Strategic Marketing Exam 1
QUESTIONS AND ANSWERS
Puma sustainability in line with marketing concept - correct Answers ✔✔ -
yes--sustainability expensive but ensures company will have input
materials far into future; people willing to pay for environmentally friendly
good--will increase profits
Marketing concept - correct Answers ✔✔ -achieving organisational goals
depends on determin-
ing the needs and wants of target markets and delivering the desired satisfactions
more effectively and efficiently than competitors do.
How has the "power" of choice shifted to the customer and consumer with
globalization, trade and manufacturing improvements over the past 15
years? - correct Answers ✔✔ -supply has outstripped demand, more info
due to internet, power in supply chain now in consumer's hands--
customers have more choice, need customer satisfaction
How has the definition of marketing evolved over the past twenty years?
What is the fabric of the new marketing concept? - correct Answers ✔✔ -
market is more customer focused now/market driven; more based on
society/community/consumers
Culture, Strategy and Tactics are simultaneously merged into the new
marketing paradigm. How does reality of the marketing function fall short
in many organizations? - correct Answers ✔✔ -The challenge of
simultaneously building a customer orientation in an organisation
(culture), developing value propositions and competitive positioning (strategy) and
developing detailed marketing action plans (tactics) is complex.
In companies with Market-led orientation, five components merge
together to create a new culture. What are they and what is their impact?
- correct Answers ✔✔ -customer orientation, competitor orientation,
interfunctional orientation (using company resources well), organizational
, culture, long-term creation of shareholder value; impact is that the
components lead to financial and other benefits for the company
product push marketing - correct Answers ✔✔ -companies focus their
activities on their existing products and services and look for ways to
encourage, or even persuade, customers to buy
customer-led marketing - correct Answers ✔✔ -organizations chase their
customers at all costs; the goal is to find what
customers want and, whatever it is, give it to them--short term orientation
resource-based marketing - correct Answers ✔✔ -middle ground of
product push and consumer led--firms base their marketing strategies on
equal consideration of the requirements of the market and their abilities
to serve it--long term orientation
stakeholder interests - correct Answers ✔✔ -customer: quality/value
Shareholder: maximize investment
manager: personal reward/career trajectory/short-term gains
employees: job satisfaction/compensation
distributors: predictability/continuous
community: job creation/loss
environment: reduce impact
marketing contributes to stakeholder's objectives - correct Answers ✔✔ -
managers/employees: providing security, job satisfaction, compensation
which will lead to better products for consumers/more success which is
good for distributors and community--environment
6 marketing principles - correct Answers ✔✔ -1) focus on the customer
2) only compete in markets where you can establish competitive advantage
3) customers do not buy products--buy benefits
4) marketing is too important to leave to the mark department--strategy
5) markets are heterogeneous
6) markets and customers change constantly
3 roles of marketing within the organization - correct Answers ✔✔ -1)
identification of customer requirements
2) decide on the competitive position to be adopted
3) implement the marketing strategy
QUESTIONS AND ANSWERS
Puma sustainability in line with marketing concept - correct Answers ✔✔ -
yes--sustainability expensive but ensures company will have input
materials far into future; people willing to pay for environmentally friendly
good--will increase profits
Marketing concept - correct Answers ✔✔ -achieving organisational goals
depends on determin-
ing the needs and wants of target markets and delivering the desired satisfactions
more effectively and efficiently than competitors do.
How has the "power" of choice shifted to the customer and consumer with
globalization, trade and manufacturing improvements over the past 15
years? - correct Answers ✔✔ -supply has outstripped demand, more info
due to internet, power in supply chain now in consumer's hands--
customers have more choice, need customer satisfaction
How has the definition of marketing evolved over the past twenty years?
What is the fabric of the new marketing concept? - correct Answers ✔✔ -
market is more customer focused now/market driven; more based on
society/community/consumers
Culture, Strategy and Tactics are simultaneously merged into the new
marketing paradigm. How does reality of the marketing function fall short
in many organizations? - correct Answers ✔✔ -The challenge of
simultaneously building a customer orientation in an organisation
(culture), developing value propositions and competitive positioning (strategy) and
developing detailed marketing action plans (tactics) is complex.
In companies with Market-led orientation, five components merge
together to create a new culture. What are they and what is their impact?
- correct Answers ✔✔ -customer orientation, competitor orientation,
interfunctional orientation (using company resources well), organizational
, culture, long-term creation of shareholder value; impact is that the
components lead to financial and other benefits for the company
product push marketing - correct Answers ✔✔ -companies focus their
activities on their existing products and services and look for ways to
encourage, or even persuade, customers to buy
customer-led marketing - correct Answers ✔✔ -organizations chase their
customers at all costs; the goal is to find what
customers want and, whatever it is, give it to them--short term orientation
resource-based marketing - correct Answers ✔✔ -middle ground of
product push and consumer led--firms base their marketing strategies on
equal consideration of the requirements of the market and their abilities
to serve it--long term orientation
stakeholder interests - correct Answers ✔✔ -customer: quality/value
Shareholder: maximize investment
manager: personal reward/career trajectory/short-term gains
employees: job satisfaction/compensation
distributors: predictability/continuous
community: job creation/loss
environment: reduce impact
marketing contributes to stakeholder's objectives - correct Answers ✔✔ -
managers/employees: providing security, job satisfaction, compensation
which will lead to better products for consumers/more success which is
good for distributors and community--environment
6 marketing principles - correct Answers ✔✔ -1) focus on the customer
2) only compete in markets where you can establish competitive advantage
3) customers do not buy products--buy benefits
4) marketing is too important to leave to the mark department--strategy
5) markets are heterogeneous
6) markets and customers change constantly
3 roles of marketing within the organization - correct Answers ✔✔ -1)
identification of customer requirements
2) decide on the competitive position to be adopted
3) implement the marketing strategy
