Essential Marketing Concepts and Strategic Applications
1. Robert J. Dolan’s Marketing Model
What does Robert J. Dolan’s model suggest marketing is about?
a. Creating value through the 5 Cs analysis, segmentation, targeting, positioning, product, placement, and promotion strategy; capturing value through price strategy; and holding value through strategies for acquiring and retaining customers.
2. B2B vs. B2C Marketing Differences
Which statement correctly highlights a difference between B2B and B2C marketing?
d. Customers in B2B markets are limited, and their price elasticity is lower than B2C customers.
3. Key Features of a Competitive Advantage
What are the main features a competitive advantage should fulfill?
b. It should be sustainable over time, defensible against competitors, aligned with company resources and capabilities, and able to satisfy stakeholders’ goals.
4. Sources of Competitive Advantage by Imitability
Which list shows sources of competitive advantages from easiest to most difficult to imitate?
a. Quality, Service, Low Cost, Speed to Market, Innovation, and Learning.
5. Main Forces of the Macro Environment
What are the main forces of the macro environment?
c. Political, Demographic, Economic, Natural, Technological, and Cultural.
6. Dolan’s 5 Cs for Strategic Planning
According to Professor Dolan’s model, which 5 Cs are critical for strategic planning analysis?
c. Company, Competitors, Customers, Context, and Collaborators.
7. Strategy for Succeeding in New Markets
What is the growth strategy called when a company aims to succeed in another market?
b. A market development strategy.
8. Growth Strategy for Hostelry Clients
If a company takes charge of accounting for hostelry clients, what is this growth strategy called?
c. Product development.
9. Relational vs. Transactional Marketing Differences
What are some key differences between relational and transactional marketing?
e. All of the above.
10. Key Assets for Market Orientation
What are the three key assets for market orientation?
d. Customer Orientation, Competitor Orientation, and Inter-Functional Coordination.
11. Definition of a Market in Marketing
From a marketing point of view, what defines a market?
b. A conjoint of consumers who share a necessity and who are ready (and willing) to satisfy this necessity through an exchange.
12. Defining a Relevant Market
What is a relevant market?
d. That part of the reference market where the company truly competes.
13. General Electric’s Market Strategy
General Electric, a North American company, often exemplifies which market strategy?
d. Selective specialization.
14. Characteristics of Effective Market Segments
What characteristics should market segments possess?
a. Relevant, easy to identify, measurable, profitable, accessible, and differentiable.
15. Segment Homogeneity and Heterogeneity
How should market segments be structured in terms of internal and external consistency?
c. Heterogeneous between them, and internally homogeneous.
16. Role of Key Account Managers
What describes the role of Key Account Managers?
e. All of the above are correct.
17. Properties of a Service
What are the key properties of a service?
Intangibility, Variability, Inseparability, and Perishability.
18. Huawei’s BCG Matrix Position
Based on typical market analysis, Huawei, the Chinese company, might be categorized as what in a BCG matrix?
a. A Dog.
19. 5G Technology Investment Strategy in Spain
Given the Spanish government’s approval of 5G technology, what investment approach is advisable?
b. Despite the expectations, invest carefully as its market share is currently low.
20. Vidrala’s Strategy for Market Concerns
If the bottle producer Vidrala is worried about market conditions, what strategic action might they take?
b. Create supplemental products and services.
21. Key Features of Brands
Which of the following is a feature of brands?
d. Options A, B, and C are correct.
22. Importance of Placement in the Marketing Mix
What is a key consideration for ‘Placement’ in the marketing mix?
c. It has to be aligned with the other variables of the marketing mix.
23. B2B vs. B2C Branding Strategy Differences
What is a notable difference between B2B and B2C branding strategies?
d. Companies in B2B markets tend to use just one brand.
24. Characteristics of Price
What are the characteristics of a price?
e. All of the above.
25. Break-Even Point Calculation
What is the break-even point in units or revenue?
c. 6,000,000.
26. Decision Based on Positive Contribution Margin
What action should a company take when its contribution margin is positive?
a. The company should produce.
27. Demand Elasticity and Natural Events
If a product’s supply or demand is affected by a huge volume of rains, how might its elasticity be described?
d. Perfectly inelastic.
28. Freemium to Premium Pricing Strategy
What pricing strategy is often employed when transitioning users from a freemium model to a premium one?
b. Penetration.
29. Suitability of Territorial Sales Force Structure
When is a territorial structure for sales force management especially suitable?
a. When customers tend to share similar needs.
30. SMART Goals for Sales Force Management
What does the “SMART” acronym stand for regarding sales force goals?
c. Specific, Measurable, Achievable, Relevant, and Time-Bound.
31. Characteristics of Instagram
Which statements are true regarding Instagram?
e. Options B and D are correct.
32. Characteristics of YouTube
Which statements are true regarding YouTube?
d. Options A, B, and C are correct.
33. Definition of Marketing Positioning
What is marketing positioning?
b. The place that a brand or product occupies in customers’ minds.
34. Sales Growth Calculation
If sales are projected to rise to 1,250, what is the corresponding growth factor or ratio?
c. 1.25.
35. Example of a Competitive Strategy
Which of the following is an example of a competitive strategy?
d. Differentiation.
36. Types of Distribution Strategies
What are the main types of distribution strategies?
a. Selective, Intensive, and Exclusive.
37. Key Components of CRM
What is an important part of Customer Relationship Management (CRM)?
e. Options A and C are correct.
38. True Statements About the B2B Market
Which of the following statements are true regarding the B2B market?
e. Options A, C, and D are correct.
39. Market Micro Segmentation Strategy
Which segmentation strategy is based on general, specific, objective, and subjective variables?
c. Market Micro Segmentation.
40. Non-Stage of Personal Selling Process
Which of the following is NOT a stage of the personal selling process?
e. Sales promotion.