MBA 706 - Marketing || 100% Exact Answers.
Relationship between strategy and change correct answers 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 answers strategy is concerned with
making major decisions affecting the long-term direction or the business sustaining
Concept of marketing correct answers business success through a process of understanding and
meeting customer needs
it defines how the organization interacts with its marketplace
Focus of strategic business decisions correct answers o Business definition - marketing myopia
o Core competencies - what we do well (competitive advantage)
o Integrating functions areas within the organization - coordinating marketing with other
departments
o Consistency of approach and focus of the organization - actions may need to be revised and
changed; the focus needs to remain the same
Types of change correct answers § Driving change
· Political
· Economic
· Social
· Technical
§ Impact of change
, · Volatility
· Globalization
· Intense competition
· Redefine
§ Result of change
· Opportunity
· Strategic drift
cyclical (predictable) yearly trends
evolutionary (unpredictable) impact of competition, environment
Balanced scorecard for measuring success correct answers 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 answers 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
Relationship between strategy and change correct answers 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 answers strategy is concerned with
making major decisions affecting the long-term direction or the business sustaining
Concept of marketing correct answers business success through a process of understanding and
meeting customer needs
it defines how the organization interacts with its marketplace
Focus of strategic business decisions correct answers o Business definition - marketing myopia
o Core competencies - what we do well (competitive advantage)
o Integrating functions areas within the organization - coordinating marketing with other
departments
o Consistency of approach and focus of the organization - actions may need to be revised and
changed; the focus needs to remain the same
Types of change correct answers § Driving change
· Political
· Economic
· Social
· Technical
§ Impact of change
, · Volatility
· Globalization
· Intense competition
· Redefine
§ Result of change
· Opportunity
· Strategic drift
cyclical (predictable) yearly trends
evolutionary (unpredictable) impact of competition, environment
Balanced scorecard for measuring success correct answers 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 answers 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
