Marketing Strategy
Textbook Exam Questions
Course Introduction
Marketing Strategy explores the principles and practices involved in developing effective marketing plans that align with organizational goals and respond to changing market conditions. The course covers market analysis, segmentation, targeting, positioning, and the formulation of strategies involving product, pricing, promotion, and distribution. Students learn to assess competitive environments, anticipate consumer needs, and use analytical tools to make data-driven decisions. Through case studies and applied projects, students develop the skills necessary to create integrated marketing strategies that drive growth and deliver value to both customers and businesses.
Recommended Textbook
Strategic Marketing 10th Edition by David Cravens
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15 Chapters
524 Verified Questions
524 Flashcards
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Chapter 1: New Challenges for Market Driven Strategy
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Sample Questions
Q1) Which of the following stages of marketing strategy process consists of brand,value-chain,pricing,and promotion and selling strategies designed and implemented to meet the value requirements of targeted buyers?
A) Implementing and managing market-driven strategy
B) Designing market-driven strategy
C) Identifying and evaluating markets, segments, and customer value
D) Market-driven program development
Answer: D
Q2) Discuss the steps involved in implementing marketing strategies.
Answer: Marketing strategy implementation and control consists of: (1) preparing the marketing plan and budget; (2) implementing the plan; and (3) using the plan in managing and controlling the strategy on an ongoing basis.The marketing plan includes details concerning targeting,positioning,and marketing mix activities.The plan spells out what is going to happen over the planning period,who is responsible,how much it will cost,and the expected results (e.g.,sales forecasts).
Q3) Customer linking is an example of an outside-in process.
A)True
B)False
Answer: True
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Page 3
Chapter 2: Markets and Competitive Space
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Q1) _____ is measured by comparing the share of the firm against the competitor with the highest market share in the segment.
A) Market segmentation
B) Relative market position
C) Product differentiation
D) Customer segment
Answer: B
Q2) If critical inputs are in jeopardy or prices of those inputs are extraordinarily high,companies may pursue vertical integration strategies or develop collaborative relationships to reduce the:
A) rivalry among existing firms.
B) bargaining power of buyers.
C) threat of substitute products.
D) bargaining power of suppliers.
Answer: D
Q3) When modularization occurs,products become commodities.
A)True
B)False
Answer: True
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Chapter 3: Strategic Market Segmentation
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Sample Questions
Q1) Market segmentation involves choosing market targets and positioning against alternatives to build competitive advantage.
A)True
B)False
Answer: True
Q2) The _____ strategy follows the logic that buyers who are offered alternatives may increase their total purchases of a brand.
A) variety-seeking
B) mass customization
C) microsegmentation
D) macrosegmentation
Answer: A
Q3) Which of the following types of segmentations of customer groups would be characterized as a response difference?
A) Frequency of purchase
B) Income
C) Industrial sector
D) Age
Answer: A
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Page 5
Chapter 4: Strategic Customer Management: Systems,
ethics, and Social Responsibility
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Q1) The _____ level of CRM considers the implications of knowledge about customers and their preferences across the entire organization.
A) field
B) customer-facing
C) company-wide
D) functional
Q2) The metric customer lifetime value incorporates the past profit produced by the customer in its calculation.
A)True
B)False
Q3) What are the different CRM levels?
Q4) The _____ in the CRM strategy spells out what the organization must provide in order to satisfy customer expectations.
A) value proposition
B) enterprise transformation plan
C) operating agreement
D) business case
Q5) What are the major steps in developing a CRM strategy?
Q6) What is customer lifetime value? How is it calculated?
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Chapter 5: Capabilities for Learning About Customers and Markets
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Q1) Strategic _____ refers to a firm's awareness of what is happening and what is going to happen next,as a basis for rapidly developing effective responses to change or new opportunities.
A) sensitivity
B) alliance
C) equity
D) network optimization
Q2) Unbundling information from its physical carrier will provide access as well as speed in organizations.
A)True
B)False
Q3) The market sensing process of _____ gives detailed attention to rivals' tactics and strategies to develop understanding of their plans and capabilities.
A) building open-minded inquiry
B) analyzing competitors' actions
C) listening to front-line employees
D) searching for latent customer needs
Q4) 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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Q1) New entrants in an emerging market can use disruptive technologies to attract buyers away from incumbent firms.
A)True
B)False
Q2) Which of the following positioning concepts is most commonly utilized by luxury brands?
A) Functional positioning
B) Experiential positioning
C) Expedient positioning
D) Symbolic positioning
Q3) Identify and discuss the three possible targeting strategies in growth markets.
Q4) Briefly explain the four life cycle stages of the product-market environment.
Q5) The number of competitors in a(n) _____ market initially consists of the first market entrant and one or two other firms.
A) emerging
B) maturing
C) declining
D) growing
Q6) Elaborate on the scope of using positioning strategies.
Q7) Explain how test marketing can help assess positioning effectiveness.
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Chapter 7: Strategic Relationships
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Q1) Opportunity costs should be considered when assessing and comparing costs in an alliance.
A)True
B)False
Q2) What are the advantages and disadvantages of outsourcing firm activities?
Q3) _____ consists of "building a complex product or process from smaller subsystems that can be designed independently yet function together as a whole."
A) Sifting
B) Modularity
C) Scaffolding
D) Encoding
Q4) An organization that primarily competes through its relationships with other organizations to deliver value to end-users is referred to as a _____.
A) memory organization
B) knowledge organization
C) horizontal organization
D) hollow organization
Q5) Describe the different forms of organizational relationships.
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Chapter 8: Innovation and New Product Strategy
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Q1) Which of the following is a description of the Generic (market-pull) products process type?
A) The team begins with a market opportunity and selects appropriate technologies to meet customer needs.
B) The team begins with a new technology, and then finds an appropriate market.
C) The team assumes that the new product will be built around an established technological subsystem.
D) Characteristics of the product are highly constrained by the production process.
Q2) Which of the following are examples of quick-build products?
A) Sporting goods, furniture, tools
B) Software, cellular phones
C) Pharmaceuticals, space systems
D) Airplanes, jet engines, automobiles
Q3) Which of the following marketing tests is conducted in an actual market environment?
A) Regression tests
B) Simulated tests
C) Traditional tests
D) Web-enabled tests
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Page 10
Chapter 9: Strategic Brand Management
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Q1) 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
Q2) _____ consists of coordinating the organization's system of brands with the objective of achieving optimal system performance. It focuses on brand interrelations rather than an individual brand.
A) Strategic brand analysis
B) Managing the brand portfolio
C) Leveraging the brand
D) Brand equity management
Q3) 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
Q4) What functions do brands serve for sellers?
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Chapter 10: Value Chain Strategy
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Q1) If a company decides to distribute its products in many of the retail outlets in a trading area that might normally carry such a product,it is using a(n) _____ distribution approach.
A) exclusive
B) intensive
C) selective
D) moderate
Q2) The _____ supply chain mandates fluid and market-based relationships to enhance responsiveness to the market and capacity for rapid change.
A) fluid
B) conventional
C) lean
D) agile
Q3) The process of replacing distributors with direct manufacturer-owned channels is referred to as _____.
A) e-procurement
B) channel invasion
C) channel audit
D) disintermediation
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Page 12
Chapter 11: Pricing Strategy
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Q1) Which of the following distribution approaches is most likely to call for more competitive pricing?
A) Exclusive
B) Selective
C) Intensive
D) Narrow
Q2) Lowering prices generally eliminates potential price wars.
A)True
B)False
Q3) _____ estimates value as the perceived quality buyers obtain per unit of price.
A) Customer value mapping
B) Customer equity
C) User lifetime value
D) Customer value proposition
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) Explain the various roles of price in the marketing program.
Page 13
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Chapter 12: Promotion, advertising, and Sales Promotion Strategies
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Q1) _____ 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
Q2) Which of the following promotion strategies is most appropriate when buyers' information needs are high?
A) Advertising-driven
B) Sales promotion-driven
C) Personal selling-driven
D) Generic
Q3) Recall tests measure consumers' awareness of specific ads and campaigns by asking questions to determine if a sample of people remembers an ad.
A)True
B)False
Q4) Identify the advantages and disadvantages of advertising.
Q5) Define and explain the benefits of the objective and task method of promotion budget.
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Chapter 13: Sales, digital, and Direct Marketing Strategies
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Q1) Which of the following is true,with regard to an organizational buyer,of computer ordering?
A) It does not allow for direct purchase responses.
B) It makes it hard to monitor customer preferences.
C) It enables the buyer to lower inventory levels.
D) It increases the overall cost of inventory.
Q2) Which of the following sales organization designs is most appropriate when customer needs are different and the product offering is simple?
A) Product-driven
B) Market-driven
C) Geography-driven
D) Product/market-driven
Q3) Single-factor models analyze the profit performance of accounts or trading areas as the basis to estimate the profit impact of adding more salespeople.
A)True
B)False
Q4) List the activities that make up the selling process.
Q5) Describe the different types of sales jobs.
Q6) Explain the communications features of the Internet.
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Chapter 14: Designing Market-Driven Organizations
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Q1) Which of the following processes' function is to create value for the organization?
A) New product development
B) Logistics
C) Customer service
D) CRM
Q2) Which of the following is a limitation of an internal marketing organization design?
A) Less control of activities
B) Limited familiarity with company operations
C) Lower commitment of employees to the organization
D) Lack of experience in other business environments
Q3) Which of the following marketing organizational forms is highly effective for tasks requiring little specialized investment,are nonroutine,and difficult to assess?
A) Bureaucratic form
B) Transactional form
C) Organic form
D) Relational form
Q4) Explain the traditional organizational structure and its limitations.
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Chapter 15: Strategic Marketing Implementation and Control
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Q1) The balanced scorecard method is used to implement marketing plans.
A)True
B)False
Q2) Which of the following marketing planning process dimensions is concerned with managerial perceptions,participation,and strategic assumptions?
A) Analytical process dimension
B) Cognitive process dimension
C) Organizational process dimension
D) Behavioral process dimension
Q3) Which of the following is true of the balanced scorecard method?
A) It translates aggregate and broadly defined strategies to very specific actions.
B) It provides a means to link customer satisfaction with value orientation.
C) It is not feasible for business unit level strategies.
D) It does not assess the strategy component across all aspects of the business unit.
Q4) What are the core tasks of a CMO?
Q5) What guiding points should be considered when selecting relevant marketing metrics?
Page 17
Q6) Discuss how organizational designs help implement a strategic marketing plan.
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