Level 1 – Page 17

BMIS – L1 – SA – Q8.1 – Finance, R&D and Marketing Strategies

Determines if a core competence involves performing all non-core activities internally.

Question

A core competence is when an organisation performs all non-core activities itself.

A True

B False

Answer

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Tags: Business Operations, Business Strategy, Competitive advantage, Core Competence, Finance, Management, Marketing, Organizational Skills, R&D, Strategic Thinking
Level: Level 1

Topic: Finance

BMIS – L1 – SA – Q7.5 – Competitive advantage

Conditions for successful focused differentiation strategy

Question

According to Bowman’s strategic clock, what conditions should apply for an entity to pursue successfully a strategy of focused differentiation?
A The product should have high added value, with a high price
B The product should have standard or average added value, with a high price
C The product should have high added value, with an average price
D The product should have standard or average added value, with an average price

Answer

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Tags: Added value, Bowman’s strategic clock, Competitive strategy, Focused differentiation, Pricing
Level: Level 1

Topic: Competitive advantage and strategic direction

BMIS – L1 – SA – Q7.4 – Competitive advantage

Industry suitability for a lock-in strategy

Question

In which one of the following industries might a lock-in strategy be most appropriate?

A Subscription television service

B Aircraft manufacture

C Wheat production

D Wine making

Answer

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Tags: Competitive advantage, Customer Retention, Industry analysis, Lock-in strategy, Switching costs
Level: Level 1

Topic: Competitive advantage and strategic direction

BMIS – L1 – SA – Q7.3 – Strategic direction

Type of business collaboration for patent rights sale

Question

Company X manufactures a product for which it has world-wide patent rights but sells it only in its own country. It sells to a foreign company, Company Y, the right to make and sell the product in its own country. This form of business collaboration is:

A a licensing agreement

B a franchise agreement

C a strategic alliance

D a joint venture

Answer

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Tags: Business collaboration, Franchise, Joint venture, Licensing agreement, Strategic alliance
Level: Level 1

Topic: Competitive advantage and strategic direction

BMIS – L1 – SA – Q7.2 – Competitive advantage

Bowman’s strategic clock on pricing and perceived benefits

Question

According to Bowman’s strategic clock, a strategy of reducing the price of a product below the average and increasing the perceived benefits so that these are above average is a:

A focused differentiation strategy

B low price strategy

C hybrid strategy

D differentiation strategy

Answer

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Tags: Bowman’s strategic clock, Competitive advantage, Differentiation, Hybrid strategy, Pricing Strategy
Level: Level 1

Topic: Competitive advantage and strategic direction

BMIS – L1 – SA – Q7.1 – Competitive advantage

Impact of product differentiation strategy on pricing and market dynamics

Question

With a production differentiation strategy:

A there is a low threat of new entrants to the market
B there are no substitute products
C cost leadership can be achieved in a chosen market segment
D a higher price can be charged for the product

Answer

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Tags: Competitive advantage, Differentiation strategy, Market entry, Pricing, Substitutes
Level: Level 1

Topic: Competitive advantage and strategic direction

BMIS – L1 – SA – Q6.5 – Competitive Forces and Markets

Explains the Five Forces model as a framework for analyzing industry competition.

Question

The Five Forces model is intended to explain the reasons for

A the strength of competition in an industry

B the selection of product-market strategies

C sources of sustainable competitive advantage

D the fragmentation of industry

Answer

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Tags: Competitive analysis, Five Forces Model, Industry Competition, Market Strategy
Level: Level 1

Topic: Competitive forces and markets

BMIS – L1 – SA – Q6.4 – Competitive Forces and Markets

Classifies TV advertising to consumers as pull promotion to encourage demand.

Question

Advertising a product to consumers on television is an example of:

A pull promotion

B push promotion

C pull-push promotion

D push-pull promotion

Answer

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Tags: Advertising, Consumer Demand, Marketing strategy, Pull Promotion
Level: Level 1

Topic: Competitive forces and markets

BMIS – L1 – SA – Q6.3 – Competitive Forces and Markets

Identifies the marketing concept as the philosophy behind responding to consumer demand for a low-sugar product.

Question

When a confectionary company introduced a low sugar natural fruit jam in response to consumer’s demand, which one of the following philosophies was being followed?

A Selling concept

B Product concept

C Marketing concept

D Production concept

Answer

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Tags: Business Philosophy, Consumer Demand, Marketing Concept, Product Development
Level: Level 1

Topic: Competitive forces and markets

BMIS – L1 – SA – Q6.2 – Competitive Forces and Markets

Identifies promotion as the marketing mix variable for educating consumers about product benefits.

Question

Super Tiles produces a new floor tile that is highly stain resistant and durable. It must educate consumers about the benefits of the product. In which of the following marketing mix variables does this call for an activity?

A Price

B Promotion

C Distribution

D Product

Answer

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Tags: Consumer Education, Market Strategy, Marketing mix, Product Benefits, Promotion
Level: Level 1

Topic: Competitive forces and markets

Level (SQ): Level 1

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BMIS – L1 – SA – Q8.1 – Finance, R&D and Marketing Strategies

Determines if a core competence involves performing all non-core activities internally.

BMIS – L1 – SA – Q7.5 – Competitive advantage

Conditions for successful focused differentiation strategy

BMIS – L1 – SA – Q7.4 – Competitive advantage

Industry suitability for a lock-in strategy

BMIS – L1 – SA – Q7.3 – Strategic direction

Type of business collaboration for patent rights sale

BMIS – L1 – SA – Q7.2 – Competitive advantage

Bowman’s strategic clock on pricing and perceived benefits

BMIS – L1 – SA – Q7.1 – Competitive advantage

Impact of product differentiation strategy on pricing and market dynamics

BMIS – L1 – SA – Q6.5 – Competitive Forces and Markets

Explains the Five Forces model as a framework for analyzing industry competition.

BMIS – L1 – SA – Q6.4 – Competitive Forces and Markets

Classifies TV advertising to consumers as pull promotion to encourage demand.

BMIS – L1 – SA – Q6.3 – Competitive Forces and Markets

Identifies the marketing concept as the philosophy behind responding to consumer demand for a low-sugar product.

BMIS – L1 – SA – Q6.2 – Competitive Forces and Markets

Identifies promotion as the marketing mix variable for educating consumers about product benefits.

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Determines if a core competence involves performing all non-core activities internally.

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Conditions for successful focused differentiation strategy

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Industry suitability for a lock-in strategy

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Type of business collaboration for patent rights sale

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Bowman’s strategic clock on pricing and perceived benefits

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Impact of product differentiation strategy on pricing and market dynamics

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Explains the Five Forces model as a framework for analyzing industry competition.

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Classifies TV advertising to consumers as pull promotion to encourage demand.

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Identifies the marketing concept as the philosophy behind responding to consumer demand for a low-sugar product.

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Identifies promotion as the marketing mix variable for educating consumers about product benefits.

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