Question

The managerial process of creating and maintaining a fit between the organization's resources and evolving market opportunities is best described by the term:

		Marketing
		Brand positioning
		Strategic planning
		Competitive advantage

Chris decides to purchase a new Dell laptop. He finds that he has several options in the Phoenix area to choose from but not all stores that sell laptops sell the Dell brand of laptops. For Chris, this laptop is a:

		Shopping product
		Convenience product
		Component product
		Specialty product

Sometimes, companies organize a product or group of products from within the organization so that they have a distinct mission and specific target markets, control their own resources and have their own individual competitors, this is best known as a(n):

		SWOT Analysis
		Strategic Opportunity Matrix
		Usage Segmentation Strategy
		Strategic Business Unit

In our discussion of additional competitive advantage frameworks, which of the following is best described by "excellence in technology and development with the most advanced, highest quality offerings?"

		Operational Excellence
		Customer Intimacy
		Streamlined Incentivizing
		Product Leadership

Pepsi, the parent company of Gatorade, currently makes many variations of beverages including sports drinks. A while back they added a new sports drink called "G2." By adding this product to their line-up of existing sport drinks, Gatorade is:

		Deepening their product mix
		Deepening their product line
		Widening their product line
		Widening their product mix

Answer 1

1. Ans: Strategic planning

Explanation:

Strategic planning is an organization's process of defining its strategy, and making decisions on allocating its resources to pursue this strategy.

2. Ans: Specialty product

Explanation:

A specialty product is a product that consumers will actively want to purchase because of the product's unique characteristics or loyalty to a specific brand.

3. Ans: Strategic Business Unit

Explanation:

SBU is a subgroup of a single business or a collection of related businesses within the larger organization.

4. Ans: Streamlined Incentivizing

5. Ans: Widening their product mix

Explanation:

Product mix refers to the total number of products of a company offer to sell. On the other hand, product line refers to related products with similar users and functions.

Here, G2 is a soft drink which is added to the soft drink product mix.