Si Chen Exam 1 MBA 706. Newest
2026-2027. Questions and Correct
Answers. Graded A
_______ are the tools that firms can use/manipulate to achieve their goals
and are the foundation of the marketing framework - ANStraditional 4ps
"The means by which a company can identify its own strengths and
weaknesses as they relate to external opportunities and threats. It is thus a
way of helping management to select a position in that environment based
on known factors. - ANSmarketing audit
A process which covers the full spectrum of activities firms use in order to
understand environmental changes and their implications.
An integral part of the ongoing process by which companies develop,
implement, control and review strategies and plans at both the corporate
and the business unit levels. - ANSformal environmental scanning
a set of marketing tools that the firm uses to pursue its marketing objectives
in the target - ANSMarketing mix
CCDVTP Stands for - ANSThis is Professors Philip Kotler definition of
marketing
which stands for
1
, Create, Communicate, and Deliver Value to a target market at a Profit
Create Value = product management
Communicate Value = Brand Management
Deliver Value = Customer Management
Companies which fail to identify ____ will suffer a loss of opportunity,
market share or competitive advantage - ANSstrategic windows
-ex. swiss watch industry
competence is ___ term - ANSshort
Competitive advantage ____ over time, _____ to their competitors, ___
absolute - ANSsustain over time, relative to their competitors, not absolute
-Usually firms will have more than 1 competitive advantage in order to
succeed in a market.
-ex. Walmart, Ikea, Southwest have a sustainable competitive advantages.
Competitors are influenced by - ANSconsumers and external environment
Costs associated with selling goods - ANScosts
Decisions on the 4Ps affect ___ buys from the firm and _____ they buy,
and ultimately the profitability of the firm. - ANSwho; how many
Define "open technology" or "open innovation" - ANSFrom Philip Kotler:
Find the best ideas, wherever they come from!
2
2026-2027. Questions and Correct
Answers. Graded A
_______ are the tools that firms can use/manipulate to achieve their goals
and are the foundation of the marketing framework - ANStraditional 4ps
"The means by which a company can identify its own strengths and
weaknesses as they relate to external opportunities and threats. It is thus a
way of helping management to select a position in that environment based
on known factors. - ANSmarketing audit
A process which covers the full spectrum of activities firms use in order to
understand environmental changes and their implications.
An integral part of the ongoing process by which companies develop,
implement, control and review strategies and plans at both the corporate
and the business unit levels. - ANSformal environmental scanning
a set of marketing tools that the firm uses to pursue its marketing objectives
in the target - ANSMarketing mix
CCDVTP Stands for - ANSThis is Professors Philip Kotler definition of
marketing
which stands for
1
, Create, Communicate, and Deliver Value to a target market at a Profit
Create Value = product management
Communicate Value = Brand Management
Deliver Value = Customer Management
Companies which fail to identify ____ will suffer a loss of opportunity,
market share or competitive advantage - ANSstrategic windows
-ex. swiss watch industry
competence is ___ term - ANSshort
Competitive advantage ____ over time, _____ to their competitors, ___
absolute - ANSsustain over time, relative to their competitors, not absolute
-Usually firms will have more than 1 competitive advantage in order to
succeed in a market.
-ex. Walmart, Ikea, Southwest have a sustainable competitive advantages.
Competitors are influenced by - ANSconsumers and external environment
Costs associated with selling goods - ANScosts
Decisions on the 4Ps affect ___ buys from the firm and _____ they buy,
and ultimately the profitability of the firm. - ANSwho; how many
Define "open technology" or "open innovation" - ANSFrom Philip Kotler:
Find the best ideas, wherever they come from!
2
