Strategic Marketing Management Exam Preparation Guide
Course Introduction
Strategic Marketing Management provides an in-depth exploration of the principles, frameworks, and tools essential for formulating and implementing effective marketing strategies in dynamic business environments. The course covers market analysis, segmentation, targeting, positioning, and competitive advantage, as well as the integration of marketing with other business functions. Through case studies and real-world applications, students learn to make data-driven decisions, allocate resources efficiently, and respond to shifts in consumer behavior and market trends. By the end of the course, students will be equipped with the skills to develop comprehensive marketing strategies that drive organizational growth and sustainability.
Recommended Textbook
Marketing Strategy 6th Edition by O.C Ferrell
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10 Chapters
297 Verified Questions
297 Flashcards
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Chapter 1: Marketing in Today's Economy
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Sample Questions
Q1) With respect to the strategic planning process. why has social responsibility and marketing ethics become important today? Is it really necessary to consider these issues in strategic planning? How can a firm plan to be socially responsible?
Answer: Our society still reverberates from the effects of corporate scandals at Enron, WorldCom, and ImClone, among others. Although these scandals make for interesting reading, many innocent individuals have suffered the consequences from these companies' unethical behavior. Social responsibility refers to an organization's obligation to maximize its positive impact on society while minimizing its negative impact. In terms of marketing strategy, social responsibility addresses the total effect of an organization's marketing activities on society. A major part of this responsibility is marketing ethics, or the principles and standards that define acceptable conduct in marketing activities. Ethical marketing can build trust and commitment and is a crucial ingredient in building long-term relationships with all stakeholders. Another major component of any firm's impact on society is the degree to which it engages in philanthropic activities. Many firms now make philanthropy a key strategic activity.
Because efforts to be socially responsible involve the allocation of human and financial resources, these activities must be planned just like traditional marketing activities.
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Chapter 2: Strategic Marketing Planning
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Sample Questions
Q1) Motorola continuously establishes performance standards and assesses actual performance by comparing it with these standards. Afterwards. Motorola often takes corrective action to reduce any discrepancies. This process is most likely outlined in the __________ section of Motorola's marketing plan.
A) evaluation and control
B) marketing strategy
C) marketing implementation
D) SWOT analysis
E) goals and objectives
Answer: A
Q2) In developing a marketing plan. the section on goals and objectives defines the parameters by which the firm will measure actual performance. In this respect. the goals and objectives section is tied closely to the __________ section of the marketing plan.
A) SWOT analysis
B) evaluation and control
C) executive summary
D) marketing implementation
E) situation analysis
Answer: B
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Chapter 3: Collecting and Analyzing Marketing Information
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Sample Questions
Q1) Compared to primary data. secondary data have the main advantage of:
A) being up-to-date.
B) having greater relevance to a specific issue.
C) being both internally and externally focused.
D) being dramatically lower in cost.
E) being readily accessible in electronic format.
Answer: D
Q2) The collection of strategic activities aimed at marketing an organization. its issues. and its ideals to potential stakeholders is referred to as __________. It typically involves marketing activities that are not directed to the end users of a firm's products.
A) external affairs
B) corporate affairs
C) public relations
D) stakeholder management
E) societal relations
Answer: B
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Chapter 4: Developing Competitive Advantage and Strategic Focus
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Sample Questions
Q1) Marketing goals can be defined as:
A) quantitative guidelines that help firms achieve desired results.
B) broad, qualitative statements of desired accomplishments.
C) performance process controls.
D) specifications by which performance will be assessed.
E) precise statements of desired accomplishments.
Q2) Discuss each of the three competitive advantage strategies (operational excellence. product leadership. customer intimacy) and explain why most firms pursue only one of these strategies.
Q3) With regard to Blue Ocean Strategy. the Four-Actions Framework is designed to challenge traditional assumptions about marketing strategy by asking four key questions. Which of the following IS NOT one of these questions?
A) Which factors should be reduced well below the industry's standard?
B) Which factors should be raised well above the industry's standard?
C) Which factors should be created that the industry has never offered?
D) Which factors that the industry takes for granted should be eliminated?
E) Which factors used throughout the industry should be copied?
Q4) Identify and explain the directives for the productive use of SWOT analysis. Which directive do you think is the most important? Why?
Page 6
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Chapter 5: Customers Segmentation and Target Marketing
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Sample Questions
Q1) Firms engage in __________ when their intimate knowledge and expertise in one market allows them to offer customized marketing programs that not only deliver needed products but also provide needed solutions to customers' problems.
A) single segment targeting
B) market specialization
C) selective targeting
D) product specialization
E) mass market targeting
Q2) Identify and discuss the various traditional market segmentation strategies. Include in your answer a discussion of the relative advantages and disadvantages of each strategy.
Q3) __________ segmentation is the most powerful form of segmentation in consumer markets because it uses actual product usage to make distinctions among market segments.
A) Demographic
B) Behavioral
C) Psychographic
D) Lifestyle
E) Geographic
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Page 7
Chapter 6: The Marketing Program
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Sample Questions
Q1) In business markets. __________ is used to quote prices in terms of reductions or increases based on transportation costs or the actual physical distance between the buyer and the seller.
A) transfer pricing
B) countertrade
C) geographic pricing
D) logistics pricing
E) GPS pricing
Q2) Identify and discuss the three major structural options for distribution. In your answer. identify the major advantages and disadvantages of each option.
Q3) Why are firms so obsessed with the pricing element of the marketing mix?
A) Because pricing is the most difficult element of the marketing mix to change.
B) Because the firm's pricing has a direct bearing on its ability to increase revenue.
C) Because pricing is the only marketing element that matters to customers.
D) Because pricing is the best part of the marketing mix in which to make an educated guess about the most appropriate strategy.
E) Because pricing is directly responsible for demand.
Q4) Identify and discuss reasons why firms become so infatuated with pricing.
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Page 8
Chapter 7: Branding and Positioning
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Q1) Overall. what is the difference between differentiation and positioning?
A) Differentiation is about the product whereas positioning is about the brand.
B) Differentiation is based on real differences between products, while positioning is completely perceptual.
C) Differentiation is about creating differences among competing products, while positioning is about creating a mental image in consumers' minds.
D) Differentiation is used in tangible goods, while positioning is used in services.
E) There is no difference between differentiation and positioning.
Q2) Which of the following is the best example of a brand mark?
A) Honda
B) Nike's swoosh
C) WD-40
D) BMW
E) 7-Eleven
Q3) Why is the product life cycle an important consideration in selecting and developing a marketing strategy? What are the core differences among the PLC stages that force marketers to alter their marketing programs over time?
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Chapter 8: Ethics and Social Responsibility in Marketing Strategy
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Q1) Describe the role that a code of conduct plays in ensuring ethical compliance within a firm. How should a code of conduct be developed. what should it contain. and what are the keys to ensuring that the code is successfully implemented?
Q2) Ben & Jerry's is well known for its use of __________ in that it ties its products and marketing strategy to social causes such as environmental stewardship.
A) cause-related marketing
B) ethical branding
C) sustainability
D) environmentalism
E) welfare-related marketing
Q3) Essentially. having a climate of ethics and social responsibility is all about creating trust among a firm's stakeholders. To gain trust. the firm and its employees must continuously uphold:
A) their promises with respect to advertising and promotion.
B) their standards of integrity.
C) the firm's right and responsibility to be profitable.
D) their standards of fair competition in the marketplace.
E) their legal responsibilities.
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Chapter 9: Marketing Implementation and Control
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Sample Questions
Q1) Typically. the difference between the planned marketing strategy and the strategy that actually takes place is:
A) caused by managerial mistakes, not by changes in the firm's internal or external environments.
B) typically caused by unexpected competitive activity.
C) caused by the way the planned marketing strategy is implemented.
D) independent of marketing implementation.
E) caused solely by changes in customer behaviors.
Q2) Which of the following firms is most likely to adopt a decentralized marketing structure in order to promote creativity and flexibility?
A) Walmart
B) Dell
C) Southwest Airlines
D) Microsoft
E) Ritz-Carlton
Q3) Discuss the role of internal marketing in marketing implementation. In what ways can the internal marketing approach help managers improve the implementation process?
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Chapter 10: Developing and Maintaining Long-Term Customer Relationships
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Sample Questions
Q1) With respect to competitive advantages. many see __________ as the most important asset that an organization can possess. as it stems from the value generated by the trust. commitment. cooperation. and interdependence among relationship partners.
A) partnership capital
B) integrity
C) relationship capital
D) relational collaboration
E) professionalism
Q2) In which of the following situations would a customer become more tolerable of weak or poor product performance?
A) When the customer is in a hurry.
B) When the customer's personal needs are high.
C) When the purchase situation is highly involving.
D) When the customer has fewer product alternatives.
E) When the purchase is for a special occasion.
Q3) Discuss the relationship between customer expectations and customer satisfaction. What might cause expectations to be higher or lower? How is the zone of tolerance a useful diagnostic tool in terms of developing strategies aimed at improving customer satisfaction?
Page 12
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