Louisiana State University, Shreveport MKT 701/ MKT 701 Chapter 2 Quiz. Questions, Answers and Feedback

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Question 1 __________ firms are those that successfully generate, disseminate, and respond to market information. Select one: a. Customer-oriented b. Market-oriented Correct c. Competitive-orient... ed d. Satisfaction-oriented e. Information-oriented Feedback The correct answer is: Market-oriented Question 2 Question text When firms who have successfully implemented the balanced performance scorecard hold regular meetings to review the performance of their strategy, they are adhering to which of the five common principles that successful firms use when implementing the balanced performance scorecard method? Select one: a. Aligning the organization to the strategy b. Mobilizing change through executive leadership c. Translating the strategy into operational terms Incorrect d. Making strategy everybody's job e. Making strategy a continual process Feedback The correct answer is: Making strategy a continual process Question 3 Goals and objectives: Select one: a. are related concepts as goals must be translated into functional objectives Correct b. are terms that can correctly be used interchangeably to describe specific qualitative measurements of outcomes c. are created independent of the corporate mission d. should remain constant through multiple rounds of strategic planning and many years e. form the means by which corporate resources are used and integrated Feedback The correct answer is: are related concepts as goals must be translated into functional objectives Question 4 In today’s business environment, firms that truly focus on customers instill a corporate culture that places customers and other stakeholders at the top of the organizational hierarchy. When this occurs, the firm shifts its focus from transactions to __________, and from __________ to collaboration. Select one: a. value; cooperation b. relationships; competition Correct c. information; rivalry d. long-range planning; contracts e. market share; competition Feedback [Show More]

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