on customer needs and wants versus product features</p> Signup and view all the answers

    Which of the following statements is true of a market-oriented organization?

    <p>Makes product packaging for the customer's convenience</p> Signup and view all the answers

    What is a characteristic of a product-oriented organization?

    <p>Focuses technical research on product improvement and cost-cutting in production</p> Signup and view all the answers

    Which of the following statements is NOT true of a market-oriented organization?

    <p>Uses promotional tactics to emphasize product features, quality, and price</p> Signup and view all the answers

    What is a key difference between a market-oriented organization and a product-oriented organization?

    <p>Focus on customer needs and wants versus product features and quality</p> Signup and view all the answers

    What is a characteristic of early entrants into newly emerging industries based on new technologies?

    <p>They are especially likely to be internally focused and not very market-oriented</p> Signup and view all the answers

    What is a key difference between product-oriented firms and market-oriented firms?

    <p>Product-oriented firms base their pricing on production and distribution costs</p> Signup and view all the answers

    What is a feature of a market-oriented organization?

    <p>It bases its pricing on perceived benefits provided by the product to its customer</p> Signup and view all the answers

    Which of the following is a characteristic of a production-oriented organization?

    <p>Its primary focus when offering a product is on the product's functional performance and cost</p> Signup and view all the answers

    What is a benefit of having a market-oriented approach?

    <p>It enables companies to better understand customer needs and preferences</p> Signup and view all the answers

    What is a key difference between a market-oriented organization and a production-oriented organization?

    <p>A market-oriented organization focuses on customer needs, while a production-oriented organization focuses on product functionality and cost</p> Signup and view all the answers

    What is a characteristic of a product-oriented firm?

    <p>It uses promotion to emphasize product benefits and ability to satisfy customers' needs</p> Signup and view all the answers

    Why are early entrants into newly emerging industries based on new technologies often internally focused and not very market-oriented?

    <p>Due to rapid growth in demand for the new product</p> Signup and view all the answers

    What should a firm do when the market attractiveness is low and the competitive position is weak?

    <p>It should sell when possible to maximize cash value and cut fixed costs in the meantime.</p> Signup and view all the answers

    When a firm has a strong competitive position in a highly attractive market, what strategy should it consider?

    <p>Invest more to grow at a maximum rate and concentrate on maintaining strengths.</p> Signup and view all the answers

    What is the primary goal of a firm with a strong competitive position in a low-attractiveness market?

    <p>To protect current strengths and invest to improve position only in areas where risk is low.</p> Signup and view all the answers

    When a firm has a weak competitive position in a highly attractive market, what strategy should it consider?

    <p>Emphasize profitability by increasing productivity and build up ability to counter competition.</p> Signup and view all the answers

    What is a characteristic of a mass-market strategy?

    <p>It works on the principle that an undifferentiated marketing strategy generates more sales than a differentiated strategy.</p> Signup and view all the answers

    What should a firm do when the market attractiveness is high and the competitive position is weak?

    <p>Emphasize profitability by increasing productivity and build up ability to counter competition.</p> Signup and view all the answers

    What is the primary goal of a firm with a weak competitive position in a low-attractiveness market?

    <p>To sell when possible to maximize cash value and cut fixed costs in the meantime.</p> Signup and view all the answers

    What should a firm do when the market attractiveness is low and the competitive position is strong?

    <p>Protect current strengths and invest to improve position only in areas where risk is low.</p> Signup and view all the answers

    Which positioning base is illustrated by a clothing manufacturer's claim of their shirts being made from pure organic cotton?

    <p>Ingredients</p> Signup and view all the answers

    What is the positioning base that typically includes 'who made it' and 'prior products'?

    <p>Parentage</p> Signup and view all the answers

    Which of the following is an example of using product features as a determinant attribute in positioning?

    <p>This is the quietest dishwasher made in America.</p> Signup and view all the answers

    Which positioning base is used in the Speedheal ad 'Find out why thousands of nutritionists across America are recommending Speedheal to their clients'?

    <p>Endorsements</p> Signup and view all the answers

    What is the benefit of using the ingredients of a product as a positioning base?

    <p>To differentiate the product from competitors</p> Signup and view all the answers

    Which positioning base is used when a company emphasizes the quality of its product?

    <p>Price/quality</p> Signup and view all the answers

    What is the purpose of using endorsements as a positioning base?

    <p>To build credibility and trust with customers</p> Signup and view all the answers

    Which positioning base is used when a company emphasizes the heritage of its product?

    <p>Parentage</p> Signup and view all the answers

    Study Notes

    Market-Oriented Perspectives

    • A market-oriented firm focuses on customers' needs by personnel in all departments.
    • The primary focus of marketing strategy is to allocate and coordinate resources and activities to accomplish the firm's objectives within a specific product-market.
    • Strategic inertia refers to the tendency for firms to automatically continue strategies that were successful in the past, even though current market conditions are changing.

    Characteristics of Market-Oriented Firms

    • They have a consistent focus on customers' needs by personnel in all departments.
    • They use promotion to emphasize product benefits and its ability to satisfy customers' needs.
    • They base their pricing on perceived benefits provided by the product to its customers.
    • They make product packaging for the customer's convenience.
    • They use promotional tactics to emphasize product benefits, quality, and price.

    Characteristics of Product-Oriented Firms

    • They base their pricing on production and distribution costs.
    • They focus technical research on product improvement and cost-cutting in production.
    • They view credit as a necessary evil that can be used to minimize major debt losses.
    • They use promotional tactics to emphasize product features, quality, and price.

    Market Attractiveness/Competitive Position Matrix

    • When the market attractiveness is high and the competitive position is strong, a firm should invest more to grow at a maximum rate and concentrate on maintaining strengths.

    Mass-Market Strategy

    • It involves serving one or more segments with customers seeking somewhat-specialized benefits from a product.
    • It works on the principle that an undifferentiated marketing strategy generates more sales than a differentiated strategy.

    Positioning Bases

    • Parentage includes "who made it" and "prior products."
    • Ingredients is illustrated by a clothing manufacturer's claim of their shirts being made from pure organic cotton.
    • Product features can be used as a determinant attribute in positioning, such as "This is the quietest dishwasher made in America."
    • Endorsements involves using a tagline like "Find out why thousands of nutritionists across America are recommending Speedheal to their clients."

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