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BMAL-590 Week 1 Section 5 Marketing Strategy Exam with correct Answers
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BMAL-590 Week 1 Section 5 Marketing Strategy Exam with correct Answers
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BMAL-590 Week 1 Section 5 MarketingStrategy Exam with correct Answers
what does marketing strategy center on? - Answers -Marketing strategy centers on
assessing the current situation and determining future direction. An integral part of
strategy formulation is for managers to assess the collections of products or product
lines. Marketing strategy is the link between corporate goals and operational tactics.
What are the two primary considerations in marketing strategy? - Answers -Where are
we and where do we want to go?
Marketing Strategic Planning Process - Answers -1. Development of objectives (e.g.,
target a specific market segment, increase market share) or identification of strategic
issue (e.g., increased competition, decrease in sales)
2. Situation analysis (e.g., Internal factors such as Strengths & Weaknesses; External
factors such as Opportunities &Threats analysis)
3. Development of strategic alternatives
4. Evaluation of strategic alternatives along specific decision criteria
5. Development of a strategic plan along with tactical plans for implementation
Strategic marketing activities could focus on current and/or future customers (markets)
or current and/or future/new products.
When is a Boston Consulting Group (BCG) Matrix used? - Answers -The Boston
Consulting Group (BCG) Matrix is used in portfolio analysis and classifies brands or
products according to whether each has a strong or weak market share and a slow or
growing market.
Innovative versus conservative philosophy: - Answers -Some companies pride
themselves on being innovative and want to invest in research and development so that
they can enter into the marketplace with cool new things and do so frequently and
regularly. Other companies have a more conservative, careful culture.
Offensive versus defensive philosophy: - Answers -Some companies are more inclined
to take offensive initiatives (initiating price wars or launching competitive advertising
claims) while others are more likely to respond defensively. A company's tendency
toward offensive or defensive actions doesn't correlate with its size.
Leader versus follower philosophy: - Answers -Leader has several meanings including
having the largest market share, being first to bring new products to market (may or
may not be beneficial because adoption can be slow), being quick to innovate and
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