Question 1

Marketing strategy results in ______.&#10;A) organizational strategic fit&#10;B) organizational strategic perspective&#10;C) organizational goal achievement&#10;D) organizational strategic intent

Accepted Answer

The primary goal of a marketing strategy is to achieve organizational goals and objectives, whether it be increasing sales revenue, improving brand recognition, or expanding into new markets. Therefore, the correct answer is C. While A, B, and D are important considerations for any strategic plan, they are not the direct result of a marketing strategy.

Question 2

The term used to describe a clear, concise expression of the organization's reason for being is referred to as a(n) ______.&#10;A) aspirational statement&#10;B) strategic statement&#10;C) vision statement&#10;D) mission statement

Accepted Answer

A mission statement is a clear and concise declaration of the purpose and focus of an organization, including its primary stakeholders, products and services, and values. It provides direction and helps to align the actions and decisions of the organization. Aspirational statements, strategic statements, and vision statements may all be components of an organization's overall mission but do not fully encompass the entirety of its purpose and focus.

Question 3

Value chain processes are ______.&#10;A) intradependent&#10;B) self-dependent&#10;C) interdependent&#10;D) independent

Accepted Answer

Value chain processes are interdependent because each process (such as production, marketing, and distribution) relies on the outputs of the previous process and provides inputs for the subsequent process. The success of the overall value chain depends on the effective coordination and collaboration between these interdependent processes.

Question 4

All of the following are cited, by some experts, as strategic planning process limitations EXCEPT ______.&#10;A) contingency assessment&#10;B) ambition&#10;C) innovation&#10;D) future competitive advantage

Accepted Answer

Contingency assessment is not typically cited as a limitation of the strategic planning process; rather, it's an integral part of it, helping organizations prepare for various future scenarios.

Question 5

Porter's Five Forces Model is useful for assessing ______.&#10;A) weaknesses and identifying possible partnerships&#10;B) strengths and identifying possible partnerships&#10;C) opportunities and identifying possible partnerships&#10;D) threats and identifying possible partnerships

Accepted Answer

Porter's Five Forces Model is used to assess the competitive environment and identify threats to a business, such as competition from existing firms, the bargaining power of suppliers, the bargaining power of buyers, the threat of new entrants, and the threat of substitute products. It is not used to identify weaknesses, strengths, or opportunities, but rather to understand the potential risks and challenges facing a business. Therefore, the correct choice is D) threats and identifying possible partnerships.

Question 6

Which one of the following describes Ansoff's Matrix market development strategic option?&#10;A) new products and new markets&#10;B) new products and existing markets&#10;C) existing products and new markets&#10;D) existing products and existing markets

Accepted Answer

Ansoff's Matrix market development strategic option involves entering new markets with existing products, which corresponds to choice C. This strategy allows a company to expand its customer base and increase sales by entering new geographic regions or market segments.

Question 7

Which one of the following strategies does not offer a competitive advantage?&#10;A) discrete strategy&#10;B) disruptive strategy&#10;C) differentiated strategy&#10;D) sustaining strategy

Accepted Answer

Sustaining strategy does not offer a competitive advantage because it focuses on maintaining the current market position rather than creating a new one or disrupting the existing one.

Question 8

All of the following are objectives marketers pursue EXCEPT ______.&#10;A) improve brand or product awareness&#10;B) expand perceived customer value&#10;C) generate sales leads&#10;D) improve search engine rankings

Accepted Answer

The answer of All of the following are objectives marketers...

Question 9

Which step of the strategic planning process operationalizes the overall marketing strategy?&#10;A) formulate a marketing strategy&#10;B) identify the target market&#10;C) determine the marketing objectives&#10;D) identify a strategic opportunity

Accepted Answer

Formulating a marketing strategy involves analyzing the market, competition, and consumer behavior to determine the direction and focus of the marketing efforts. Once the strategy is determined, it can be operationalized through tactical plans and implementation. Without a clear strategy, the operationalization process would lack direction and could lead to ineffective execution.

Question 10

An obsession for winning that infiltrates every level of an organization is known as ______.&#10;A) strategic purpose&#10;B) strategic vision&#10;C) strategic intent&#10;D) strategic fit

Accepted Answer

An obsession for winning that infiltrates every level of an organization is known as strategic intent. Strategic purpose, vision, and fit are important concepts in strategy, but do not address the idea of an obsession for winning.

Question 11

Expanding into parallel products is referred to as ______.&#10;A) perpendicular integration&#10;B) vertical integration&#10;C) parallel integration&#10;D) horizontal integration

Accepted Answer

The answer of Expanding into parallel products is referred to...

Question 12

As part of the strategic planning process, formulating a marketing strategy includes all of the following EXCEPT ______.&#10;A) product strategies&#10;B) pricing strategies&#10;C) promotional strategies&#10;D) purpose strategies

Accepted Answer

The answer of As part of the strategic planning process,...

Question 13

Organizations typically target a mass market with which one of the following approaches?&#10;A) impersonalized&#10;B) undifferentiated&#10;C) differentiated&#10;D) concentrated

Accepted Answer

The answer of Organizations typically target a mass market with...

Question 14

A marketing plan outline includes all of the following EXCEPT ______.&#10;A) performs a situational analysis&#10;B) identifies strategic opportunities&#10;C) implements flexibility strategies&#10;D) describes the target market

Accepted Answer

The answer of A marketing plan outline includes all of...

Question 15

Marketing objectives can be expressed using the acronym SMART. What does the M stand for?&#10;A) measurable&#10;B) marketing plan&#10;C) market creation&#10;D) mission statement

Accepted Answer

The answer of Marketing objectives can be expressed using the...

Deck 5: Marketing Strategy