Marketing Strategy
Final Test Solutions
Course Introduction
Marketing Strategy is a course designed to equip students with the frameworks, tools, and analytical skills needed to develop and implement effective marketing plans. The course explores the creation and delivery of value to customers, market segmentation, targeting, positioning, and competitive analysis. Students will learn how to align marketing initiatives with organizational objectives, evaluate marketing opportunities, and design strategies for product, pricing, distribution, and communication. Real-world case studies and projects will challenge students to apply strategic thinking to diverse market contexts, preparing them to make informed decisions and drive business growth in dynamic environments.
Recommended Textbook
Business Marketing Connecting Strategy Relationships and Learning 4th Edition by F. Robert Dwyer
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16 Chapters
1280 Verified Questions
1280 Flashcards
Source URL: https://quizplus.com/study-set/3057 Page 2
Chapter 1: Introduction to Business Marketing
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80 Verified Questions
80 Flashcards
Source URL: https://quizplus.com/quiz/60706
Sample Questions
Q1) The achievement and maintenance of a competitive advantage is solely dependent upon the development of superior products.
A)True
B)False
Answer: False
Q2) Which of following business customers provide services similar to those delivered by wholesalers and retailers of consumer goods?
A) OEMs
B) Government agencies
C) Institutions
D) Private contractors
E) Industrial distributors
Answer: E
Q3) The size and location of customers influences the nature of business buying.
A)True
B)False
Answer: True
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Page 3
Chapter 2: The Character of Business Marketing
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80 Verified Questions
80 Flashcards
Source URL: https://quizplus.com/quiz/60705
Sample Questions
Q1) Contracts may have large penalties for termination and detailed procedures for resolving conflicts and adjusting to new working environments in:
A) Social relationships
B) Safeguarded relationships
C) Corporate relationships
D) Strategic partnerships
E) Transactional relationships
Answer: B
Q2) According to the text,an auction implies that the buyer is primarily concerned with:
A) Quality
B) Price
C) Delivery
D) Technology
E) Reputation
Answer: B
Q3) "Supplier verification" visits indicate a lack of trust and should be avoided.
A)True
B)False
Answer: False
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Page 4
Chapter 3: The Purchasing Function
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80 Verified Questions
80 Flashcards
Source URL: https://quizplus.com/quiz/60704
Sample Questions
Q1) The buy-phase model only applies to the purchase of new products.
A)True
B)False
Answer: False
Q2) "Comparison advertising" is MOST likely for
A) Straight rebuys
B) Modified rebuys
C) Promotional rebuys
D) New task buys
E) Spot buys
Answer: B
Q3) What is the difference between a modified rebuy and a new buy?
A) The product performance
B) The evaluation of a particular part
C) The buyer's experience in buying a particular product or service
D) The number of steps involved in making a purchase
E) The amount and type of information that must be collected before a purchase
Answer: E
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5
Chapter 4: Organizational Buyer Behavior
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80 Verified Questions
80 Flashcards
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Sample Questions
Q1) In terms of the buying center,decisions concerning component parts tend to be "wide".
A)True
B)False
Q2) Buyers are more likely to consider many vendors when:
A) Performance is great
B) Performance or economic risk is great
C) Shopping costs outweigh the benefits of looking around
D) Economic risk is low
E) The existing vendor is delivering as per agreements
Q3) In which stage of the choice process does the buyer examine the reward structures associated with the situation?
A) Choose behavior strategy
B) Assess action alternatives
C) Assess requirements
D) Evaluate personal relevance
E) Identify situation
Q4) Explain the behavior choice theory?
Q5) Write a short note on time fragmentation?
Q6) Compare and contrast financial risk,performance risk,and social risk?
Page 6
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Chapter 5: Market Opportunities: Current and Potential
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80 Verified Questions
80 Flashcards
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Sample Questions
Q1) Focus groups are popular because of all the following EXCEPT:
A) They are supported by the efficient and accurate access to customers afforded by the database
B) They can be conducted quickly and relatively cheaply
C) They almost always yield a surprising customer insight and some new ideas
D) They provide quantitative results like percentages
E) They are best used to generate ideas
Q2) The _____ codes were developed by the U.S.government to collect and disseminate meaningful information on different sectors of the economy.
A) NAPCS
B) NAICS
C) ISIC
D) SIC
E) FSC
Q3) Different levels of favorability toward the company is called:
A) Factoring
B) Switchability
C) Positioning
D) Sugging
E) Leapfrogging
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Chapter 6: Marketing Strategy
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80 Verified Questions
80 Flashcards
Source URL: https://quizplus.com/quiz/60701
Sample Questions
Q1) Which of the following MOST accurately defines SWOT analysis?
A) A method of comparing the benefit, function and cost of materials, components and work processes
B) A self-assessment framework
C) It is used to project the profit potential of new accounts
D) A tool that is used to explore mental structures of beliefs and assumptions
E) A set of tools for comparing performance outcomes or expectations on specific criteria
Q2) Prospectors:
A) Operate in a broad domain of products and markets
B) Aim to find and secure stable product market positions
C) Are very selective in developing products and pursuing opportunities
D) Lack a well-defined strategy
E) Take action generally under environmental pressures
Q3) The strategy that aims to serve new markets with new products is:
A) Product development
B) Market development
C) Diversification
D) Market penetration
E) Benchmarking
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Chapter 7: Weaving Marketing Into the Fabric of the Firm
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80 Verified Questions
80 Flashcards
Source URL: https://quizplus.com/quiz/60700
Sample Questions
Q1) Which is the most often used method of handling internal conflict?
A) Teamwork
B) Debate
C) Negotiation
D) Assertiveness
E) Intermediation
Q2) Which of the following is a source of information acquisition?
A) Engineering and R&D
B) Marketing management
C) Finance
D) Competitive intelligence
E) Senior management
Q3) Which of the following is an inside-out process?
A) Purchasing
B) Strategy development
C) Customer order fulfillment
D) Cost control
E) Technology monitoring
Q4) Compare and contrast the three types of marketing-manufacturing situations?
Q5) Compare and contrast scenarios and case studies?
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Chapter 8: Developing and Managing Offerings: What Do Customers
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80 Verified Questions
80 Flashcards
Source URL: https://quizplus.com/quiz/60699
Sample Questions
Q1) In the BCG approach to portfolio management,products having high market share and strengths in a steady market are called:
A) Cash cows
B) Stars
C) Dogs
D) Question marks
E) Category killers
Q2) Which of the following is the most important factor in screening and preliminary investigation?
A) Ability to manufacture and service the product
B) Ability to serve customers' needs
C) Market potential
D) Competitive advantage gained with the product
E) Consistency with corporate objectives
Q3) Which of the following is the simplest of the grid models?
A) GE grid
B) Product/market grid
C) Balanced scorecard
D) Positioning grid
E) BCG grid
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Chapter 9: Business Marketing Channels: Partnerships for
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80 Verified Questions
80 Flashcards
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Sample Questions
Q1) Aggression:
A) Is steadfast perseverance in the face of conflict's felt tension
B) Is a case of minimal interest in the conflict
C) Characterizes struggling new-channel relationships
D) Is a critical process for uncovering the origin of the conflict
E) Tends to add fuel to the sparks of conflict
Q2) Gap analysis is a set of tools for comparing performance outcomes/expectations on specific criteria.
A)True
B)False
Q3) Write a note on the key management challenges for manufacturers using distributors?
Q4) A _____ buys products from a supplier but never takes physical possession; instead they are delivered directly to the user.
A) Manufacturers' agent
B) Drop shipper
C) Catalog wholesaler
D) Broker
E) Truck jobber
Q5) Compare and contrast traditional legitimate power and legal legitimate power?
Page 11
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Chapter 10: Creating Customer Dialogue
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80 Verified Questions
80 Flashcards
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Sample Questions
Q1) All of the following are advantages associated with the objective-and-task approach EXCEPT:
A) The budgeting process is less of a hindrance
B) The ability to better examine the effectiveness of a strategy
C) The fact that it is strategy-driven
D) The fact that it is learning based
E) The fact that budget is based on cash flow which is in turn based on sales
Q2) The CRM process involves all the following steps EXCEPT:
A) Evaluate
B) Profile the market
C) Design communication strategy
D) Implement
E) Forecast market and business needs.
Q3) One distinction that sets the objective-and-task method apart is that strategy precedes budgeting.
A)True
B)False
Q4) Business customers do not like or use,any form of telemarketing.
A)True
B)False
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Chapter 11: Communicating Via Advertising, trade Shows and PR
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80 Verified Questions
80 Flashcards
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Sample Questions
Q1) The efficiency of advertising is usually determined by comparing inputs with outputs.
A)True
B)False
Q2) Media selection is BEST guided by:
A) Recall
B) Inquiries
C) CPM
D) Position
E) Reach
Q3) Which of the following is an action measure?
A) Recall
B) Position
C) Inquiries
D) Reach
E) CPM
Q4) Trade shows are the only events that companies use to create an environment conducive for showing offerings.
A)True
B)False
Page 13
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Chapter 12: The One to One Media
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80 Verified Questions
80 Flashcards
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Sample Questions
Q1) Direct mail can be used to sell to dealers or other influencers.
A)True
B)False
Q2) Briefly describe the versatility of the telephone as a tool of direct marketing?
Q3) Lists of another firm's previous mail or telephone purchasers or inquirers are called:
A) Response lists
B) Compiled lists
C) Brokered lists
D) Purchased lists
E) Commercial lists
Q4) Electronic order-checking has eliminated:
A) Production errors
B) All human interaction
C) Unnecessary human interactions
D) Technological errors
E) Product inefficiency
Q5) Direct mail probably leads all other media options in terms of versatility.
A)True
B)False
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Chapter 13: Sales and Sales Management
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80 Verified Questions
80 Flashcards
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Sample Questions
Q1) Activity quotas:
A) Are useful in situations where the sales cycle is long and sales are few
B) Specify levels of performance
C) Can be specified only for demonstrations
D) Can be specified only for proposal presentation
E) Are useful where the sales cycle is short and sales abound
Q2) Combination plans,consisting of commission and/or bonus and a salary,are the most commonly used method of sales force compensation.
A)True
B)False
Q3) Geographically structured sales forces are more likely to employ a line-and-staff organization.
A)True
B)False
Q4) _____ specifies levels of performance such as revenue in a period of time.
A) Performance quotas
B) Activity quotas
C) Gross margin quotas
D) Income quotas
E) Active quotas
Page 15
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Chapter 14: Pricing and Negotiating for Value
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80 Verified Questions
80 Flashcards
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Sample Questions
Q1) Derived demand is more likely to impact a single firm that markets:
A) Substitute products
B) Complementary products
C) Generic products
D) Fighting brands
E) All business products
Q2) When substitute products differ in size,the pricing task tends to be driven largely by:
A) Demand factors
B) Legal factors
C) Trade factors
D) Competitive factors
E) Cost factors
Q3) Parties know and convey real needs while seeking and responding to needs of the other in this type of negotiation.
A) Competitive negotiation
B) Team negotiation
C) Accommodative negotiation
D) Distributive bargaining
E) Integrative negotiation
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Page 16
Chapter 15: Evaluating Marketing Efforts
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80 Verified Questions
80 Flashcards
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Sample Questions
Q1) When the total organization is undergoing evaluation,the level of control is:
A) Macro
B) Total
C) Micro
D) Variable
E) Comprehensive
Q2) Accounting systems measure financial performance: costs and revenue.
A)True
B)False
Q3) Identify the INCORRECT statement pertaining to cycle time.
A) It is the time taken to complete an action
B) It has value that can be adequately represented by cost
C) JIT delivery is an example of how cycle time can be reduced
D) Firms can gain competitive advantage by reducing cycle time
E) It is becoming a significant factor in success for many firms
Q4) The balanced scorecard is an attempt to identify today's outputs that are inputs for tomorrow's outputs.
A)True
B)False
Q5) Discuss are the standard setting processes?
Page 17
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Chapter 16: Customer Retention and Maximization
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80 Verified Questions
80 Flashcards
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Sample Questions
Q1) Modularity:
A) Increases the risk of "system switching"
B) Often impairs account retention
C) Enhances future "upgrading" sales
D) Is an impediment to system adoption
E) Affects timely delivery and competence adversely
Q2) Successful suppliers focus upon _____ to retain new customers.
A) Contractual protections
B) Customer needs
C) Short-term profits
D) Cutting all costs of serving customers
E) Maximizing system wide costs
Q3) Friendships and/or social ties have no place in--or impact upon--business relationships.
A)True
B)False
Q4) In the evolution of business relationships it's common for parties to interact at equivalent organizational levels.
A)True
B)False
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