Question 1

What is the primary focus of marketing strategy?

Accepted Answer

The primary focus of marketing strategy is the effective allocation and coordination of resources to meet organizational objectives within a specific product-market.

Question 2

What characterises a market-oriented organisation?

Accepted Answer

A market-oriented organisation focuses on meeting the needs and preferences of its customers, and designing packaging for customer convenience is a direct reflection of this approach.

Question 3

Dell attempted to maintain its long-standing low-cost position by reducing the number of technicians in its customer call centres.As a result,an increasing number of customers spent 30 minutes or more on hold before they found a technician to solve their problem.This affected Dell's customer satisfaction rating in the United States and its sales and profit growth stagnated.This scenario highlights:

Accepted Answer

Dell's focus on reducing costs and neglecting customer service resulted in a decline in customer satisfaction and sales growth. This highlights the increasing importance of service in today's market, where customers expect high-quality service and support from companies.

Question 4

What component of strategy involves detailing the desired levels of accomplishment on one or more performance dimension over specified time periods for the organisation as a whole?

Accepted Answer

The goals and objectives of an organisation involve detailing the desired levels of accomplishment on one or more performance dimensions over specified time periods for the organisation as a whole. The scope of an organisation relates to its geographic and market presence, while resource deployment and identifying a sustainable competitive advantage are other components of strategy.

Question 5

Which of the following falls within the scope of corporate strategy?

Accepted Answer

Vertical integration, which involves controlling multiple stages of the supply chain, falls within the scope of corporate strategy. Target market definition, branding policies, and line extension are typically part of business or marketing strategies.

Question 6

Which of the following approaches characterises a production-oriented organisation?

Accepted Answer

Production-oriented organisations focus on their internal capabilities, such as functional performance and cost efficiency, rather than on external factors like customer needs or market demand.

Question 7

Which observation concerning market-oriented firms is incorrect?

Accepted Answer

Market-oriented firms are known for their ability to adapt quickly to changes in the environment, so choice C, which suggests they are slower and less willing to adapt, is incorrect. The other choices are correct regarding the characteristics of market-oriented firms.

Question 8

Product-oriented firms:

Accepted Answer

Product-oriented firms are typically internally focused, concentrating on their own operations and product development rather than on market needs or consumer preferences. They prioritize improving their product over understanding and adapting to the market demands.

Question 9

Why are early entrants into newly emerging industries,particularly industries based on new technologies,especially likely to be internally focused and not very market-oriented?

Accepted Answer

Early entrants into newly emerging industries, especially those based on new technologies, often experience rapid growth in demand for their new products. This growth can lead to a focus on scaling up production and refining the technology rather than on understanding and adapting to market needs.

Question 10

Marketers have identified 4Cs critical to a good strategic marketing plan.Which of the following is not one among them?

Accepted Answer

The 4Cs of strategic marketing are Company (aligning company goals with marketing goals), Customers (understanding and targeting the right customers), Context (considering the external factors impacting marketing efforts), and Collaboration (building strong partnerships and relationships with stakeholders). "Contacts" is not part of the 4Cs.

Question 11

Which of the following is considered an important tool for communicating and coordinating expectations and responsibilities throughout the firm?

Accepted Answer

A written marketing plan is crucial for communicating and coordinating expectations and responsibilities within a firm, as it outlines the marketing strategies, objectives, and actions to be taken, ensuring everyone is aligned towards common goals.

Question 12

What question needs to be specifically addressed while developing a business strategy?

Accepted Answer

The answer of What question needs to be specifically addressed...

Question 13

The marketing concept was originally developed by:

Accepted Answer

The marketing concept was originally developed by General Electric in the 1950s, emphasizing the importance of customer needs and satisfaction in business strategy.

Question 14

Changes in the environment that are rapidly altering the way marketing strategies are planned include the following:

Accepted Answer

Globalisation has led to an increase in competition and the need for companies to expand their markets. Information technology has enabled companies to reach customers through new channels such as social media and mobile devices. It has also enabled companies to collect and analyze customer data, leading to more targeted and personalized marketing strategies. The other options (A, C, and D) may also impact marketing strategies to some extent, but are not as directly related as globalisation and information technology.

Question 15

Identify the incorrect statement concerning services.

Accepted Answer

Efficient services can exist independently without being tied to a physical product.

Question 16

E-tailers such as Amazon and iTunes are examples of firms in this e-commerce category:

Accepted Answer

Amazon and iTunes are both examples of firms that sell directly to individual consumers, making them business-to-consumer e-commerce companies.

Question 17

Which level of strategy provides direction on the company's mission,the kinds of businesses it should be in and its growth policies?

Accepted Answer

Corporate strategy provides direction on the company's mission, the kinds of businesses it should be in, and its growth policies. Business-level strategy focuses on how to compete effectively within a specific industry, marketing strategy focuses on how to promote and distribute a product or service, and service strategy focuses on developing and delivering quality customer service.

Question 18

A distinct subset of people with similar needs,circumstances and characteristics that lead them to respond in a similar way to a particular product or service offering is known as a:

Accepted Answer

A market segment refers to a group of consumers who share common characteristics and needs, making them more likely to respond similarly to a particular product or service offering. This allows for more targeted and effective marketing strategies. Target market refers to the specific group of consumers that a company aims to reach with a particular product or service offering. Penetrated market refers to the portion of this target market that the company has already successfully reached. Marketing mix refers to the various elements that make up a company's marketing strategy (product, price, promotion, and place).

Question 19

The tendency for firms to automatically continue strategies that were successful in the past,even though current market conditions are changing,is referred to as:

Accepted Answer

Strategic inertia is the tendency for firms to stick with strategies that worked in the past even though market conditions are changing. Marketing myopia refers to a company's focus on its own product and existing customers rather than on market needs and evolving customer preferences. Cognitive dissonance is the psychological discomfort experienced by a person who holds two or more contradictory beliefs or values. The law of probability refers to the likelihood of something happening based on mathematical probability.

Question 20

Research indicates that the general influence of marketing managers on higher-level strategic decisions has:

Accepted Answer

The question states that "Research indicates that the general influence of marketing managers on higher-level strategic decisions has" and then provides options for the answer. Option A states that the influence has remained negligible, which contradicts the statement that the influence has increased significantly. Option B mentions governments, which is irrelevant to the question. Option D provides a specific country, which is also irrelevant since the question asks about the general trend. Therefore, option C is the best choice as it directly states that the influence of marketing managers on higher-level strategic decisions has increased significantly in recent years, which aligns with the initial statement in the question.

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