Strategic Marketing Midterm (Dr. Pavy: Indiana Wesleyan University) with 100% correct answers 2024

In essence, marketing strategy answers the following questions for the organization: How to compete? & Where to compete? True In answering the questions how to compete and where to compete, the marketing team will make decisions about its competitive positioning, strategic segmentation, corporate and internal branding, as well as how it builds and maintains a good reputation. True An organization's resources comprise of three subgroups, which one of the following is one of those three: Tangible Assets An examination of the environmental forces, the industry dynamics, the competitive situation, the structure of the market, and the organization itself. Would be classified as which of the following: Analysis of the strategic situation Strategic marketing decisions tend to be long term in nature and involve high risk. True The current situational advantages is defined as which of the following: The competitive position of the organization, whether it has a competitive advantage or not, the existence of various segments of the market with different needs and wants, and whether the industry is mature or new, all determine the situational advantage. The strategic marketing process includes the which of the following steps: Identify Market Opportunities To be market driven, the firm will have to organize its resources toward satisfying customers' needs and developing market offerings that create value for customers and other stakeholders. True Objectives of market segmentation include the development of new customers. This is a customer acquisition goal and segmentation can be used to identify customer needs that are not satisfied by the organization's current marketing strategy. False Strategic market segmentation ensures a fit between segmentation objectives and a company's competencies, facilitating a successful implementation of market segmentation. True Which of the following is an objective of market segmentation, according to the text: Improving customer profitability A product or service may be positioned on the basis of an attitude or benefit, use or application, user, class, price, or level of quality. The same product can be positioned in many different ways. True Segmenting based on a specific feature or benefit of the product. Positioning in this way focuses on one or two of the product's best features/benefits, relative to the competitive offerings. Which segment bases would this be classified as: Product Attribute