Marketing Strategy Exam 1 TTU
Questions & Answers (Grade A+)
Marketing Strategy -
correct answer ✅Decisions + actions focused on building a
sustainable, differential, advantage, relative to competitors in the
minds of customers, to create value for stakeholders
Corporate Strategy -
correct answer ✅Covers everything related to the firm; legal, tax &
finance, HR, R&D, and marketing strategy. Corporate directs it over
the long term. Helps the configuration of resources within a
changing environment.
Marketing Strategy (when + how it differs from corporate strategy) -
correct answer ✅Must ask questions such as:
-Who are your customers?
-What value do you provide to your customers?
-How are you building a differential advantage relative to
competitors for these customers?
-What value do you earn from your customers due to this
differential advantage?
-How will you sustain this differential advantage into the future?
A good marketing strategy must be able to answer these questions
and then use the information to go forward.
,Marketing Strategy Exam 1 TTU
Questions & Answers (Grade A+)
The Importance of marketing strategy to a firm's success -
correct answer ✅Successful marketing can directly impact a firm's
sales as studies show. For example, improving customer satisfaction
is not just a "feel good" tactic but is associated with positive
financial outcomes. But not every strategy pays off every time, such
as globalization that can result in other firms beating you out in
terms of price. Determining on how other factors in the firm are
working, this can impact how a marketing strategy plays out and
gets planned. Empirical evidence shows that marketing capabilities
have a greater impact on improving firm performance than either
R&D or operations capabilities.
Firm's Sales Revenue, according to chain ratio -
correct answer ✅firm's sales revenues = market demand x firm's
market share x firm's average selling price
Impacts of firm's sales revenue according to chain ratio -
correct answer ✅This helps us consider how sales revenues and
profits can be broken down into component parts. Marketing
strategy simultaneously affects many different factors, each of
which has a role in determining an organization's sales revenue and
profit.
, Marketing Strategy Exam 1 TTU
Questions & Answers (Grade A+)
Firm's profit, according to the chain ratio -
correct answer ✅Firm's profit = firm's sales revenue x firm's gross
margin x firm's sales and marketing expenses x firm's G&A
expenses
Key marketing decisions for principle 1: all customers differ -
correct answer ✅Managing customer heterogeneity
Key marketing decisions for principle 2: all customers change -
correct answer ✅Managing customer dynamics
Key marketing decisions for principle 3: all competitors react -
correct answer ✅Managing sustainable competitive advantage
Key marketing decisions for principle 4: all resources are limited -
correct answer ✅Managing resource trade-offs
Logic behind the marketing principles -
correct answer ✅Having a successful marketing plan and
implementing that plan for every other project after that usually
only has short term success. You need to constantly be changing
and evolving your projects and strategies to fit in line with the
Questions & Answers (Grade A+)
Marketing Strategy -
correct answer ✅Decisions + actions focused on building a
sustainable, differential, advantage, relative to competitors in the
minds of customers, to create value for stakeholders
Corporate Strategy -
correct answer ✅Covers everything related to the firm; legal, tax &
finance, HR, R&D, and marketing strategy. Corporate directs it over
the long term. Helps the configuration of resources within a
changing environment.
Marketing Strategy (when + how it differs from corporate strategy) -
correct answer ✅Must ask questions such as:
-Who are your customers?
-What value do you provide to your customers?
-How are you building a differential advantage relative to
competitors for these customers?
-What value do you earn from your customers due to this
differential advantage?
-How will you sustain this differential advantage into the future?
A good marketing strategy must be able to answer these questions
and then use the information to go forward.
,Marketing Strategy Exam 1 TTU
Questions & Answers (Grade A+)
The Importance of marketing strategy to a firm's success -
correct answer ✅Successful marketing can directly impact a firm's
sales as studies show. For example, improving customer satisfaction
is not just a "feel good" tactic but is associated with positive
financial outcomes. But not every strategy pays off every time, such
as globalization that can result in other firms beating you out in
terms of price. Determining on how other factors in the firm are
working, this can impact how a marketing strategy plays out and
gets planned. Empirical evidence shows that marketing capabilities
have a greater impact on improving firm performance than either
R&D or operations capabilities.
Firm's Sales Revenue, according to chain ratio -
correct answer ✅firm's sales revenues = market demand x firm's
market share x firm's average selling price
Impacts of firm's sales revenue according to chain ratio -
correct answer ✅This helps us consider how sales revenues and
profits can be broken down into component parts. Marketing
strategy simultaneously affects many different factors, each of
which has a role in determining an organization's sales revenue and
profit.
, Marketing Strategy Exam 1 TTU
Questions & Answers (Grade A+)
Firm's profit, according to the chain ratio -
correct answer ✅Firm's profit = firm's sales revenue x firm's gross
margin x firm's sales and marketing expenses x firm's G&A
expenses
Key marketing decisions for principle 1: all customers differ -
correct answer ✅Managing customer heterogeneity
Key marketing decisions for principle 2: all customers change -
correct answer ✅Managing customer dynamics
Key marketing decisions for principle 3: all competitors react -
correct answer ✅Managing sustainable competitive advantage
Key marketing decisions for principle 4: all resources are limited -
correct answer ✅Managing resource trade-offs
Logic behind the marketing principles -
correct answer ✅Having a successful marketing plan and
implementing that plan for every other project after that usually
only has short term success. You need to constantly be changing
and evolving your projects and strategies to fit in line with the
