Quiz Questions

  1. Employs the existing marketing mix and focuses the firm’s efforts on existing customers.

A)Market development strategy

B)Market penetration strategy

C)Diversification strategy

D)Product development strategy

  1. Which is not one of the 5 steps in the Scenario Planning Process?

A)Assess the profitability of each scenario

B)Identify different scenarios

C)Apply the marketing mix to the different scenarios

D)Conduct a situation analysis

E)Assess the current situation by examining the firm’s strengths and weaknesses.

3. What does a marketing strategy NOT define?

A) A firm's target market(s)

B) The bases upon which the firm plans to build a sustainable competitive advantage

C) A firms market competitors

D) A related marketing mix- their four 'Ps'

4. In what stage of the strategic planning process does the SWOT analyses occur?

A) Second step

B) First step

C) Fourth step

D) Third step

5. Which of the 4 growth strategies is the riskiest?

A) Diversification

B)Product development

C)Market penetration

D)Market development

6. The marketing strategy that uses the existing marketing offering to reach new market segments is what?

A) Market Penetration Strategy

B) Market Development Strategy

C) Product Development Strategy

D) Diversification Strategy

7. The control phase of the marketing plan entails what?

A) Defining the mission and/or vision of the business

B) Evaluating the different opportunities with STP (segmentation, targeting, positioning)

C) Evaluating the performance of the marketing strategy using marketing metrics

D) Doing a SWOT analysis

8. When a firm determines the costs of producing or providing its product and then adds a fixed amount above that total to arrive at the selling price, it is called:

A) Competitor-based pricing

B)Value-based pricing

C)Cost-based pricing

D)Consumer-based pricing

9. Which of the following does NOT help solidify a loyal customer base?

A) A strong brand

B) Unique merchandise

C) Superior customer service

D) Low price

10. The process of dividing the market into groupsof customers with different needs, wants, or characteristics is ______.

A) Market segmentation

B) Target marketing

C) Control phase

D) Market share

ANSWERS:

  1. B
  2. D
  3. C
  4. A
  5. A
  6. B
  7. C
  8. C
  9. D
  10. A
  1. Which is not a step in scenario planning?
  2. Assess the profitability of each scenario
  3. Conduct a situation analysis using SWOT
  4. Identify different scenarios
  5. Assess strengths and weaknesses
  1. The percentage of a market accounted by a specific entity and is used to establish the product's strength in a particular market is...
  2. Relative market share
  3. Market growth rate
  4. Market share
  5. None of the above
  1. A marketing strategy identifies:
  2. A firms targets markets
  3. A related marketing mix- their four P’s
  4. The bases upon which the firm plans to build a sustainable competitive advantage.
  5. All of the above
  1. A market development strategy employs the existing marketing offering to reach new market segments, whether _____
  2. Domestic and international
  3. Domestic or international
  4. Related and unrelated
  5. Related or unrelated
  1. Types of pricing strategies include:
  2. Cost Based Pricing
  3. Competitor- based pricing
  4. Value based pricing
  5. A and C
  6. All of the above
  1. Which of the following is the first step in creating a strategic plan?
  2. Conduct a Situation Analysis using SWOT
  3. Defining the Mission and/or Vision
  4. Evaluate Performance and Make Adjustments
  5. Implement Marketing Mix and Allocate Resources
  1. What does the "S" in STP stand for in terms of Identifying and Evaluating Opportunities as part of developing the strategic plan?
  2. Strategizing
  3. Simplifying
  4. Segmentation
  1. Which one is not one of the four components of customer value?
  2. Customer excellence
  3. Locational excellence
  4. Operational excellence
  5. Price excellence
  1. Which is not an exclusive right?
  2. To sell merchandise in a particular region
  3. To obtain special terms of purchase not available to competitors
  4. To change the logo of a product
  5. To receive popular merchandise that may be in short supply
  1. In the marketing plan which is the last phase?
  2. Planning
  3. Implementation
  4. Control
  5. marketing

Answers –

1.B

2.C

3.D

4.B

5.E

6.B

7.C

8.D

9.C

10.D