Marketing Strategy Practice Questions
Course Introduction
Marketing Strategy explores the principles and processes involved in developing and implementing effective marketing plans that align with organizational goals. The course covers essential topics such as market analysis, segmentation, targeting, positioning, competitive analysis, and the formulation of marketing mixes. Through case studies, practical projects, and theoretical frameworks, students learn to analyze dynamic market environments, anticipate consumer behavior, and make strategic decisions regarding products, pricing, distribution, and promotion. Emphasis is placed on integrating digital marketing strategies and assessing performance metrics to adapt and sustain competitive advantage in both local and global markets.
Recommended Textbook
Strategic Marketing 10th Edition by David Cravens
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15 Chapters
524 Verified Questions
524 Flashcards
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Page 2
Chapter 1: New Challenges for Market Driven Strategy
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35 Verified Questions
35 Flashcards
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Sample Questions
Q1) _____ consist(s) of the benefits and costs resulting from the purchase and use of products as perceived by the buyer.
A) Customer value
B) Distinctive capabilities
C) Spanning process
D) Market sensing
Answer: A
Q2) _____ examines customer targeting and positioning strategies,marketing relationship strategies,and innovation and new product strategy.
A) Identifying markets, segments, and customer value
B) Implementing and managing market-driven strategy
C) Designing market-driven strategy
D) Market-driven program development
Answer: C
Q3) Pricing is an example of an outside-in process.
A)True
B)False
Answer: False
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Page 3
Chapter 2: Markets and Competitive Space
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Sample Questions
Q1) Explain the competitive box.Why is there a need for strategic thinkers to "think outside the competitive box"?
Answer: There is a tendency for executives to think in terms of a stable "competitive box" around their businesses defined by technology,geography,competitors and the existing customer base.This frame of reference enables analytical tools to be successfully applied,research to be carried out,and plans can be made.This traditional perspective is logical in stable markets but fails to address the reality that the real threats as well as exciting opportunities may be present outside the conventional competitive box.Increasingly,new markets,new types of competition,and new business designs are emerging that fuel market growth and cannibalize the existing customer base of incumbents' markets.Importantly,effective processes for understanding markets and competitive space and guiding the strategic initiatives appropriate for the markets require strategic thinking outside the competitive box.
Q2) A new competitor entering a market is likely to come from companies competing in other geographical regions with similar products.
A)True
B)False
Answer: True
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Chapter 3: Strategic Market Segmentation
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Sample Questions
Q1) _____ consists of evaluating and selecting one or more segments whose value requirements provide a good match with the organization's capabilities.
A) Strategic segmentation
B) Managerial segmentation
C) Audience management
D) Market targeting
Answer: D
Q2) The term "market niche" refers to the largest segment of buyers in a specific market.
A)True
B)False
Answer: False
Q3) Market concentration determines the extent to which the supplier must tailor the product to each organizational buyer.
A)True
B)False
Answer: False
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Chapter 4: Strategic Customer Management: Systems,
ethics, and Social Responsibility
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Sample Questions
Q1) What information should a database created through CRM technology contain?
Q2) Which of the following is the final step in developing a CRM strategy?
A) Gaining an organization-wide commitment to CRM strategy
B) Forming a cross-functional CRM project team for decision analysis and actions
C) Developing and defining the CRM strategy to guide management process
D) Conducting a business needs analysis concerning customer relationships
Q3) What are the different CRM levels?
Q4) Which of the following CRM levels provides a strategic focus for CRM?
A) Field level
B) Company-wide level
C) Functional level
D) Customer-facing level
Q5) The _____ perspective of CRM considers the processes that are needed to fulfill required marketing activities.
A) functional
B) field
C) company-wide
D) customer-facing
Q6) What is customer lifetime value? How is it calculated?
Q7) What are the major steps in developing a CRM strategy? Page 6
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Page 7
Chapter 5: Capabilities for Learning About Customers and Markets
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34 Verified Questions
34 Flashcards
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Sample Questions
Q1) The market sensing process of _____ includes motivating the involvement of staff who are in contact with customers in building understanding of change,new opportunities and threats.
A) building open-minded inquiry
B) analyzing competitors' actions
C) listening to front-line employees
D) searching for latent customer needs
Q2) Give an account of how internet-based research helps in creating new market information.
Q3) Searching for latent customer needs primarily involves understanding customer needs through interaction with front-line employees who are in direct contact with customers.
A)True
B)False
Q4) Which of the following activities is to be avoided when engaging in the process of market learning?
A) Searching for new ideas without a fixed view
B) Interpreting collected information based on managers' views
C) Bundling information based on specific business functions
D) Accessing prior information
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Chapter 6: Market Targeting and Strategic Positioning
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Sample Questions
Q1) A(n)_____ is a life product life cycle stage where the product-market is actually fading away instead of experiencing a temporary fall or cyclical changes.
A) emerging product-market
B) maturing product-market
C) declining product-market
D) growing product-market
Q2) New entrants in an emerging market can use disruptive technologies to attract buyers away from incumbent firms.
A)True
B)False
Q3) Explain how test marketing can help assess positioning effectiveness.
Q4) Which of the following is a characteristic of emerging markets?
A) Sales are highest in this stage of the product life cycle.
B) Factors that drive market growth are clearly defined at this stage.
C) Market segments are most defined at this stage.
D) Profits are not obtained at this stage of the product life cycle.
Q5) Explain the consumer behavior of buyers in mature markets affecting brand management.
Q6) Identify and discuss the three possible targeting strategies in growth markets.
Page 9
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Chapter 7: Strategic Relationships
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Sample Questions
Q1) Environmental diversity makes it difficult to link buyers and the goods and services that meet buyers' needs and wants in the marketplace.
A)True
B)False
Q2) Describe the different forms of organizational relationships.
Q3) An alliance should demonstrate the low risk of anticompetitive harm and pro-competitive _____ and efficiencies to be gained.
A) market manipulation
B) boycotts
C) benefits
D) comfort letters
Q4) Which of the following is true of strategic alliances?
A) It is a type of acquisition by one firm of another.
B) It does not involve joint purchasing of stocks of another company.
C) It is not a merger between two independent firms.
D) It does not involve the sharing of existing distribution channels between the firms.
Q5) Mention the factors that create a need to establish cooperative strategic relationships between organizations.
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Chapter 8: Innovation and New Product Strategy
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35 Flashcards
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Sample Questions
Q1) _____ is the combination of benefits provided by a product minus all of the costs incurred by the buyer.
A) Product use experience
B) Customer satisfaction
C) Customer value
D) Leveraging cost
Q2) Describe how focus groups help generate new-product ideas.
Q3) The traditional method of market testing helps eliminate the risk present in simulated tests of competitor exposure.
A)True
B)False
Q4) New products that provide improved performance or greater perceived value (or lower cost) are called _____ innovations.
A) transformational
B) substantial
C) nondescript
D)incremental
Q5) How can innovations be classified? What are the different types of innovations?
Q6) Describe the various forms of innovation through collaborations?
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Chapter 9: Strategic Brand Management
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Sample Questions
Q1) Which of the following activities of strategic brand management primarily provides essential information for decision making for other brand management activities?
A) Leveraging the brand
B) Brand equity management
C) Brand identity strategy
D) Strategic brand analysis
Q2) Stretching the brand vertically consists of launching a new product line in another product class.
A)True
B)False
Q3) List the measures that Aaker proposes to capture all relevant aspects of brand equity.
Q4) According to the American Marketing Association,the legal term for brand is _____.
A) merchandise
B) asset
C) patent
D) trademark
Q5) What functions do brands serve for sellers?
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Chapter 10: Value Chain Strategy
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35 Flashcards
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Sample Questions
Q1) If one retailer or dealer in the trading area distributes the product,then management is following a selective distribution strategy.
A)True
B)False
Q2) Discuss the emerging issue of the digital distribution channel occurring in markets in which the product can be converted to digital format.
Q3) Agile supply chains require long-term partnership with suppliers.
A)True
B)False
Q4) A single product makes distribution by the manufacturer economically feasible,whereas the cost of direct sales for a complete line may be prohibitive.
A)True
B)False
Q5) A conventional distribution channel offers little opportunity for control by a member firm,yet there is a lot of flexibility in entering and exiting from the channel.
A)True
B)False
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Chapter 11: Pricing Strategy
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35 Verified Questions
35 Flashcards
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Sample Questions
Q1) Give an account of the impact of emerging markets on pricing.
Q2) Customer value mapping estimates are based on the differentiated benefits that a customer receives from a product.
A)True
B)False
Q3) The core issue in pricing is finding out what value requirements (benefits-costs) the buyer places on the product or brand.
A)True
B)False
Q4) Which of the following is true of high-passive strategy pricing?
A) It is used when competition for the market target is very high.
B) It emphasizes nonprice competitive factors.
C) It is primarily used by discount retailers.
D) It is used by producers whose brands are not familiar to the market.
Q5) A low-active pricing strategy:
A) emphasizes nonprice competitive factors.
B) is mainly used to gain margins in small market targets.
C) is most effective for discount retailers.
D) is an attractive strategy when competition for market target is high.
Q6) Explain the role of price in the distribution strategy.
Page 14
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Chapter 12: Promotion, advertising, and Sales Promotion Strategies
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35 Verified Questions
35 Flashcards
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Sample Questions
Q1) Which of the following informational activities is targeted at both channel members and the salesforce?
A) Demonstrations
B) Trade shows
C) Displays
D) Selling aids
Q2) _____ measure(s) consumers' awareness of specific ads and campaigns by asking questions to determine if a sample of people remembers an ad.
A) Recall tests
B) Effort/result models
C) Longitudinal studies
D) Test marketing
Q3) _____ refers to communications placed in the commercial media at no charge to the company receiving the publicity.
A) Advertising
B) Public relations
C) Personal selling
D) Interactive marketing
Q4) Identify the advantages and disadvantages of advertising.
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Chapter 13: Sales, digital, and Direct Marketing Strategies
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Sample Questions
Q1) _____selling is a form of selling in which the salespeople work with the customers of a channel member to encourage them to purchase the producer's product from the channel member.
A) Missionary
B) Trade
C) New business
D) Consultative/technical
Q2) In social media-based positioning attempts,the goal is to create a community providing only functional benefits.
A)True
B)False
Q3) In direct marketing,accuracy of targeting is only as good as the lists used to access potential buyers.
A)True
B)False
Q4) An important part of deciding the personal selling strategy is choice of the alternative channels to end-user customers.Explain the issues involved.
Q5) Explain the communications features of the Internet.
Q6) What are the major initiatives of a salesforce strategy?
Page 16
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Chapter 14: Designing Market-Driven Organizations
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Sample Questions
Q1) _____ organizational design assigns departments,groups,or individuals,responsibility for specific activities,such as advertising and sales promotion,pricing,sales,marketing research,and marketing planning and services.
A) Product-focused
B) Functional
C) Market-focused
D) Matrix
Q2) A key advantage of functional organizational design is its customer focus.
A)True
B)False
Q3) Which of the following processes' function is to define value for the organization?
A) New product development
B) Knowledge management
C) Logistics
D) Customer service
Q4) Explain the importance of organizational agility and flexibility.
Q5) Explain the traditional organizational structure and its limitations.
Q6) Give an account of the challenges in integrating marketing with other activities in a company.
Page 17
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Chapter 15: Strategic Marketing Implementation and Control
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Sample Questions
Q1) The results of the _____ provide the basis for selecting performance criteria and choosing relevant marketing metrics to assess actual performance against plans and tactical intent.
A) strategic marketing audit
B) integrated marketing communications
C) balanced scorecard
D) customer relationship analysis
Q2) A benefit of the balanced scorecard methodology is that it is feasible for any business unit level strategy and provides a means to link performance evaluation to strategy implementation.
A)True
B)False
Q3) The choice of the most relevant marketing metrics should be made in the light of the need to:
A) track performance relative to alliances.
B) track performance relative to suppliers.
C) track performance over investment capabilities.
D) measure performance relative to strategy.
Q4) Discuss how organizational designs help implement a strategic marketing plan.
Q5) Discuss factors that influence the implementation of a marketing strategy.
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