Strategic Management - Study Mode

[#356] Which of these characteristics best describes a customer-driven organization?
Correct Answer

(C) Responsiveness

Explanation

Solution: Responsiveness characteristics best describes a customer-driven organization. Responsiveness, in communication, refers to the degree that what YOU say, responds clearly and directly, to what the other person just said. If you are being responsive, the other person knows you are paying attention, and care enough about what he or she is talking about to "stay on that topic".

[#357] Which of the following is a source of differentiation?
Correct Answer

(A) Relationships with customers

Explanation

Solution: Relationships with customers is a source of differentiation. Product differentiation is a marketing strategy that strives to distinguish a company's products or services from the competition. Successful product differentiation involves identifying and communicating the unique qualities of a company's offerings while highlighting the distinct differences between those offerings and others on the market.

[#358] Which component of a mission statement addresses the basic beliefs, values, aspirations, and ethical priorities of the firm?
Correct Answer

(B) Philosophy

Explanation

Solution: Philosophy component of a mission statement addresses the basic beliefs, values, aspirations, and ethical priorities of the firm. What are the basic beliefs, values, aspirations, and philosophical.

[#359] Effective mission statements
Correct Answer

(D) stand the test of time and require little revision

Explanation

Solution: Effective mission statements stand the test of time and require little revision. To be effective, mission statements need to clarify the intentions of the business while being inspirational and meaningful to customers and employees. Successful mission statements may take time to create, but when they are developed correctly, they provide a company with clear direction and purpose.

[#360] Which of the following best relates to market share? Market share is:
Correct Answer

(D) subjective

Explanation

Solution: Market share is subjective. Subjective marketing is founded on the marketer's own experience regarding product successes and failures, knowledge of new products, understanding of the customer and prospect base, and existing and past customer relationships. These all are essential to setting up a marketing plan.