MKT464 : Midterm Revision Exam

[CH1] Blockchain supports peer-to-peer market structures by eliminating the intermediary between the marketer and the consumer.

[CH1] Audience and media fragmentation has made mass-market reach easier, while making niche marketing and targeting more difficult.

[CH1] Comparison shopping and broader purchase options have shifted power to customers and created price-match pressure on retailers.

[CH2] A vision statement seeks to answer the question "What business are we in?"

[CH2] Mission stability refers to how broad or narrow an organization's mission statement is.

[CH2] Marketing objectives are broad, simple statements of what will be accomplished, while goals provide the quantitative performance targets.

[CH2] The executive summary is the first part of the marketing plan and gives a concise overview of the plan rather than a deep, detailed analysis.

[CH2] Continuity planning is the process of handling a high-impact event characterized by uncertainty and ambiguity after it has occurred.

[CH2] Final approval of the marketing plan usually comes from the V.P. of Marketing or the Marketing Director.

[CH4] A firm should complete only one SWOT analysis when it has a single product/market combination.

[CH4] Asking "Would this issue exist if the firm did not?" helps managers separate internal issues from external issues in a SWOT analysis.

[CH4] Outside-in thinking means transforming the firm's own current strengths into weaknesses and its weaknesses into strengths.

[CH4] In the quantitative analysis of SWOT, weaknesses and threats are given negative magnitude values from -1 (low) to -3 (high).

[CH4] A diversification strategic focus (+/-) applies when a firm has many internal strengths and many external opportunities.

[CH4] According to the key issues in SWOT analysis, weaknesses that cannot be transformed into strengths become limitations.

[CH1] A sports retailer installs a rock-climbing wall inside its store so shoppers can enjoy something they cannot get online. According to the notes, the retailer is trying to:

[CH1] An online advertiser discovers that many of the clicks it pays for are generated by bots rather than real consumers. Which marketing benefit of blockchain addresses this problem most directly?

[CH1] Under the changing value proposition, the commoditization of certain products leads mainly to:

[CH1] A shopper browses a perfume on a brand's mobile app, receives a reminder on social media, and collects it from the brand's store, where her online cart and loyalty points are fully recognized. This illustrates:

[CH2] A section of a company's mission statement describes its basic beliefs, values, and ethics. Which mission statement element does this section answer?

[CH2] A telecom company writes its mission as "We exist to serve humanity." Based on the notes, the main risk of this mission is that:

[CH2] Six months after launch, a firm's sales are well below the plan's targets, and management wants to determine why the marketing plan is not living up to expectations. Which tool is designed for this?

[CH2] Before launching a new campaign, a marketing director holds briefing sessions with store managers and frontline employees. These sessions address which audience?

[CH2] Which of the following is NOT one of the activities of marketing control described in the notes?

[CH2] In the situation analysis of a marketing plan, a manager reviews workforce availability, the age and capacity of the firm's technology, and internal political strife. Which environment is being analyzed?

[CH2] A firm's marketing plan outline is so rigid that it cannot be adapted to the unique needs of a new product launch. Which marketing plan consideration has been violated?

[CH2] Before any disaster occurs, a bank in Manama sets up backup systems and procedures so that its policies stay in place and operating in any environment. This is an example of:

[CH2] A company's board sets up a system to monitor its compliance with laws, regulations, and business ethics. Within balanced strategic planning, this belongs to which ESG dimension?

[CH4] A telecom firm in Bahrain holds large cash reserves and a respected brand image. In its SWOT analysis, these should be classified as:

[CH4] Which of the following is listed in the notes as a potential external threat?

[CH4] A budget airline concentrates on making its processes highly efficient so that its cost of doing business is lower than competitors'. Which strategy for competitive advantage is it pursuing?

[CH4] A luxury hotel gives frontline staff full authority to solve guest problems and regularly asks guests how its service could improve, in order to build long-term relationships. This hotel is pursuing:

[CH4] A struggling retailer has outdated systems and heavy debt, yet online retail in its market is growing quickly and rivals are complacent. Which strategic focus should it adopt?

[CH4] A firm with many internal strengths that faces many external threats would most likely adopt which strategic focus?

[CH4] In a quantitative SWOT analysis, a threat is rated at medium magnitude and major importance. What is its total rating?

[CH4] After quantifying its SWOT matrix, how should a firm decide which elements most influence its marketing strategy?

[CH4] A planning team's SWOT lists "a new rival entering our market" under weaknesses and "our loyal customer base" under opportunities. Which problem, described as the leading cause of poor SWOTs, does this show?

[CH4] A national retailer with thousands of stores tracked only its head-to-head rivals and dismissed new online direct-to-consumer brands offering free delivery and risk-free trials, until it went bankrupt. Which SWOT guideline did it fail to follow?

[CH4] A coffee chain runs a development lab where cross-functional teams work with store managers and baristas to create and test new products quickly. Which guideline for a productive SWOT does this illustrate?

[CH4] A company sets one goal to reduce inventory levels and another to increase customer satisfaction in the same period. Which goal-setting consideration is most at risk?

[CH1] Discuss the main challenges and opportunities of marketing in today's economy, as presented in the notes.

[CH1] Explain how blockchain can benefit marketing strategy, and define omnichannel technologies, naming the channels they connect.

[CH2] Compare a mission statement with a vision statement, list the elements of a mission statement, and explain mission width and mission stability.

[CH2] List the components of the marketing plan structure in order, and explain the four considerations a good marketing plan outline must meet.

[CH2] Explain the evaluation and control stage of strategic planning, including KPIs, the steps of marketing control, financial assessment, and the marketing audit.

[CH4] List and discuss the guidelines for making a SWOT analysis productive.

[CH4] Explain the four strategic focus directions a firm may take based on its SWOT analysis, giving the SWOT combination and an example for each.

[CH4] Explain the four considerations in setting marketing goals, and the characteristics that marketing objectives should exhibit.

[CH4] Classify the issues facing Awal Dates into the four SWOT categories, and explain the test you used to separate internal from external issues.

[CH4] Using Fatima's ratings, calculate the total rating for each of the four SWOT elements and explain which element(s) should have the greatest influence on Awal Dates' marketing strategy.

[CH2] Evaluate Fatima's draft marketing objective and the approval process described in the case, using the concepts from strategic marketing planning.

[CH1] Identify the marketplace challenge(s) from today's economy that Najma Electronics is facing, and explain how companies try to respond to them according to the notes.

[CH4] Which of the three strategies for competitive advantage does Yousef's plan represent? Justify your answer with details from the case and explain why it is not one of the other two strategies.

[CH4] Evaluate each of Yousef's three goals against the considerations in goal setting, identifying the consideration each goal violates.