For highly applied undergraduate and graduate marketing management or strategy courses. An all-purpose approach to strategic marketing management. Because strategic marketing is the essential marketing activity, Mooradian provides students with a highly applied decision-making framework and exploration of the tools that can be used to solve marketing problems. Features For highly applied undergraduate and graduate marketing management or strategy courses. Guiding students through the material: Decision-Making Framework. The framework in this text involves four essential decision-making stages: 1 Situation Assessment; 2 Strategy Formation; 3 Implementation Positioning and the Marketing Mix ; and 4 Documentation, Assessment, and Adjustment.
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A market segmentation B situation assessment C budget analysis D positioning Answer: B Diff: 2 Page Ref: 9 2 In the marketing process, which of the following is NOT one of the four Cs considered essential during a situation assessment? A context B customers C conversions D competition Answer: C Diff: 2 Page Ref: 9 3 Which of the following would most likely occur during an assessment of the external marketing environment?
A analyzing the specific industry B evaluating core competencies C contacting financial resources D establishing strategic moves Answer: A Diff: 3 Page Ref: 9 4 For the most effective situation assessment, which of the following should occur first? A determining a marketing mix B reviewing customer needs C evaluating technology D defining the market Answer: D Diff: 3 Page Ref: 5 In a concentric market, which of the following is the core?
A implementing the marketing mix B maintaining economies of scale C discovering new markets D branding products Answer: C Diff: 2 Page Ref: 14 15 Which of the following would most likely be used by a marketer gathering customer insights about unmet and unrecognized customer needs?
A Sales and profits for all products eventually decline. B It is difficult to plot the life cycle stages as a product goes through them. C A firm must be effective at adapting its marketing strategies for different life cycle stages. D Changing tastes and technologies affect the marketing of a product as it passes through life cycle stages.
Answer: B Diff: 3 Page Ref: 19 Major strategic gains and losses will most likely occur at which stage of the product life cycle? A growth B decline C maturity D introduction Answer: C Diff: 2 Page Ref: 16 22 Which term best describes the effect that occurs when production volume increases and unit costs decline?
A competitive advantage B experience curve C virtuous circles D single sourcing Answer: B Diff: 1 Page Ref: 16 23 Which of the following would most likely lower unit costs while increasing reliability and conformance quality?
A vicious circle B economies of scope C diseconomies of scale D experience curve effects Answer: C Diff: 1 Page Ref: 17 27 Which of the following best describes a situation in which more people are buying a product, more retailers are wanting to stock the product, and sales of the product are increasing? A market share; profitability B unit costs; marketing strategy C market share; product quality D profitability; marketing success Answer: A Diff: 2 Page Ref: 17 30 Which of the following is most likely to result from higher market share?
Answer: FALSE Diff: 1 Page Ref: 11 32 The micro environment consists of larger societal forces that affect a company, such as demographic, economic, political, and cultural forces. Answer: FALSE Diff: 2 Page Ref: 15 34 The product life cycle, scale effects, and market share effects are generalizations in strategic marketing that cannot be changed. What are the primary external factors to consider during a situation assessment?
Answer: Situation assessment involves monitoring the environment external forces while also scrutinizing the company itself internal factors. Understanding external and internal factors at a given time and, importantly, anticipating future events, trends, and conditions is critical to creating and advancing effective strategies. External assessment includes the analysis of the dynamics of the specific industry within which the firm operates and the understanding of some prominent and powerful regularities or "laws of marketing" such as changes in the market as it evolves, the cost benefits of economies of scale, or the profitability advantages of market share.
Answer: Before assessing "the situation" it is necessary to first specify exactly what situation should be assessed.
In what market does the firm participate? Who are its competitors? Who are its customers? How the market or the submarket as defined is critical to all marketing activities? If we define the market too broadly, our marketing activities lose focus.
If we define the market too narrowly, we risk missing opportunities. Market definition is the basis upon which we measure our participation, or market share.
Because all markets are constantly evolving, market definition is also important to understand the dynamics in the market. Is the market growing or declining, and how do these dynamics relate to customer needs, wants, expectations, and requirements? Answer: Markets behave differently at different stages: competitors compete differently, sales are more profitable or less profitable, customers buy differently, and different customers buy.
Different strategies and tactics work better than others at various stages in the product life cycle. Thus, understanding where a product and an industry are in the life cycle facilitates better prediction of competitor actions, of customer responses, and of sales trends and will inform considerations about what strategies are typically effective.
Strategic Marketing: Pearson New International Edition
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