Strategic Marketing Exam Preparation Guide
Course Introduction
Strategic Marketing explores the processes and frameworks used by organizations to analyze market opportunities, develop marketing strategies, and gain competitive advantage. The course covers key areas such as market segmentation, targeting, and positioning; consumer behavior analysis; competitor assessment; and the design of effective marketing mixes. Emphasis is placed on strategic decision-making, long-term planning, and the alignment of marketing strategies with overall business objectives. Case studies and real-world examples are utilized to illustrate how successful organizations build strong brands, manage innovation, and respond to dynamic market environments.
Recommended Textbook
Framework for Marketing Management 6th Edition by Philip T. Kotler
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18 Chapters
1440 Verified Questions
1440 Flashcards
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Page 2
Chapter 1: Defining Marketing for the New Realities
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80 Verified Questions
80 Flashcards
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Sample Questions
Q1) The responses marketers seek from prospects include all of the following EXCEPT
A) decampment
B) attention
C) a purchase
D) a vote
E) a donation
Answer: A
Q2) The marketplace isn't what it used to be. List and briefly discuss the new behaviors, opportunities, and challenges that await the marketer in the 21st century.
Answer: Responses to this question should include: changing technology-e-commerce; mobile Internet; Web penetration; sharing information is power globalization-international trade; multiculturalism social responsibility-need to consider ethical, environmental, legal, and social context of activities dramatically changed marketplace-new consumer and company capabilities
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Chapter 2: Developing and Implementing Marketing Strategies and Plans
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Sample Questions
Q1) Michael Porter draws a firm distinction between operational effectiveness and a strategy. Briefly describe this distinction, and identify when a company can claim that it has a strategy.
Answer: Competitors can quickly copy the operationally effective company using benchmarking and other tools, thus diminishing the advantage of operational effectiveness. Porter defines strategy as "the creation of a unique and valuable position involving a different set of activities." A company can claim that it has a strategy when its activities differ from those of its rivals or performs similar activities in different ways.
Q2) Briefly explain the concept of annual-plan control.
Answer: Annual-plan control ensures the company achieves the sales, profits, and other goals established in its annual plan. First, management sets monthly or quarterly goals. Second, it monitors performance in the marketplace. Third, management determines the causes of serious performance deviations. Fourth, it takes corrective action to close gaps between goals and performance.
Q3) Profitability control is the prime responsibility of line and staff management.
A)True
B)False
Answer: False
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Chapter 3: Capturing Marketing Insights and Forecasting
Demand
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80 Flashcards
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Sample Questions
Q1) Explain qualitative research and why it might be useful to marketers.
Answer: Qualitative research techniques are relatively unstructured measurement approaches to permit a range of possible responses, and they are a creative means of ascertaining consumer perceptions that may otherwise be difficult to uncover. Because of the freedom it affords both researchers in their probes and consumers in their responses, qualitative research can often be an especially useful first step in exploring consumers' brand and product perceptions. It is indirect in nature, so consumers may be less guarded and reveal more about themselves in the process.
Q2) When a company acquires consumer-panel data from firms like A.C. Nielsen Company and Information Resources Inc., which of the following steps to improve the quality of a company marketing intelligence system is the company resorting to?
A) training and motivating the sales force to spot and report new developments
B) motivating distributors, retailers, and other intermediaries to pass along important intelligence
C) hiring external experts to collect intelligence
D) using external network
E) purchasing information from outside research firms and vendors
Answer: E
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Chapter 4: Creating Long-Term Loyalty Relationships
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Sample Questions
Q1) Customer lifetime value describes the net present value of the stream of future profits expected over the customer's lifetime purchases.
A)True
B)False
Q2) ________ marketing is the practice of sending messages only when consumers express a willingness to become more involved with the brand.
A) Relationship
B) Permission
C) Cause
D) Defensive
E) Horizontal
Q3) ________ is the process of carefully managing detailed information about individual customers and all customer "touch points" to maximize loyalty.
A) Customer relationship management
B) Customer lifetime value
C) Customer profitability analysis
D) Customer satisfaction analysis
E) Customer-value delivery
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Chapter 5: Analyzing Consumer and Business Markets
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Sample Questions
Q1) Which of the following is an example of a functional hub?
A) Plastics.com allows plastics buyers to search the best prices among thousands of plastics sellers.
B) ChemConnect.com is an online exchange for buyers and sellers of bulk chemicals.
C) SteelMart.com concentrates on steel buyers from the United States.
D) SupplyLink.com offers manufacturers from different industries information on ensuring workplace safety.
E) PaperTiger.com offers paper buyers a comprehensive look at the prices and quality in the paper market.
Q2) The associative network memory model views long-term memory as ________.
A) a subliminal perception
B) the interplay of drives
C) a strong internal stimulus impelling action
D) a temporary and limited repository of information
E) a set of nodes and links
Q3) Explain the differences between a belief and an attitude.
Q4) Explain the differences between a role and status.
Q5) Explain the concept of derived demand.
Q6) What is vendor-managed inventory (VMI)?
Page 7
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Chapter 6: Identifying Market Segments and Targets
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Sample Questions
Q1) Briefly describe single-segment concentration with an example.
Q2) In the ________ step of the market segmentation process, the marketer determines which demographics, lifestyles, and usage behaviors make each needs-based segment distinct and identifiable.
A) segment "acid test"
B) segment attractiveness
C) segment profitability
D) need-based segmentation
E) segment identification
Q3) Pampers divides its market demographically on the basis of ________ into prenatal, new baby, baby, toddler, and preschooler.
A) life stage
B) gender
C) age
D) income
E) social class
Q4) Identify the four market segment groups based on brand loyalty status, and list what a company can learn from analyzing the degrees of brand loyalty.
Q5) Identify ways in which shopping behaviors differ between men and women.
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Chapter 7: Crafting the Brand Positioning and Competing
Effectively
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80 Flashcards
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Sample Questions
Q1) The industry concept of competition reveals a broader set of actual and potential competitors than competition defined in just the market concept.
A)True
B)False
Q2) ________ refers to the products or sets of products with which a brand competes and which function as close substitutes.
A) Consumer profitability analysis
B) Competitive frame of reference
C) Category membership
D) Value membership
E) Demand field
Q3) An alternative to being a market follower in a large market is to be a leader in a small market. This type of competitor is called a ________.
A) marketing king
B) market nicher
C) segment king
D) guerilla marketer
E) strategic clone
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Chapter 8: Creating Brand Equity and Driving Growth
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Sample Questions
Q1) Branding is ________.
A) all about creating unanimity between products
B) the process of performing market research and selling products or services to customers
C) endowing products and services with the power of a brand
D) the process of comparing competing brands available in the market
E) use of online interactive media to promote products and brands
Q2) Brand ________ is the job of estimating the total financial worth of the brand.
A) tracking
B) auditing
C) equity
D) valuation
E) harmonization
Q3) Growing the core can be a less risky alternative for growth than expansion into new product categories.
A)True
B)False
Q4) According to the BrandZ model of brand strength, brand building involves a series of five sequential steps. What are those five sequential steps?
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Chapter 9: Setting Product Strategy and Introducing New Offerings
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Sample Questions
Q1) Product-mix pricing can involve a number of pricing strategies for the brand manager. List each of these strategies and briefly define each.
Q2) Some firms might delay the launch of their products until after the competitor has borne the cost of educating the market. Such an entry is called ________ entry.
A) strategic pay off
B) parallel
C) balancing
D) late
E) compensating
Q3) Capital items are long-lasting goods that facilitate developing or managing the finished products.
A)True
B)False
Q4) A business analysis is performed mainly to identify if a company has a technically and commercially sound product.
A)True
B)False
Q5) Explain the concepts of sales-wave research and simulated test marketing.
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Chapter 10: Designing and Managing Services
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Sample Questions
Q1) Pricing has no negative effect on customer loyalty.
A)True
B)False
Q2) The private non-profit sector is a provider of services.
A)True
B)False
Q3) A service results in ownership on the part of the client.
A)True
B)False
Q4) For a new manufacturer managing product support for its equipment, what is usually the first strategy for postsale service?
A) letting customers hire their own service people to work on-site
B) letting independent services handle repairs and maintenance
C) pricing equipment high and charging low prices for service
D) running the company's own parts-and-service department
E) switching maintenance services to authorized distributors
Q5) Discuss how companies are responding to service failures by satisfying customer complaints.
Q6) Traditionally, customers have had three specific worries about product service. What are they?
Page 12
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Chapter 11: Developing Pricing Strategies and Programs
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Sample Questions
Q1) When hotels, motels, and airlines offer discounts in slow selling periods, they are said to be offering ________.
A) trade discounts
B) quantity discounts
C) functional discounts
D) seasonal discounts
E) trade-in allowances
Q2) When Yolanda went shopping, she paid a lot to buy a jacket that had a well-known designer's tag attached to it. After a few days, she came across a store-brand jacket that looked similar but was one-fifth the price of the one she had bought. She didn't give this a second thought because she was convinced that the designer label she had bought was worth it. What does this suggest about consumer psychology?
Q3) How do consumers use reference prices?
Q4) Today, consumers are price takers and accept prices at face value or as given.
A)True
B)False
Q5) What pricing decision should a company make if its competitor's product contains features that are not available in its own product?
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Chapter 12: Designing and Managing Integrated Marketing Channels
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Sample Questions
Q1) The Norticon Group provides and manages computers and network systems for businesses and communities. Norticon sells its products through various means. It uses its sales force to sell to large customers and telemarketing to sell to smaller customers. The company also sells its products via the Internet. Briefly explain the marketing approach being used by the company.
Q2) Electrobar, a European manufacturer of industrial kitchenware, sells to industrial canteens, restaurants, hotels, and so forth. The company provides a one-year warranty on all products and also allows customers to pay in installments-they pay 50 percent on delivery and the rest as equal installments. This refers to which element in the "trade-relations mix"?
A) price policy
B) conditions of sale
C) distributors' territorial rights
D) exclusive dealings
E) mutual services and responsibilities
Q3) Briefly describe the basic types of intermediaries.
Q4) Exclusive dealings and tying agreements are illegal and prohibited by law.
A)True
B)False
Page 14
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Chapter 13: Managing Retailing, Wholesaling, and Logistics
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Sample Questions
Q1) E&OE produces and markets its own brand of skincare products using herbal remedies and natural ingredients through stand-alone stores as well as an online portal. E&OE is a(n) ________ retailer.
A) off-price
B) specialty
C) discount
D) department
E) extreme value
Q2) Discount stores that try to keep prices as low as possible are more likely to function using ________ operations.
A) limited service
B) self-selection
C) full-service
D) self-service
E) limited-selection
Q3) Growth in the retail market is centered firmly in the middle market, leaving luxury retailers and discounting specialists struggling.
A)True
B)False
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Page 15
Chapter 14: Designing and Managing Integrated Marketing Communications
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80 Flashcards
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Sample Questions
Q1) One of the possible objectives of marketing communications is helping consumers evaluate a brand's perceived ability to meet a currently relevant need. Which of the following relevant brand needs is most likely emphasized by an advertisement for a luxury car?
A) problem removal
B) sensory gratification
C) normal depletion
D) intellectual stimulation
E) problem avoidance
Q2) One-sided presentations that praise a product are found to be more effective than two-sided arguments that also mention shortcomings.
A)True
B)False
Q3) The rapid diffusion of multipurpose smart phones, broadband and wireless Internet connections, and ad-skipping digital video recorders (DVRs) have augmented the effectiveness of the mass media.
A)True
B)False
Q4) What are the steps involved in developing effective marketing communications?
Page 16
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Chapter
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Sample Questions
Q1) The "Got Milk" campaign was intended to boost sagging milk consumption among Californians in the 1990s. The campaign ads highlighted the inconvenience of running out of milk when intended to be used with certain foods, such as cookies or muffins, advising consumers to stock up on milk to avoid such inconveniences. The "Got Milk?" campaign is an example of ________ advertising.
A) informational
B) reminder
C) institutional
D) comparative
E) reinforcement
Q2) Concentrated advertising is well suited for products with one selling season or related holiday.
A)True
B)False
Q3) An ideal event is unique but not encumbered with many sponsors, lends itself to ancillary marketing activities, and reflects or enhances the sponsor's brand or corporate image.
A)True
B)False
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Chapter 16: Managing Digital Communications: Online, Social Media, and Mobile
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80 Flashcards
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Sample Questions
Q1) ________ are bite-sized software programs that can be downloaded to smart phones.
A) Mobile apps
B) Mini-billboards
C) Loyalty programs
D) Virtual maps
E) Cookies
Q2) What is a microsite? What kind of firm is most likely to benefit from the use of a microsite?
Q3) Provide five examples of things a marketer might track to measure buzz.
Q4) Which of the following is consumers' "third screen"?
A) mobile phones
B) in-vehicle entertainment systems
C) televisions
D) computers
E) elevator screens
Q5) E-mail marketing is so productive that many consumers feel besieged by e-mails and use spam filters to halt the flow. How can marketers ensure they send messages that will be more welcome?
Q6) What are the three main platforms for social media? Page 18
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Page 19
Chapter 17: Managing Personal Communications: Direct and Database Marketing and Personal Selling
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Sample Questions
Q1) Why is direct mail popular among marketers?
Q2) The first step in the workload approach for designing salesforce size is to establish desirable call frequencies for each customer class.
A)True
B)False
Q3) Which of the following is a factor considered when a customer is evaluated based on the RFM formula?
A) the amount of time passed after the customer's last visit
B) the product categories purchased by the customer
C) the mode of payment used by the customer
D) the location from which the customer has bought goods
E) the type of feedback provided by the customer
Q4) Describe the five ways companies use database marketing.
Q5) Describe the darker side of direct marketing solicitations.
Q6) One of the shortcomings of direct marketing is that the firm cannot easily measure the response.
A)True
B)False
Page 20
Q7) What are the five main challenges associated with database marketing?
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Chapter 18: Tapping Into Global Markets
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Sample Questions
Q1) Transforming into a True market-driven company involves organizing around products.
A)True
B)False
Q2) Which of the following is the main advantage of a functional marketing organization?
A) easy coordination
B) lower staff requirements
C) administrative simplicity
D) reduced competition between functional groups
E) smooth working relationships
Q3) Cause marketing has a particularly interested audience in civic-minded
A) Millennial consumers
B) baby boomers
C) Gen Xers
D) Gen Yers
E) shadow boomers
Q4) Describe the functional organization of a marketing department in terms of its structure, advantages, and disadvantages.
Q5) How can firms promote ethical behavior among their employees?
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