Marketing Strategy
Exam Review
Course Introduction
Marketing Strategy explores the fundamental principles and frameworks used to develop effective marketing plans that drive organizational growth and competitive advantage. This course examines how to analyze market opportunities, segment and target customer groups, position offerings, and craft integrated marketing programs that combine product, price, place, and promotion strategies. Students will engage with real-world cases and strategic simulations to assess market dynamics, consumer behavior, and competitor actions, enabling them to formulate actionable strategies that align with business objectives and maximize long-term value creation.
Recommended Textbook
Marketing Real People Real Choices 3rd Edition by Michael Solomon
Available Study Resources on Quizplus
14 Chapters
1765 Verified Questions
1765 Flashcards
Source URL: https://quizplus.com/study-set/3883
Page 2
Chapter 1: Welcome to the World of Marketing: Creating and Delivering Value
Available Study Resources on Quizplus for this Chatper
152 Verified Questions
152 Flashcards
Source URL: https://quizplus.com/quiz/77358
Sample Questions
Q1) A ________ is a distinctive group of customers within a larger market who are similar to one another in some way and whose needs differ from other customers in the larger market.
A)popular culture
B)market segment
C)mass market
D)value chain
E)stakeholder
Answer: B
Q2) The ________ maintains that marketers must satisfy customers' needs in ways that benefit society and are profitable for the company.
A)marketing orientation
B)consumer orientation
C)selling orientation
D)societal marketing concept
E)new era orientation
Answer: D
To view all questions and flashcards with answers, click on the resource link above. Page 3
Chapter 2: Strategic Market Planning: Taking the Big Picture
Available Study Resources on Quizplus for this Chatper
164 Verified Questions
164 Flashcards
Source URL: https://quizplus.com/quiz/77357
Sample Questions
Q1) What is corporate culture and why is it important to marketers?
Answer: Corporate culture is made up of the values,norms and beliefs that influence the behaviour of everyone in the organisation.Corporate culture is important to marketers as it can influence whether new ideas are welcomed and whether the company is risk adverse or willing to take risks.In order to grow,companies need to constantly look for new marketplace or product opportunities as well as keeping on top of competitor actions.In open corporate cultures,employees,especially those directly involved with customers,feel free to bring forward new ideas or to challenge the existing way of doing things,looking for improvements,marketplace opportunities or competitive advantage.In closed corporate cultures,new ideas are either not welcome or are restricted to certain levels e.g.top management.Risk taking is important to marketers,as companies must continually improve products,promotions,distribution and pricing strategies to remain competitive.As changing products or pursuing marketplace opportunities involve certain levels of risk,this may prove to be more difficult in companies that are risk adverse.Risk adverse companies spend a lot of time data gathering and planning before acting to try to reduce the risk.This may mean slower time to market,lost opportunities and potential competitive advantage for their rivals.
To view all questions and flashcards with answers, click on the resource link above. Page 4
Chapter 3: Thriving in the Marketing Environment: The
World Is Flat
Available Study Resources on Quizplus for this Chatper
158 Verified Questions
158 Flashcards
Source URL: https://quizplus.com/quiz/77356
Sample Questions
Q1) A country puts quotas on imported rice,preserving approximately half of the market for domestic producers.
A)To reduce competition for its domestic rice industry
B)To control the supply and demand for rice
C)To support a mass market for rice
D)To decrease the cost of rice
E)All of the above
Answer: A
Q2) Which of the following statements about companies that export is true?
A)They expand sales by selling the same product they offer in their domestic markets.
B)They change products to fit each new market.
C)They generally use the same marketing strategies wherever they do business.
D)A and C
E)A and B
Answer: D
Q3) Quotas,embargoes and tariffs are forms of protectionism.
A)True
B)False
Answer: True
Page 5
To view all questions and flashcards with answers, click on the resource link above.
Chapter 4: Marketing Research: Gathering,analysing and Using Information
Available Study Resources on Quizplus for this Chatper
165 Verified Questions
165 Flashcards
Source URL: https://quizplus.com/quiz/77355
Sample Questions
Q1) Most exploratory research is ________ in nature,meaning that it is ________.
A)quantitative; statistical
B)qualitative; non-numeric
C)rigorous; totally foolproof
D)experimental; of questionable value
Q2) Marketing research should be valid,reliable,or representative but it cannot be all three.Discuss.
Q3) A researcher standing at the food court in a shopping centre watching consumers as they make their choices is using ________.
A)covert observation
B)obtrusive observation
C)overt observation
D)personal observation
E)mechanical observation
Q4) Which of the following statements about online consumer market research is true?
A)The internet can be used to estimate market response to new products.
B)Online interviewing eliminates interviewer bias and errors in data entry.
C)Online questionnaires are an excellent way to conduct consumer research.
D)Large online research studies can be conducted inexpensively.
E)All of the above
To view all questions and flashcards with answers, click on the resource link above. Page 6
Chapter 5: Consumer Behaviour: How and Why We Buy
Available Study Resources on Quizplus for this Chatper
119 Verified Questions
119 Flashcards
Source URL: https://quizplus.com/quiz/77354
Sample Questions
Q1) Consumers who are within the same social class work in similar occupations,have similar income levels but do not share tastes in clothing or leisure activities.
A)True
B)False
Q2) In addition to the physical environment,________ is/are another situational factor and increasingly consumers are experiencing ________.
A)time; time poverty
B)motivation; motivational incongruence
C)economics; financial pressures
D)perception; perceptual shifts
E)psychographics; lifestyle changes
Q3) ________ occurs when people learn that their actions result in rewards or punishment.
A)Cognitive conditioning
B)Self-concept development
C)Information searching
D)Operant conditioning
E)Classical conditioning
Q4) Explain the role played by opinion leaders.
To view all questions and flashcards with answers, click on the resource link above. Page 7
Chapter 6: Business-To-Business Markets: How and Why
Organisations Buy
Available Study Resources on Quizplus for this Chatper
60 Verified Questions
60 Flashcards
Source URL: https://quizplus.com/quiz/77353
Sample Questions
Q1) The first step in the business buying decision process is the ________.
A)information evaluation
B)prepurchase evaluation
C)vendor analysis
D)information search
E)problem recognition
Q2) What are the responsibilities of a business-to-business professional buyer?
Q3) Explain which of the three business-to-business buying situations is illustrated in the following scenario.Although companies have purchased printers and copiers before,Xerox now offers them a multitasking machine that prints,copies,emails,scans,and faxes-and makes a great cup of coffee.
Q4) How are consumer and business-to-business demand of goods and services ultimately based upon the same demand?
Q5) ________ occurs when two or more goods are necessary to create a product.
A)Joint demand
B)Fluctuating demand
C)Inelastic demand
D)Government demand
E)Consumer demand
Page 8
Q6) What are the three main classes of business-to-business customers?
To view all questions and flashcards with answers, click on the resource link above.
Page 9
Chapter 7: Sharpening the Focus: Target Marketing
Strategies and Customer Relationship Management
Available Study Resources on Quizplus for this Chatper
160 Verified Questions
160 Flashcards
Source URL: https://quizplus.com/quiz/77352
Sample Questions
Q1) With a ________ marketing strategy,products and the messages about them are tailored to the individual customer.
A)differentiated
B)customised
C)concentrated
D)heterogeneous
E)fragmented
Q2) The ________ is the potential profit generated by a single customer's purchase of a firm's products over the customer's lifetime.
A)usage occasions
B)mass customisation
C)lifetime value of a customer
D)share of the customer
E)VALS
Q3) The three-step process of market segmentation involves segmenting,targeting and creating a brand personality.
A)True
B)False
Q4) Explain how a company can identify its best customers.
To view all questions and flashcards with answers, click on the resource link above. Page 10
Chapter 8: Creating and Managing Products
Available Study Resources on Quizplus for this Chatper
142 Verified Questions
142 Flashcards
Source URL: https://quizplus.com/quiz/77351
Sample Questions
Q1) A trade character such as Ronald McDonald would be considered part of the brand.
A)True
B)False
Q2) Diffusion refers to ________.
A)the methodology used for evaluating new product ideas
B)how promotion is used to support products throughout their product life cycle
C)the selection of opinion leaders to encourage product acceptance
D)the second stage of the market segmentation process
E)how the use of a product spreads throughout a population
Q3) At a trade show,a police officer discovered a flashlight made by KAS Systems that could be used to check alcohol levels without anyone knowing what he was doing.Prior to the show,the KAS system was a/n ________ for the police officer.
A)convenience product
B)homogeneous product
C)unsought product
D)specialty product
E)shopping product
Q4) What are two reasons an organisation would adopt business-to-business products?
Q5) What are maintenance,repair,and operating (MRO)products? Give an example of each.
Page 11
To view all questions and flashcards with answers, click on the resource link above.
Chapter 9: Services and Other Intangibles: Marketing a
Product That Isnt There
Available Study Resources on Quizplus for this Chatper
116 Verified Questions
116 Flashcards
Source URL: https://quizplus.com/quiz/77350
Sample Questions
Q1) ________ are acts,efforts,or performances exchanged from producer to user without conferring ownership rights.
A)Services
B)Nationalisation assets
C)Tangibles
D)Expropriation assets
E)Customised assets
Q2) Briefly describe the three factors of concern to facility-driven or equipment-based services.
Q3) Provide examples of core and augmented services for a dance studio.
Q4) When Angelina hired an interior designer to redecorate her living room,she was not sure she had made the right decision until she saw how gorgeous her newly decorated living room looked.Angelina used ________ qualities to evaluate the designer's services.
A)operational
B)credence
C)experience
D)locational
E)search
Q5) How are not-for-profit organisations making use of marketing concepts?
To view all questions and flashcards with answers, click on the resource link above. Page 12
Chapter 10: Pricing the Product
Available Study Resources on Quizplus for this Chatper
137 Verified Questions
137 Flashcards
Source URL: https://quizplus.com/quiz/77349
Sample
Questions
Q1) As a result of the ________,Tom bought Panadol pain reliever instead of the Tylenol his wife had requested because the price was the same.
A)product mirage
B)mirror effect
C)contrast effect
D)customer discrimination
E)assimilation effect
Q2) A car dealership implemented a value pricing strategy where customers got only one price so there was no need to bargain with sales people.The dealership's website gives detailed price information without the need or involvement of a sales person.What pricing objectives do you believe the dealership is pursuing and why they have made this decision?
Q3) Mark believes he should pay more than $49.95 for a motel room,his internal reference price.
A)True
B)False
Q4) Companies have the choice of five basic types of pricing objectives.Explain and give an example of each and discuss the situations under which it would be appropriate to pursue each type of pricing objective.
To view all questions and flashcards with answers, click on the resource link above. Page 13
Chapter 11: One-To-Many: Advertising,consumer Sales
Promotion and Public Relations
Available Study Resources on Quizplus for this Chatper
144 Verified Questions
144 Flashcards
Source URL: https://quizplus.com/quiz/77348
Sample Questions
Q1) An organisation's publics can include ________.
A)consumers
B)government officials
C)shareholders
D)A and B
E)A,B,and C
Q2) A florist who decided to budget 5 percent of last year's sales for promotional activities would be using which of the following budgeting techniques?
A)Competitive-parity method
B)Percentage-of-sales method
C)Resource-allocation method
D)Objective-task method
E)The bottom-up method
Q3) If price-based consumer promotions are used too frequently,consumers become conditioned to purchase the product only at the lower promotional price.
A)True
B)False
Q4) Discuss the similarities and differences between sales promotion and advertising.
Page 14
To view all questions and flashcards with answers, click on the resource link above.
Available Study Resources on Quizplus for this Chatper
79 Verified Questions
79 Flashcards
Source URL: https://quizplus.com/quiz/77347
Sample Questions
Q1) Expert Security makes safes for storing valuables.When Ed sold safes for the company,he would deal with a prospect's concerns such as the cost of the safe and then ask,'Are you ready to purchase a safe for your family,or are there other concerns that we need to discuss?' When Ed asked this question,he was ________.
A)showing customer empathy
B)creating rapport
C)still engaged in the approach stage of the creative selling process
D)using a last objection close
E)using a standing-room-only close
Q2) ________ is a sales technique that focuses on making an immediate sale with little or no attempt to develop a relationship with the customer.
A)Market segregation
B)Transactional selling
C)Proactive marketing
D)Relationship selling
E)Transformational selling
Q3) Compare transactional and relationship selling and provide an example of each from your own personal experiences.
To view all questions and flashcards with answers, click on the resource link above. Page 15
Chapter 13: Many-To-Many: Online Marketing
Communication and New Media
Available Study Resources on Quizplus for this Chatper
56 Verified Questions
56 Flashcards
Source URL: https://quizplus.com/quiz/77346
Sample Questions
Q1) ________ allows users to quickly obtain the information they believe is relevant.
A)Personal optimisation
B)Reciprocity
C)Interactivity
D)Individualism
E)None of the above
Q2) Why are marketers concerned with measuring the 'stickiness' of their websites? How can this be measured?
Q3) Social networks provide value to marketers in which of the following ways?
A)By making it easier for marketers to connect with influential people such as journalists
B)By making it easier for marketers to connect with consumers who are opinion leaders
C)By presenting opportunities to create brand communities
D)A and B
E)A,B and C
Q4) Discuss the considerations outlined in the Social Media Guidelines for brands in commercial use.Why might a company adopt these guidelines?
To view all questions and flashcards with answers, click on the resource link above.
Page 16
Chapter 14: Delivering Value Through Supply Chains and Logistics
Available Study Resources on Quizplus for this Chatper
113 Verified Questions
113 Flashcards
Source URL: https://quizplus.com/quiz/77345
Sample Questions
Q1) Physical distribution activities include all of the following EXCEPT ________.
A)order getting
B)order processing
C)materials handling
D)transportation
E)warehousing
Q2) An example of ________ would be when a department store provides a refund to a customer.
A)horizontal marketing system
B)creating assortments
C)breaking bulk
D)knowledge management
E)facilitating functions
Q3) Which of the following is/are limitations of e-commerce?
A)Potential for internet fraud
B)The time consumers have to wait to receive purchases
C)Potential for security concerns
D)Inability to 'touch and feel' prior to purchase
E)All of the above
Q4) Discuss why in logistics the focus is on the customer.
To view all questions and flashcards with answers, click on the resource link above. Page 17