Strategic Marketing
Final Test Solutions
Course Introduction
Strategic Marketing explores the process of identifying, anticipating, and satisfying customer requirements profitably by integrating market analysis, targeting, positioning, and the development of effective marketing strategies. The course examines key concepts such as market segmentation, competitive analysis, brand management, and innovation, along with the alignment of marketing and business objectives. Students will learn to apply strategic frameworks to real-world business scenarios, develop marketing plans, and analyze how internal and external environments influence decision-making. Emphasis is placed on long-term value creation, sustainability, and adapting to changing market environments.
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) Identify marketing stakeholders.
Answer: Any person inside or outside the firm with whom marketing interacts, impacts, and is impacted by.This includes all internal stakeholders-like finance, accounting, production, etc.and external stakeholders-customers, shareholders, vendors, governmental bodies, and labor unions.
Q2) The marketing concept was first articulated in writing in the Annual Report of ______________.
A) Ford Motor Company
B) AT&T
C) RCA
D) General Motors
E) General Electric
Answer: E
Q3) The American Marketing Association defines marketing as "the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large".
A)True
B)False
Answer: True
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Page 3
Chapter 2: Elements of Marketing Strategy and Planning
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122 Flashcards
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Sample Questions
Q1) Phat Suitz, a manufacturer of male clothing, finds that the informal atmosphere that was created by the three founders is no longer manageable now that the firm has more than 300 employees.Managers have determined a need for a human resources department.An examination of this issue would be found in the ___________ part of the situation analysis.
A) Firm structure
B) Firm culture
C) Firm leadership
D) Firm resources
E) Firm history
Answer: D
Q2) Marta, a partner of Apex Corp., a business solutions consulting firm, has a client who is creating its first marketing plan.The client needs a marketing plan template.What standard items would be included that Marta would give her client?
Answer: 11ea7970_43c6_2b53_b75c_ffadfbb59091_TB4842_00
Q3) Differentiation is the backbone of developing a marketing strategy.
A)True
B)False
Answer: True
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Page 4
Chapter 3: Understanding the Global Marketplace:
Marketing Without Borders
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111 Flashcards
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Sample Questions
Q1) Give an example of a company that did not fit its product to the target country's culture.
Answer: Japan: Diet Coke or Mr.Coffee
Q2) A country that is primarily dependent on agriculture and has high illiteracy rates is in the _______ stage of development.
A) Traditional Society
B) Pre-conditions for take-off
C) Take-off
D) Maturity
E) High mass consumption
Answer: A
Q3) The fastest growing economy in the world in 2007 was ______.
A) Bhutan
B) Timor-Leste
C) Qatar
D) Georgia
E) Azerbaijan
Answer: E
Q4) Which U.S.company gets the highest percentage of sales from outside the country?
Answer: Coca-Cola
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Chapter 4: Perspectives on Customer Relationship Management
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120 Flashcards
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Sample Questions
Q1) Customer loyalty is defined as ______________.
A) Repeat purchases
B) The degree to which an individual will resist switching from one offering to another
C) The level of liking an individual harbors for an offering
D) Customer laziness in trying new products
E) The likelihood that a customer become a buzz marketer
Q2) Define customer satisfaction.
Q3) Define customer loyalty.
Q4) How does CRM facilitate a customer-centric culture through formalization?
Q5) Companies that focus on products most likely practice _______.
A) One-to-one marketing
B) Customer marketing
C) Target marketing
D) Consumer marketing
E) Mass marketing
Q6) CRM essentially is computer software.
A)True
B)False
Q7) Describe the two types of touchpoints.
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Chapter 5: Managing Marketing Information
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Sample Questions
Q1) Since there are so many other companies that operate in the food services industry, the marketing manager of Gourmet Dining pays detailed attention to other restaurants that offer similar meals, prices and services are doing.This focus is based on the _________ part of external forces that affect marketing decisions.
A) Demographic
B) Competitive
C) Political/Legal
D) Technological
E) Economic
Q2) ________ speaks to the importance of good information in decision-making.
A) Knowledge
B) Information power
C) Planning
D) Expertise
E) Working capital
Q3) Demographics are easy to obtain, and many companies do a good job of learning about demographic trends and responding to them.
A)True
B)False
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Page 7
Chapter 6: Understanding Competitors: Analysis to Action
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Sample Questions
Q1) In pure competition environments, profit margins are generally lower, and sellers focus on creating cost efficiencies to increase profitability.
A)True
B)False
Q2) Xavier started to grow a garden of fresh herbs and vegetables at his house for use in his restaurant, and reduced his need to purchase these items from his supplier.This is an example of _____________.
A) Production orientation
B) Selling orientation
C) Marketing orientation
D) Backward integration
E) Forward integration
Q3) Discovering the competition through the customer's eyes expands a company's knowledge and understanding of the customers and the competition.
A)True
B)False
Q4) Why is the senior management team a good place to begin evaluating a competitor's culture?
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Chapter 7: Understanding Customers: Business to Consumer Markets
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Sample Questions
Q1) Products are evaluated to create satisfaction/dissatisfaction in the minds of consumers.How are they evaluated? If consumers are dissatisfied, what happens?
Q2) An emerging consumer trend in many industrialized countries is the willingness to trade _____ for ______.
A) Time, energy
B) Service, money
C) Service, time
D) Time, value
E) Time, money
Q3) ABC company wants to create an association between two stimuli: marketing information and feeling.ABC Company is using _______.
A) Cognitive learning
B) Brand management
C) Cognitive association
D) Operant conditioning
E) Classical conditioning
Q4) What is nonverbal communication? Explain how nonverbal communication can positively or negatively affect a salesperson in a sales presentation.
Page 9
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Chapter 8: Understanding Customers: Business to Business Markets
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Sample Questions
Q1) The buying process for B2B markets ___________ than B2C markets.
A) Is more complex
B) Is more circuitous
C) has fewer people involved
D) is more psychological in nature
E) all of the above
Q2) Financial criteria in the purchase of a complex product for the business market include __________________.
A) All costs evaluated against the stated life of the product
B) All costs evaluated for one year
C) All costs evaluated for 5 years
D) The time it takes to pay off the loan
E) None of the above
Q3) The single largest buyer of goods and services in the world is ____________.
A) General Electric
B) Wal-Mart
C) United States Government
D) Russian Government
E) None of the above
Q4) Why is the buying center an important part of the purchasing decision?
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Chapter 9: Segmentation, Target Marketing, and Positioning
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Sample Questions
Q1) In the B2B market, how do you segment by operating variables?
Q2) Occupation segmentation is very closely related to income segmentation although the two are not perfectly correlated.
A)True
B)False
Q3) When a company tries to make the product or service significantly easier to obtain than the competition, it is employing ______.
A) Service leadership.
B) Image leadership.
C) Competitive intelligence.
D) Perceptual mapping.
E) Convenience leadership.
Q4) Ajax Engine Parts CEO says, "we sell to everyone" segmentation is only for the consumer market.Do you believe the CEO's statement is true or false?
A)True
B)False
Q5) Define target marketing.Which segments should the firm select?
Q6) How would you use geographic segmentation in the bathing suit market?
Q7) What is geodemographic segmentation and what are PRIZM clusters?
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Chapter 10: The Product Experience: Product Strategy
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Sample Questions
Q1) In the introductory stage of the product life cycle (PLC)companies often use ____________ to reach customers before the product is even introduced to the market.
A) Mass advertising
B) Billboards
C) Direct communications and viral marketing
D) Text messaging
E) All of the above
Q2) Generally speaking, the most dramatic increase in revenue occurs in the _________ stage of the PLC.
A) Introduction
B) Growth
C) Maturation
D) Saturation
E) Decline
Q3) At which stage of the PLC does the most dramatic growth in sales occur?
Q4) What is an essential benefit? List five products and their essential benefits.
Q5) time it takes to decide on whether to purchase them or not.
A)True
B)False
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Chapter 11: The Product Experience: Building the Brand
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Sample Questions
Q1) The two primary advantages of brand connections for customers are that they connect information with a brand they know rather than sort through information on unfamiliar brands, and strong brands generate a more positive attitude toward the product.
A)True
B)False
Q2) Brand loyalty develops when customers develop a number of emotional, psychological, and performance links with a brand.
A)True
B)False
Q3) The marketing manager of Super Fresh Frozen Vegetables is working on the package for a new line of self-steaming microwaveable vegetables.He wants the package to show a physically fit individual happily eating the product and how to work the steamer packaging.He is focusing on the ______ objective of packaging.
A) Usage Promotion
B) Aesthetic
C) Communication
D) Harmony
E) Protection
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Page 13
Chapter 12: The Product Experience: New Product Development
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Sample Questions
Q1) Early adopters are opinion leaders who seek out new products but are price sensitive to innovation.
A)True
B)False
Q2) HP gets thousands of product ideas from a variety of sources every year.HP develops ____________ of these ideas every year.
A) Thousands
B) Hundreds
C) At least 100
D) Very few
E) None of the above
Q3) Why does a firm develop marketing strategy during the new product development process? Why doesn't the firm simply wait until the product is ready to be launched to develop the marketing strategy? Isn't it a waste of time to develop strategy for a product that may never get to market?
Q4) What is the biggest challenge small companies face in new product development?
Q5) Some computer makers are designing laptops that are encased in bamboo and have many recycled parts.Describe the external pressures that may drive this.
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Chapter 13: Service As the Core Offering
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Sample Questions
Q1) One of the key ways to instill a customer-centric culture in the firm is to
A) Have each member of the firm learn the company song
B) Apply the fairness test to all customer contacts
C) Align the firms properties to the number of customers by zip code and by SIC code
D) Instill an organization-wide focus on understanding customer's requirements
E) None of the above
Q2) Krista is the marketing manager at a national cellphone service company.Her company has always upheld high service standards, and has a loyal customer base, but Krista fears that something could happen in the future to affect this.What measurement tool can Krista use to find emerging problems in the service delivery system? Give Krista an example of the system.
Q3) The service sector accounts for ____________ of the Gross Domestic Product of the United States.
A) 25 percent
B) 50 percent
C) 75 percent
D) 100 percent
E) None of the above
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Page 15
Chapter 14: Managing Pricing Decisions
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Sample Questions
Q1) _______________ could result in overall higher prices for consumers since various competitors are all pricing the same to maximize their profits.
A) Price fixing
B) Price discrimination
C) Deceptive pricing
D) Bait & switch
E) Predatory pricing
Q2) One rationale for establishing a price-skimming objective is that _______________ lends status to a product or brand by virtue of a price relatively higher than the competition.
A) Product line pricing
B) Captive pricing
C) Price bundling
D) Reference pricing
E) Prestige pricing
Q3) Why were fair trade laws created? Who were they intended to protect?
Q4) Odd pricing can backfire if misapplied, specifically to service industries.
A)True
B)False
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Chapter 15: Managing Marketing Channels and the Supply Chain
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Sample Questions
Q1) The motivating force for suppliers to work with large chain stores is that the stores can offer huge ______________ in the form of writing big orders.
A) Coercive power
B) Reward power
C) Expert power
D) Referent power
E) Legitimate power
Q2) A producer can always grant an intermediary an exclusive territory for sales purposes.
A)True
B)False
Q3) Distribution strategies can be __________________.
A) Intensive
B) Selective
C) Exclusive
D) A & C
E) A, B & C
Q4) Explain why breaking bulk is an important function within the channel for retailers.
Page 17
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Chapter
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Sample Questions
Q1) Sites such as HYPERLINK "http://www.lendingtree.com/" Lendingtree.com are considered _______________ and are dedicated B2B sites that facilitate the exchange of products and services.
A) Market makers
B) Customer communities
C) Retail target markets
D) Retailers
E) Loyalty programs
Q2) _______________ has/have become extremely popular as two-income households often lack the time for an in-store retail experience and appreciate the convenience of shopping when they choose from home.
A) Food retailing
B) Non-store retailing
C) Catalogue retailing
D) Assortments
E) Value equations
Q3) While popular with consumers, vending machines are not particularly profitable.
A)True
B)False
Q4) What are the differences between non-store retailers and other retailers?
Page 18
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Chapter 17: Integrated Marketing Communication:
Advertising, Sales Promotion, and Public Relations
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112 Verified Questions
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Sample Questions
Q1) The effectiveness and efficiency of promotional strategies are often tracked on the basis of price fluctuations.
A)True
B)False
Q2) __________________________ should be taken into consideration when using the AIDA model.
A) Target market
B) Stage of product in product life cycle
C) Buyer readiness
D) Buyer knowledge
E) All of the above.
Q3) Moving a customer past a need to really want the product is the _____________ stage in AIDA model.
A) Attention
B) Interest
C) Desire
D) Action
E) Advertise
Q4) What kinds of decisions are involved in developing and executing IMC strategy?
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Q5) What is crisis management and do all companies need contingency planning?
Chapter 18: Integrated Marketing Communication: Selling,
Direct, and Interactive Marketing
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Sample Questions
Q1) ___________ rewards are those controlled and given by people other than the salesperson such as managers and customers.
A) Intrinsic
B) bonus
C) contest
D) extrinsic
E) subjective
Q2) ______________ is the company's local representative with each customer.
A) media
B) salesperson
C) spokesperson
D) Internet
E) intermediary
Q3) Discuss three of the seven key success factors in personal selling.
Q4) Discuss the advantages and disadvantages of objective versus subjective measures of sales performance.
Q5) Discuss the four factors involved in the decision to use independent agents or a company sales force.
Q6) Discuss the non-technology selling activities.
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Chapter 19: The Marketing Dashboard: Metrics for Measuring Marketing Performance
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Sample Questions
Q1) Many firms think that ___________ is the final gauge of consumer acceptance of a new product and ultimate measure of market potential.
A) The market analytic method
B) The market test (or test market)
C) The go-to-market strategic method
D) The post hoc market method
E) None of the above
Q2) When the management team say that they need to get the biggest bang for the buck, they mean _______.
A) Marketing should get the most dollars allocated to it
B) Every dollar should be allocated to the programs that have the best returns irrespective of where they fall
C) Marketing need not worry about ROI
D) All advertising programs need to be very eye catching
E) All of the above
Q3) Axiom Industries is a provider of computers to monitor nuclear reactors.It recently implemented a dashboard approach to marketing, but has been having some problems.Managers find that they are getting too much information back that they already know.What is Axiom doing wrong?
Page 21
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