Strategic Marketing Study Guide Questions
Course Introduction
Strategic Marketing focuses on the processes, tools, and frameworks that organizations use to analyze market opportunities, develop long-term marketing strategies, and achieve competitive advantage. The course covers essential concepts such as market segmentation, targeting and positioning, competitor analysis, and brand management. Students learn how to apply marketing theories to real-world business challenges, formulate value propositions, and align marketing initiatives with overall business objectives. Through case studies, projects, and simulations, students develop critical thinking skills and gain practical experience in designing and implementing effective marketing strategies across a variety of industries.
Recommended Textbook
Strategic Marketing 10th Edition by David Cravens
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15 Chapters
524 Verified Questions
524 Flashcards
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Page 2
Chapter 1: New Challenges for Market Driven Strategy
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35 Verified Questions
35 Flashcards
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Sample Questions
Q1) 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).
Q2) The purpose of _____ is to select the people (or organizations) that management wishes to serve in the product-market.
A) strategic positioning
B) benchmarking
C) customer linking
D) market targeting strategy
Answer: D
Q3) Customer linking is an example of an outside-in process.
A)True
B)False
Answer: True
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3
Chapter 2: Markets and Competitive Space
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Sample Questions
Q1) Identify Porter's five competitive forces that impact industry performance.
Answer: Michael Porter's five competitive forces that impact industry performance are: 1.Rivalry among existing firms,2.Threat of new entrants,3.Threat of substitute products,4.Bargaining power of suppliers,5.Bargaining power of buyers.
Q2) The product-variant product-market structure includes a broad group of products that satisfy a general,yet similar,need.
A)True
B)False
Answer: False
Q3) 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
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4
Chapter 3: Strategic Market Segmentation
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Sample Questions
Q1) _____segmentation links to the management vision and crucial intent of corporate action plan,and emphasizes product benefits that different types of buyers seek.
A) Managerial
B) Strategic
C) Operational
D) Advertising-oriented
Answer: B
Q2) Segmentation is employed by first choosing a segment randomly.
A)True
B)False
Answer: False
Q3) Which of the following is a segmentation variable measuring buyers' needs and preferences?
A) Quality of the product
B) Importance of purchase
C) Geographic location of buyers
D) Size of purchase
Answer: A
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Page 5
Chapter 4: Strategic Customer Management: Systems,
ethics, and Social
Responsibility
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Sample Questions
Q1) The metric customer lifetime value incorporates the past profit produced by the customer in its calculation.
A)True
B)False
Q2) _____ refers to the sum of CLV for all of a firm's customers.
A) Customer zone
B) Customer orientation
C) Customer concentration
D) Customer equity
Q3) The goal in _____ CSR mode is to anticipate and develop appropriate responses to social demands from any source that threatens to undermine the value and credibility of brands,the attractiveness of the competitive position on which the company's strategy depends,and the viability of the marketing strategy itself.
A) defensive
B) strategic
C) systemic
D) charitable
Q4) What information should a database created through CRM technology contain?
Page 6
Q5) What are the major steps in developing a CRM strategy?
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Chapter 5: Capabilities for Learning About Customers and Markets
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Sample Questions
Q1) Strategic _____ refers to a firm's capability to consistently identify and seize opportunities more quickly and effectively than rivals.
A) alliance
B) agility
C) stock
D) equity
Q2) Which of the following learning process activities involves matching the vision of executives,like managers,to the information collected?
A) Mutually informed interpretations
B) Information distribution for synergy
C) Accessible memory
D) Objective inquiry
Q3) Market-driven organizations are primarily interested in static events,rather than factors that cause change,in the markets.
A)True
B)False
Q4) Give an account of how internet-based research helps in creating new market information.
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Chapter 6: Market Targeting and Strategic Positioning
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Sample Questions
Q1) Growing product-markets are shifting from growth to maturity,as indicated by the product life cycles of the products.
A)True
B)False
Q2) Which of the following is a characteristic of emerging markets?
A) Sales are highest in this stage of the product life cycle.
B) Factors that drive market growth are clearly defined at this stage.
C) Market segments are most defined at this stage.
D) Profits are not obtained at this stage of the product life cycle.
Q3) Naturo-All Foods Inc.provides products that appeal to middle-class buyers who have strong value preferences for natural foods and are willing to pay premium prices for the products that are often not available from other grocery retailers.This segment of customers is Naturo-All Foods Inc.'s _____.
A) focus group
B) affiliate network
C) mass market
D) market target
Q4) Explain the consumer behavior of buyers in mature markets affecting brand management.
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Chapter 7: Strategic Relationships
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Sample Questions
Q1) _____ reduces the capacity of an organization to respond quickly to customer needs and new product development.
A) Market-sensing
B) Organizational learning
C) Environmental diversity
D) Vertical integration
Q2) What features should a successful disengagement plan for a strategic alliance contain?
Q3) Companies may miss opportunities to reduce costs and generate additional income by:
A) assessing the venture's strategic fit for continuing the alliance.
B) generating extensive restructuring options.
C) assigning accountability for making changes.
D) failing to launch a process.
Q4) Strategic account management primarily deals with customers who do not directly invest time or resources in their relationship with the firm.
A)True
B)False
Q5) What are the advantages and disadvantages of outsourcing firm activities?
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Chapter 8: Innovation and New Product Strategy
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Sample Questions
Q1) Which of the following enables producing a product by building it up a layer at a time?
A) Additive manufacturing
B) Productive layering
C) Merchandise fabrication
D) Object enabling
Q2) A new-product screening involves testing if the product is commercially viable.
A)True
B)False
Q3) What is proactive cannibalization and what is the strategic logic of this concept?
Q4) Radical innovations have the potential of creating negative impacts on the leading firms that pursue new-product strategies using existing technologies.
A)True
B)False
Q5) A product prototype is the first completed model of the product that is ready for commercial production and marketing.
A)True B)False
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Chapter 9: Strategic Brand Management
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Sample Questions
Q1) 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
Q2) Which of the following is a function of brands for buyers?
A) Facilitate the introduction of new products
B) Reduce customer search costs
C) Raise the buyers' perceived risk
D) Curtail premium pricing
Q3) Which of the following leads to a negative impact on brand management?
A) Reduced customer search costs
B) Fragmentation of markets and media
C) Increased brand loyalty
D) Reduction in buyer's perceived risk
Q4) Explain three internal and external forces that create hurdles for brand managers in their efforts to build strong brands.What is one key to reducing these negative impacts on brand-building strategies?
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Chapter 10: Value Chain Strategy
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Sample Questions
Q1) Relationships between the conventional channel participants are rather informal and the members are not closely coordinated.
A)True
B)False
Q2) Which of the following value-added activities helps to meet buyers' time-of-purchase and variety preferences?
A) Assembly of products into inventory
B) Transportation
C) Processing and storage of goods
D) Advertising and sales promotion
Q3) Relationships between the conventional distribution channel participants are rather informal and the members are not closely coordinated.
A)True
B)False
Q4) Agile supply chains require long-term partnership with suppliers.
A)True
B)False
Q5) Discuss the impact of e-procurement in business-to-business marketing.
Q6) Discuss the factors that influence distribution decision.
Page 12
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Chapter 11: Pricing Strategy
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Sample Questions
Q1) Explain the role of price in the distribution strategy.
Q2) What are the steps in selecting a pricing strategy?
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) Give an account of predatory pricing.What are its ethical implications?
Q5) Explain the various roles of price in the marketing program.
Q6) Give an account of the impact of emerging markets on pricing.
Q7) Which of the following is the first step in cost analysis for pricing decisions?
A) Estimating how cost varies with the volume of sales
B) Analyzing the cost competitive advantage of the product
C) Determining the components of the cost of the product
D) Estimating how much control management has over costs
Q8) 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.
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Chapter 12: Promotion, advertising, and Sales Promotion Strategies
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Sample Questions
Q1) _____ use empirical data to build a mathematical relationship between sales and advertising effort.
A) Controlled tests
B) Recall tests
C) Effort/results models
D) Longitudinal studies
Q2) Which of the following informational activities is targeted at both channel members and the salesforce?
A) Demonstrations
B) Trade shows
C) Displays
D) Selling aids
Q3) _____ track(s) advertising expenditures and sales results before,during,and after an advertising campaign.
A) Effort/result models
B) Longitudinal studies
C) Recall tests
D) Test marketing
Q4) Give an account of the different promotional activities targeted at a firm's salesforce.
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Chapter 13: Sales, digital, and Direct Marketing Strategies
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Sample Questions
Q1) _____ for analyzing sales force size consider the impact of multiple influences like market potential,intensity of competition,and workload on market response that can improve salesperson deployment decisions.
A) Revenue/cost analysis techniques
B) Single-factor models
C) Sales and effort response models
D) Portfolio deployment models
Q2) What are the major initiatives of a salesforce strategy?
Q3) Sales representatives of Oasis Travels collaborate with various hotels across the state to get customers to book package tours.Which of the following sales positions do the salespeople of Oasis Travels hold?
A) New business selling
B) Consultative selling
C) Missionary selling
D) Trade selling
Q4) Trade selling provides assistance and support to value chain members rather than obtaining sales.
A)True
B)False
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Chapter 14: Designing Market-Driven Organizations
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Sample Questions
Q1) Which of the following is an appropriate usage context for an organic marketing organizational form?
A) Under competitive market conditions, low environmental uncertainty
B) Conditions of market failure, high environmental uncertainty, infrequent tasks
C) High environmental activity, under competitive market conditions, frequent tasks
D) Conditions of market failure, low environmental uncertainty, repetitive tasks
Q2) Which of the following is the first stage in aligning the organization with the market?
A) Aligning customer-based units with customers
B) Using integrating mechanisms such as segment managers
C) Improving alignment through informal lateral integration
D) Integrating functions like global account coordinators and market segment specialists
Q3) The market-focused organizational design is often used when a single product or a closely related line is marketed to one market target.
A)True
B)False
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Chapter 15: Strategic Marketing Implementation and Control
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Sample Questions
Q1) Which of the following is true about internal marketing?
A) It positions the marketing strategy in the customer marketplace.
B) Its goals include promoting the external marketing strategy.
C) It aims at providing superior external customer service to support internal strategy.
D) Its aim is to better align internal market objectives with external capabilities.
Q2) What are the core tasks of a CMO?
Q3) Which of the following is the strategic marketing audit used for?
A) To translate broadly defined marketing strategy into very specific actions
B) To provide a means to link performance evaluation to strategy implementation
C) To ensure that activities in one area do not interfere with activities in another area
D) To initiate a formal strategic marketing planning program
Q4) A _____ indicates when the process is experiencing normal variation and when the process is out of control.
A) data-control process
B) value chain analysis
C) BCG matrix
D) control-chart analysis
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