Question 1

What is a marketing plan? Explain its importance.

Accepted Answer

The answer of What is a marketing plan? Explain its...

Question 2

The five components of strategy are scope, goals and objectives, resource deployments, identification of a sustainable competitive advantage and systems.

Accepted Answer

The five components of strategy are scope, goals and objectives, resource deployments, identification of a sustainable competitive advantage and synergy.

Question 3

Planning and executing a marketing strategy involves many interrelated decisions about what to do, when to do it and how.

Accepted Answer

Planning and executing a marketing strategy indeed involves making interrelated decisions about what to do, when to do it, and how.

Question 4

Spending more on selling efforts usually creates a sustainable competitive advantage.

Accepted Answer

While spending on selling efforts can increase sales and market share in the short term, it does not necessarily create a sustainable competitive advantage. A competitive advantage is more likely to be sustained through long-term investments in research and development, improving production processes, and building strong customer relationships.

Question 5

When Eric Kim joined the global marketing team at Samsung, he quickly recognised the importance of service training for all employees and initiated a process of total quality management, whereby all departments received extensive training in quality assurance.

Accepted Answer

One of his first moves was to reorganise the company's distribution channels. Consistent with the strategic objective of establishing Samsung as a high-quality brand worthy of a premium price, many of the company's products were pulled out of low-priced discount chains and distributed through service-oriented electronics specialty stores and internet retailers—such as Best Buy and Amazon.com—instead.

Question 6

Market orientation should generally be the main goal for organisations because:

Accepted Answer

Market orientation, which involves understanding and meeting the needs of customers, generally leads to superior performance for organizations. This is because it ensures that the products and services offered are closely aligned with customer demands, leading to higher satisfaction, loyalty, and potentially, market share.

Question 7

Current trends indicate that in the future, the most important task for strategic marketing is the creation of effective advertising and promotion campaigns to reach customers in global markets.

Accepted Answer

While creating effective advertising and promotion campaigns is important, the most important task for strategic marketing in the future involves understanding and adapting to rapidly changing consumer behaviors, leveraging data analytics for personalized marketing, and integrating technology for enhanced customer experiences in a global market.

Question 8

A marketing plan is vital for an organisation as the plan can be regarded as:

Accepted Answer

A marketing plan is a blueprint for action as it outlines the strategies and tactics that will be used to achieve the marketing goals.

Question 9

What is the primary focus of marketing-level strategies? What critical issues do they focus on?

Accepted Answer

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Question 10

What are the major parts to a marketing plan?

Accepted Answer

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Question 11

When analysing available market opportunities, managers must always consider price as being the key attribute for positioning a product or service in the minds of customers in the target market segment.

Accepted Answer

While price is certainly an important attribute to consider, it is not always the key attribute for positioning a product or service in the minds of customers. Other factors such as quality, features, and brand reputation may also be important in positioning a product or service in the market.

Question 12

The primary strategic responsibility of any manager is to continuously monitor the performance of market competitors.

Accepted Answer

While monitoring competitors may be a part of a manager's responsibilities, their primary strategic responsibility is to achieve the goals and objectives of the organization they manage. This includes tasks such as setting priorities, allocating resources, budgeting, and making decisions that enhance the overall performance and success of the organization.

Quiz 1: Market-Oriented Perspectives Underlie Successful Corporate, Business and Marketing Strategies