Marketing Research and Strategy Study Guide Questions
Course Introduction
This course explores the fundamental principles and methodologies of marketing research and their pivotal role in shaping effective marketing strategies. Students will learn how to design, conduct, and analyze both qualitative and quantitative research to gather actionable insights about consumer behavior, market trends, and competitive environments. Emphasis is placed on transforming research findings into strategic recommendations to optimize product development, positioning, and communication efforts. Through case studies and practical projects, students will develop critical skills for informed decision-making and strategic planning in dynamic marketing landscapes.
Recommended Textbook
Marketing Strategy 5th Edition by O. C. Ferrell
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12 Chapters
296 Verified Questions
296 Flashcards
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Page 2
Chapter 1: Marketing in Todays Economy
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Sample Questions
Q1) With respect to the strategic planning process, why has social responsibility and marketing ethics become important today? Is it really necessary to consider these issues in strategic planning? How can a firm plan to be socially responsible?
Answer: Our society still reverberates from the effects of corporate scandals at Enron, WorldCom, and ImClone, among others. Although these scandals make for interesting reading, many innocent individuals have suffered the consequences from these companies' unethical behavior. Social responsibility refers to an organization's obligation to maximize its positive impact on society while minimizing its negative impact. In terms of marketing strategy, social responsibility addresses the total effect of an organization's marketing activities on society. A major part of this responsibility is marketing ethics, or the principles and standards that define acceptable conduct in marketing activities. Ethical marketing can build trust and commitment and is a crucial ingredient in building long-term relationships with all stakeholders. Another major component of any firm's impact on society is the degree to which it engages in philanthropic activities. Many firms now make philanthropy a key strategic activity.
Because efforts to be socially responsible involve the allocation of human and financial resources, these activities must be planned just like traditional marketing activities.
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Chapter 2: Strategic Marketing Planning
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Sample Questions
Q1) When creating a corporate vision statement, organizations are attempting to answer which of the following questions?
A) What do we want to become?
B) What business are we in?
C) What are our competitive advantages?
D) How can we be the best?
E) Who are we and what do we stand for?
Answer: A
Q2) Focusing on customers has not always been the hallmark of strategic planning. In fact, in the early 20 century, firms tended to focus strictly on _____ rather than on developing relationships with customers.
A) efficiency and quality
B) selling products to customers
C) marketing research
D) growth and corporate profits
E) new product development
Answer: A
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Chapter 3: Marketing Ethics and Social Responsibility in Strategic Planning
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Sample Questions
Q1) _____ is a broad concept that relates to an organization's obligation to maximize its positive impact on society while minimizing its negative impact.
A) Marketing ethics
B) Corporate philanthropy
C) Social responsibility
D) Strategic philanthropy
E) Social engineering
Answer: B
Q2) The principles and standards that define acceptable marketing conduct as determined by the public, government regulators, private-interest groups, competitors, and the firm itself are termed:
A) marketing standards
B) societal standards
C) codes of conduct
D) marketing ethics
E) social responsibility
Answer: D
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Page 5
Chapter 4: Collecting and Analyzing Marketing Information
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Sample Questions
Q1) What is perhaps the most important economic reality in the United States over the last 50 years?
A) Real GDP has declined dramatically since the end of World War II.
B) The middle class has been shrinking.
C) Virtually all U.S. citizens have become wealthier.
D) Our economy has shifted to become dominated by intangibles such as services and information.
E) Our economy is still suffering from the very high inflation rates of the 1970s.
Q2) The collection of strategic activities aimed at marketing an organization, its issues, and its ideals to potential stakeholders is referred to as _____. It typically involves marketing activities that are not directed to the end users of a firm's products.
A) external affairs
B) corporate affairs
C) public relations
D) stakeholder management
E) societal relations
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6
Chapter 5: Developing Competitive Advantage and Strategic Focus
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Sample Questions
Q1) Identify and explain the directives for the productive use of SWOT analysis. Which directive do you think is the most important? Why?
Q2) Discuss each of the three competitive advantage strategies (operational excellence, product leadership, customer intimacy) and explain why most firms pursue only one of these strategies.
Q3) Why is it important that marketing goals involve some degree of intangibility?
A) It makes it more difficult for competitors to determine the firm's marketing strategy.
B) It makes goals more consistent with the objectives that follow.
C) It makes goals easier to achieve.
D) It promotes learning by forcing employees to ask questions about the strategy.
E) It makes the goal more motivational and promotes continuous improvement
Q4) Marketing goals can be defined as:
A) quantitative guidelines that help firms achieve desired results.
B) broad, qualitative statements of desired accomplishments.
C) performance process controls.
D) specifications by which performance will be assessed.
E) precise statements of desired accomplishments.
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Chapter 6: Customers, Segmentation, and Target Marketing
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Sample Questions
Q1) Firms that sell luxury products, custom-made products, and services often take the time to significantly modify their products in an effort to precisely match the needs of individual customers. These firms are pursuing what type of approach to market segmentation?
A) individualized marketing
B) niche marketing
C) pinpointed marketing
D) focused marketing
E) one-to-one marketing
Q2) One of the most successful and well-known tools of _____ segmentation is VALS developed by Strategic Business Insights.
A) psychographic
B) geographic
C) demographic
D) geoclustering
E) emotional
Q3) Explain the five different target marketing strategies and give examples of firms that use each one. Also, discuss how firms might approach the targeting of noncustomers.
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Chapter 7: Product Strategy
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Sample Questions
Q1) Although the product is at the heart of marketing strategy, it is important to remember that the product offering itself is of little value to customers. The real value that a product offering come from:
A) its superiority to competing products.
B) its ability to further the image of the organization.
C) its value (good quality at a low price).
D) its ability to deliver benefits that enhance a customer's situation.
E) its quality.
Q2) Which of the following IS NOT a function or potential function of packaging?
A) protection
B) storage
C) convenience
D) integration
E) co-branding
Q3) Without a doubt, the most important tool of product differentiation is:
A) the product's image.
B) the brand.
C) the product's features.
D) perceptual mapping.
E) the product's price.
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Chapter 8: Pricing Strategy
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Sample
Questions
Q1) Rather than cutting prices to generate sales, most firms would be better off adjusting their marketing strategy to:
A) build value into the product and justify the current price or even a price increase.
B) decrease the supply of the product to keep prices high.
C) heavily promote the product to stimulate sales.
D) move toward an exclusive distribution strategy to increase the product's image.
E) increase the availability of the product so more customers can purchase it.
Q2) Discuss the challenges associated with pricing services. How do service firms use yield management systems to balance price with revenue and maximize capacity utilization?
Q3) What is the basic difference between the seller's and the buyer's perspectives on pricing?
A) Buyers see pricing as negotiable; sellers do not.
B) Buyers are very concerned about price elasticity; sellers are not.
C) Sellers tend to inflate prices; buyers tend to see prices as being lower.
D) Buyers are quite concerned about competitors' prices; sellers are not.
E) Buyers tend to inflate prices; sellers tend to see prices as being lower.
Q4) Identify and discuss reasons why firms become so infatuated with pricing.
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Page 10
Chapter 9: Distribution and Supply Chain Management
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Sample Questions
Q1) Identify and describe the major differences between traditional marketing channels and true supply chains. What are the characteristics of true supply chains that cause them to outperform traditional channels by a wide margin?
Q2) Because the company was angered by the actions of its resellers, Acme Manufacturing decided to slow down deliveries and postpone product availability to these resellers. What type of power is Acme wielding?
A) legitimate power
B) coercive power
C) referent power
D) reward power
E) logistical power
Q3) The most basic benefit of marketing channels is _____ where channels reduce the number of contacts necessary to exchange products.
A) host reduction
B) time efficiency
C) contact efficiency
D) spatial realignment
E) accumulation
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11
Chapter 10: Integrated Marketing Communications
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Sample Questions
Q1) Despite conventional thinking, _____ accounts for the bulk of promotional spending in many firms. This is especially true for firms selling consumer products in grocery stores and mass-merchandise retailers.
A) personal selling
B) advertising
C) public relations
D) sales promotion
E) publicity
Q2) When firms use a(n) _____ strategy, they focus their promotional efforts toward stimulating demand among final customers, who then exert pressure on the supply chain to carry the product.
A) pressurization
B) IMC
C) pull
D) guerilla
E) push
Q3) Discuss the steps involved in the AIDA model of outlining promotional goals. How does IMC strategy shift from one step to the next in the model? How does the important of various promotional elements vary across the steps?
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Page 12
Chapter 11: Marketing Implementation and Control
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Sample Questions
Q1) With respect to evaluating and compensating employees, which of the following statements about outcome-based systems is FALSE?
A) They are based on measurable, quantitative standards.
B) They are fairly easy to use.
C) They require more supervision than other systems.
D) They work well when market demand is fairly constant.
E) They work best when employee efforts directly affect sales or profits.
Q2) According to the internal marketing approach to marketing implementation, which of the following could be best characterized as the "internal product"?
A) additional employee training
B) internal company newsletters
C) new job assignments
D) the additional effort needed to implement the strategy
E) All of the above are internal products.
Q3) Explain why marketing implementation is difficult for many firms. In your answer, discuss how these difficulties often stem from the relationship between strategic planning and marketing implementation.
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13
Chapter 12: Developing and Maintaining Long Term Customer Relationships
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Sample Questions
Q1) In service offerings, the core product is typically composed of three interrelated dimensions. What are these dimensions?
A) People, Technology, and Facilities
B) People, Processes, and Physical Evidence
C) Processes, Employees, and Facilities
D) Customers, Employees, and Processes
E) Reputation, Operations, and Quality
Q2) With respect to the different components of the total product offering, supplemental products play the important role of:
A) meeting basic customer needs.
B) delivering the main core benefits of the product offering.
C) adding symbolic benefits to the product offering.
D) delivering the minimum level of quality demanded by customers.
E) differentiating the product offering from competing products.
Q3) Discuss the relationship between customer expectations and customer satisfaction. What might cause expectations to be higher or lower? How is the zone of tolerance a useful diagnostic tool in terms of developing strategies aimed at improving customer satisfaction?
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