Marketing Strategy
Exam Answer Key
Course Introduction
Marketing Strategy explores the fundamental concepts, frameworks, and tools used by organizations to create and sustain a competitive advantage in the marketplace. This course guides students through the process of analyzing markets, understanding consumer behavior, and developing effective marketing plans. Key topics include market segmentation, targeting, positioning, value proposition development, and the integration of product, price, place, and promotion strategies. Through case studies and real-world examples, students learn to apply strategic thinking to marketing challenges and to make informed decisions that drive organizational success.
Recommended Textbook
Marketing Management 13th Edition by Phil Kotler
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Page 2
Chapter 1: Defining Marketing for the 21st Century
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Sample Questions
Q1) The ________ includes the actors involved in producing,distributing,and promoting the offering.The main actors are the company,suppliers,distributors,dealers,and the target customers.
A) operations environment
B) management environment
C) strategic environment
D) task environment
E) tactical environment
Answer: D
Q2) Marketing has been described being both an "art" and a "science." Discuss the differences and similarities between these two marketing thrusts.Provide your theoretical response and a "real-life" example where you have seen both processes work effectively at creating customer value and loyalty.
Answer: The student should demonstrate his or her understanding that the marketer must use data to understand customer needs and translate this understanding into properly designed products and services.They should also see the "art" side of human behavior,where the customer makes decisions based on emotions,such as the perceived benefits.
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3
Chapter 2: Developing Marketing Strategies and Plans
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Sample Questions
Q1) The firm's success depends not only on how well each department performs its work,but also on how well the various departmental activities are coordinated to conduct core business processes.List and briefly describe the five core business processes outlined in the text.
Answer: The core business processes include (1)the market-sensing process-all the activities involved in gathering market intelligence,disseminating it within the organization,and acting on the information; (2)the new-offering realization process-all the activities involved in researching,developing,and launching new high-quality offerings quickly and within budget; (3)the customer acquisition process-all the activities involved in defining target markets and prospecting for new customers; (4)the customer relationship management process-all the activities involved in building deeper understanding,relationships,and offerings to individual customers; and (5)the fulfillment management process-all the activities involved in receiving and approving orders,shipping the goods on time,and collecting payment.
Q2) The marketing plan should open with a situation analysis.
A)True
B)False
Answer: False
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Page 4
Chapter 3: Gathering Information and Scanning the Environment
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Sample Questions
Q1) Examples of ________ that were considered to be successful for toy retailers were Beanie Babies,Furbies,and Tickle Me Elmo dolls.
A) trends
B) fashions
C) fads
D) megatrends
E) styles
Answer: C
Q2) One of the ways to find relevant online information on competitors' strengths and weaknesses might be to frequent distributor or sales agent feedback sites.
A)True
B)False
Answer: True
Q3) Competitive intelligence gathering is inherently illegal and unethical.
A)True
B)False
Answer: False
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Page 5
Chapter 4: Conducting Marketing Research and Forecasting Demand
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Sample Questions
Q1) Describe what might occur in an intercept interview.What are the chief disadvantages of this method of contact
Q2) Describe a marketing decision support system (MDSS).
Q3) The most scientifically valid research is ________ research.
A) observation
B) focus-group
C) survey
D) behavioral data
E) experimental
Q4) Some marketers prefer more ________ methods for gauging consumer opinion because consumer actions do not always match their answers to survey questions.
A) quantitative
B) qualitative
C) psychographic
D) covert
E) subliminal
Q5) What is the chief advantage of using each of the following contact methods: mail questionnaire,telephone interview,and personal interview
Q6) What are the six steps in the marketing research process
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Chapter 5: Creating Customer Value, Satisfaction, and Loyalty
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Sample Questions
Q1) A company's ________ includes all the experiences the customer will have on the way to obtaining and using the offering.
A) value proposition
B) value delivery system
C) customer-value analysis
D) total customer benefit
E) total customer cost
Q2) Quality is the key to value creation and customer satisfaction.
A)True
B)False
Q3) Explain how a company frequency program might work.
Q4) The ________ consists of the whole cluster of benefits the company promises to deliver; it is more than the core positioning of the offering.
A) customer promise
B) mission statement
C) corporate pledge
D) corporate-perceived value
E) value proposition
Page 7
Q5) Provide a customer-centered definition of the term quality.
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Chapter 6: Analyzing Consumer Markets
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Sample Questions
Q1) How can marketers learn about the stages in the buying process for their product List and briefly characterize four methods.
Q2) Social classes show distinct product and brand preferences in all the following areas
EXCEPT ________.
A) clothing
B) home furnishings
C) leisure activities
D) automobiles
E) fast food
Q3) A consumer tells another consumer,"Every time I eat at Big Bill's Steakhouse,I get poor service." Whether this is true or not,it is the consumer's perception.This is an example of consumers basing future predictions on the quickness and ease with which a particular example of an outcome comes to mind.This scenario would be an illustration of the ________ heuristic.
A) discrimination
B) differentiation
C) availability
D) screening
E) representativeness
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Page 8
Chapter 7: Analyzing Business Markets
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Q1) With respect to e-procurement,Coca-Cola,Sara Lee,Kraft,PepsiCo,P&G,and several other companies joined forces to form a ________ called Transora to use their combined leverage to obtain lower prices for raw materials.
A) manufacturer's co-op
B) supplier's co-op
C) middleman group
D) buying alliance
E) cabal
Q2) With respect to assessing customer value,in conjoint analysis customers are asked to rank their preference for alternative market offerings or concepts.
A)True
B)False
Q3) With respect to proposal solicitation in B2B,sellers begin the process by requesting permission to make a proposal rather than waiting for the buyer to request one.
A)True
B)False
Q4) List and briefly characterize five methods of assessing customer value.
Q5) Explain the concept of derived demand.
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Chapter 8: Identifying Market Segments and Targets
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Sample Questions
Q1) The argument for ________ marketing is that it creates the largest potential market,which leads to the lowest costs,which in turn can lead to lower prices or higher margins.
A) niche
B) micro
C) macro
D) differentiated
E) mass
Q2) Increasingly,companies are finding that their markets are "hourglass shaped." What does this mean for consumers and for marketers
Q3) Average U.S.household income has risen in the past 30 years,with growth highest for the top 20% of households.
A)True
B)False
Q4) Marketers use two broad groups of variables to segment consumer markets.Identify these groups and how they are used.
Q5) Identify the four market segment groups based on brand loyalty status and list what a company can learn from analyzing the degrees of brand loyalty.
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Chapter 9: Creating Brand Equity
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Sample Questions
Q1) Distinguish between brand equity and brand valuation.
Q2) Consumers may evaluate identical products differently depending on how they are branded.
A)True
B)False
Q3) The strategic brand management process involves four main steps.Which of the following would NOT be among those steps
A) Measuring consumer brand knowledge
B) Identifying and establishing brand positioning
C) Planning and implementing brand marketing
D) Measuring and interpreting brand performance
E) Growing and sustaining brand value
Q4) The famous "Plop,plop,fizz,fizz! Oh,what a relief it is!" campaign is a good example of what is called a brand ________.
A) element
B) bond
C) visual
D) personification
E) perception
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Chapter 10: Crafting the Brand Positioning
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Sample Questions
Q1) As a brand manager of a pharmaceutical firm you have observed that your brand is following the classic cycle-recycle pattern with respect to the product life cycle.Describe what is mostly likely happening in this pattern.
Q2) Which of the following is a popular criticism of product life-cycle theory
A) It is too costly to implement.
B) It has few actual examples that can be benchmarked.
C) It works only in the U.S. market.
D) Life-cycle patterns are too variable in shape and duration.
E) Stages often follow fad trends.
Q3) With respect to product life cycles,a style can last for generations and go in and out of vogue.
A)True
B)False
Q4) The length of a fashion cycle is often hard for industry analysts to predict.Explain why this is true.
Q5) Identify the weaknesses of the product life-cycle concept that you should keep in mind as an aspiring marketing manager.
Q6) Characterize the differences between style,fashion,and fad life cycles.
Q7) With respect to positioning,explain points-of-parity and points-of-difference.
Page 12
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Chapter 11: Dealing with Competition
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Sample Questions
Q1) Identify the seven steps of benchmarking.
Q2) An example of a strategic group in the appliance industry would be one where
A) there is a large franchised dealer system
B) a common promotional theme is used
C) competitors have broad lines, medium manufacturing costs, low service responsibility, and low prices
D) multinational operations are mandated
E) there is a value orientation rather than a cost orientation
Q3) A segment is unattractive if the company's suppliers are able to raise prices or reduce quantity supplied.Which of the following is the best illustration of the threat of suppliers' growing bargaining power
A) Wal-Mart has almost no competitors in its marketspace.
B) Oil companies must purchase a significant amount of their product from OPEC.
C) McDonald's is the largest fast-food franchise and is still growing.
D) The U.S. Post Office has merged package operations with FedEx.
E) Sears unsuccessfully attempted to compete with Wal-Mart and Kmart.
Q4) All companies seek to maximize both long- and short-term profits.
A)True
B)False
Page 13
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Chapter 12: Setting Product Strategy
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Q1) ________ are similar in quality but different enough in price to justify shopping comparisons.
A) Emergency goods
B) Homogeneous shopping goods
C) Heterogeneous shopping goods
D) Specialty goods
E) Impulse goods
Q2) A company can classify its products into four types that yield different gross margins,depending upon sales volume and promotional costs.The four classifications include all EXCEPT ________.
A) core product
B) shopping goods
C) staples
D) specialties
E) convenience items
Q3) In discussions with the packaging design team,you note that they do not have a firm design objective for the final package.In an internal memo to your boss,you outline the objectives (both company and consumer orientated)that you wish to see implemented by the design team.List these objectives.
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Page 14
Chapter 13: Designing and Managing Services
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Sample Questions
Q1) The quality of services is independent of who provides them.
A)True
B)False
Q2) When initiating self-service technologies,some companies have found that the biggest obstacle is not the technology itself,but ________ customers to use it. A) enticing B) becoming familiar with C) adapting D) utilizing E) convincing
Q3) Service marketers have no problem in differentiating their services from the competition.
A)True
B)False
Q4) A service company can differentiate itself by designing a better and faster delivery system.
A)True
B)False
Q5) How has the Internet empowered customers with complaints
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Chapter 14: Developing Pricing Strategies and Programs
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Q1) When a company initiates a price cut in an attempt to dominate the market through lower costs (such as the $1.00 special lunch menus at key fast-food restaurants),the company must ensure that it does not fall into certain low-cost traps.List these four "traps."
Q2) In the case of prestige goods,the demand curve sometimes slopes upward.
A)True
B)False
Q3) In large companies,pricing is typically set by the boss.
A)True
B)False
Q4) A major circumstance provoking price increases is cost inflation.
A)True
B)False
Q5) Most firms have no trouble estimating the demand and cost functions for their products.
A)True
B)False
Q6) Consumers are "price takers" and accept prices at "face value" or as given.
A)True
B)False
Page 16
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Chapter 15: Designing and Managing Integrated Marketing
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Q1) The most advanced supply-distributor arrangements for administering VMSs involve distribution programming.Explain the components of distribution programming.
Q2) In setting up your distribution channel,you note that you must account for the physical transfer of the product from your location to the consumer and must receive payment for the goods sold.These are part of the channel functions.All channel functions must be performed and have three things in common.List the three things that all functions have in common.
Q3) What are some of the advantages available to producers using intermediaries
Q4) In deciding to take your product to market,one of the first considerations must be your channel or channels of distribution.If you decide to sell your product (a)in exclusive franchisee operations and (b)to mass distributors/retailers concurrently,to the same target market,this may lead to a ________.
A) rapid market penetration
B) good business marketing
C) vertical channel conflict
D) horizontal channel conflict
E) multichannel conflict
Q5) Define the term "marketing channels."
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Chapter 16: Managing Retailing, Wholesaling, and Logistics
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Q1) Your division has a new general manager.As part of his stated tasks,he believes in "getting the right goods to the right places at the right time for the least cost." As your company's logistics manager,you know that this objective provides little practical guidance and could in fact be detrimental to the company objectives.How would you formulate a response to the new general manager to convince him to change his "position" regarding customer service
Q2) Nonstore retailing falls into four major categories.Which of the following is NOT one of the four nonstore retailing categories
A) Buying service
B) Internet sales
C) Automatic vending
D) Direct marketing
E) Direct selling
Q3) Retailing includes all the activities involved in selling goods or services directly to final consumers for personal,nonbusiness use.
A)True
B)False
Q4) How has the growth of giant retailers threatened traditional retailers
Q5) How do generics differ from private-label brands
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Chapter 17: Designing and Managing Integrated Marketing Communications
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Q1) Communication tools vary in cost-effectiveness at different stages of buyer readiness.Discuss which communication tools are most cost-effective at the five stages of buyer readiness.
Q2) The ability to identify the brand within the category,in sufficient detail to make a purchase,is known as ________.
A) category need
B) brand awareness
C) brand attitude
D) brand purchase intention
E) brand conviction
Q3) Consumers are more likely to recognize Stouffer's distinctive orange packages than recall the brand.When is brand recall important and when is brand recognition important
Q4) Marketing functions must be coordinated to ensure ________ among communications tools.
A) significant costs
B) power
C) importance
D) incremental costs
E) substitutability
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Chapter 18: Managing Mass Communications:
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Q1) Explain the concept of "impact."
Q2) Marketers pay fees so that their products make cameo appearances in movies and on television.This is called ________.
A) branded entertainment
B) point of purchase
C) advertorials
D) product placement
E) individualization
Q3) Which of the following is NOT a function of the PR department
A) Press relations
B) Product publicity
C) Corporate communications
D) Counseling
E) All of the above are functions performed by the PR department.
Q4) Why are more and more companies investing funds into creating "experiences" for their consumers
Q5) Manufacturers use a number of trade promotion tools.Give four reasons why manufacturers award money to the trade.
Q6) What is the appeal of point-of-purchase advertising
Page 20
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Chapter 19: Managing Personal Communications:
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Sample Questions
Q1) In some cases,positive word of mouth happens organically with little advertising,but in many cases it is managed and facilitated.
A)True
B)False
Q2) The company's best prospects are customers who have never bought its products.
A)True
B)False
Q3) Why does where the company's products are sold and to whom they are sold have implications for the sales-force structure
Q4) As an example of business-to-business ________,Raleigh Bicycles reduced its personal selling costs by making sales calls to dealers via the telephone.
A) inbound telemarketing
B) inside marketing
C) internal marketing
D) outbound telemarketing
E) paid-search marketing
Q5) Inbound telemarketing centers receive calls from customers.
A)True
B)False
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Chapter 20: Introducing New Market Offerings
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Sample Questions
Q1) Differentiate between a product idea and a product concept.
Q2) The innovation diffusion process has been defined by Rogers as "the spread of a new idea from its source of invention or creation to its ultimate users or adopters." The consumer-adoption process focuses on the ________ process through which an individual passes from first hearing about an innovation to final adoption.
A) mental
B) physical
C) manual
D) critical path
E) management
Q3) Replacement sales are generally very easy to estimate before the product is in use.
A)True
B)False
Q4) Companies that fail to develop new products are putting themselves at risk.Explain why this is true.
Q5) The new-product development process starts with the search for ideas.New-product ideas can come from interacting with various groups and using creativity-generating techniques.Identify and define these techniques.
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Chapter 21: Tapping into Global Markets
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Q1) Research has shown that gray market activity is most effectively deterred when the penalties are severe,when manufacturers are able to detect violations or mete out punishments in a timely fashion,or both.
A)True
B)False
Q2) According to Hofstede,in collectivist societies,such as Japan,________.
A) the culture is dominated by assertive individuals
B) the self-worth of the individual is rooted more in the social system than in individual achievement
C) the culture is dominated by nurturing individuals
D) the culture is highly egalitarian
E) people are highly risk-averse
Q3) Indirect export has two advantages for the firm.First in involves less investment for the firm and secondly it ________.
A) involves less paperwork
B) involves less intrusion by the government
C) involves less risk
D) involves fewer people to manage the process
E) involves fewer products and product lines
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Page 23
Chapter 22: Managing a Holistic Marketing Organization
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Q1) Rising customer expectations,evolving employee goals and ambitions,and tighter government legislation and pressure are driving companies to ________.
A) operate leaner manufacturing facilities
B) manage shorter supply chains
C) operate flatter organizations
D) practice a higher level of corporate social responsibility
E) none of the above
Q2) In a ________,the marketing activity is organized to meet the needs of distinct customer groups rather than being focused on marketing functions,regions,or products.
A) product-centered organization
B) brand-centered organization
C) customer-management organization
D) market-centered organization
E) brand asset organization
Q3) A successful cause-marketing program can product a number of benefits of the firm.List some of these benefits.
Q4) Full costing allocates nontraceable common costs to marketing entities and has three major weaknesses.What are they
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