Marketing Strategy
Exam Review
Course Introduction
Marketing Strategy explores the fundamental principles and contemporary practices involved in developing and implementing effective marketing plans to achieve organizational goals. The course examines market analysis, segmentation, targeting, positioning, and the formulation of strategies for product, pricing, promotion, and distribution. Through case studies and real-world scenarios, students learn to analyze competitive environments, understand consumer behavior, and craft innovative strategies that respond to dynamic market challenges. Emphasis is placed on strategic decision-making, resource allocation, and the measurement of marketing performance in the context of both domestic and global markets.
Recommended Textbook
Marketing Strategy 6th Edition by O.C Ferrell
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10 Chapters
297 Verified Questions
297 Flashcards
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Chapter 1: Marketing in Today's Economy
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25 Verified Questions
25 Flashcards
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Sample Questions
Q1) Among the fundamental changes to marketing and business practice in today's economy is the dramatic increase in the availability of information. This increase in information has created a shift in the balance of power in the supply chain. Who now holds most of the power in today's economy?
A) retailers
B) wholesalers
C) customers
D) manufacturers
E) market research firms
Answer: C
Q2) In the airline industry. companies like American. Delta. and US Air have a difficult time competing because their industry has become commoditized. What does this mean for firms in the airline industry?
A) Airline firms compete in a declining industry.
B) Airline customers have become increasingly demanding.
C) There is very little differentiation among product offerings in the industry.
D) The industry experiences very little change over time.
E) Airlines have been forced to develop partnerships to remain competitive.
Answer: C
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3
Chapter 2: Strategic Marketing Planning
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25 Flashcards
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Sample Questions
Q1) Sears at one time lost sight of its mission and jumped into markets such as real estate and financial services that did not fit its strengths or core operations. This most likely occurred because Sears lacked a mission statement with the appropriate:
A) focus.
B) strategic fit.
C) stability.
D) profitability.
E) width.
Answer: E
Q2) In a marketing plan. the executive summary should be a complete but concise overview of the entire marketing plan because:
A) the executive summary is the most important part of the plan.
B) the executive summary is the first part of the marketing plan to be written.
C) most readers of a marketing plan are busy and value condensed information.
D) the executive summary is the least read part of the marketing plan.
E) the executive summary does not provide any quantitative information.
Answer: C
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Chapter 3: Collecting and Analyzing Marketing Information
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25 Flashcards
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Sample Questions
Q1) As a form of __________ competition. bicycles can solve the same basic need as automobiles. albeit with a very different product.
A) regular
B) generic
C) brand
D) total budget
E) product
Answer: B
Q2) Which of the following cultural values is not typically associated with American consumers?
A) low tolerance for waiting
B) growing disconnect with government
C) greater focus on long-term goals
D) concern for the natural environment
E) less tolerance of smoking in public
Answer: C
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Page 5
Chapter 4: Developing Competitive Advantage and Strategic Focus
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Sample Questions
Q1) May firms. like the Altria Group. focus on diversification in their marketing strategies because they possess:
A) many internal strengths and many external opportunities.
B) many internal weaknesses and many external opportunities.
C) many internal strengths and few external opportunities.
D) many internal strengths and many external threats.
E) many internal weaknesses and many external threats.
Q2) The overall concept or model that guides the firm as it weaves various marketing elements together into a coherent strategy is called its:
A) marketing strategy.
B) operational focus.
C) strategic posture.
D) marketing thrust.
E) strategic focus.
Q3) Identify and explain the major characteristics of marketing goals.
Q4) Discuss the role of the strategy canvas and the four-actions framework in establishing a strategic focus for the firm's marketing strategy. Why are these approaches invaluable in today's highly competitive environment?
Q5) Identify and explain the major characteristics of marketing objectives.
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Chapter 5: Customers Segmentation and Target Marketing
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Sample Questions
Q1) With respect to the consumer buying process. __________ is perhaps the most important factor that affects the time. effort. and expense dedicated to the search for information.
A) the degree of risk
B) the consumer's expertise
C) the consumer's brand loyalty
D) the degree of competition
E) the extent of product differentiation
Q2) 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.
Q3) __________ segmentation is the most powerful form of segmentation in consumer markets because it uses actual product usage to make distinctions among market segments.
A) Demographic
B) Behavioral
C) Psychographic
D) Lifestyle
E) Geographic
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Page 7
Chapter 6: The Marketing Program
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72 Flashcards
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Sample Questions
Q1) Price elasticity is defined as:
A) a situation where prices routinely move up and down in a short period of time.
B) customers' responsiveness or sensitivity to changes in price.
C) the impact on a product's demand when customers are in unique buying situations.
D) the relative ease with which prices can be changed.
E) price flexibility-a pricing strategy used by startup firms.
Q2) Which of the following statements about integrated marketing communications (IMC) is FALSE?
A) IMC refers to the strategic, coordinated use of promotion to create one consistent message.
B) IMC takes a 360-degree view of the customer.
C) The role of mass television advertising is growing more important to IMC strategy.
D) IMC reduces costs and increases efficiency because it can reduce or eliminate redundancies and waste.
E) The key to IMC is consistency and uniformity of message across all elements of promotion.
Q3) Identify and discuss reasons why firms become so infatuated with pricing.
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Chapter 7: Branding and Positioning
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Sample Questions
Q1) Best Buy offers many different manufacturer (name) brands including HP. Panasonic. Sony. and Canon. Which of the following is a primary reason that Best Buy would offer these and other manufacturer brands?
A) increased profit margin
B) reduced marketing costs
C) less competition
D) total control over marketing
E) increased loyalty to Best Buy
Q2) Branding strategy involves much more than developing a clever brand name or brand mark. To be truly effective. a brand should succinctly capture the total offering in a way that:
A) clearly distinguishes it from competiting offerings.
B) utilizes at least 5 brand attributes.
C) answers a question in the customer's mind.
D) clearly ties the brand name together with the brand mark.
E) associates the brand with a customer emotion such as happiness or love.
Q3) Why is the product life cycle an important consideration in selecting and developing a marketing strategy? What are the core differences among the PLC stages that force marketers to alter their marketing programs over time?
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Page 9
Chapter 8: Ethics and Social Responsibility in Marketing Strategy
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Sample Questions
Q1) Being economically responsible is the most basic social responsibility of any business. This responsibility has the most immediate effect on:
A) customers.
B) shareholders.
C) the government.
D) the media.
E) All of the above.
Q2) Socially responsible firms tend to enjoy higher __________ because customers perceive that the firm is dedicated to doing the right thing and treating customers fairly.
A) profit margins
B) sales volume
C) customer loyalty
D) corporate integrity
E) corporate reputations
Q3) Why have ethics and social responsibility become so important in recent years? Why is it important that marketing ethics be incorporated into the firm's strategic plan?
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Chapter 9: Marketing Implementation and Control
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Sample Questions
Q1) 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.
Q2) What type of control mechanisms are used during implementation to influence employee behaviors so that they will support the marketing strategy and its objectives?
A) input controls
B) informal controls
C) social controls
D) output controls
E) process controls
Q3) In terms of marketing structure. what type of structure coordinates and manages all marketing activities and decisions from the top of the marketing hierarchy?
A) a regulated marketing structure
B) a dynamic marketing structure
C) a centralized marketing structure
D) a lateral marketing structure
E) a decentralized marketing structure
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11
Chapter 10: Developing and Maintaining Long-Term Customer Relationships
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Sample Questions
Q1) __________ refers to the degree of superiority of a firm's goods or services. It is a relative term because it can only be judged in comparison to competing products or when compared to an internal standard of excellence.
A) Value
B) Durability
C) Quality
D) Satisfaction
E) Sustainability
Q2) 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
Q3) 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?
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