战略营销Test-BankChapter-1-Question-Bank-7-28-2017

1、Marketing Strategy: Based on First Principles and Data AnalyticsPAGE PAGE 13Marketing Strategy:Based on First Principles and Data AnalyticsQuestion BankChapter 1 Question BankMULTIPLE CHOICE and TRUE/FALSE QUESTIONSMarketing Strategy consists of decisions and actions focused on building _, to create

2、 value for stakeholders:sustainable brand equity, relative to competitors, in the minds of customers sustainable differential advantage, relative to competitors, in the minds of customerssustainable price advantage, relative to marquee players, in the minds of suppliersprofitable product-mix, relati

3、ve to competitors, in the minds of customersAnswer: BThree of the five key elements of marketing strategy are that it:takes a customer perspective, guides promotions, and leads to differential advantagetakes a supplier perspective, guides decisions and actions, and leads to differential advantage.ta

4、kes a supplier perspective, guides promotions, and leads to differential advantage.takes a customer perspective, guides decisions and actions, and leads to differential advantage.Answer: DA corporate strategy must answer the following questions (check all that apply):who are your customers?what affe

5、cts cash flow?what value do you provide customers?what personnel policies should you have in place?Answer: B, DCalculate the market share for XYZ Inc. for 2016 if average selling price = $15/unit, market demand = 18 million units, and sales revenue = $32.4 million.22%32%8%12%Answer: DIf ABC Inc.s pr

6、ofit = $46,000, margin = 25%, marketing expense = $93,000, and G&A expense = $56,000, ABCs sales revenue is:$5,56,000$7,80,000$3,32,000$5,96,000Answer: BMap the four first principles of marketing strategy to the four associated marketing decisionsAll customers change (1)All resources are limited (2)

7、All competitors react (3)All customers differ (4)Managing sustainable competitive advantage (5)Managing resource tradeoffs (6)Managing customer dynamics (7)Managing customer heterogeneity (8) 1-5, 2-6, 3-7, 4-83-5, 4-7,1-6, 4-82-6,3-5,1-7,4-84-7,2-6, 3-5,1-7Answer: CThe key elements of marketing str

8、ategy include (check all that apply):differential advantagesustainabilitycompanys missioncustomer-centricityAnswer: A, B, and DA marketing strategy must answer the following questions (check all that apply):what personnel policies should you have in place?what legal considerations affect your busine

9、ss?what value do you earn due to the differential advantage?how will you sustain the differential advantage?Answer: C & DVarious factors lead customers to differ in their preferences, including (check all that apply)personal differencesvarying peer experiencesunique functional needs celebrity self-i

10、dentitiesprevious persuasion-based activities Answer: A, C, EWhich of the following is a solution to handle customer heterogeneity (check all that apply)ignore customer heterogeneity and provide an offering that matches the average customers needs. offer a range of products and services to satisfy t

11、he needs of many different customer segments. embrace the notion that customers will sacrifice desired product attributes if the price is low enough. select a specific segment of customers and target them by positioning its offering as the best solution.Answer: A, B, C, and D. The outputs of managin

12、g customer heterogeneity are:Target industry segment, positioning statement, SWOT analysis Target customer segment, positioning statement, customer-centric viewTarget customer Segment, industry segmentation, positioning statementNone of the aboveAnswer: BThe inputs of managing customer heterogeneity

13、 are the 3Cs of situation analysis: customers, competitors, and consolidation.Answer: FALSE (customers, competitors, and company)A product or lifestyle approach captures:typical user experiencesindustry developmental effortsindividual sources of customer dynamicsboth A & BAnswer: DA firm can compile

14、 a descriptive “persona” by grouping existing customers into:those recently acquiredlong-term customersThose lost or at risk of being lostAll of the aboveAnswer: DLost customer analysis provides insights on: defection, reflection, loss, and recoveryharvest, reflection, recovery, and defectionstrateg

15、y, customer-centricity, defection, reflectionreflection, harvest, loss, recoveryAnswer: AVarious factors lead customers to change their preferences over time, including seminal events, life stages, knowledge, product category maturity, and exposure to relevant information.Answer: TRUEWhich of the fo

16、llowing is an input category to handling customer dynamics (check all that apply) data on customer portfoliosdata on customer response to past programslost customer analysiscustomer lifetime valueAnswer: A, B, and C.Whereas MP#1 recognizes dynamic customer needs across the market and seeks to select

17、 appropriate target segments, MP#2 looks at the customers within each target segment to understand how to win and keep them, by accounting for their evolving diversity. Answer: FALSE (MP#1 is about static customer needs).Various factors provide competitors avenues for undermining a focal firms marke

18、t position, including (check all that apply)copying the incumbents offeringsredefining the marketplacemaking the incumbent irrelevantlaunching new offeringsAnswer: all of the above.The three sources of sustainable competitive advantage are (check all that apply)customers care, the company does “it”

19、better than competitors, hard to duplicatemultiplicativeevaluated from a customer equity perspectivecustomers can be both assets and liabilities, based on customer equityAnswer: A, C, and D.Brands create SCA through multiple mechanisms, but in the simplest form, _ can cause customers to buy on the b

20、asis of_, which _:strong awareness, recognition and habit, reduces their cognitive effort strong engagement, switching costs, increases price premiumstrong awareness, switching costs, increases price premiumstrong engagement, recognition and habit, reduces their cognitive effortAnswer: A.Firms alloc

21、ate large budgets to _, in an effort to achieve the newest or most innovative product, as well as_, or fundamentally _:research and development (R&D), reduce their costs, supplementary servicesdata mining, reduce their costs, change customers experiencesdata mining, reduce their costs, supplementary

22、 servicesresearch and development (R&D), reduce their costs, change customers experiencesAnswer: D.Which of the following is an input category to managing sustainable competitive advantage (check all that apply) Internal personasAER strategies for each personaconjoint analysisinnovation processesAns

23、wer: A & B.Resource slack refers to _ for a firm for marketing strategy?unusable resourcesusable resourcescompetitors resourcesnone of the aboveAnswer: B _ help in making critical resource allocations decisions such as “ How much would the financial income change with 1% increase in marketing effort

24、s”? (Check all that apply)Attribution based processesExperimental processesResponse-model based processesResource based processesAll of the aboveAnswer: A, B, & C_ is a technology-enabled, _to harnessing customer and market data to understand and serve customers?big data, model supported approachcus

25、tomer analytics, computer-aided approachbig data, model supported approachcustomer analytics, model supported approachAnswer: DThe micro-macro duality is critical to successful marketing strategy, because _ occur/occurs at micro levels, but _ occur/occurs at Macro level?All decisions, customer under

26、standingsTrue customer understandings, most strategic and resource orientedmost strategic and resource oriented, True customer understandingscustomer understandings, All decisionsAnswer: BVarious factors provide induce complex resource trade-offs including (check all that apply)Effectiveness of mark

27、eting activitiesChanges in product landscapeProduct lifecycle maturityStable customer preferencesAnswer: A, B &CIn relatively _ markets, _ might be acceptable; however, with substantial _, they often lead to poor trade-off decisionsunstable, heuristic, heterogeneity and volatilitystable, attribution

28、, heterogeneity and volatilitystable, heuristic, heterogeneity and volatilityunstable, attribution, heterogeneity and volatilityAnswer: CTRUE/FALSE QUESTIONS A first principle is a foundational concept or assumption on which a theory, system, or method is based.Answer: TRUEA corporate strategy is th

29、e set of principles a firm uses to achieve the lowest cost to beat the competition.Answer: FALSE (The overall scope and direction of a firm and the way in which its various business operations work together to achieve particular goals).A firms sales profit is (market demand x market share x average

30、selling price)x (margin marketing expense G&A expense)Answer: FALSE. It is (market demand x market share x average selling price)x (margin) marketing expense G&A expense)Each First Principle or underlying assumption, when matched with its associated marketing decisions, is a Marketing Principle (MP)

31、. For example, all customers change, so firms must make strategic decisions to manage customer heterogeneity, and these combined statements constitute MP#1.Answer: FALSE (all customers differ)Customer heterogeneity is defined as variation among customers in terms of their identities, aspirations, an

32、d image.Answer: FALSE (Needs, desires, and subsequent behaviors)With a classic low-cost strategy, firms attempt to identify core, must-have attributes that will satisfy consumers functional needs, then focus all their efforts on reaching the lowest cost for an offering that meets those needs. Answer

33、: TRUEBuilding strong relationships between customers and the firms salespeople or other boundary-spanning employees can bar customer defection, prompt enduring customer loyalty, and ensure superior financial performance.Answer: TRUEBOR strategies reflecting an aggregation and reorganization of each

34、 targeted customer and persona need (accounting for customer dynamics) and the most effective strategies over time (accounting for customer heterogeneity)Answer: FALSE (switching customer heterogeneity and dynamics).Firms use simple attribution models to make decisions when they lack hard data on ea

35、ch resource option.Answer: FALSE (Heuristic based processes)A firms resource trade-off strategies defining how much it allocates to each target market segment, AER strategy, and SCA strategy, should be developed to be relevant to maintain the firms current AER strategy (MP#1), to support its stated

36、SCA (MP#2), and the firms current target segments (MP#3).Answer: FALSE (MP #2, 3, and 1)Most heuristics are incorrect. They lack any scientific basis for the decisions, relying instead on managers gut feelings about what the right resource allocations are.Answer: FALSE (MP #2, 3, and 1)ESSAY TYPE QU

37、ESTIONSDefine marketing strategy, and provide a short discussion about its key elements and scope.Answer: Marketing strategy consists of decisions and actions focused on building a sustainable differential advantage, relative to competitors, in the minds of customers, to create value for stakeholder

38、s. The five key elements are critical to marketing strategy:Leads to a differential advantages over competitorsSustainabilityAbility to enhance firm performanceCustomer perspectiveGuides decisions and actions.Initially, the strategy concept arose from a military context, where a strategy represents

39、the pursuit of situational superiority over an enemy. Karl von Clausewitz, in On War (1832), thus describes strategy as follows: “Consequently, the forces available must be employed with such skill that even in the absence of absolute superiority, relative superiority is attained at the decisive poi

40、nt (p. 196).” From these military roots, the notion of using resources skillfully, to create decisive positions of superiority over competitors, began to be applied in business in the 1950s and 1960s. A variety of forces (e.g., rapid, unpredictable changes in customer, competitor, technical, and eco

41、nomic environments) were beginning to challenge the “lumbering corporations” of the time, whose size presented an obstacle to operational dexterity. A new way of thinkinggenerally described as formal strategic planningwas needed. Thus a typical definition of business strategy from the 1960s describe

42、d “the determination of the basic long-term goals and objectives of an enterprise, and the adoption of courses of action and the allocation of resources necessary for carrying out these goals (p. 13).” Management scholars and practitioners from this era retained two elements of military strategy, fo

43、cused on how decisions and actions could lead to differential advantages over opponents (or competitors). Over the next few decades though, thought leaders added two elements that they regarded as necessary to apply the strategy concept to a business: the need to make the differential advantage sust

44、ainable and the idea that the objective of any business strategy is to enhance firm performance. Even more recently, marketing strategists have suggested a refined view in which both the sustainable differential advantage and its objective should be evaluated from the perspective of the customer, su

45、ch that the central approach is “strategy from the outside-in.” How does marketing strategy differ from corporate strategy?Answer: Corporate strategy is the overall scope and direction of a firm and the way in which its various business operations work together to achieve particular goals. Marketing

46、 strategy consists of decisions and actions focused on building a sustainable differential advantage, relative to competitors, in the minds of customers, to create value for stakeholders. Although the two levels of strategy should have consistent goals (i.e., marketing strategy aligns with corporate

47、 strategy), the marketing strategy focuses specifically on the interplay of the firm with its customers. Consider the primary questions to answer to define an entitys marketing strategy:Who are your customers?What value do you provide your customers (e.g., product, service, experience, status)?How a

48、re you building a differential advantage relative to competitors for these customers?What value do you earn from your customers due to this differential advantage (sales, profits, referrals)?How will you sustain this differential advantage into the future?A marketing strategy must answer these quest

49、ions, then use the answers to inform the development and implementation of action steps required to achieve firm and stakeholder objectives. However, the implementation of a marketing strategy requires resources and a stable organizational platform from which to operate. Thus, additional questions a

50、rise, regarding other aspects of the business, such as cash flow plans, tax considerations, and legal and personnel policies. These queries are the domain of the corporate strategy, defined as “the direction and scope of an organization over the long term: which achieves an advantage for the organiz

51、ation through the configuration of resources within a changing environment, to meet the needs of markets and fulfill stakeholder expectations”.What are the four principles of marketing strategy? Answer: The first and most basic issue facing managers in their marketing mix decisions (pricing, product

52、, promotion, place) for the firm is that all customers differ. Customer heterogeneity is a fundamental problem that all firms must address when developing an effective marketing strategy (MP#1). A second underlying complexity for both short- and long-term marketing decisions is that all customers ch

53、ange. Therefore, with a focus on the firms own customers, MP#2 challenges firms to understand how their existing customers change over time. The idea that all competitors react is the third principle that marketing managers must address, by building and maintaining barriers to these competitive atta

54、cks and thereby ensuring a sustainable competitive advantage (MP#3). The fourth marketing principle holds that all resources are limited, so firms must develop resource trade-off strategies that are relevant to their current target segments (MP#1) and maintain their current AER strategy (MP#2) and s

55、tated SCA (MP#3), which together constitute MP#4. Provide three reasons why the first principles of marketing strategy have a natural temporal ordering. Answer: First, the solution to the four principles is hierarchical: Solving some principles requires knowledge of the solution to other principles.

56、 Second, a firm should embrace the notion that these solutions must address both static and dynamic heterogeneity. Traditionally, marketing has focused on developing tactics aimed to segment, target, and position customers, which reflect the static First Principle that all customers are different. T

57、raditional customer segmentation then provides the input for resource-trade off decisions, such that firms would move straight from MP#1 to MP#4 (the recommended approach from marketing texts a decade ago). However, to identify the optimal customers to target, firms instead need to account for quest

58、ions like whether the customer is likely to buy in the future, or if competitors are trying to attract these customers with their own direct marketing efforts. Third, sustainable offerings that stand the test of time require a recognition that the firm cannot solve all the First Principles simultane

59、ously, because of their complex and interrelated nature. Instead, firms need an iterative approach to integrate the principles. With an iterative approach, the firm gradually improves, focusing on one principle at a time, so that it can to collect and analyze data effectively to make significant imp

60、rovements. Discuss the input-output framework to managing resource trade-offs (MP #4).Answer: The three key inputs reflect the outputs of the three preceding First Principles. That is, MP#1 (what customers want and how the firm should position itself) yields a positioning statement that captures inf