Strategic Marketing Exam Review
Course Introduction
Strategic Marketing explores the critical role of marketing in achieving organizational objectives by developing, implementing, and evaluating effective marketing strategies. This course covers key concepts such as market analysis, segmentation, targeting, positioning, competitive analysis, and the marketing mix. Students will learn to assess dynamic market environments, anticipate consumer needs, and formulate strategies that build and sustain competitive advantage. Through case studies and practical assignments, the course emphasizes strategic decision-making and the alignment of marketing strategies with overall business goals in a global context.
Recommended Textbook
Marketing Management 1st Edition by Greg
Marshall
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19 Chapters
2209 Verified Questions
2209 Flashcards
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Page 2
Chapter 1: Marketing in Todays Business Milieu
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89 Verified Questions
89 Flashcards
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Sample Questions
Q1) _____________ is not part of the marketing mix.
A) Product
B) Distribution
C) Promotion
D) Price
E) Manufacturing
Answer: E
Q2) __________ is not one of the new market realities identified by Fred Wiersema.
A) Increase in demand
B) Customers have less time than ever
C) Information overwhelms and depreciates
D) All secrets are open secrets
E) Competitors proliferate
Answer: A
Q3) Gen Yers tends to value relationships with marketers like State Farm Insurance in exactly the same way their parents do.
A)True
B)False
Answer: False
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Page 3
Chapter 2: Elements of Marketing Strategy and Planning
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122 Verified Questions
122 Flashcards
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Sample Questions
Q1) The two parts of the value equation are benefits and cost.
A)True
B)False
Answer: True
Q2) The best place in a SWOT analysis to identify the possibility of acquiring a competitor is in ___________________.
A) External opportunities
B) External threats
C) Internal opportunities
D) Internal strengths
E) Internal weaknesses
Answer: D
Q3) Every marketing plan includes an implementation element.These are sometime called _____________.
A) Strategic plans
B) Marketing programs
C) Value propositions
D) Action plans
E) Marketing channels
Answer: D
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Chapter 3: Understanding the Global Marketplace: Marketing Without Borders
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111 Verified Questions
111 Flashcards
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Sample Questions
Q1) The Euro has been a strong currency compared to the U.S.dollar.A firm considering direct foreign investment would report these finding under the heading of _____.
A) Timing
B) Legal issues
C) Transaction costs
D) Marketing communication barriers
E) Product differentiation
Answer: C
Q2) The organizational structure used by most companies is ______________.
A) Targeted organization
B) Global product lines
C) Geographic regions
D) Hybrid
E) Multinationals
Answer: D
Q3) Establishing a direct sales force is very expensive.What kinds of companies are most likely to train their own sales force for global markets?
Answer: Companies that need the most control like technology or high-end industrial companies.
Page 5
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Chapter 4: Perspectives on Customer Relationship Management
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120 Verified Questions
120 Flashcards
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Sample Questions
Q1) _______________ is the fourth element in the process cycle for CRM.
A) Analysis and refinement
B) Supplier interface
C) Marketing planning
D) Knowledge discovery
E) Customer interaction
Q2) What are the four things a firm must do in order use touchpoints successfully?
Q3) Companies that focus on lifetime value most likely practice _______.
A) Mass marketing
B) Target marketing
C) One-to-one marketing
D) Customer marketing
E) Consumer marketing
Q4) A data warehouse __________________.
A) Is a place to keep former customer records
B) Is storage for old file boxes
C) Allows customers to store meaningful information about themselves online
D) Allows the company to combine huge amounts of information and then use data mining techniques to learn more about current and potential customers
E) Is a place to store ideas for future marketing campaigns
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Chapter 5: Managing Marketing Information
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119 Verified Questions
119 Flashcards
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Sample Questions
Q1) Managers are typically aware of all of the information in their own company.
A)True
B)False
Q2) How do technology transformations affect marketing decisions?
Q3) A marketing manager calls a marketing research firm stating that they are losing sales to competitors.He says his company needs help with the ________ stage of the marketing research process.
A) Defining the research problem
B) Establishing the research design
C) Searching secondary sources
D) Collecting the data
E) Analyzing the data
Q4) Small portable computers, powerful statistical software packages and Internet enabled supply chain management systems are all examples of how _________ influences marketing.
A) Knowledge
B) Information
C) Science
D) Technology
E) Training
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Chapter 6: Understanding Competitors: Analysis to Action
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119 Verified Questions
119 Flashcards
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Sample Questions
Q1) A key question in any merger of two companies operating in the same basic market space is the definition of the market.
A)True
B)False
Q2) Zuma, a business consultant, has just been hired by one of the major American boat manufacturers.The manufacturers already know they operate in an oligopoly, however they want to know how they could start to charge higher prices.What should Zuma tell them?
Q3) An important aspect of competitive scenario analysis is the ability to assess the financial resources of a competitor.What questions should you consider when doing this?
Q4) Steve Jobs is known for looking at the products that his company is an expert in, recognizing its strengths and using that information to expand into new product lines.This is an example of ____________.
A) Market expansion
B) Product expansion
C) Product usage
D) Indirect competition
E) Direct competition
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Chapter 7: Understanding Customers: Business to Consumer Markets
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120 Verified Questions
120 Flashcards
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Sample Questions
Q1) The household life cycle is changing due to changes in ______.
A) Cultural beliefs
B) Cultural values
C) Family structure
D) Family life stage
E) Social class
Q2) What problems can organizational employees experience due to differences in nonverbal communication? How does this affect marketing?
Q3) Research shows that customers want an easier shopping experience at Staples and are less concerned about price.The result of this research is the ______ made famous in commercials and on office desks all over the country.The "____" message reinforced customer attitudes about the shopping experience and has helped vault Staples to Number 1 in the office supply market.
A) Simple shopper, simple
B) Keep it simple stupid, simple
C) Easy button, simple
D) Easy button, easy
E) Keep it simple stupid, easy
Q4) Why is perception of a product important in marketing?
Page 9
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Chapter 8: Understanding Customers: Business to Business Markets
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120 Verified Questions
120 Flashcards
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Sample Questions
Q1) Office Depot has a number of direct relationships using EDI with thousands of companies.This relationship is done through a concept called ____________.
A) Extranet
B) Intranet
C) Electronic impact analysis
D) Utility functionality
E) Quick response program
Q2) When a company solicits RFP's from suppliers with an open vendor search, the goal is to __________________.
A) Get several proposals in order to help with negotiations
B) Get one good response from our preferred vendor
C) Get as many responses so the firm can focus only on price
D) Get proposals in order to get competitive intelligence
E) All of the above
Q3) Why is a new purchase the most difficult buying situation?
Q4) Why is e-procurement play a larger role in B2B markets than in consumer markets?
What are some of the methods that have been put in place to make e-procurement ideal for the B2B market?
Q5) Define supply chain?
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Chapter 9: Segmentation, Target Marketing, and Positioning
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117 Verified Questions
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Sample Questions
Q1) Why is the Benefits Sought method of segmentation a good place to start the segmentation process?
Q2) Of people born after 1965, which generation or generations do marketers favor and why?
Q3) Rita spent four years at HSN (formerly Home Shopping Network)as a category manager in healthcare products aimed at the B2C market.Target headquarters in Minneapolis recruited her to manage the stationery division.She contracts with suppliers worldwide to supply the chain with notebooks, notepads, art supplies, computer paper, etc.In analyzing the target markets, should Rita use an undifferentiated or differentiated target marketing strategy? Which of Michael Porter's competitive strategies does Target use?
Q4) The region, the density of the population, the size of the population are terms for techniques to use in ________.
A) Positioning.
B) Differentiation.
C) Democratic segmentation.
D) Population parameter estimation.
E) Geographic segmentation.
Q5) Define perceptual maps.
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Chapter 10: The Product Experience: Product Strategy
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117 Verified Questions
117 Flashcards
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Sample Questions
Q1) What is an SKU?
Q2) Who are Pioneers and market followers? What are the advantages for each? In which stage of the PLC do Pioneers emerge?
Q3) In the growth stage of the PLC as the number of models expand, the price of the product _________.
A) Moves in two directions, up and down
B) Moves in one direction, down
C) Moves in one direction, up
D) Stays the same due to the dominant competitor controlling the market price of the product
E) None of the above
Q4) In addition to Eggo products, Kellogg's brands include Morningstar Farms, Nutrigrain, Rice Krispies, Frosted Flakes Cheez-its, Famous Amos, and others.How would this group of products be classified?
Q5) One of the disadvantages of using style as a discriminator is that consumer tastes change over time and what is considered stylish can quickly lose its appeal.
A)True
B)False
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Chapter 11: The Product Experience: Building the Brand
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120 Verified Questions
120 Flashcards
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Sample Questions
Q1) The perceived quality of a brand enables companies to extend the product range, can lead to a price premium opportunity, and is an excellent differentiator in the market.
A)True
B)False
Q2) Define the two types of warranties, describe the role that warranties play in the branding of a firm's offering and explain the considerations firms must have when designing their warranties.
Q3) NRG Beverages and DRNK Spirits are considering co-branding an energy drink that also contains alcohol.The critical decisions in this type of relationship revolve around _____ for each firm.
A) Control factors
B) Resource commitments
C) Brand strength
D) Brand identity
E) Brand protection
Q4) Explain the customer requirements of labeling and why they are important.Give an example of a company that has done this well.
Q5) Describe the roles a brand plays for customers.
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Chapter 12: The Product Experience: New Product Development
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117 Verified Questions
117 Flashcards
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Sample Questions
Q1) Market testing is designed to help the company ________.
A) Adjust its marketing plan before product launch
B) Make a decision of whether to launch the product or not
C) Forecast the future from the test
D) A, B and C
E) None of the above
Q2) What are the two mistakes associated with rejecting or moving forward with a hew product design?
Q3) What is the biggest challenge small companies face in new product development?
Q4) The innovation diffusion process __________.
A) Is how long it takes a product to move from introduction to growth
B) Is how long it takes to move from awareness to interest
C) Is how long it takes to move from trial to adoption
D) Is how long it takes a product to move from first purchase to last purchase
E) None of the above
Q5) If a product is not successful early in a new product launch, management is often unwilling to spend additional dollars as the product becomes more widely distributed.The end result is usually a downward spiral.
A)True
B)False
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Chapter 13: Service As the Core Offering
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119 Verified Questions
119 Flashcards
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Sample Questions
Q1) In the continuum of whether something is a good or a service, there are some product and services like vacations, haircuts, restaurant meals that have
A) A large number of experiential qualities that make them easier to evaluate upon experiencing the service
B) A large number of experiential qualities that make them harder to evaluate upon experiencing the service
C) More product characteristics than service characteristics so should be called products
D) So many difficult thing to evaluate that they should be called credence services
E) None of the above
Q2) The Outback managment team added pick up service because _________.
A) They found dissatisfaction among customers with traditional fast food
B) It was easy to do
C) The ROI on pick up is better than providing service with a seat attached to it
D) Their revenues were declining and they needed a boost in sales
E) None of the above
Q3) How are service quality and the service encounter related?
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15
Chapter 14: Managing Pricing Decisions
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120 Flashcards
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Sample Questions
Q1) Sheridan runs a company that produces bathroom fixtures for interior design firms.Sheridan needs to raise prices because of an increase in material costs, but he is unsure of what his customers will accept.What does Sheridan need to do to determine his customer's perceptions? How will he determine the appropriate increase in price?
Q2) Rosalie runs a manufacturing company that makes various seasonal items.Rosalie is headed to an industry tradeshow and wants to create some kind of incentive to get more buyers for her products.What would be a good strategy for Rosalie to use? What does the strategy require Rosalie to do?
Q3) When shipping prices are dependent upon geographic pricing zones based on the distance from the shipping location, it is considered ______________.
A) FOB pricing
B) Uniform delivered pricing
C) Zone pricing
D) Geographically driven pricing
E) None of the above
Q4) When is the logic of competitor-base pricing not a rational option?
Q5) Why were fair trade laws created? Who were they intended to protect?
Q6) What are some of the differences between auction pricing and reverse auction?
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Chapter 15: Managing Marketing Channels and the Supply Chain
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119 Flashcards
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Sample Questions
Q1) Room Reveal is a company that creates custom interior doors for residential and business properties.They currently take orders over the phone and mainly e-mail the orders to the appropriate people to have the orders fulfilled.What should Room Reveal implement to help with order processing?
Q2) Maxwell has just finalized production of his updated, high end plates and glasses.He would like to position his products as prestigious and utilize premium pricing.What is the best way for Maxwell to get his product to the right retailers at the right price?
Q3) A push strategy doesn't mean a manufacturer wouldn't engage in any channel incentives, but rather that the incentives would likely be greatly reduced versus a pull strategy.
A)True
B)False
Q4) Sylvia runs a successful sunglasses manufacturing company.Last year she started to purchase the companies that she bought her raw materials from, and this year she is looking to purchase both a transportation and warehousing company so that she can control her product from start to finish.What is Sylvia demonstrating?
Q5) In an administered VMS, who is the lead player, and what does it do?
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Chapter 16: Point of Customer Interface: Bricks and Clicks
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119 Flashcards
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Sample Questions
Q1) With ______________ in some cases, there is two-way interaction (retail store visit, Web site bulletin board)while in other cases the interaction is one-way as in advertising or direct mail.
A) Retailing
B) Customer touchpoints
C) Variety
D) Assortment
E) Breadth of merchandise
Q2) National brands tend to be supported with excellent product design, support, and marketing communications by their manufacturers.
A)True
B)False
Q3) With ________________ an order is placed and fulfilled by the salesperson, who usually delivers the product directly to the consumer.
A) Television home shopping
B) Direct selling
C) Electronic commerce
D) Electronic retailing
E) Vending machine retailing
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Chapter 17: Integrated Marketing Communication:
Advertising, Sales Promotion, and Public Relations
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112 Verified Questions
112 Flashcards
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Sample Questions
Q1) Amanda needs a media that gives the multiple sensory impact to demonstrate the offerings of her new day spa.______________________ media would be her best choice.
A) Television
B) Newspaper
C) Billboard
D) Magazines
E) All of the above will work
Q2) The vast majority of advertising is ___________.
A) Institutional
B) Product
C) Slice of life
D) Moral
E) Research based
Q3) Describe the Pros and Cons of Individual Promotion Mix Elements with advertising, sales promotion, personal selling, and direct and interactive marketing .
Q4) List the pros and cons of appropriate metrics to judge the success of a promotional campaign.
Page 19
Q5) Name and define three of the Common Approaches to Advertising Execution.
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Chapter 18: Integrated Marketing Communication:
Direct, and Interactive Marketing
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Sample Questions
Q1) _____________ organization method takes advantage of a sales person's technical knowledge.
A) geographic orientation
B) product organization
C) customer type
D) market organization
E) work load method
Q2) Commissions tied to sales volume or profitability, or bonuses for meeting or exceeding specific performance targets are examples of ___________________________.
A) salary
B) benefits
C) intrinsic rewards
D) output measures
E) incentive pay
Q3) Discuss the advantages and disadvantages of objective versus subjective measures of sales performance.
Q4) List the advantages of viral marketing.
Page 20
Q5) Briefly describe the different types of sales force organization.
Q6) What are three reasons Geographical organization tends to have the lowest cost?
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Page 21
Chapter 19: The Marketing Dashboard: Metrics for Measuring
Marketing Performance
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Sample Questions
Q1) Managers may try several methods of forecasting that deliver different predictions.This leads to __________________.
A) Uncertainty of which methods to use and how accurate are they likely to be
B) The choice to use as many models as possible
C) The view that subjective methods are just as good
D) A, B, and C
E) A and C
Q2) The Jury of Executive Opinion method of forecasting asks key executives of client firms what their intention is for the coming year with respect to purchasing.It tries to get them to specify exact amounts so that they can be added up to make the forecast.
A)True
B)False
Q3) Market share can defined in terms of either _____________.
A) Utilities and profits
B) Revenue and profits
C) Units or profits
D) Units or revenue
E) None of the above
Q4) How does the exponential smoothing method differ from the moving average method?
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