Marketing Strategy
Exam Materials
Course Introduction
Marketing Strategy examines the principles and practices involved in developing and implementing effective marketing plans that drive business success. The course covers topics such as market analysis, competitive positioning, segmentation, targeting, and differentiation, as well as the integration of product, price, place, and promotion strategies. Through case studies and real-world examples, students learn how to align marketing strategies with organizational objectives, adapt to changing consumer behavior, and leverage digital innovations to create sustainable competitive advantages in domestic and international markets.
Recommended Textbook
Marketing 4th Edition by Dhruv Grewal
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20 Chapters
2626 Verified Questions
2626 Flashcards
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Page 2
Chapter 1: Overview of Marketing
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Sample Questions
Q1) Four Winds Art Gallery recently began offering appraisals of customers' art collections,in addition to continuing to sell paintings.Four Winds is
A) expanding from offering just services to also offering goods.
B) implementing a market segmentation strategy.
C) capturing value through multiple pricing strategies.
D) expanding from offering just goods to also offering services.
E) increasing customer value through inflated appraisal evaluations.
Answer: D
Q2) Basically,there are two ways to improve value.What are they?
Answer: Provide a better product or service at the same price or provide the same value at a lower price.
Q3) Value is
A) the lowest cost option.
B) represented by brand names.
C) the highest priced alternative.
D) everyday low prices.
E) what you get for what you give.
Answer: E
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3
Chapter 2: Developing Marketing Strategies and a Marketing Plan
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156 Flashcards
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Sample Questions
Q1) In most companies,marketing resource allocation decisions are made at the SBU or ___________ level of the firm.
A) corporate
B) product line
C) customer care
D) sales representative
E) accounting
Answer: B
Q2) Anita has gone to the same hair salon for the past ten years.She believes that her stylist,the salon owner,does a better job of cutting and styling her hair than anyone else could.Other salons have opened closer to Anita's home,some offering more plush facilities or lower prices,but she isn't tempted to switch.Anita's attitude toward the salon is an example of:
A) a sustainable competitive advantage.
B) a customer retention program.
C) an opportunity,in SWOT analysis.
D) customer loyalty.
E) the benefits of a locational excellence strategy.
Answer: D
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Chapter 3: Social and Mobile Marketing
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99 Flashcards
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Sample Questions
Q1) When measuring social media effectiveness,one important measure is the number of people in an individual's social networks.This is referred to as
A) influence.
B) the extended network.
C) social reach.
D) target audience.
E) information flow.
Answer: C
Q2) Darren has developed a better type of medication vial for travelers.He is not sure how to develop a marketing program for his product,as there are a few similar ones on the market.What technique can Darren use to analyze data from his competitor's websites,particularly to learn how people search for similar products online?
A) click path data
B) sentiment analysis
C) social influence
D) keyword analysis
E) budget analysis
Answer: D
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Page 5
Chapter 4: Marketing Ethics
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Sample Questions
Q1) Compared to the average company,firms with strong ethical climates tend to A) employ more business development consultants.
B) offer more goods and services.
C) be more socially responsible.
D) invest more in sales training software.
E) have higher turnover.
Q2) When making decisions,managers often have to decide between doing what is beneficial for them (and possibly the firm)in the short run,and doing what is right and beneficial for the firm and for society in the long run.To address this conflict,a firm
A) must evaluate its quarterly profit statement from an ethics standpoint.
B) must state its long-term goals in general terms,so as to not interfere with managers' short-term goals.
C) must always put society's needs ahead of the firm's needs.
D) must ensure that long-term goals are aligned with the short-term goals of each individual within the firm.
E) do all of these.
Q3) What is the difference between government regulation of business and corporate social responsibility?
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6
Chapter 5: Analyzing the Marketing Environment
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Sample Questions
Q1) Since the late 1970s,most American families have seen their income growth stagnate,with income rising only slightly more than inflation.This has changed many Americans consumers' concept of
A) culture.
B) demographics.
C) scenario planning.
D) value.
E) green marketing.
Q2) Marketers in the United States are learning that all Hispanic and other minority groups are not alike.Cultural differences exist.Why is it important for marketers to know more about cultural differences among Hispanics?
Q3) Successful firms focus their efforts on satisfying customer needs that match their core competencies.
A)True
B)False
Q4) Mary Grace is studying the demographics of the students attending her elementary school.What information will Mary Grace study?
Q5) In recent decades,how has income distribution changed in the United States?
Q6) How can marketers identify potential opportunities?
Page 7
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Chapter 6: Consumer Behavior
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Sample Questions
Q1) Maslow's Hierarchy of Needs includes physiological needs at the lowest level and self-actualization at the top.The three levels in between are
A) material goods,safety,and love.
B) community,family,and self.
C) safety,stability,and striving.
D) health,wealth,and happiness.
E) safety,love,and esteem.
Q2) For specialty goods like Rolex watches or Ferrari automobiles,marketers often use __________ to influence consumers' purchase decisions.
A) crowding
B) in-store demonstrations
C) well-trained salespeople
D) promotions
E) packaging
Q3) What is the difference between a functional need and a psychological need? How can getting a college education fulfill both types of needs?
Q4) Naomi knows that habitual purchasers make great customers for her coffee shop.How can Naomi attract and maintain habitual purchasers?
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8
Chapter 7: Business-To-Business Marketing
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Sample Questions
Q1) Vance wants his company to consider using Vonage for VOIP telephone calls instead of its existing telephone provider.He approaches his supervisor,the Telecomm manager,and suggests this change.In the buying center concept,what role does Vance play?
Q2) Warren used to sell cars at an automobile dealership.Now he sells repossession services to automobile dealers.To be successful,what changes in the buying process will Warren have to adjust to?
Q3) B2B partners often connect to each other on the Internet through special __________ designed to facilitate information exchanges and transactions.
A) web portals
B) webmasters
C) web links
D) web hosts
E) gatekeepers
Q4) When Vance proposed switching the company to Vonage for VOIP telephone calls,he had to approach Deborah,assistant to the firm's head of the purchasing department,to find out how to proceed.Everyone in the company knows that nothing gets purchased without going through Deborah first.What role does Deborah play in a buying center?
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Chapter 8: Global Marketing
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Sample Questions
Q1) Which of the following best describes the direct investment global entry strategy?
A) With direct investment,a firm maintains total ownership of its plants,operation facilities,and offices in a foreign country.
B) Direct investment occurs when a firm enters a new market by pooling its resources with those of a local firm to form a new company in which ownership,control,and profits are shared.
C) Direct investment refers to depositing payroll funds in a foreign bank.
D) Direct investment designates the maximum quantity of a product that may be brought into a country during a specified time period.
E) Direct investment occurs when a producer sells its offering in a foreign market at a price less than its production cost.
Q2) You have been asked to evaluate the economic potential of a new global market.What economic measures would you use? Explain each measure.
Q3) China is now the second-largest economy and the third-largest market for U.S.exports.
A)True
B)False
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Chapter 9: Segmentation,Targeting,and Positioning
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Sample Questions
Q1) Marketers find psychographics a valuable segmentation approach.What are some of the limitations of psychographic segmentation and what can marketers do to offset those limitations?
Q2) Why would a company use a micromarketing strategy versus an undifferentiated strategy?
Q3) Demographic segmentation is segmentation based on all of the following EXCEPT A) age.
B) gender.
C) education.
D) income.
E) lifestyle.
Q4) Segment profitability asked marketers to consider segment size,segment adoption percentage,purchase behavior,profit margin percentage,and fixed costs.Select three of these five elements and explain where marketers will find solid quantifiable information to make the calculations.
Q5) In theory,why is micromarketing the ultimate in STP strategy? What is the weakness associated with micromarketing?
Q6) Create an example of geodemographic segmentation.
Q7) In a perceptual map of two dimensions,how are these dimensions determined?
Page 11
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Chapter 10: Marketing Research
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136 Flashcards
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Sample Questions
Q1) The manager of a company selling baby products asks you to conduct research into the question,"Is life expectancy getting longer in Kuwait?" The problem with this research objective is that
A) it is irrelevant to the baby products company.
B) it is already known and available on the U.S.Census website.
C) it will lead to a set of unstructured questions.
D) it is a research question that probably cannot be answered with any level of accuracy.
E) it is a question related to another culture.
Q2) When Olivia learned that just twenty of her yoga studio customers accounted for 80 percent of her annual revenue,she probably
A) adjusted class schedules to meet the needs of those twenty customers.
B) surveyed those twenty customers to see what other types of yoga classes they were interested in.
C) offered a special session for just those twenty customers.
D) analyzed the geodemographics of those twenty customers to see how she could attract more people like them.
E) did all of these tasks.
Q3) Why are more and more market researchers using Web surveys?
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Page 12
Chapter 11: Product,Branding,and Packaging Decisions
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139 Flashcards
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Sample Questions
Q1) A firm's product mix breadth is its
A) number of items per product line.
B) depth divided by profitability.
C) number of categories that are mutually exclusive.
D) number of product lines.
E) brand equity multiplied by its capacity utilization.
Q2) When Jaclyn selects a case of Sprite at the grocery store for her party,she is attracted by the holiday-themed box featuring green and white bells.What Jaclyn is seeing is referred to as the secondary package.
A)True
B)False
Q3) Some credit cards provide free liability insurance,funded by the bank issuing the card,when a customer pays for a rental car using the card.This extra insurance is an example of
A) an associated service.
B) the actual product.
C) product style.
D) the product position.
E) the core value.
Q4) How do brands add value?
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Chapter 12: Developing New Products
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142 Flashcards
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Sample Questions
Q1) What type of event exposes retailers to large numbers of new products in a concentrated location?
A) Hosted shows
B) Browser shows
C) Premarket demonstrations
D) Trade shows
E) Trade promotions
Q2) Fashion trends tend to experience short product life cycles.
A)True
B)False
Q3) Which of the following would NOT be part of the launch of a new product?
A) Educational efforts for complex or conceptually new products
B) Technical support staff for technical products
C) Determining the price for the product
D) Incentives for distributors
E) Starting to make preliminary decisions about the target market
Q4) Respond to the statement,"Create or die," from a new product innovation perspective.
Q5) In new product development,what advantage do first movers have?
Q6) What is the difference between alpha testing and beta testing?
Page 14
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Chapter 13: Services: The Intangible Product
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Sample Questions
Q1) The knowledge gap is where "the rubber meets the road," where the customer directly interacts with the service provider.
A)True
B)False
Q2) Food preparation,lawn maintenance,and house cleaning services are all examples of
A) services shifted abroad because costs are lower in developing countries.
B) services an aging population will decrease their demand for.
C) household maintenance activities that people increasingly pay others to perform.
D) the price elasticity effect on services demand.
E) the ability of empowerment to create tangible service products.
Q3) One of the reasons service failures need to be addressed quickly is to
A) minimize the zone of tolerance.
B) increase empowerment zones.
C) avoid negative word-of-mouth from upset customers.
D) avoid a situational ethics conflict.
E) keep management from finding out what happened.
Q4) How do airlines and hotels overcome the perishability of their services?
Q5) What are the potential gaps in the Gaps Model? What is it designed to do?
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Chapter 14: Pricing Concepts for Establishing Value
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Sample Questions
Q1) Raymond estimates that the fixed costs associated with opening a new bank branch are $500,000.He expects the branch to attract 1,000 new customer accounts in the first year,each of which will cost $50 per year to service.He also expects to generate $100,000 per year in revenue.For Raymond,the total cost of opening the new branch and remaining open for one year will be:
A) $500,000.
B) $550,000.
C) $650,000.
D) $450,000.
E) $605,000.
Q2) Marketers can deliver high value through high or low prices,depending on A) profit contribution per unit.
B) the bundle of benefits the product or service delivers.
C) monopolistic competition.
D) target return pricing that is greater than variable cost per unit.
E) the income effect.
Q3) The Internet has decreased consumers' price sensitivity.
A)True
B)False
Q4) Why are price wars more common in oligopolies than in pure competition markets?
Page 16
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Chapter 15: Strategic Pricing Methods
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Sample Questions
Q1) If a market penetration pricing strategy results in lower per-unit cost,competitors will be discouraged from entering the market because
A) selective consumer demand will increase gross profit margins.
B) a high / low cost-based pricing strategy will not work.
C) they would likely need to quickly produce a large volume in order to compete.
D) profits would increase too rapidly.
E) they will only be able to advertise in the same media as the firm using the market penetration strategy.
Q2) The methods used to develop pricing strategies are cost-based pricing,competitor-based pricing,and value-based pricing.
A)True
B)False
Q3) Why would a price skimming strategy probably not work for a "me-too" product,something very similar to a new-to-the-market product?
Q4) What is the added benefit to a manufacturer of using rebates rather than coupons?
Q5) What does an everyday low prices strategy say to consumers?
Q6) What are slotting allowances? Why do some marketers consider them unfair?
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Page 17
Chapter 16: Supply Chain and Channel Management
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Sample Questions
Q1) At the BMW plant in Spartanburg,South Carolina,suppliers deliver parts every four hours when the plant is in operation and are responsible for removing any packaging or pallets used to deliver their products.BMW uses a ______________ inventory control system.
A) cross-docking
B) lead time
C) JIT
D) CPFR
E) UPC
Q2) Why is mutual trust important in managing a supply chain?
Q3) Yesenia is the logistics manager for the Barnes & Noble bookstore chain.She weighs the many benefits of the company's QR system,but also needs to consider the drawbacks of these systems.What two major problems related to QR systems must Yesenia be aware of?
Q4) Years ago,a hardware store had a sign that said,"If we don't have it,you don't need it."
How is the implementation of a quick response system the complete opposite of this marketing philosophy?
Q5) Effective supply chain management will accomplish the what,where,and when goals of place marketing.What does this statement mean?
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Chapter 17: Retailing and Multichannel Marketing
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135 Flashcards
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Sample Questions
Q1) If a manufacturer wasn't happy with either intensive or exclusive distribution,a logical choice,which incorporates some features from both,would be __________ distribution.
A) moderate
B) compromise
C) luxury
D) evolutionary
E) selective
Q2) Generally,the larger and more sophisticated the channel member,the less likely that it will
A) use supply chain intermediaries.
B) rely on marketing research.
C) use multichannel marketing.
D) use intensive distribution.
E) be concerned about competitive actions.
Q3) When retailers extend their services to the Internet and become multichannel retailers,they are able to satisfy a broader range of customers' needs and wants.
A)True
B)False
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Chapter 18: Integrated Marketing Communications
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Sample Questions
Q1) Marketers often use focus groups to learn how consumers interpret their IMC messages.Experience has shown that
A) effective branding requires marketers to encode messages the same way for each market segment.
B) each receiver decodes IMC messages in his or her own way.
C) action is taken before desire and interest are determined.
D) marketers can almost always use the same message for all audiences.
E) messages are decoded in the manner intended by the encoder.
Q2) Several years ago,changes in advertising restrictions allowed pharmaceutical companies to begin promoting their products through traditional media.Today,it is common to see ads on television ending with,"Ask your doctor about (our medicine)." In addition to creating awareness about their drugs,the companies are hoping to A) reduce deceptive advertising.
B) signal encoding symbols to simplify the feedback loop.
C) offer objective-and-task marketing communications.
D) stimulate interest,persuading consumers to investigate further.
E) promote public interest social responsibility communications.
Q3) What is the major advantage of direct marketing over advertising?
Q4) Why should a marketer try to measure the success of a communications effort?
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Chapter 19: Advertising,public Relations,and Sales
Promotions
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Sample Questions
Q1) A _________ is an advertisement that focuses on public welfare issues.
A) product-focused advertisement
B) consumer generated advertisement
C) public service announcement
D) reminder advertisement
E) push strategy
Q2) Florida Heat Pump Manufacturing Company is offering a free,all-expenses-paid trip to Las Vegas for HVAC dealers that sell at least twenty units this year.Florida Heat Pump is using a __________ promotional strategy.
A) pull
B) puffery
C) publicity
D) push
E) posttesting
Q3) The execution style of an advertising message must
A) match the medium and the objectives.
B) correspond with globally accepted norms.
C) include a minimum of puffery and maximum media buy.
D) selectively pull retailers into the marketing channel.
E) all of these.
Page 21
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Chapter 20: Personal Selling and Sales Management
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Sample Questions
Q1) Mary visited an office building and went door to door to hand out business cards and sell office products.Mary was making cold calls.
A)True
B)False
Q2) Taylor loves the lifestyle associated with being a salesperson.She most likely values the _________________ associated with creating her own schedule.
A) structure
B) role playing
C) flexibility
D) selling team approach
E) compensation
Q3) Sue spends much of her time checking inventories,processing straight rebuys,and making sure that everything is going smoothly.Sue is primarily a(n)
A) business development specialist.
B) caretaker rep.
C) order getter.
D) order taker.
E) sales support rep.
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