MKTG 3010 EXAM 1 QUESTIONS WITH VERIFIED
ANSWERS
Marketing Strategy - Answers - identifies a 1. firms target market, 2. its marketing mix,
3. the basis strategy to implement a successful competitive advantage
Sustainable Competitive Advantage - Answers - advantage over competition that is not
easily copied and can be maintained over a long period of time
The 4 Ways to Achieve Customer Value (hint: excellences) - Answers - customer
excellence, operational excellence, product excellence & locational excellence
Customer Excellence - Answers - focuses on retaining loyal customers and excellence
customer service
Operational Excellence - Answers - Achieve through efficient operations and excellent
supply chain and human resource mgt
Product Excellence - Answers - having products with high perceived value and effective
branding and positioning
Locational Excellence - Answers - having a good physical location and internet
presence
The Marketing Plan - Answers - carefully planned marketing strategies; 3 steps:
planning, implementation, and control
Mission Statement - Answers - a broad description of a firms objectives and the scope
of actives it intends to engage in
Situation Analysis - Answers - part of the mkt plan, uses SWOT analysis to examine its
internal environment
STP- Segmentation, Targeting, Positioning - Answers - a way to identify and evaluate
opportunities for increasing sales and profits
Market Segment - Answers - a group of consumers who respond similarly to a firms
marketing efforts
Market SegmentATION - Answers - dividing the market into groups of customers with
different needs, wants or characteristics
, Targeting//Target Marketing - Answers - evaluating the attractiveness of various
segments and then deciding which to pursue as a market
Market Positioning - Answers - must determine how the product should be viewed in its
chosen market segment--> defining the marketing mix so that consumers have a clear
understanding of what the product does in comparison to its competitors
Integrated Market Communications - Answers - part of the 4th P: promotion
encompasses a variety of communication disciplines, general advertising, personal
selling, sales, promotion etc in combination to provide clarity and consistency and
maximum communication impact
Metric - Answers - measuring system that quantifies a trend, dynamic, or characteristic,
often used to explain why things happen or to predict trends/growth in the future
SBU- Strategic Business Unit - Answers - a division of a firm itself that can be managed
and operated differently/independently from other divisions, may have different mission
statement and objectives from the firm
Product Lines - Answers - groups of associated items that consumers use together or
think of as a group (i.e. facial regimens)
Market Share - Answers - % of a market account for a specific entity
Relative Market Share - Answers - a measure of products strength in a particular
market, defined as the sales of the focal product divided by the sales achieved at the
largest firm of the industry
Market Growth Rate - Answers - the annual rate of growth of the specific market in
which the product competes
Market Penetration Strategy - Answers - employs the existing market mix and focuses
on the firms efforts on existing customers
Market Development Strategy - Answers - employs the existing marking offering to
reach new market segments
Product Development Strategy - Answers - offers a new product or service to a firms
current target market
Diversification Strategy - Answers - introduces new product/service to a market
segment that is currently not being served
ANSWERS
Marketing Strategy - Answers - identifies a 1. firms target market, 2. its marketing mix,
3. the basis strategy to implement a successful competitive advantage
Sustainable Competitive Advantage - Answers - advantage over competition that is not
easily copied and can be maintained over a long period of time
The 4 Ways to Achieve Customer Value (hint: excellences) - Answers - customer
excellence, operational excellence, product excellence & locational excellence
Customer Excellence - Answers - focuses on retaining loyal customers and excellence
customer service
Operational Excellence - Answers - Achieve through efficient operations and excellent
supply chain and human resource mgt
Product Excellence - Answers - having products with high perceived value and effective
branding and positioning
Locational Excellence - Answers - having a good physical location and internet
presence
The Marketing Plan - Answers - carefully planned marketing strategies; 3 steps:
planning, implementation, and control
Mission Statement - Answers - a broad description of a firms objectives and the scope
of actives it intends to engage in
Situation Analysis - Answers - part of the mkt plan, uses SWOT analysis to examine its
internal environment
STP- Segmentation, Targeting, Positioning - Answers - a way to identify and evaluate
opportunities for increasing sales and profits
Market Segment - Answers - a group of consumers who respond similarly to a firms
marketing efforts
Market SegmentATION - Answers - dividing the market into groups of customers with
different needs, wants or characteristics
, Targeting//Target Marketing - Answers - evaluating the attractiveness of various
segments and then deciding which to pursue as a market
Market Positioning - Answers - must determine how the product should be viewed in its
chosen market segment--> defining the marketing mix so that consumers have a clear
understanding of what the product does in comparison to its competitors
Integrated Market Communications - Answers - part of the 4th P: promotion
encompasses a variety of communication disciplines, general advertising, personal
selling, sales, promotion etc in combination to provide clarity and consistency and
maximum communication impact
Metric - Answers - measuring system that quantifies a trend, dynamic, or characteristic,
often used to explain why things happen or to predict trends/growth in the future
SBU- Strategic Business Unit - Answers - a division of a firm itself that can be managed
and operated differently/independently from other divisions, may have different mission
statement and objectives from the firm
Product Lines - Answers - groups of associated items that consumers use together or
think of as a group (i.e. facial regimens)
Market Share - Answers - % of a market account for a specific entity
Relative Market Share - Answers - a measure of products strength in a particular
market, defined as the sales of the focal product divided by the sales achieved at the
largest firm of the industry
Market Growth Rate - Answers - the annual rate of growth of the specific market in
which the product competes
Market Penetration Strategy - Answers - employs the existing market mix and focuses
on the firms efforts on existing customers
Market Development Strategy - Answers - employs the existing marking offering to
reach new market segments
Product Development Strategy - Answers - offers a new product or service to a firms
current target market
Diversification Strategy - Answers - introduces new product/service to a market
segment that is currently not being served
