Chapter 1 Self-test MCQs

. Which of the following is not one of the key ingredients summarized in the 4 Cs of successful strategy planning by Sean Adams?

Curiosity

Completeness

Cautiousness

Clarity

. Which of the statements below is TRUE regarding the role and nature of marketing strategy development?

The development of strategic marketing does not require a central strategic vision and positioning strategy for each market.

The development of strategic marketing is only essential for success in developed markets, where the competition can be intense.

An effective marketing strategy focuses on only the emerging market opportunities and capitalizes on them.

An effective marketing strategy allows organizations to navigate through continuous competitive cycles.

. Market orientation refers to listening to customers, understanding their needs, and creating value for them. Which of the following examples cannot be explained from a market orientation perspective?

Nike has made customers pay premium prices for high-performance products.

Febreze redefined the way customers perceive a clean house.

Airbnb has allowed customers to live like locals.

Volvo shapes customers' safety expectations with seatbelts and airbags.

. Marketing can be categorized into operational marketing and strategic marketing. Strategic marketing means…

the commercial process of achieving a target market share to stay competitive.

to specify the firm's mission, define objectives, elaborate a development strategy, and ensure a balanced structure of the product portfolio.

to use tactical means related to the 4Ps and implement the optimal marketing mix.

to specify the vision and mission of the company by doing competitor analysis.

. Which of the following statements best explains the difference between corporate and competitive strategies?

Competitive strategy is a corporate level strategy setting the broad direction for the company.

Corporate strategy details how a sustainable competitive advantage (SCA) can be achieved and contribute to corporate objectives.

Competitive strategy details how a sustainable competitive advantage (SCA) can be achieved and contribute to corporate objectives.

Competitive strategy cannot contribute to overall corporate objectives.

. According to Blue Ocean strategy approach…

an organization must move away from highly competitive markets by continuously innovating.

an organization can only create value if they find a sustainable competitive advantage.

an organization must compete with the market leader by continuously innovating.

an organization must focus on industry structure and increase profitability.

. Procter & Gamble uses a bicycle distribution network for its brands in Ghana, given the inaccessibility of many of the towns and villages outside of the capital, Accra, based on the field research results is an example of

Seeing First.

Thinking First.

Doing First.

Simple Rules.

. Which of the following answers is not an element of the postmodern view of strategy framework, TEASE?

Tricksterism

Amplification

Secrecy

Excitement

. Which strategic approach is largely short term in its application and suitable for complex markets?

Seeing First

Thinking First

Doing First

Simple Rules

. Which of the following item is not part of the competitive strategic marketing framework?

Where are we now?

What are we doing?

Where do we want to be?

How will we get there?

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