Deck 2: Marketing Strategy and Understanding Competitors

Question 1

A market opportunity results from:

A) the right combination of circumstances and timing that permit an organization to take action to reach a particular target market.
B) monitoring the firm's capabilities.
C) an increase in market share and profits.
D) an assessment of environmental forces.
E) technological determinism.

Answer 1

A

Question 2

When the right combination of circumstances occurs at the right time to allow an organization to take action toward a target market, the firm is faced with a ______

A) market objective.
B) market requirement.
C) strategic market plan.
D) market opportunity.
E) corporate objective.

Answer 2

D

Question 3

A _____ is something that an organization does extremely well and may give a company an advantage over its competition.

A) benchmark
B) sustainable competitive advantage
C) core competency
D) strategic vision
E) marketing opportunity

Answer 3

C

Question 4

A strategic window is:

A) the right combination of circumstances and timing that permit an organization to take action to reach a particular target market.
B) what determines the factors that are most important in making a market attractive or strong.
C) customers' requirements or desired benefits.
D) a temporary period of optimum fit between the key requirements of a market and the particular capabilities of a firm competing in that market.
E) the process that seeks information about events and relationships in a company's outside environment.

Question 5

What are the generic routes to competitive advantage?

Question 6

A _____ is created when a company matches its core competency to opportunities it has discovered in the marketplace.

A) market opportunity
B) market requirement
C) competitive advantage
D) strategic window
E) competitive opportunity

Question 7

Which of the following is a characteristic of a marketing objective?

A) It is consistent with both business-unit and corporate strategy.
B) It is a verbal agreement, not in writing.
C) It is not written in measurable terms.
D) It does not specify a time frame for its accomplishment.
E) It clearly identifies how marketing strategy will be implemented.

Question 8

An organization's business goals should be derived from its ______

A) mission statement.
B) strategic plan.
C) strategic business plan.
D) marketing plan.
E) marketing strategy.

Question 9

What is a differential advantage? Give at least three examples different types.

Question 10

How does a firm use a market opportunity to reach a particular target market? Give examples of emerging market opportunities.

Question 11

What are the three forms of diversified growth? Give an example for each form.

Question 12

What is the difference between a marketing plan and a marketing strategy?

Question 13

Discuss the different ways of organizing the strategic business unit.

Question 14

Identifying and analyzing a target market and developing a marketing mix to satisfy individuals in that market are essential elements of which of the following parts of strategic planning?

A) Establishing marketing objectives
B) Coordinating marketing activities
C) Organizing marketing functions
D) Developing a marketing strategy
E) Planning marketing activities

Question 15

The strategic planning process begins with:

A) development of an organizational mission statement.
B) development of marketing strategy.
C) analysis of the marketing environment.
D) analysis of target markets.
E) development of a marketing plan.

Question 16

A competitive advantage exists when a:

A) firm matches a core competency to opportunities it has discovered in the marketplace.
B) firm does marketing better than its competitors.
C) combination of circumstances and timing allow a firm to reach an attractive target market.
D) firm observes a fit between the key requirements of a market and its own capabilities.
E) firm has a strong marketing plan.

Question 17

Discuss the creation of a marketing plan. What are the major components of a marketing plan?

Question 18

Why are capabilities and assets important to marketers?

Question 19

To formulate a marketing strategy, one must:

A) identify and analyze a target market and develop a marketing mix to satisfy individuals in that market.
B) develop a statement of what is to be accomplished through marketing activities.
C) develop plans for implementation and control.
D) develop an adequate marketing control process.
E) determine marketing objectives.

Question 20

Favorable conditions in the marketplace environment that could produce business rewards for the organization if acted upon properly are called ______

A) strengths.
B) market strategies.
C) market niches.
D) threats.
E) opportunities.

Question 21

Within a business organization, a profit centre that is self-supporting in terms of sales, markets, production, and other resources is known as a _____

A) profit entity.
B) strategic business unit.
C) marketing program.
D) small business.
E) diversified corporation.

Question 22

Which of the following is the most specific and detailed type of business strategy?

A) business-unit
B) marketing
C) corporate
D) customer service
E) tactical

Question 23

Marketing objectives should be stated in such a way that the degree of accomplishment can be measured accurately.

Question 24

Corporate strategy determines the means for utilizing resources in the functional areas of business to reach the organization's goals.

Question 25

Through the process of strategic planning, a firm establishes an organizational mission and goals, corporate strategy, marketing objectives, marketing strategy, and a marketing plan.

Question 26

A core competency is something a firm does extremely well sometimes so well that it gives the company an advantage over its competition.

Question 27

Marketing managers can take each of the following corrective actions for reducing a discrepancy between established performance standards and actual performance except:

A) improving actual performance.
B) reducing the performance standard.
C) totally changing the performance standard.
D) changing the marketing strategy.
E) coordinating a new step in performance analysis.

Question 28

Which of the following statements about the marketing mix is incorrect ?

A) The selection of the target market serves as the basis for the creation of the marketing mix.
B) The elements of the marketing mix are sometimes referred to as marketing mix variables .
C) Each element of the marketing mix must be precisely matched with the needs of the target market.
D) Once a marketing mix has been created for a particular target market, it cannot be changed until a new strategic window opens.
E) Each element of the marketing mix must be precisely matched with the other elements of the marketing mix.

Question 29

Which of the following is not a purpose of the marketing plan?

A) Communicate internally with employees
B) Assign tasks and responsibilities for implementation
C) Specify the allocation of resources
D) Monitor the performance of a marketing strategy
E) Serve as a contract with the customer

Question 30

A strategic window results from the right combination of circumstances and timing, allowing a firm to take action to reach a particular target market.

Question 31

An organization's goals focus on the ends or results that the firm seeks.

Question 32

A competitive advantage that cannot be readily copied by the competition is referred to as a(n) ____ advantage.

A) controllable
B) sustainable
C) non-copyable
D) effective
E) implementable

Question 33

Resource deployment and coordination of functional areas of business are determined by:

A) the mission statement.
B) corporate strategy.
C) business-unit strategy.
D) marketing strategy.
E) the marketing mix.

Question 34

Business decisions made in creating a marketing mix:

A) are made before a target market is identified.
B) are unchangeable once they are agreed upon by management.
C) are only as good as the organization's understanding of the needs of the target market.
D) usually take place when a strategic window is open.
E) must always be consistent with the firm's opportunities.

Question 35

Which of the following not part of an Ansoff's competitive strategy?

A) Market penetration
B) Diversification
C) Product development
D) Cash cow
E) Market development

Question 36

Which of the following statements is incorrect ?

A) Of the three levels of planning, corporate strategy is the broadest.
B) Business-unit strategy should be consistent with the corporate strategy.
C) Marketing strategy should be consistent with both the business-unit and corporate strategies.
D) Strategic planning begins at the marketing level and proceeds through business-unit and corporate levels.
E) Strategic planning begins at the corporate level and proceeds through business-unit and marketing levels.

Question 37

Key factors in determining the best organizational structure for a marketing unit are the:

A) preferences of top management.
B) fiscal resources of the firm.
C) number of employees.
D) diversity of the firm's products and the characteristics and needs of the people in the target market.
E) skill levels of employees.

Question 38

A marketing strategy is a written document that specifies the activities to be performed to implement and control a firm's marketing activities.

Question 39

Business decisions made in creating a marketing mix:

A) are made before a target market is identified.
B) are unchangeable once they are agreed upon by management.
C) are only as good as the organization's understanding of the needs of the target market.
D) usually take place when a strategic window is open.
E) must always be consistent with the firm's opportunities.

Question 40

The percentage of a market which actually buys a specific product from a specific company is referred to as that product's ______

A) strategic segment.
B) target market.
C) market share.
D) market cut.
E) market position.

Question 41

Marketing objectives state what is to be accomplished through marketing activities.

Question 42

A strategic business unit is not self-supporting in terms of sales, markets, production, and other resources.

Question 43

Marketing objectives state what is to be accomplished through marketing activities.

Question 44

The decisions made in creating a marketing mix are only as good as the organization's understanding of the target market.

Question 45

Marketing planning and implementation are inextricably linked in successful businesses.

Question 46

The strategic planning process begins with a detailed analysis of the organization's strengths and weaknesses and the identification of opportunities and threats within the marketing environment.

Question 47

Sometimes the information required to control marketing activities is available but too costly.

Question 48

A sustainable competitive advantage is one that cannot be copied by a firm's competitors.

Question 49

Marketing strategies should be established before marketing objectives are decided.

Question 50

A functional organization works effectively for large, decentralized companies.

Question 51

Internal management refers to the coordination of internal exchanges between the organization and its employees to achieve successful external exchanges between the organization and its customers.

Question 52

A marketing unit can be organized according to functions, products, regions, or customers.

Question 53

Internal marketing may involve market segmentation, product development, research, distribution, public relations, and sales promotion.

Question 54

Each of the marketing mix elements must work together with the others.

Question 55

Marketing mix decisions must have two characteristics: consistency and timeliness.

Question 56

A market is a group of individuals and/or organizations that have needs for products in a product class and have the ability, willingness, and authority to purchase these products.

Question 57

When properly implemented, a good marketing strategy enables a company to achieve its business-unit and corporate objectives.

Question 58

Marketing plans may be developed for strategic business units, product lines, individual products or brands, or specific markets.