Exam Prep

Question 1

What are porters main marketing strategies

Answer 1

Cost Leadership
Differentiation

Question 2

What does marketing strategy consist of?

Answer 2

Decisions and actions focused on building a sustainable differential advantage, relative to competitors, in the minds of customers to create value for stakeholders

Question 3

What are the critical elements of a marketing strategy

Answer 3

1. Leads to a differential advantage over competitors
2. Sustainability
3. Ability to enhance firm performance
4. Customer perspective
5. Guides decisions and actions

Question 4

Strategic Fit and business success over time is only achieved when the organisation

Answer 4

Listens and Monitors its Environment constantly

Question 5

Give an example of a Marketing plan

Answer 5

1. Executive summary
2. Situation analysis (SWOT, 5 forces)
3. Marketing Strategy (Mission, Objectives and Positioning)
4. Marketing Tactics (How and When to execute the strategy)
5. Financial Projections (Forecasted revenues, cost and risk analysis)
6. Control (Budget v results)

Question 6

What is a buyer persona

Answer 6

A semi fictional representation of your ideal customer based on market research and real data about your existing customers

Question 7

Benefits of a buyer persona

Answer 7

You humanize marketing

Results in stronger more cost effective marketing

Convey a more tailored message

When you put a name to your customers you can hopefully meet their needs better

Question 8

Define your target audience

Answer 8

Strategic segmentation
Strategic targeting
Tactical segmentation
Tactical Targeting

Question 9

What are the dimensions of Customer Value

Answer 9

Functional
Psychological
Monetary

Question 10

What is the act of designing a set of meaningful differences to distinguish the company’s offerings from competitors offerings

Answer 10

Differentiation
Positioning

Question 11

Marketing strategy consists of

Answer 11

Decisions and actions focused on building a sustainable differential advantage, relative to competitors, in the minds of customers, to create value for shareholders

Question 12

Positioning is a result of a marketers job defining and communicating similarities and differences between their brand and its competitors

Answer 12

1. Identifying the target market and relevant competition
2. Indentifying the brand associations and perceived benefits
3. Formulating a value proposition (solution to a problem statement) and competitive advantage (strongest core competency)
4. Creating slogan (engagement, external) and eventually a brand mantra (internal purpose) summarising the essence of the brand

Question 13

(A potential brand open question)

Answer 13

Vision
Mission
Benefits
Values
Value Proposition
Slogan
Positioning

Question 14

Marketing Information Systems (MIS)

Answer 14

Consists of people, equipment, and procedure to gather, sort, analyze, evaluate, and distribute needed, timely, and accurate info and…
It relies on internal company records, marketing intelligence activities, and marketing research

Question 15

Marketers find opportunity’s by identifying

Answer 15

Fad
Trend
Megatrend

Question 16

To estimate current demand, companies attempt to determine

Answer 16

Total market potential and/or area market potential
Industry sales and/or market share

Question 17

To carry out their analysis, planning implementation and control responsibilities, marketing managers can use a marketing information system (MIS) to

Answer 17

Assess info needs
Develope the needed information
Distribute in a timely manner

Question 18

Marketing Information System (MIS)

Answer 18

-Consists of people, equipment, and procedures to gather, sort, analyze, evaluate, and distribute needed, timely, and accurate information and
-It relies on internal company records, marketing intelligence activities

Question 19

Use the internet to obtain intelligence by

Answer 19

• Reviewing forums
• Sales agent feedback sites
• Technological and financial products
• Customer complaint forums
• Any public blog

Question 20

According to Kotler and Keller, the Marketing research process consists of

Answer 20

• Defining the problem
• Decision alternatives
• Research objectives
• Developing the research plan
• Collecting the information
• Analysing the information
• Presenting the findings to management
• Making the decision

Question 21

Examples of logo types

Answer 21

• Wordmark
• Pictoral
• Abstract Icon
• Logo System

Question 22

What is a brand association mapping

Answer 22

It’s designed to visually show the connections to a particular brand. Generally we look at the attributes, attitudes and images that the brand is associated with, but we are also able to consider non-associated aspects and even review how our competitors sit relative to these same associations.

Question 23

Price Adaptation Strategies

Answer 23

1 - Geographical
2 - Discounts
3 - Promotional
4 - Discriminatory pricing