Marketing Strategy
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Course Introduction
Marketing Strategy explores the development, implementation, and evaluation of effective marketing plans to achieve organizational objectives. The course covers key concepts such as market segmentation, targeting, positioning, and competitive analysis, along with the integration of the marketing mix (product, price, place, and promotion) to create sustainable value. Through real-world case studies and strategic frameworks, students learn to analyze market opportunities, anticipate consumer behavior, and formulate actionable strategies that drive growth in dynamic and competitive environments.
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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Sample Questions
Q1) _____ are complex bundles of skills and accumulated knowledge,excised through organizational processes,that enables firms to coordinate activities and make use of their assets.
A) Business clusters
B) Competitor faculties
C) Cross functions
D) Distinctive capabilities
Answer: D
Q2) With regard to a corporate strategy framework,_____ define(s) what the corporation is and what it does and provides important guidelines for managing and improving the corporation.
A) resource allocation
B) synergies
C) objectives
D) management's vision
Answer: D
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Chapter 2: Markets and Competitive Space
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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) Which of the following is the most direct type of competition?
A) Budget competition
B) Generic competition
C) Product-category competition
D) Product-variant competition
Answer: D
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Page 4
Chapter 3: Strategic Market Segmentation
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Sample Questions
Q1) The ______ variables divide a market into segments according to the buyers' age,income,education,and other such characteristics.
A) use situation
B) buyers' needs and preferences
C) demographic
D) purchase-behavior
Answer: C
Q2) Market targeting consists of selecting one or more segments whose value requirements provide a good match with the organization's capabilities.
A)True
B)False
Answer: True
Q3) Which of the following is a use situation variable?
A) Lifestyle of buyers
B) Brand loyalty status
C) Prior experience with product
D) Frequency of purchase
Answer: C
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Page 5
Chapter 4: Strategic Customer Management: Systems,
ethics, and Social Responsibility
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Sample Questions
Q1) 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
Q2) CRM supports a customer-responsive strategy,which gains competitive advantage when it:
A) demonstrates the customer's trustworthiness and reliability to the company.
B) delivers superior customer value by personalizing the interaction between the customer and the company.
C) tightens connections with the competitors.
D) achieves the coordination of customer capabilities around the organization.
Q3) Which of the following activities hinders the successful implementation of CRM initiatives?
A) Creating a customer strategy before implementing CRM
B) Changing the organization before putting CRM in place
C) Matching the technology to the customer strategy
D) Investing in building relationships with disinterested customers
Q4) What information should a database created through CRM technology contain?
Q5) What are the different CRM levels?
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Chapter 5: Capabilities for Learning About Customers and Markets
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Q1) 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
Q2) Strategic _____ refers to a firm's capability to consistently identify and seize opportunities more quickly and effectively than rivals.
A) alliance
B) agility
C) stock
D) equity
Q3) Unbundling information from its physical carrier will provide access as well as speed in organizations.
A)True
B)False
Q4) Give an account of the barriers that affect the market learning processes.
Q5) What are the activities included in the learning processes of market-oriented companies?
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Chapter 6: Market Targeting and Strategic Positioning
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Sample Questions
Q1) 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.
Q2) New entrants in an emerging market can use disruptive technologies to attract buyers away from incumbent firms.
A)True
B)False
Q3) A(n) _____ positioning concept applies to products that solve consumption-related problems for externally generated consumption needs.
A) functional
B) lateral
C) symbolic
D) experiential
Q4) The total sales and profits of a product will decline after it reaches the maturity stage.
A)True
B)False
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Chapter 7: Strategic Relationships
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Q1) Which of the following should be considered for a successful alliance disengagement plan?
A) Identifying and agreeing on the events that will trigger exit from the alliance
B) Design of the engagement process
C) Restructuring and cost-reduction
D) Developing new markets and building market position
Q2) 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
Q3) A disengagement plan should consider detailed description of the rights of each partner to alliance assets and products on disengagement.
A)True
B)False
Q4) What are the advantages and disadvantages of outsourcing firm activities?
Q5) What features should a successful disengagement plan for a strategic alliance contain?
Q6) Describe the different forms of organizational relationships.
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Chapter 8: Innovation and New Product Strategy
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Sample Questions
Q1) How can innovations be classified? What are the different types of innovations?
Q2) When products become commodities,profit margins increase and differentiated advantages are easily achieved.
A)True
B)False
Q3) _____ consists of the pursuit of a deliberate,ongoing strategy of developing and introducing new products that attract the buyers of a company's existing products.
A) Sustained innovation
B) Proactive cannibalization
C) Cross production
D) Planned obsolescence
Q4) A new-product screening involves testing if the product is commercially viable.
A)True
B)False
Q5) Which of the following is the first step in the new-product-planning process?
A) Idea generation
B) Marketing strategy development
C) Product development
D) Customer needs analysis
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Chapter 9: Strategic Brand Management
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Sample Questions
Q1) The brand as a person (brand personality) perspective recognizes that strong brands may have an identity beyond the product or the company,which has positive impacts on the customer relationship and perception of value.
A)True
B)False
Q2) Which of the following is a function of brands for sellers?
A) Reduce sellers' perceived risks
B) Facilitate low production costs
C) Diminish market segmentation, offering products to a larger target
D) Facilitate the introduction of new products
Q3) Combination branding places a brand name on one or more lines of related products representing different product categories.
A)True
B)False
Q4) Brands that have been successful over a long time period offer useful insights about brand strategy management.Discuss some of these insights.
Q5) Discuss the state of counterfeit brands,the ethical issues,the involvement of law enforcement,and the role of the internet in counterfeiting.
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Chapter 10: Value Chain Strategy
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Sample Questions
Q1) The _____ supply chain seeks to remove waste and manage volatility out of the supply chain by leveling demand.
A) fluid
B) agile
C) lean
D) conventional
Q2) _____ is a network of value chain organizations performing functions that connect goods and services with end-users.
A) Line extension
B) Retail chain
C) Channel of distribution
D) Digital channel
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
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Chapter 11: Pricing Strategy
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Sample Questions
Q1) Price strategy is always related to competition whether firms use a higher,lower,or equal price.
A)True
B)False
Q2) Explain the various roles of price in the marketing program.
Q3) When two or more competitors collude to explicitly or implicitly set prices,this practice is referred to as _____.
A) horizontal price fixing
B) price discrimination
C) deceptive pricing
D) predatory pricing
Q4) The second step in selecting a pricing strategy is analyzing the pricing situation.
A)True
B)False
Q5) Give an account of predatory pricing.What are its ethical implications?
Q6) What are the steps in selecting a pricing strategy?
Q7) The competitor is the frame of reference for demand-oriented pricing methods. A)True
B)False
Page 13
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Chapter 12: Promotion, advertising, and Sales Promotion Strategies
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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) Longitudinal studies use empirical data to build a mathematical relationship between sales and advertising effort.
A)True
B)False
Q3) Define and explain the benefits of the objective and task method of promotion budget.
Q4) _____ identifies relationships between advertising expenditures and sales using statistical techniques such as regression analysis.
A) Test marketing
B) Recall test
C) Longitudinal study
D) Evaluating historical data
Page 14
Q5) List the activities involved in designing an organization's promotion strategy.
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Chapter 13: Sales, digital, and Direct Marketing Strategies
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Sample Questions
Q1) _____ require information on each salesperson's sales and/or costs and can help spot high performing and unprofitable territories by comparing each salesperson to an average break-even sales level.
A) Revenue/cost analysis techniques
B) Single-factor models
C) Sales and effort response models
D) Portfolio deployment models
Q2) What are the major initiatives of a salesforce strategy?
Q3) The new business selling strategy is based on firms selling to an existing customer base and providing technical and application assistance.
A)True
B)False
Q4) Sales quotas are used to state the management's expected sales results. A)True
B)False
Q5) Transactional selling is not restricted to small,low-volume buyers.
A)True B)False
Q6) Describe the different types of sales jobs.
Page 15
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Chapter 14: Designing Market-Driven Organizations
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Sample Questions
Q1) 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
Q2) Explain the issue of integration vs.diffusion in the organizational design of marketing.
Q3) A new-product team is different from a venture team in a new-product team is comprised of functional specialists working on a specific new-product development project.
A)True
B)False
Q4) Knowledge workers may operate more effectively as conventional employees rather than "internal partners."
A)True
B)False
Q5) A key advantage of functional organizational design is its customer focus.
A)True
B)False
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Chapter 15: Strategic Marketing Implementation and Control
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Q1) The second step in marketing evaluation and control is determining performance metrics and standards.
A)True
B)False
Q2) Which of the following approaches is a quality control technique useful in determining when operating results are fluctuating normally or instead are disorderly?
A) Value chain analysis
B) Statistical process-control methods
C) Benchmarking
D) Data-control processes
Q3) _____ is/are used to analyze and improve results in marketing performance measures such as the number of orders processed,customer complaints,and territory sales.
A) Value chain analysis
B) Benchmarking
C) Quality-control charts
D) Cluster analysis
Q4) Discuss how organizational designs help implement a strategic marketing plan.
Q5) What are the core tasks of a CMO?
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