Deck 1: Strategic Marketing: Analysis, Perspectives, and Blueprint

Question 1

A competitive strategy based on being market oriented refers to

A) strategy based upon the needs and wants of the marketplace.
B) a strategy based on the competitors.
C) a strategy based purely on the vision of the marketer.
D) None of the options given are correct.

Answer 1

strategy based upon the needs and wants of the marketplace.

Question 2

A competitive strategy

A) establishes a profitable market position.
B) establishes a sustainable market position.
C) establishes a profitable market position and a sustainable market position.
D) None of the options given are correct.

Answer 2

establishes a profitable market position and a sustainable market position.

Question 3

While developing competitive advantage the firm must do what of the following:

A) Ignore the firm's capabilities and only look at consumers' needs.
B) Leverage potential sources of competitive advantage that exist in a firm's value chain.
C) Outsource the value chain.
D) Focus on joint ventures.

Answer 3

Leverage potential sources of competitive advantage that exist in a firm's value chain.

Question 4

The four main ways of approaching marketing strategy are:

A) Think, See, Do, Plan
B) Think, See, Leverage, Plan
C) Simple rules, See, Do, Repeat
D) Think, See, Do, Simple rules

Question 5

By 'thinking first' in the process of developing a marketing strategy, the Manager must

A) look into his heart for inspiration.
B) network with friends and consultants.
C) cognitively analyse a strategic marketing problem.
D) get into action to solve the problem.

Question 6

'Seeing first' can be summed up by the term:

A) 'Eureka' moment
B) 'Whatever will be will be' moment
C) 'Go get it' moment
D) None of the options given are correct.

Question 7

Successful marketing strategy requires the ability to

A) move from big picture to tactical detail.
B) move from tactical detail to big picture.
C) see both pictures together.
D) focus on implementation.

Question 8

'Doing first' refers to

A) thinking and planning before doing.
B) keep doing new things, don't waste time on evaluation.
C) keep doing new things and make failures also work for you.
D) do something, make sense of it, and then repeat the successful parts and discard the rest.

Question 9

It is advised that even though 'doing first' is the way to test the boundaries of stretching a brand, Managers must also do which of the following to measure success?

A) Thinking first
B) Keep it simple.
C) Seeing first
D) Simple rules

Question 10

Marketing strategy as simple rules is about

A) avoiding uncertainty and betting on safe bets.
B) jumping in with full effort.
C) crafting simple rules.
D) crafting simple rules and jumping in rather than avoiding uncertainty.

Question 11

How-to rules are about

A) keeping managers organized enough to seize opportunities.
B) rules to help Managers pick the best opportunity based on geography, customers, or technology.
C) rules about allocating resources amongst competing opportunities.
D) rhythm of key strategic processes.

Question 12

Timing rules are about

A) keeping managers organized enough to seize opportunities.
B) rules to help Managers pick the best opportunity based on geography, customers, or technology.
C) rules about allocating resources amongst competing opportunities.
D) rhythm of key strategic processes.

Question 13

How many rules are optimum for a company?

A) A thick manual is desirable.
B) Between 2-7 simple rules
C) Between 2-7 complex rules
D) Keep following rules optional.

Question 14

The underpinning approach of the postmodern marketing strategy is the presumption that

A) buyers trust 'regular' marketing.
B) buyers are sophisticated and cynical about 'regular' marketing.
C) buyers prefer postmodern products.
D) buyers prefer subliminal marketing.

Question 15

The consumers in the postmodern era learn about persuasion (how marketers try to influence them) from

A) social encounters.
B) observing marketers.
C) media commentary.
D) All of the options given are correct.

Question 16

Retro marketing harks back to

A) the 'good old days' when marketers cared about consumers.
B) the difficult days of the Second World War.
C) the 'good old days' when marketers were pranksters and proud of it.
D) the days when family values meant a lot to the consumer.

Question 17

What does secrecy mean in retro marketing?

A) To ensure that the hot ticket is talked about
B) Make marketing fun
C) It is all about secret recipes.
D) Play practical jokes

Question 18

Thinking First/Market Orientation approach to marketing strategy works best when

A) the issues are clear, and discipline can be applied.
B) the issues are clear, the data are reliable, the context is structured, thoughts can be pinned down, and discipline can be applied.
C) the issues are clear and the data are reliable.
D) the context is structured, thoughts can be pinned down, and discipline can be applied.

Question 19

Seeing First approach to marketing strategy works best when

A) many elements have to be creatively applied.
B) commitment to solutions is key.
C) communications across boundaries are needed (e.g., in NPD).
D) many elements have to be creatively applied, commitment to solutions is key, and communications across boundaries are needed (e.g., in NPD).

Question 20

The 'doing first' and 'simple rules' approaches to marketing strategy work best when

A) the situation is novel and confusing.
B) complicated specifications would get in the way.
C) managers are risk averse.
D) the situation is novel and confusing and complicated specifications would get in the way.

Question 21

The Postmodern orientation to marketing strategy

A) must be continually borne in mind to provide a check on how, in reality, buyers will interpret the final offering.
B) is difficult to follow and only idols like Madonna can follow it.
C) can be done by companies from emerging markets.
D) None of the options given are correct.

Question 22

The phases in the book's marketing strategy 'blueprint' are:

A) Where are we, why are we, who are we, how will we get there?
B) Where are we, where do we want to be, how will we get there, did we get there?
C) Where are we, where do we want to be, when will we get there, did we get there?
D) Where are we, where do we want to be, when will we get there, why did we get there?

Question 23

The 'how will we get there?' stage in the marketing strategy blueprint involves

A) environmental analysis.
B) strategy implementation.
C) branding, pricing, communication strategies.
D) analysis and perspective.

Question 24

The roots of strategy began in

A) the medical profession.
B) the military.
C) in economics.
D) in the English language.

Question 25

What function does a strategy serve?

A) To set the future direction for the organization
B) To state how it is to create value to customers
C) To set the future direction for the organization and state how it is to create value to customers and other stakeholders
D) None of the options given are correct.

Question 26

Strategy exists at multiple levels in an organization. These are

A) corporate, global, and functional.
B) corporate, SBU, and functional.
C) corporate, global, and micro.
D) international, SBU, and functional.

Question 27

What is the difference between a corporate strategy and SBU strategy?

A) Both are the same.
B) Corporate is the overall goals of the business; often expressed in financial terms whereas SBU strategy is how to compete in individual product-markets and support the corporate strategy.
C) Corporate is the overall goals of the business; often expressed in financial terms whereas SBU strategy is for the organization's functional area.
D) Corporate strategy is how to compete in individual product-markets whereas SBU strategy is for the organization's functional area.

Question 28

What is the difference between an SBU strategy and functional strategy?

A) SBU strategy is the overall goals of the business; often expressed in financial terms whereas functional strategy is how to compete in individual product-markets.
B) Both are the same.
C) SBU strategy is how to compete in individual product-markets whereas functional strategy is for the organization's functional area.
D) Functional strategy is how to compete in individual product-markets whereas SBU strategy is for the organization's functional area.

Question 29

A strategy which exists at the SBU level and deals primarily with the question of competitive position is a

A) marketing strategy.
B) consumer strategy.
C) brand strategy.
D) competitive strategy.

Question 30

A strategy which is limited to the actions of specific functions within specific business is a

A) marketing strategy.
B) consumer strategy.
C) brand strategy.
D) competitive strategy.

Question 31

What is strategic planning?

A) It is a process by which the long-term objectives of the firm get defined and the means by which these objectives are to be achieved.
B) It is a process by which the long-term objectives of the firm get defined.
C) It is a process by which the short-medium term objectives of the firm get defined and the means by which these objectives are to be achieved.
D) It is a process by which the short-medium term objectives of the firm get defined.

Question 32

The four basic elements of the strategic management process are

A) environmental scanning, strategy formulation, strategy analysis, evaluation and control.
B) environmental scanning, strategy formulation, strategy analysis, contingency planning.
C) competition scanning, strategy formulation, strategy implementation, evaluation and control.
D) environmental scanning, strategy formulation, strategy implementation, evaluation and control.

Question 33

Looking at Porter's generic strategies what role can marketing play?

A) Marketing can impact the low-cost strategy.
B) Marketing can impact differentiation strategy.
C) Marketing can impact the low-cost strategy and impact differentiation strategy.
D) None of the options given are correct.

Question 34

Strategic marketing management is introduced to highlight the role of marketing in the relationship between

A) the firm and consumers.
B) the firm and its environment.
C) different stakeholders.
D) various departments.

Question 35

Strategic market management helps to do what of the following to the firm?

A) Provide a vision
B) Monitor and understand a dynamic environment
C) Generate strategic options
D) All the options given are correct.

Question 36

Competitive advantage involves

A) analysing and forming consumer segments.
B) positioning a concept.
C) defining a competitive position.
D) finding opportunity gaps and providing better value than the competition.