Marketing Strategy
Chapter Exam Questions
Course Introduction
Marketing Strategy explores the frameworks, methods, and analytical tools essential for developing and implementing effective marketing plans. The course covers the strategic decision-making process related to market segmentation, target market selection, positioning, and the design of integrated marketing programs. Students will analyze real-world cases and contemporary marketing issues to understand how organizations create value for customers and sustain competitive advantage. Through lectures, discussions, and practical exercises, students learn to align marketing strategies with broader business objectives in dynamic and competitive environments.
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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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Q1) Discuss the different views or interpretations of marketing as a function of business, including the AMA's recent change in the definition of marketing. Why do you think the AMA changed the definition after 20 years?
Answer: Many people, especially those not employed in marketing, see marketing as a function of business. As a business function, the goal of marketing is to connect the organization to its customers. Other individuals, particularly those working in marketing jobs, tend to see marketing as a process of managing the flow of products from the point of conception to the point of consumption. A final way to think about marketing relates to meeting human and social needs. This broad view links marketing with our standard of living, not only in terms of enhanced consumption and prosperity but also in terms of society's well-being.
The AMA changed the definition of marketing to better reflect the realities of competing in today's marketplace. The new definition stresses two critical success factors in marketing today: value and customer relationships. Whereas the former definition of marketing had a decidedly transactional focus, the new definition emphasizes long-term relationships that provide value for both customers and the firm.
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Page 3
Chapter 2: Strategic Marketing Planning
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Sample Questions
Q1) Which of the following IS NOT a purpose of a marketing plan?
A) It explains the present and future situations of the organization.
B) It specifies the expected outcomes of the plan.
C) It describes specific actions that are to take place.
D) It explains how marketing activities mesh with other functional areas.
E) It identifies resources needed to carry out the plan.
Answer: D
Q2) 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.
A) market share; competition
B) information; rivalry
C) relationships; competition
D) value; cooperation
E) long-range planning; contracts
Answer: C
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Chapter 3: Marketing Ethics and Social Responsibility in Strategic Planning
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Sample Questions
Q1) In the context of marketing ethics, some businesspeople choose to behave ethically because of "enlightened self-interest." What does this mean?
A) They behave ethically because it pays in terms of enhanced profits and performance.
B) They behave ethically because they are forced to do so.
C) They behave ethically because they look out for their own interests.
D) They behave ethically because of deep-rooted religious beliefs.
E) They behave ethically because they are afraid of being caught.
Answer: A
Q2) Essentially, having a climate of ethics and social responsibility is all about creating trust among a firm's stakeholders. To gain trust, the firm and its employees must continuously uphold:
A) their promises with respect to advertising and promotion.
B) their standards of integrity.
C) the firm's right and responsibility to be profitable.
D) their standards of fair competition in the marketplace.
E) their legal responsibilities.
Answer: B
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Page 5
Chapter 4: Collecting and Analyzing Marketing Information
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Q1) In the 5W model of customer analysis, what is the primary emphasis of the "What" question?
A) Assessing how customers consume and dispose of products
B) Determining the relevant characteristics that define markets
C) Assessing how purchases vary across different distribution outlets
D) Identifying the basic need-satisfying benefits provided by the firm's products
E) Identifying the situational influences that affect the customer buying process
Q2) What is the main purpose of the Sarbanes-Oxley Act of 2002?
A) to increase the accuracy and reliability of corporate disclosures of financial information
B) to ensure that CEOs are adequately compensated for the risks they face in terms of corporate governance
C) to amend NAFTA to be more favorable to U.S. interests
D) to limit the ability of drug companies to engage in direct-to-consumer advertising
E) to limit the ability of the media to obtain confidential corporate information
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Chapter 5: Developing Competitive Advantage and Strategic Focus
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Q1) All of the following are benefits of SWOT analysis EXCEPT:
A) It is simple to use.
B) Its structured nature ensures that data and information are correctly categorized.
C) It promotes managerial collaboration.
D) It can synthesize and integrate diverse information.
E) It can reduce costs.
Q2) 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
Q3) Identify and explain the major characteristics of marketing objectives.
Q4) Identify and explain the directives for the productive use of SWOT analysis. Which directive do you think is the most important? Why?
Q5) Identify and explain the major characteristics of marketing goals.
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Chapter 6: Customers, Segmentation, and Target Marketing
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Q1) Although the stages of the consumer buying process are typically discussed in a linear fashion, consumers do not always follow the stages in sequence. Explain why this often occurs.
Q2) Advances in supply chain management now allow companies to customize products to meet the needs of individual customers on a mass scale. This individualized approach to market segmentation is called:
A) individualization.
B) one-to-one marketing.
C) mass customization.
D) customized marketing.
E) permission marketing.
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.
Q4) The consumer buying process begins when:
A) marketing research discovers a new, untapped market segment.
B) consumers recognize that they have unsatisfied needs.
C) merchants offer goods and services for sale.
D) a manufacturer develops a new product.
E) consumers begin to seek information about an upcoming purchase.
Page 8
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Chapter 7: Product Strategy
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Q1) With respect to product descriptors, the product's _____ communicate(s) how the product behaves, hopefully in a fashion that is distinctive and appealing to customers.
A) features
B) benefits
C) image
D) position
E) advantages
Q2) Why is the demand for most services--such as popular restaurants--extremely time-and-place dependent?
A) because popular services typically lack sufficient capacity
B) because services cannot be stored for future use
C) because customers must be present for service to be delivered
D) because service customers are typically unsure of their needs
E) because competing services force customers to make tradeoffs between quality and time
Q3) Explain the key differences between product differentiation and product positioning. Other than branding, what are other factors on which product differentiation can be based?
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Chapter 8: Pricing Strategy
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Q1) The inherent goal of product differentiation is to make the demand curve for a product more inelastic. This happens because increased differentiation:
A) reduces the number of perceived substitutes for a product.
B) makes the product more expensive than its competitors.
C) increases the quality of the product making it worth the expense.
D) reduces the time and effort required to obtain the product.
E) increases the just noticeable differences among competing products.
Q2) Discuss the process of negotiated pricing. Be sure to explain the goals and process from both sides of the negotiation.
Q3) The Fairmont Hotel is widely known for its exceptional quality and impeccable customer service. Not surprisingly, the Fairmont sets prices at the top end of all competing hotels. Which pricing strategy is the Fairmont using?
A) exclusive pricing
B) image pricing
C) psychological pricing
D) prestige pricing
E) service-based pricing
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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Q1) A _____ is an organized system of marketing institutions through which products, resources, information, funds and/or product ownership flow from the point of production to the final user.
A) marketing network
B) distribution hub
C) supply chain
D) marketing channel
E) product network
Q2) 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
Q3) Identify and discuss the three major structural options for distribution. In your answer, identify the major advantages and disadvantages of each option.
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Chapter 10: Integrated Marketing Communications
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Q1) Discuss the importance of managing negative public relations and give examples of how firms have handled negative events. What can we learn from these examples? What do you believe is the key to successfully managing a negative event?
Q2) Which sales force compensation system is best suited to situations where salespeople are responsible for pre- and post-sale service and sales managers want maximum control over selling expenses?
A) straight commission
B) a combination approach
C) direct compensation
D) geographic allocation
E) straight salary
Q3) Discuss the issues associated with the increasing fragmentation of mass media audiences. How are advertisers and media companies coping with the issue?
Q4) 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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Chapter 11: Marketing Implementation and Control
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Q1) Typically, the difference between the planned marketing strategy and the strategy that actually takes place is:
A) caused by managerial mistakes, not by changes in the firm's internal or external environments.
B) typically caused by unexpected competitive activity.
C) caused by the way the planned marketing strategy is implemented.
D) independent of marketing implementation.
E) caused solely by changes in customer behaviors.
Q2) Identify and explain the three different types of informal controls used by employees. In your discussion, explain how each type of control affects marketing implementation.
Q3) Identifying specific marketing activities, determining the time required to complete each activity, and organizing marketing activities into the proper sequence are examples of the steps involved in creating a(n):
A) marketing plan.
B) control framework.
C) strategic activities list.
D) strategic calendar.
E) implementation timetable.
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13
Chapter 12: Developing and Maintaining Long Term Customer Relationships
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Q1) With respect to competitive advantages, many see _____ as the most important resource or asset that an organization can possess, as it stems from the value generated by the trust, commitment, cooperation, and interdependence among relationship partners.
A) partnership capital
B) integrity
C) relationship capital
D) relational collaboration
E) professionalism
Q2) Discuss the role of value in developing long-term customer relationships. In your discussion, explain the value formula and its component parts. How can the value formula help marketers design strategies to optimize customer value?
Q3) Explain the overall objective of customer relationship management and the stages that customers are pulled through in the process. For each stage, identify the marketing goals during the stage as well as examples of strategies that may be used.
Q4) Discuss the strategies that can be used to enhance and maintain customer relationships. Identify the key advantages and disadvantages of each strategy, as well as examples of the marketing tactics that my be used.
Page 14
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