Deck 16: Note : What Is a Marketing Strategy

Question 1

A marketing strategy primarily describes how a firm will ________.

A) implement a mission statement
B) structure the marketing mix
C) identify core weaknesses
D) compete in a market

Answer 1

D

Question 2

Which of the following serves as the center of IKEA's hexagon of strategy?

A) economic model
B) differentiation strategy
C) vision statement
D) core competencies

Answer 2

C

Question 3

While developing a comprehensive marketing strategy,a firm needs to determine where it will conduct business.Which tool would be most useful?

A) experience curve matrix
B) product-market growth analysis
C) SWOT analysis
D) Porter's generic strategies

Answer 3

B

Question 4

A comprehensive marketing strategy should specify what needs the firm will meet in order to achieve ________.

A) niche market segmentation
B) product customization
C) sustainable differentiation
D) customer consolidation

Question 5

Effective marketing strategies are most likely consistent with all of the following EXCEPT ________.

A) environmental opportunities
B) long-term visions
C) core competencies
D) internal demands

Question 6

Which term refers to the coordinated means by which an organization pursues its goals and objectives?

A) vision
B) strategy
C) mission
D) code of ethics

Question 7

A product-market growth analysis helps determine the best geographic markets,so that a firm can create and sustain value for customers.

Question 8

The key to IKEA's success has been the firm's desire to alter its basic business strategy every few years to meet changing customer needs and trends.

Question 9

Which of the following tools would most likely be used when determining how a firm will serve customers and their needs?

A) value chain analysis
B) portfolio analysis
C) pricing matrix
D) client surveys

Question 10

"Where's the pain?" refers to ________,and "Where's the magic?" refers to ________.

A) geographic markets; customer demands
B) target segments; competitive advantages
C) economies of scope; economies of scale
D) core competencies; target markets

Question 11

The primary purpose of a business strategy is to ________.

A) advance the firm's vision and objectives
B) oversee the firm's core competencies
C) establish an international brand
D) eliminate competing companies

Question 12

What is a marketing strategy? What are the most important issues and tasks that should be addressed by a marketing strategy?

Question 13

According to the text,marketing strategies should be ________.

A) dynamic
B) trendy
C) creative
D) static

Question 14

A comprehensive marketing strategy should include a broad definition of the target market as well as a flexible time schedule for meeting various objectives.