Marketing Strategy
Final Test Solutions
Course Introduction
Marketing Strategy is a comprehensive course that explores the formulation, implementation, and evaluation of marketing strategies designed to achieve long-term competitive advantage. Students will analyze market environments, identify opportunities and threats, and learn to position products and services effectively within dynamic, real-world contexts. The course covers key concepts such as segmentation, targeting, differentiation, and value proposition, while integrating case studies and practical applications to develop critical decision-making and problem-solving skills needed for successful marketing leadership.
Recommended Textbook
Marketing Strategy 6th Edition by O.C Ferrell
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10 Chapters
297 Verified Questions
297 Flashcards
Source URL: https://quizplus.com/study-set/461 Page 2
Chapter 1: Marketing in Today's Economy
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25 Verified Questions
25 Flashcards
Source URL: https://quizplus.com/quiz/8268
Sample Questions
Q1) Which of the following IS NOT one of the five conditions of exchange in marketing?
A) There must be at least two parties to the exchange.
B) Each party has something of value to offer the other party.
C) Each party must be free to accept or reject the exchange.
D) Each party must be capable of immediate delivery.
E) Each party believes that it is desirable to exchange with the other party.
Answer: D
Q2) A cluster of closely related goods and services that center around a specific consumption activity is referred to as a:
A) marketspace.
B) market.
C) metamediary.
D) marketing channel.
E) metamarket.
Answer: E
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Chapter 2: Strategic Marketing Planning
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25 Verified Questions
25 Flashcards
Source URL: https://quizplus.com/quiz/8269
Sample Questions
Q1) Sears at one time lost sight of its mission and jumped into markets such as real estate and financial services that did not fit its strengths or core operations. This most likely occurred because Sears lacked a mission statement with the appropriate: A) focus.
B) strategic fit.
C) stability.
D) profitability.
E) width.
Answer: E
Q2) Motorola continuously establishes performance standards and assesses actual performance by comparing it with these standards. Afterwards. Motorola often takes corrective action to reduce any discrepancies. This process is most likely outlined in the __________ section of Motorola's marketing plan.
A) evaluation and control
B) marketing strategy
C) marketing implementation
D) SWOT analysis
E) goals and objectives
Answer: A
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Page 4
Chapter 3: Collecting and Analyzing Marketing Information
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25 Verified Questions
25 Flashcards
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Sample Questions
Q1) As a form of __________ competition. bicycles can solve the same basic need as automobiles. albeit with a very different product.
A) regular
B) generic
C) brand
D) total budget
E) product
Answer: B
Q2) The growth of the Internet has changed the way that situation analysis is conducted in today's business environment. In terms on situation analysis. which of the following is the most drastic change caused by the Internet?
A) Specific data and information take longer to find.
B) The analyst is more likely to suffer from severe information overload.
C) Data and information are now more relevant to the question at hand.
D) All competitors now have access to the same data and information.
E) There is now no such thing as secrecy in strategic planning.
Answer: B
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Chapter 4: Developing Competitive Advantage and Strategic Focus
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25 Flashcards
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Sample Questions
Q1) To successfully utilize SWOT analysis as a catalyst for strategic planning. the marketing manager must focus on several important issues. Which of the following IS NOT one of these issues?
A) The manager must look beyond the firm's current product offerings.
B) The manager must find ways to connect the firm's strengths to its opportunities.
C) The manager must strive to convert weaknesses into strengths.
D) The manager must attempt to minimize the firm's limitations.
E) The manager must find ways to transform key threats into strengths.
Q2) As a tool of Blue Ocean Strategy. the strategy canvas provides a way to visualize the firm's strategy relative to other firms in the industry. The central portion of the strategy canvas is the __________. or the graphic representation of the firm's relative performance across its industry's factors.
A) value curve
B) strategy line
C) strategic focus
D) divergence curve
E) action diagram
Q3) Identify and explain the major characteristics of marketing objectives.
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Chapter 5: Customers Segmentation and Target Marketing
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25 Flashcards
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Sample Questions
Q1) Each of the following statements describes a unique characteristic of the business buying process \(\bold{EXCEPT:}\)
A) Business buyers have an easier time identifying their needs as compared to consumers.
B) Business buyers must be keenly aware of both hard and soft costs.
C) Groups of people, rather than individuals, often make purchase decisions.
D) Business buyers are less likely to be dependent upon each other.
E) Business buying is sometimes based on reciprocity where each firm buys products from the other.
Q2) Identify and discuss the various traditional market segmentation strategies. Include in your answer a discussion of the relative advantages and disadvantages of each strategy.
Q3) Describe how the business buying process differs from the consumer buying process. Include an explanation of the unique characteristics of business markets.
Q4) Although the stages of the consumer buying process are typically discussed in a linear fashion. consumers do not always follow the stages in sequence. Explain why this often occurs.
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Chapter 6: The Marketing Program
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72 Verified Questions
72 Flashcards
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Sample Questions
Q1) Price elasticity is defined as:
A) a situation where prices routinely move up and down in a short period of time.
B) customers' responsiveness or sensitivity to changes in price.
C) the impact on a product's demand when customers are in unique buying situations.
D) the relative ease with which prices can be changed.
E) price flexibility-a pricing strategy used by startup firms.
Q2) In business markets. __________ is used to quote prices in terms of reductions or increases based on transportation costs or the actual physical distance between the buyer and the seller.
A) transfer pricing
B) countertrade
C) geographic pricing
D) logistics pricing
E) GPS pricing
Q3) Compare and contrast the traditional use of power in a marketing channel versus today's notion of integrated and collaborative supply chains. Do the five traditional power bases still play a role in today's era of collaboration? Explain.
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Chapter 7: Branding and Positioning
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25 Flashcards
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Sample Questions
Q1) When Meghan went to buy groceries. she found everything on her list except Pampers diapers. While the store had other competing brands in stock. Meghan left and drove five miles to the next store where she found the Pampers. It appears that Meghan exhibits a high degree of __________ for Pampers diapers.
A) brand recognition
B) brand preference
C) brand insanity
D) brand equity
E) brand insistence
Q2) Compare and contrast brand loyalty and brand equity. as well as how these concepts are related. Must a brand possess high brand loyalty in order to possess high brand equity? Explain.
Q3) Explain the key differences between product differentiation and product positioning. Other than branding. what are other factors on which product differentiation can be based?
Q4) Explain the importance of corporate branding. How is it tied to product-related branding? Give examples of how a firm's corporate brand is tied to its reputation and its success in the marketplace.
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Page 9
Chapter 8: Ethics and Social Responsibility in Marketing Strategy
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25 Flashcards
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Sample Questions
Q1) Ben & Jerry's is well known for its use of __________ in that it ties its products and marketing strategy to social causes such as environmental stewardship.
A) cause-related marketing
B) ethical branding
C) sustainability
D) environmentalism
E) welfare-related marketing
Q2) Some companies choose to engage in a deceptive marketing practice called __________. which involves misleading consumers into thinking that a product is more environmentally friendly than it actually is.
A) environmentalism
B) green marketing
C) LEED
D) eco-lableling
E) greenwashing
Q3) Draw. label. and explain the pyramid of social responsibility. What are the requirements for a firm if it truly wants to be ethical and socially responsible?
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Page 10
Chapter 9: Marketing Implementation and Control
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25 Flashcards
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Sample Questions
Q1) Identify and discuss the four approaches to marketing implementation and explain the various advantages and disadvantages of each approach.
Q2) In the __________ approach to marketing implementation. marketing strategy is implemented as a part of the overall organizational vision.
A) implementation by command
B) implementation through change
C) implementation through teamwork
D) implementation through consensus
E) implementation as organizational culture
Q3) Typically. the difference between the planned marketing strategy and the strategy that actually takes place is:
A) caused by managerial mistakes, not by changes in the firm's internal or external environments.
B) typically caused by unexpected competitive activity.
C) caused by the way the planned marketing strategy is implemented.
D) independent of marketing implementation.
E) caused solely by changes in customer behaviors.
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11
Chapter 10: Developing and Maintaining Long-Term Customer Relationships
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25 Verified Questions
25 Flashcards
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Sample Questions
Q1) Assume a customer planning to purchase a Wii U gaming console made this statement: "Given the expense and all the hype about the new Wii U. it ought to be the best gaming console ever made." What type of expectation does this customer have about the Wii U?
A) an ideal expectation
B) a normative expectation
C) an experience-based expectation
D) a minimum tolerable expectation
E) a highly involved expectation
Q2) Discuss the relationship between customer expectations and customer satisfaction. What might cause expectations to be higher or lower? How is the zone of tolerance a useful diagnostic tool in terms of developing strategies aimed at improving customer satisfaction?
Q3) Discuss the role of value in developing long-term customer relationships. In your discussion. explain the value formula and its component parts. How can the value formula help marketers design strategies to optimize customer value?
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