Deck 2: Marketing Strategy

Question 1

Executing a successful marketing strategy involves which three major steps?

A) Plan, implement, execute
B) Develop, execute, report
C) Plan, implement, evaluate
D) Execute, evaluate, adjust

Answer 1

Plan, implement, evaluate

Question 2

Which is a sub-group within an organization that designs its own strategy and has its own customers?

A) Division unit
B) Brand
C) Marketing unit
D) Strategic business unit

Answer 2

Strategic business unit

Question 3

Planning involves all of the following EXCEPT

A) tactics.
B) goals.
C) actions.
D) budget.

Answer 3

tactics.

Question 4

Evaluation provides feedback for which purpose?

A) Modifying plans
B) Modifying implementation
C) Modifying both plans AND implementation
D) Modifying neither plans NOR implementation

Question 5

Which term means a firm's business focus that provides direction for the company?

A) Strategic plan
B) Mission statement
C) Marketing mix
D) Organizational structure

Question 6

In a SWOT analysis, which two considerations are internal to the organization?

A) Strengths and opportunities
B) Weaknesses and threats
C) Strengths and weaknesses
D) Opportunities and threats

Question 7

The combination of product, price, place, and promotion defines a

A) marketing plan.
B) marketing mix.
C) marketing activities.
D) marketing objectives.

Question 8

Which is typically the first consideration in a firm's marketing mix?

A) Product
B) Price
C) Place
D) Promotion

Question 9

What provides a snapshot of key marketing and performance measures?

A) Marketing dashboard
B) SWOT analysis
C) Marketing audit
D) Marketing safeguard

Question 10

What investigates all or part of the marketing mix to check for problems?

A) Marketing dashboard
B) SWOT analysis
C) Marketing audit
D) Marketing safeguard

Question 11

Which term indicates actually putting a marketing plan into effect?

A) Establishing safeguards
B) Evaluation and control
C) Monitoring goals and objectives
D) Implementation

Question 12

Defining your mission too narrowly and missing environmental trends defines what?

A) marketing myopia
B) mission statement unclarity
C) unfocused strategy
D) poor planning

Question 13

To identify their product in a sea of others, marketers develop

A) a brand name.
B) a catchy slogan.
C) an advertising campaign.
D) a marketing plan.

Question 14

A collection of visual, auditory, and other elements help customers to identify

A) logo.
B) jingle.
C) unique selling proposition.
D) brand.

Question 15

All of the following are key elements involved in executing a successful marketing strategy EXCEPT

A) setting specific goals and determining a plan of action.
B) development of a detailed marketing plan.
C) implementation using specific marketing tasks and tactics.
D) evaluation of plan activities.

Question 16

What does a goal-driven action plan take into account?

A) Competitors want to steal your customers.
B) Suppliers want you to pay more.
C) Customers want to pay less.
D) All of these

Question 17

Marketing strategy is the managerial process of creating plans of action that facilitate what?

A) Facilitating exchanges that have value to customers and the company
B) Effectively differentiating your product from competitors
C) Reacting to a SWOT analysis
D) Responding effectively to competitive threats

Question 18

Why is the area of marketing critical to an organization's success?

A) It is the "face" of the company to outsiders.
B) It deals directly with customers.
C) It accounts for the largest percentage of a company's expenses.
D) It is responsible for advertising and promotion.

Question 19

Which is an example of an approach to keeping customers happy?

A) Loyalty program
B) Strong presence on social media
C) Lower prices
D) Staying open longer hours

Question 20

Marketing strategy is dependent on what?

A) Staying current on trends in advertising
B) Overall company objectives and mission
C) Responding to competitive threats
D) Developing an effective marketing mix

Question 21

What is almost always true of successful companies?

A) They make customers their mission.
B) They focus on what they can produce.
C) They have sets of functional units.
D) They maximize sales.

Question 22

A company's marketing department makes decisions relating to which of the following?

A) Structuring functional support departments
B) Deciding among the company's options for orientation
C) Drafting the company's mission statement
D) Facilitating exchanges with customers

Question 23

Marketing should guide the firm's mission by making sure the organization is focused offering value to

A) its best customers.
B) its existing and potential future customers.
C) its current customers.
D) its next generation of customers.

Question 24

Companies differentiate by focusing on

A) pricing.
B) mission statement.
C) unique selling proposition.
D) advertising.

Question 25

Companies can differentiate based on which type of differences?

A) Real
B) Perceived
C) Competitive
D) Both real and perceived

Question 26

Generally speaking, "lower price is seldom a sustainable competitive advantage." Which company is an exception to this?

A) Target
B) Amazon
C) Walmart
D) Costco

Question 27

A company's unique selling proposition is often expressed through

A) its brand.
B) its logo.
C) its slogan.
D) its packaging.

Question 28

A true competitive advantage is one that is valuable to customers and

A) can't be easily copied by competitors.
B) is easy to communicate.
C) can be tied to a slogan.
D) is consistent with your mission statement.

Question 29

Having a competitive advantage is not enough. A company also has to be able to do what?

A) Sustain it beyond the near term.
B) Effectively communicate it to the target market.
C) Appeal to enough customers to be profitable.
D) All of the above

Question 30

Customers prefer one brand over another based on its value, which, in turn, is based on different combinations of

A) needs and wants.
B) benefits and perceptions.
C) benefits and costs.
D) perceptions and costs.

Question 31

Can only one company have a true competitive advantage in a category?

A) No. There are customers in the market who want different things.
B) Yes. A true competitive advantage can influence all potential customers.
C) Yes. As long as the competitive advantage can be sustained.
D) No. There is no such thing as a long-term competitive advantage.

Question 32

Corporate-level strategy results in a mission statement that guides marketing strategy in which way?

A) By avoiding marketing myopia and having a future vision
B) By clearly identifying a target market
C) By tying higher level company goals to product-level marketing strategy
D) By responding to customers' needs and wants

Question 33

When evaluating a firm's internal situation, you would consider which of the following?

A) Company resources
B) Potential new markets
C) Market changes
D) New technology options

Question 34

A valid marketing objective meets which of the following criteria?

A) It must be specific.
B) It must be measurable.
C) It must be time-bound.
D) All of these

Question 35

Non-numeric objectives are

A) often not valid.
B) more difficult to measure.
C) not specific.
D) None of these

Question 36

Marketing activities should be included in the marketing plan under which condition?

A) Only if the activities relate to specific marketing objectives.
B) Under all conditions; they're an integral part of the overall plan.
C) Only if they are specific, realistic, measurable, and time-bound.
D) Only if the plan focuses on tactics.

Question 37

Typically, which element of the marketing mix is most important?

A) Product
B) Price
C) Promotion
D) A combination of all elements

Question 38

Communicating value to your target market is covered through what?

A) Product
B) Price
C) Product and price
D) Promotion

Question 39

Which a type of safeguard used by companies to help deal with implementation issues?

A) Set-up a marketing dashboard.
B) Set expectation levels, where appropriate, for each activity.
C) Establish goals and measure final results.
D) All of these

Question 40

Anything that offers value and can be exchanged for something else is a(n)

A) product.
B) market.
C) commodity.
D) exchange.

Question 41

The component of a marketing plan that monitors performance to detect problems is the

A) SWOT analysis.
B) marketing audit.
C) control structure.
D) marketing dashboard.

Question 42

Rewards and incentives should be tied directly to

A) implementation metrics.
B) Safeguards.
C) control structures.
D) performance expectations.

Question 43

Key measures on a marketing dashboard are tracked so that a manager can monitor progress in

A) increments.
B) real time.
C) social media.
D) mobile devices.

Question 44

A good marketing plan should be

A) open to modification when necessary.
B) constantly modified.
C) prepared by the Chief Marketing Officer.
D) shared with all departments.

Question 45

What is the primary reason firms must account for potential market forces in the future?

A) They might lose their focus on customers.
B) They can overlook potential competitors.
C) Market forces constantly evolve.
D) Because otherwise, they risk becoming obsolete.

Question 46

Differentiation requires you to ask how you'll be different from your competitors, as well as which other question?

A) How will this differentiation be perceived by your target market?
B) How will this differentiation be sustained?
C) How will this difference help offer more value to your target market?
D) How will this difference provide protection from changing market forces?

Question 47

While differentiation is important, it's also important that a company offer value to whom?

A) Important customer groups outside their primary target market.
B) A target market large enough to allow them to meet their goals.
C) Their main competitor's target market.
D) Their potential future customers.

Question 48

In conducting a SWOT analysis, which represents a potential threat to an organization?

A) Perception in the market
B) New technology options
C) Quality of employees
D) Changes to laws and regulations

Question 49

Why is monitoring marketing performance relative to planning goals critical?

A) Because plans and implementation may need to be modified when circumstances change.
B) Because appropriate safeguards may need to be included in the plan to deal with implementation issues.
C) Because communication and reporting protocols need to be enforced.
D) Because rewards and incentives may need to be tied directly to performance expectations.

Question 50

How would you present your argument that marketing has the most important role in an organization?

Question 51

When developing marketing objectives, what must you pay attention to in ensuring they're valid?