MBA 706 – Marketing Questions and Answers
Balanced scorecard for measuring success CORRECT ANS-o involves taking both financial
and non-financial measures to examine the benefits delivered to all of the organization's
stakeholders
§ Financial measures
§ Customer measures
§ Internal activity measures
Innovation and learning measures
becomes the basis for evaluating the strategy
Purpose of marketing strategy CORRECT ANS-o to simplify managerial decision making
when it comes to marketing decisions
o Must lead to action, not be a substitute for it
o Should establish the organizations marketing mix (4Ps)
§ Product
§ Price
§ Promotion
§ Place
Macro-environmental forces that can affect a business CORRECT ANS-o Political/legal
o Economic
o Social/cultural
o Technological
o PEST or STEP
Business Orientations CORRECT ANS-A company's orientation defines its fundamental
business philosophy, highlighting what is perceived as the primary route to success
, MBA 706 – Marketing Questions and Answers
There are 4 major orientations -
Production Orientation
Product orientation
sales orientation
market orientation
Strategic Management CORRECT ANS-strategic activities - budgeting, long-range planning,
strategic planning, strategic management
strategic analysis - environmental/culture and stakeholders/resources and capabilities
strategic choice - options, evaluating options, selecting strategy
strategic implementation - managing change, organizing structure and design, planning
Macro- environmental forces that can affect a business CORRECT ANS-PEST
Relationship between strategy and change CORRECT ANS-o Change is an integral part of
strategy and is the only certainty
o Strategy aims to define core competencies, understand the external environment, and offer
an integrative, consistent approach to decision making.
o Any strategy is significantly influenced by environmental change and its success should not
be measure in financial terms.
Contribution of strategic marketing to business CORRECT ANS-strategy is concerned with
making major decisions affecting the long-term direction or the business sustaining
Concept of marketing CORRECT ANS-business success through a process of understanding
and meeting customer needs
it defines how the organization interacts with its marketplace
Balanced scorecard for measuring success CORRECT ANS-o involves taking both financial
and non-financial measures to examine the benefits delivered to all of the organization's
stakeholders
§ Financial measures
§ Customer measures
§ Internal activity measures
Innovation and learning measures
becomes the basis for evaluating the strategy
Purpose of marketing strategy CORRECT ANS-o to simplify managerial decision making
when it comes to marketing decisions
o Must lead to action, not be a substitute for it
o Should establish the organizations marketing mix (4Ps)
§ Product
§ Price
§ Promotion
§ Place
Macro-environmental forces that can affect a business CORRECT ANS-o Political/legal
o Economic
o Social/cultural
o Technological
o PEST or STEP
Business Orientations CORRECT ANS-A company's orientation defines its fundamental
business philosophy, highlighting what is perceived as the primary route to success
, MBA 706 – Marketing Questions and Answers
There are 4 major orientations -
Production Orientation
Product orientation
sales orientation
market orientation
Strategic Management CORRECT ANS-strategic activities - budgeting, long-range planning,
strategic planning, strategic management
strategic analysis - environmental/culture and stakeholders/resources and capabilities
strategic choice - options, evaluating options, selecting strategy
strategic implementation - managing change, organizing structure and design, planning
Macro- environmental forces that can affect a business CORRECT ANS-PEST
Relationship between strategy and change CORRECT ANS-o Change is an integral part of
strategy and is the only certainty
o Strategy aims to define core competencies, understand the external environment, and offer
an integrative, consistent approach to decision making.
o Any strategy is significantly influenced by environmental change and its success should not
be measure in financial terms.
Contribution of strategic marketing to business CORRECT ANS-strategy is concerned with
making major decisions affecting the long-term direction or the business sustaining
Concept of marketing CORRECT ANS-business success through a process of understanding
and meeting customer needs
it defines how the organization interacts with its marketplace
