Developing Marketing Strategies and Plans - Quiz

1. Strategic business units (SBUs) are:

External marketing agencies

Financial reports of company profits

Employee groups tasked with product development

Divisions within a company that focus on a specific product, market, or business area

2. Market development strategy involves:

Selling new products to new customers

Reducing product development costs

Limiting the marketing budget

Expanding existing products into new geographic markets or market segments

3. Marketing control in a strategic plan refers to:

Focusing only on sales revenue

Managing the supply chain

Reducing production costs

Evaluating the results of marketing strategies and plans, and taking corrective actions when necessary

4. Competitive positioning means:

Creating a unique place in the minds of consumers that sets a brand apart from its competitors

Lowering prices to compete

Focusing only on increasing sales volume

Limiting advertising efforts

5. Differentiation strategy in marketing means:

Reducing product variety

Focusing on cost reduction

Offering the lowest price

Providing unique features and benefits that set a product apart from competitors

6. Customer retention strategies are critical because:

They focus on reducing marketing expenses

They eliminate the need for advertising

They help companies offer discounts more effectively

Acquiring new customers is more costly than retaining existing ones

7. Market segmentation involves:

Increasing market share by focusing on one customer group

Reducing the number of products offered

Dividing the market into distinct groups of buyers with different needs or behaviors

Developing a single product for the entire market

8. A cash cow in the BCG Matrix is a business that:

Operates in a high-growth, high-market-share market

Generates more cash than it needs and operates in a low-growth market

Has high potential but is currently underperforming

Is in a declining market segment

9. Marketing metrics are important because:

They focus only on financial data

They reduce the marketing budget

They allow businesses to measure the effectiveness of their marketing strategies and efforts

They are used for evaluating employee performance

10. A marketing plan typically includes:

A list of suppliers and distributors

Product development details only

An analysis of the market, target audience, positioning, and marketing mix

Employee recruitment strategies

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