Marketing Strategy
Exam Solutions
Course Introduction
Marketing Strategy explores the concepts, tools, and frameworks essential for developing and executing effective marketing plans that drive organizational success. This course covers market analysis, targeting and positioning, the marketing mix (product, price, place, and promotion), competitor analysis, and customer value creation. Students will learn how to align marketing strategies with overall business objectives, adapt to changing market environments, and utilize data-driven decision-making to ensure competitive advantage. Through case studies and real-world projects, students will gain practical experience in formulating, implementing, and evaluating marketing strategies in various industries.
Recommended Textbook
MKTG 9 9th Edition by Charles W. Lamb
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21 Chapters
1256 Verified Questions
1256 Flashcards
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Page 2
Chapter 1: An Overview of Marketing
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Sample Questions
Q1) Companies that rely on the marketing concept and have implemented a market orientation strategy recognize that:
A)price is the most important variable for customers.
B)products should be targeted at everybody or the average customer.
C)customer wants can be satisfied by integrating activities of the firm.
D)good promotion and advertising strategies can save a bad product.
Answer: C
Q2) Which of the following opinions is a critic of the sales-orientation philosophy most likely to hold?
A)Reducing prices is the most effective technique that helps increase product sales.
B)Customers do not buy products unless the products are adequately promoted.
C)Business firms should give maximum emphasis to advertising strategies.
D)Business firms need to have a good understanding of the needs of the marketplace.
Answer: D
Q3) Consumer's expectations of doing new things with varied kinds of information in ways that create value have resulted in the emergence of__________.
Answer: on-demand marketing
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Chapter 2: Strategic Planning for Competitive Advantage
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Sample Questions
Q1) The distribution strategy in the marketing mix is concerned with:
A)transporting raw materials or finished products.
B)educating customers about product benefits.
C)providing after-purchase services to customers.
D)public relations activities.
Answer: A
Q2) A marketing mix typically encompasses _____ strategies.
A)pricing
B)divestment
C)anti-competitive
D)trade restraint
Answer: A
Q3) Relish is a bakery that has introduced a range of low-fat pizzas for its present customers.This is an example of product development strategy.
A)True
B)False
Answer: True
Q4) __________multiplied by the number of units sold equals total revenue for the firm.
Answer: Price
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Chapter 3: Ethics and Social Responsibility
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Sample Questions
Q1) Most business people have progressed beyond the self-centered and manipulative actions of preconventional morality.
A)True
B)False
Answer: True
Q2) Delta Inc.is a large organization that believes in serving the community it operates in.The organization conducts several campaigns about health awareness and also provides donations to nonprofit organizations working on such causes.Delta is illustrating _____.
A)corporate social responsibility
B)divestment
C)social loafing
D)corporate self-dealing
Answer: A
Q3) The stakeholder theory of corporate social responsibility:
A)considers the management of an organization as one of the stakeholders.
B)excludes customers and government agencies among stakeholders.
C)does not consider the owners of an organization as the stakeholders.
D)does not consider first-line employees of an organization as stakeholders.
Answer: A
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Chapter 4: The Marketing Environment
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Sample Questions
Q1) After Hal Li purchased and installed a wood-burning stove to heat his home,the stove caught fire and damaged much of the house.He believes the stove had inadequate insulation.Hence,Li should voice his concerns to the Federal Trade Commission.
A)True
B)False
Q2) The management of a firm has utmost control over the competitive environment confronting it.
A)True
B)False
Q3) Millenials:
A)are now more in number than baby boomers.
B)spend the most on food than any other cohort.
C)have been least affected by the Great Recession.
D)are less familiar with technology and social media than any other group.
Q4) Multigenerational householders are a rarity in many parts of the United States.
A)True
B)False
Q5) Discuss six approaches that are used by companies now to stimulate innovation.
Q6) Discuss purchasing power and its relationship with income.
Page 6
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Chapter 5: Developing a Global Vision
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Sample Questions
Q1) In the context of global marketing,when a domestic firm buys part of a foreign company or joins with a foreign company to create a new entity,it is known as a__________.
Q2) Irving Inc. ,an apparel company,decides to expand operations to several countries around the world.However,it fails to take into account the various styles of clothing that are deemed acceptable in these countries.It sells the same clothes that it sells in its home country to the other countries.As a result,it suffers a major loss.In this scenario,Irving Inc.failed to be sensitive to the__________of the countries.
Q3) The__________is a trade agreement that has dramatically lowered trade barriers worldwide and also created the World Trade Organization.
Q4) A company is said to be a direct foreign investor in another country if it:
A)outsources a part of its production to the country due to the availability of cheaper labor.
B)exports finished products to that country.
C)manufactures products for that country based on contract manufacturing.
D)acquires an active ownership of marketing facilities in that country.
Q5) A(n)__________is a limit on the amount of a specific product that can enter a country.
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Chapter 6: Consumer Decision Making
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Sample Questions
Q1) During an external information search,a consumer is most likely to enlarge his search and consider more alternative brands when:
A)he has a great deal of prior experience while shopping for the product or service.
B)the perceived risk of the product or service to be purchased increases.
C)he is confident of making a purchase decision with the information at hand.
D)the product or service to be bought is a frequently purchased,low-cost item.
Q2) _____ is an orderly series of stages in which consumers' attitudes and behavioral tendencies evolve through maturity,experience,and changing income and status.
A)Socialization
B)Maslow's hierarchy
C)The family life cycle
D)Showrooming
Q3) Which of the following is a personal characteristic that influences an individual's buying decisions?
A)Lifestyle
B)Culture
C)Motivation
D)Learning
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8
Chapter 7: Business Marketing
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Sample Questions
Q1) TomSauce,a brand of tomato sauce,advertises that the tomatoes it uses are processed within 24 hours of being picked to ensure product freshness.In this scenario,the fresh tomatoes are examples of__________.
Q2) Rachel,a university student,purchases a watch as a gift forher mother.In this scenario,the watch is an example of a(n)_____ product.
A)industrial
B)consumer
C)intermediate
D)business
Q3) Capital goods such as large or expensive machines,mainframe computers,blast furnaces,generators,airplanes,and buildings are referred to as__________.
Q4) TomSauce,a brand of tomato sauce,advertises that the tomatoes it uses are processed within 24 hours of being picked to ensure product freshness.In this scenario,the fresh tomatoes are examples of _____.
A)raw materials
B)component parts
C)MRO items
D)supplies
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Chapter 8: Segmenting and Targeting Markets
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Sample Questions
Q1) Candy's Chocolates Inc.is a confectionary company that manufactures only one product.Unlike its competitors,the firm does not have its target customer base as children.Instead,it promotes its product using the same strategy across consumers of all age groups.Given this information,Candy's Chocolates Inc.has adopted a(n)_____ strategy.
A)multisegment targeting
B)niche targeting
C)undifferentiated targeting
D)concentrated targeting
Q2) Kirksand Hotels is renowned for its service and individual treatment of its customers.All service staff and employees are encouraged to listen carefully to customers' wants and needs.For instance,if a traveler ordered soft pillows,wanted only martinis in his mini bar,and needed access to a fax machine,he would find all of these amenities in his room when he arrived.In this scenario,on which of the following trends has Kirksand Hotels based its customer relationship management (CRM)?
A)Personalization
B)Time savings
C)Loyalty
D)Technology
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Page 10
Chapter 9: Marketing Research
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Sample Questions
Q1) Which of the following is true of one-way frequency counts?
A)They simply record the responses to a question.
B)They let analysts look at the responses to one question in relation to the responses to one or more other questions.
C)They include hypothesis testing and regression analysis.
D)They are rarely done in data analysis as they do not provide an in-depth interpretation of the collected data.
Q2) The final step in customer relationship management (CRM)is to identify a firm's profitable and unprofitable customers.
A)True
B)False
Q3) Competitive intelligence specifies how and when data will be gathered,what data is relevant,and how the data will be analyzed to solve a marketing research problem.
A)True
B)False
Q4) A carefully selected group of consumers who agree to participate in an ongoing online dialogue with a particular corporation is known as a(n)__________.
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Chapter 10: Product Concepts
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Sample Questions
Q1) __________refers to the number of product lines an organization offers.
Q2) What are universal product codes (UPCs)? Explain their use in packaging.
Q3) Compared to convenience products,shopping products are:
A)sold through aggressive personal selling and highly persuasive advertising.
B)usually more expensive and are found in fewer stores.
C)purchased without significant planning.
D)available everywhere,including department stores,gas stations,and vending machines.
Q4) Lisa goes to an electronic goods store to purchase a washing machine.After comparing the various brands of washing machines available,their functions,prices,and so on,she purchases one that is cheaper and smaller than the rest.In this case,Lisa has purchased a(n)__________.
Q5) Which of the following is considered an advantage of decreasing a product's quality?
A)It gives manufacturers greater ability to raise prices for the product.
B)It allows manufacturers to appeal to target markets unable to afford the original product.
C)It motivates customers to replace worn out products.
D)It enhances the ease of coordinating promotion from market to market.
Q6) Explain the importance of product offering in creating a marketing mix.
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Chapter 11: Developing and Managing Products
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Sample Questions
Q1) A difference between early majority and early adopters is that early majority are:
A)more likely to be opinion leaders.
B)more eager to try new products and ideas,almost as an obsession.
C)likely to collect more information and evaluate more brands.
D)less likely to extend the adoption process.
Q2) In the context of the product life cycle,a long-run drop in a product's sales signals the beginning of the _____.
A)introductory stage
B)growth stage
C)maturity stage
D)decline stage
Q3) The maker of Protect Your Hands hand sanitizer decided to test its consumers' reactions to one of its new products,Protect Your Hands Sanitizing Wipes.It sent out flyers advertising several of the company's products along with the new product to select customers of the target market.The flyer also asked the customers to shop in a mock store filled with real products,including the new product.In this case,the maker of Protect Your Hands has used__________.
Q4) Explain in detail why a large proportion of new product introductions fail?
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Page 13
Chapter 12: Services and Nonprofit Organization Marketing
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Sample Questions
Q1) Business Essentials is a support group that consists mostly of young women who offer tips on budgeting and debt relief.Their goal is to help women break financial ceilings.Business Essentials is providing a(n)_____ that is helpful to women who want to be financially savvy.
A)asset
B)tangible product
C)service
D)tangible resource
Q2) Cashcrash.com is an online money transfer company that provides consumer remittance facilities.With the Cashcrash bank deposit service,consumers can send money directly to bank accounts in several countries around the world.Thus,Cashcrash.com would be classified as a:
A)good.
B)tangible product.
C)service.
D)tangible resource.
Q3) The__________of a service most clearly reveals the relationship between its target market strategy and its distribution strategy.
Q4) When is a service mix effective?
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Chapter 13: Supply Chain Management
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Sample Questions
Q1) How does outsourcing affect the efficient deployment of supply chain management?
Q2) DutiLog is a firm that specializes in providing warehousing,order processing,and transporting solutions to a diverse group of firms.Firms contract DutiLog to manage a part or most of their order fulfillment process.Thus,DutiLog is an example of a: A)mediator.
B)third-party logistics company.
C)federal administrative agency.
D)job shop.
Q3) An effective materials-handling system:
A)increases the number of stages and participants in the supply chain.
B)moves inventory into,within,and out of a warehouse quickly with minimal handling.
C)helps firms maintain their inventory at the highest levels possible.
D)enables firms to increase the number of people handling their raw materials,supplies,and components.
Q4) A(n)__________is best described as an entire group of individuals who orchestrate the movement of goods,services,and information from the source to the consumer.
Q5) Why is agility crucial for companies?
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Chapter 14: Marketing Channels
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Sample Questions
Q1) Mezjo Inc.is a video store that sells DVDs and also sells popcorn,candy,soft drinks,and entertainment publications.It stores all of these products in separate warehouses and uses different modes of transportation to deliver them.Which of the following functions is described in this scenario?
A)Transactional functions
B)Research functions
C)Logistical functions
D)Financing functions
Q2) Why have many companies begun employing multichannel marketing strategies?
Q3) A _____ channel enables a consumer to return a product when it reaches the end of its useful life.
A)gray marketing
B)reverse
C)nontraditional
D)traditional
Q4) Retailers simplify distribution by cutting the number of transactions required by consumers,making an assortment of goods available in one location.
A)True
B)False
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Chapter 15: Retailing
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Sample Questions
Q1) A(n)__________refers to the originator of a trade name,product,methods of operation,and the like that grants operating rights to another party to sell its product.
Q2) __________are inventories displayed for sale to customers.
Q3) The technique used to sift through data collected by point-of-purchase scanning equipment is called__________.
Q4) Which of the following is a difference between off-price retailers and specialty shops?
A)Off-price retailers replenish inventory items that are sold,while specialty shops never replenish inventory items that are sold.
B)Off-price retailers employ a hybrid retail operating model,while specialty shops employ a mass merchandising retail operating model.
C)Off-price retailers focus on lean inventory management,while specialty shops are supported by an agile approach to inventory.
D)Off-price retailers adopt a high-service approach,while specialty shops de-emphasize customer service and product selection.
Q5) What is a target market?
Q6) What is brand cannibalization? Why is it dangerous to the retailer?
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Page 17
Chapter 16: Marketing Communications
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Sample Questions
Q1) Treat Bytes Inc. ,a food product manufacturing company,introduces a new range of protein-rich snacks targeted at vegetarians.The products have very low levels of fat and cholesterol that make them a healthy source of protein for vegetarians.These products are unique,and people consider them to be of the highest quality.These unique features of the products present Treat Bytes Inc.with a _____.
A)differential parity
B)synergistic goal
C)competitive advantage
D)comparative benefit
Q2) When Dernz Inc.introduced its ketchup globally,it first had to deal with the fact that ketchup is not a household staple outside the United States.The company had to show foreign users how ketchup can be used.In this case,Dernz had to rely primarily on _____ advertising to reach out to consumers.
A)reminder
B)persuasive
C)informative
D)compulsive
Q3) A manufacturer using the__________promotional strategy focuses its promotional efforts on end consumers.
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Page 18
Chapter 17: Advertising, public Relations, and Sales Promotion
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Q1) __________is the series of decisions advertisers make regarding the selection and use of media,allowing the marketer to optimally and cost-effectively communicate the message to the target audience.
Q2) A(n)_____ is the channel used to convey a message to a target market.
A)medium
B)product network
C)attribute
D)appeal
Q3) How is a sales promotion cheaper and easier to measure than advertising? Explain using an example.
Q4) Ads for Brita LED Lightings use comparative advertising to emphasize the benefits of using LEDs over CFLs.The ads emphasize that LEDs last longer,consume lesser energy,and need to be replaced fewer number of times than CFLs.In this case,what kind of appeal is used by these ads?
A)Admiration
B)Vanity and egotism
C)Health
D)Profit
Q5) A disadvantage of newspaper advertising is that it has__________.
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Chapter 18: Personal Selling and Sales Management
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Sample Questions
Q1) Sales of some technical products and services typically take many months,perhaps even years,to complete.
A)True
B)False
Q2) _____ is the point at which a customer and a company representative exchange information and develop learning relationships.
A)Lead generation
B)An intervention
C)Lead qualification
D)An interaction
Q3) __________is the ultimate goal of a new trend in marketing that focuses on understanding consumers as individuals instead of as part of a group.
Q4) _____ is a process of finding out about potential clients from friends,business contacts,coworkers,acquaintances,and fellow members in professional or civic organizations.
A)Campaign management
B)Networking
C)Negotiation
D)Needs assessment
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Chapter 19: Social Media and Marketing
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Sample Questions
Q1) Explain the role of social media in marketing.
Q2) Monette has posted over 100 book reviews on Amazon.com.She also frequently reviews products and services on Epinions and posts her reviews of local restaurants on Yelp.As a social media user,Monette would best be characterized as a__________.
Q3) Bethany follows several blogs every day and uses YouTube frequently to watch latest videos.She does not have her own Web site,and she almost never posts any comments on the sites she visits.She just enjoys reading and watching the content on popular sites.Bethany would be best characterized as a__________.
Q4) Angela and Dominic own Slice Pizzeria.They keep track of the number of mentions their store receives on sites like Twitter and Facebook,but they are unsure of what steps to take next.Based on the eight stages of effective listening,Angela and Dominic are currently in the _____ of developing an effective listening system.
A)stage 1
B)stage 2
C)stage 3
D)stage 4
Q5) Distinguish between owned media and earned media with examples.
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Page 21
Chapter 20: Pricing Concepts
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Sample Questions
Q1) Although many factors can influence the price of a product,the primary determinants are:
A)the costs of manufacturing and distributing the product.
B)the demand for the product and the cost to the seller for the product.
C)the demand by consumers and the perceived quality of the product.
D)the distribution and promotion strategies for the product.
Q2) Randy's Apparels Inc.plans to expand its customer base and product line.It introduces a new line of designer wear that are very expensive and exclusively available at Randy's.It emphasizes the high quality and exclusivity of this new line of products in its advertisements.In this case,Randy's Apparels has used__________for the new line of products.
Q3) What happens when demand is elastic?
A)As price goes up,revenue goes down.
B)As price goes down,revenue goes down.
C)As price goes up,revenue goes up.
D)As price goes up,revenue does not change.
Q4) The best way for manufacturers to control prices is by using an exclusive distribution system.
A)True
B)False
Page 22
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Chapter 21: Setting the Right Price
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Q1) A _____ is a price reduction offered to buyers buying in multiple units or above a specified dollar amount.
A)tradediscount
B)cash discount
C)seasonal discount
D)quantity discount
Q2) Consumer penalties are extra fees paid by retailers to consumers for violating the terms of a purchase agreement.
A)True
B)False
Q3) Which of the following is a pricing policy whereby a firm charges a high introductory price,often coupled with heavy promotion?
A)Penetration pricing
B)Price skimming
C)Price discrimination
D)Status quo pricing
Q4) A__________is the general level at which a company expects to sell a good or service.
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