Deck 6: Marketing Strategy

Question 1

A statement that sets out what the organization's future. It states what an organization wants to be, providing shape and direction. This refer to as:

A) mission
B) values
C) vision
D) strategy

Answer 1

C

Question 2

A formal written document that specifies how the marketing strategy will be accomplished is:

A) a marketing research proposal.
B) a marketing plan.
C) a mission statement.
D) none of the options given.

Answer 2

B

Question 3

These objectives are often the most suitable when firms operate in a market dominated by a major competitor and where their financial resources are limited.

A) Harvest objectives
B) Divest objectives
C) Niche objectives
D) Hold objectives

Answer 3

C

Question 4

A sequential process involves a series of activities leading to the setting of marketing objectives and the formulation of plans for achieving them. This process is referred to as:

A) marketing planning
B) marketing research
C) marketing audit
D) marketing promotion

Question 5

_____________ define the acceptable interpersonal and operating standards of behaviour. They govern and guide the behaviour of individuals within the organization.

A) Visions
B) Organizational values
C) Strategic objective
D) Missions

Question 6

In a study by Bain & Company, companies focused on divestment outperformed those that were not by about 15 per cent over a ten-year period, based on______________.

A) total shareholder return
B) harvesting
C) hold
D) niche

Question 7

This strategy involves the production of goods and services for a broad market segment, at a cost lower than all other competitors.

A) Differentiation.
B) Cost leadership.
C) Focus.
D) Intensive growth.

Question 8

These types of firms have low market shares and do not have the resources to be serious competitors. They are sometimes referred to as 'also-rans' and often adopt me-too strategies when the market leader takes an initiative.

A) Market follower.
B) Nichers.
C) Market challenger.
D) Market leader.

Question 9

___________ is about organizations seeking gaps in broad market segments or finding gaps in competitors' product ranges.

A) Differentiation strategy.
B) niche strategy.
C) Cost leadership
D) focus strategy.

Question 10

An activity in a marketing plan, in which a marketing mix for each target market segment has to be developed along with a specification of who is responsible for the various activities and actions, and the resources that are to be made available, is referred to as:

A) marketing programme
B) marketing analysis
C) strategy specific
D) marketing strategy

Question 11

A vision statement sets out an organization's long-term intentions, describing its purpose and direction.

Question 12

A vision sets out an organization's future with a statement about what an organization wants to become.

Question 13

Organization or corporate strategy is the means by which the resources of the organization are matched with the needs of the environment in which the organization decides to operate.

Question 14

Relative price is determined by measuring the price of the company's offering against that of the offering of the market leading company, or the nearest competitor.

Question 15

A SOCK analysis is a methodology used by organizations to understand their strategic position. It involves analysis of an organization's Strengths, Operations, Costs and Knowledge.

Question 16

The net promoter score (NPS) was a metric developed to measure how likely it is that a customer would recommend a firm to a friend or a colleague.

Question 17

The Covid-19 pandemic has brought into stark relief how important it is to speed this up in the retail sector as retail firms either began making their offerings available online or faced going out of business.

Question 18

Intensive growth refers to developments outside the current chain of value-adding activities. This brings new value chain activities because the firm is operating with new products and in new markets.

Question 19

An intensive growth strategy aims to increase the sales of established products in current markets.

Question 20

Any material too bulky to be included in the plan itself, but necessary for reference and detail, e.g. the full PESTLE and SWOT analyses, marketing research data, and other market reports and information refers to as Marketing programmes.

Question 21

This type of strategy requires that all value chain activities are geared to the creation of products that are valued by, and which satisfy, the needs of particular broad segments.

A) Differentiation.
B) Cost-leadership.
C) Focus.
D) Generic.

Question 22

This analytical tool is a framework used to determine an overall view of an organization's strategic position and highlights the need to assess the internal capability of the organization and the external situation the organization is facing.

A) BCG
B) PESTLE
C) PEST
D) SWOT

Question 23

_______________ advantage is achieved when an organization has a significant and sustainable edge over its competitors when attracting buyers

A) differentiation
B) industry
C) first-move
D) competitive

Question 24

A statement about what an organization wants to become, which sets out an organization's future, is referred to as:

A) vision
B) goals
C) mission
D) values

Question 25

Universities offering bursaries to postgraduate students who achieve high marks in their first degrees provide an example of this strategy:

A) Product development
B) Market penetration
C) Market development
D) Diversification

Question 26

Purplebricks, the British online estate agent pioneering a new business model by charging housesellers a fixed fee upfront tried to pursue this strategy by entering Australia in 2016, but by 2019 had pulled out, citing 'difficult market conditions'

A) Market development
B) Diversification
C) Market penetration
D) Product development

Question 27

Organizations use focus strategies to seek gaps in broad market segments or to find gaps in competitors' ranges. Thus, focus strategies help to seek out unfulfilled market needs. The focused operator then concentrates all value chain activities on a narrow range of offerings. Focus strategies can be oriented towards being the lowest cost producer for a particular segment (for example Aldi, in the supermarket sector) or towards supplying a differentiated offering for a narrow target segment willing to pay a higher price (for example, Vans, in the trainer market).

A) Differentiation.
B) Cost-leadership.
C) Focus.
D) Generic.

Question 28

Adidas in the trainer market, competing ferociously against Nike is an example of which type of market position?

A) Market follower.
B) Nichers.
C) Market challenger.
D) Market leader.

Question 29

Short-term cooperative arrangements include outsourcing and renewable purchasing agreements. Agreements to distribute offerings include information sharing activities; licensing and technological collaboration require resource and asset sharing; whilst a longer-term collaboration through mergers or acquisitions (M&A) requires cooperation based on share ownership.

Question 30

Ideas about conventional strategy are based on a linear value chain approach, considering successive supplier/distributor participants to add value as a product moves along a chain to be consumed by end users. Van Alstyne, Parker, and Choudary (2016) refer to this as a platform strategy.