Question 1

A marketing strategy primarily describes how a firm will ________.&#10;A) implement a mission statement&#10;B) structure the marketing mix&#10;C) identify core weaknesses&#10;D) compete in a market

Accepted Answer

A marketing strategy outlines the approach that a company will take to compete in the market. It details how the company will differentiate itself from competitors, identify target audiences, utilize promotional tactics, and allocate resources to maximize profits. The other options may be part of a marketing strategy, but they do not fully describe the overall purpose of a marketing strategy.

Question 2

Which of the following serves as the center of IKEA's hexagon of strategy?&#10;A) economic model&#10;B) differentiation strategy&#10;C) vision statement&#10;D) core competencies

Accepted Answer

The center of IKEA's hexagon of strategy is its vision statement, which is focused on creating a better everyday life for the many people. The other elements of the hexagon, such as the economic model, differentiation strategy, and core competencies, are all aligned with this overarching vision statement.

Question 3

While developing a comprehensive marketing strategy,a firm needs to determine where it will conduct business.Which tool would be most useful?&#10;A) experience curve matrix&#10;B) product-market growth analysis&#10;C) SWOT analysis&#10;D) Porter's generic strategies

Accepted Answer

Product-market growth analysis would be most useful in determining where a firm will conduct business. This tool helps identify new markets for the firm to enter and whether to penetrate existing markets further. It considers factors such as market size, growth potential, competition, and the firm's strengths and weaknesses. The other options listed (experience curve matrix, SWOT analysis, and Porter's generic strategies) are useful in developing a comprehensive marketing strategy but do not specifically address the question of where to conduct business.

Question 4

A comprehensive marketing strategy should specify what needs the firm will meet in order to achieve ________.&#10;A) niche market segmentation&#10;B) product customization&#10;C) sustainable differentiation&#10;D) customer consolidation

Accepted Answer

A comprehensive marketing strategy should identify the needs of the targeted market segment and how the firm's offering can differentiate itself from competitors in a sustainable manner. This will enable the firm to create a competitive advantage and achieve long-term success. Niche market segmentation and product customization are tactics that can be used to achieve this goal, but they are not the ultimate objective. Customer consolidation is not a term commonly used in marketing strategy.

Question 5

Effective marketing strategies are most likely consistent with all of the following EXCEPT ________.&#10;A) environmental opportunities&#10;B) long-term visions&#10;C) core competencies&#10;D) internal demands

Accepted Answer

Effective marketing strategies should always be consistent with environmental opportunities, long-term visions, and core competencies because they are essential for achieving success in the market. Internal demands, however, may conflict with these strategies and should be carefully assessed before implementation. Therefore, the correct choice is D, internal demands.

Question 6

Which term refers to the coordinated means by which an organization pursues its goals and objectives?&#10;A) vision&#10;B) strategy&#10;C) mission&#10;D) code of ethics

Accepted Answer

Strategy refers to the coordinated means by which an organization pursues its goals and objectives. Vision refers to the ideal future state the organization hopes to achieve, mission refers to the organization's purpose and reason for existence, and code of ethics refers to a set of principles that guide the behavior of individuals within the organization.

Question 7

A product-market growth analysis helps determine the best geographic markets,so that a firm can create and sustain value for customers.

Accepted Answer

A product-market growth analysis is a tool used to determine the best geographic markets for a firm's products or services, based on factors such as customer needs, competition, and market size. By identifying the most promising markets, a firm can focus its resources and efforts on creating and sustaining value for customers in those areas. Therefore, the statement is true.

Question 8

The key to IKEA's success has been the firm's desire to alter its basic business strategy every few years to meet changing customer needs and trends.

Accepted Answer

IKEA's success is largely attributed to its consistent business model focusing on cost control, operational details, and continuous product development, rather than frequently altering its basic business strategy.

Question 9

Which of the following tools would most likely be used when determining how a firm will serve customers and their needs?&#10;A) value chain analysis&#10;B) portfolio analysis&#10;C) pricing matrix&#10;D) client surveys

Accepted Answer

The answer of Which of the following tools would most...

Question 10

&#34;Where's the pain?&#34; refers to ________,and &#34;Where's the magic?&#34; refers to ________.&#10;A) geographic markets; customer demands&#10;B) target segments; competitive advantages&#10;C) economies of scope; economies of scale&#10;D) core competencies; target markets

Accepted Answer

"Where's the pain?" refers to identifying the target segments that are experiencing pain or problems that the company can solve. On the other hand, "Where's the magic?" refers to identifying the company's competitive advantages or unique selling propositions that can attract and retain customers. Therefore, B (target segments; competitive advantages) is the best choice.

Question 11

The primary purpose of a business strategy is to ________.&#10;A) advance the firm's vision and objectives&#10;B) oversee the firm's core competencies&#10;C) establish an international brand&#10;D) eliminate competing companies

Accepted Answer

The answer of The primary purpose of a business strategy...

Question 12

What is a marketing strategy? What are the most important issues and tasks that should be addressed by a marketing strategy?

Accepted Answer

The answer of What is a marketing strategy? What are...

Question 13

According to the text,marketing strategies should be ________.&#10;A) dynamic&#10;B) trendy&#10;C) creative&#10;D) static

Accepted Answer

The answer of According to the text,marketing strategies should be...

Question 14

A comprehensive marketing strategy should include a broad definition of the target market as well as a flexible time schedule for meeting various objectives.

Accepted Answer

The answer of A comprehensive marketing strategy should include a...

Deck 16: Note : What Is a Marketing Strategy