Honors Strategic Marketing Quiz Fall 2020 Unit 2

Vision articulates

• way of moving towards mission

• resources used

• view of what the organization wants to achieve or future what it is aiming for

• how to create uncontested market space and make the competition irrelevant

Strategic objectives are

• beliefs or principles

• precise measurable outcomes of strategy: sales, profits, share price, customer satisfaction scores and so on

• way to move towards vision

• generic, undefined and impossible

What is the most widely used strategic tool?

• Five forces analysis

• PESTEL analysis

• SWOT analysis

• VRIO analysis

• SWOT-TOWS

Refers to the goods and services in combination that the company offers to the target market

• Product
• Price
• Promotion

It consists of the specific strategies for target markets, positioning, the marketing mix, and marketing expenditure levels

• Marketing strategy
• Planning
• Options

The SWOT Analysis

• A. is used to devise the marketing plan,

• B. includes Strengths and Weaknesses in an Internal analysis

• C. includes Opportunities and Threats in an external analysis

• All of the above

What is the purpose of product differentiation?

• To simplify pricing
• To target mass markets
• To minimise prodution
• To target individual market segments

Abstract, enduring beliefs about what is right/wrong, important, or good/bad

• Needs

• Values

• Goals

• Wants

Getting goods and services from the producer to consumer 

• Marketing
• Distribution
• Management
• Promotion

Marketing strategies are best utilized by: 

• Creating unfair competition
• Determining what customers want
• Adding regulations
• Making merchandise more expensive