Question 1

The purpose of _____ is to select the people (or organizations) that management wishes to serve in the product-market.

Accepted Answer

The purpose of market targeting strategy is to select the people or organizations that management wishes to serve in the product-market. Strategic positioning refers to the image and perception of the brand in the market, benchmarking involves comparing one's business processes against industry standards, and customer linking refers to building and strengthening relationships with customers.

Question 2

_____ examines customer targeting and positioning strategies,marketing relationship strategies,and innovation and new product strategy.

Accepted Answer

Designing market-driven strategy includes examining customer targeting and positioning strategies, marketing relationship strategies, and innovation and new product strategy. Identifying markets, segments, and customer value is a part of market research and analysis, while implementing and managing market-driven strategy and market-driven program development are related to the execution and implementation of the designed strategy.

Question 3

Which of the following is the first step in a marketing strategy process?

Accepted Answer

The first step in a marketing strategy process is to identify and evaluate markets, segments, and customer value. This involves analyzing the market to understand the needs of customers, identifying segments with similar needs and characteristics, and evaluating the value proposition that the company can offer to these segments. Only after this step can the company move on to designing a market-driven strategy, developing a program, and implementing and managing the strategy.

Question 4

Describe the characteristics of market-driven strategies.

Accepted Answer

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Question 5

What does becoming market-oriented mean from a business perspective? What are its features?

Accepted Answer

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Question 6

Discuss the steps involved in implementing marketing strategies.

Accepted Answer

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Question 7

Which of the following stages of marketing strategy process considers organizational design and marketing strategy implementation and control?

Accepted Answer

The stage of Implementing and managing market-driven strategy considers the implementation of the marketing strategy and the control of the marketing actions taken by identifying and managing marketing risks, measuring and evaluating marketing performance, and adjusting marketing strategies and plans as necessary. This stage also considers the organizational design necessary to effectively implement the marketing strategy.

Question 8

Describe the components of corporate strategy.

Accepted Answer

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Question 9

_____ are described by different characteristics of customers,the reasons that they buy or use certain products,and their preferences for certain brands of products.

Accepted Answer

Market segments are defined by characteristics of customers such as buying behavior, preferences for brands, and other factors that set them apart from other groups of customers. Market shares refer to the percentage of total sales in a market that a particular company or brand holds. Strategic marketing objectives and corporate capabilities are more broad aspects of a company's overall marketing strategy.

Question 10

Which of the following stages of marketing strategy process consists of brand,value-chain,pricing,and promotion and selling strategies designed and implemented to meet the value requirements of targeted buyers?

Accepted Answer

Market-driven program development involves creating specific strategies for brand, value-chain, pricing, and promotion and selling that are tailored to meet the needs and preferences of targeted customer segments. This stage focuses on the practical application of the insights gained from understanding market segments and customer value, translating them into actionable programs.

Question 11

_____ offer(s) a company the opportunity to focus its business on the requirements of one or more groups of buyers.

Accepted Answer

Market segmentation divides a market into smaller groups of consumers with similar needs or characteristics, allowing a company to tailor their products and services to specific segments. This targeted approach can help the company better understand and meet the needs of their customers, ultimately leading to increased sales and customer loyalty.

Question 12

_____ is the combination of the product,value chain,price,and promotion strategies a firm uses to place itself against its key competitors in meeting the needs and wants of the buyers in the market target.

Accepted Answer

Positioning strategy is the combination of the product, value chain, price, and promotion strategies a firm uses to position itself against its key competitors in meeting the needs and wants of the buyers in the market target. Customer relationship management refers to the use of strategies and techniques to build and maintain strong relationships with customers. Customer linking is not a commonly used term in marketing, and market targeting strategy refers to the selection of a specific group of customers that a business intends to serve.

Question 13

Discuss how customers perceive value and how companies deliver customer value.

Accepted Answer

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Question 14

Which of the following activities is an example of promotion strategy?

Accepted Answer

Public relations is an example of promotion strategy as it involves creating and maintaining a positive image and relationships with the public, media, and other stakeholders to promote and create awareness of a product or brand. Distinctive capabilities and benchmarking are more related to competitive advantage and performance measurement, respectively. Product positioning is more related to the marketing mix and targeting specific segments of customers.

Question 15

_____ seeks to place the brand in the eyes and mind of the buyer and distinguish the product from those in competition.

Accepted Answer

The positioning strategy seeks to create a unique image of the brand in the buyer's mind and differentiate it from its competitors. It involves identifying the target market, determining the unique selling proposition, and communicating it effectively to the audience. Customer relationship strategy focuses on building and maintaining long-term relationships with customers, benchmarking involves comparing the performance of the business with that of its competitors, and value-chain strategy encompasses analyzing the entire value chain to optimize costs and enhance value.

Quiz 1: New Challenges for Market Driven Strategy