Essential Strategic Marketing Interview Preparation Guide Download PDF
Strategic Marketing Interview Questions and Answers will Guide us that A marketing strategy is a process that can allow an organization to concentrate its limited resources on the greatest opportunities to increase sales and achieve a sustainable competitive advantage. Learn more about the basic and advance Strategic Marketing concepts or get preparation of Strategic Marketing jobs interview by our Strategic Marketing Interview Questions and Answers Guide.
35 Strategic Marketing Questions and Answers:
Table of Contents:
1 :: In the marginal costing approach to promotional budgeting, the marketer only spends up to the point where any further spending would not generate enough extra business to justify the outlay. Which of the following statements reflects the advantages of this method?
1. Company cannot become over-committed or run into trouble by relying on sales that do not, materialize.
2. Simple to calculate; also ensures that, if sales drop off, costs also drop.
3. Ensures that the firm remains on a par with the competitors, and does not waste expenditure.
4. Has a logical basis, and if carried out correctly will achieve the firm's strategic goals.
5. This method would maximize profits since no excess spending would result.
Answer: This method would maximize profits since no excess spending would result
2. Simple to calculate; also ensures that, if sales drop off, costs also drop.
3. Ensures that the firm remains on a par with the competitors, and does not waste expenditure.
4. Has a logical basis, and if carried out correctly will achieve the firm's strategic goals.
5. This method would maximize profits since no excess spending would result.
Answer: This method would maximize profits since no excess spending would result
2 :: There are various methods of determining marketing promotional budgets. Which of the following statements reflect the shortfalls or disadvantages in the percentage of sales forecasting method?
1. Extremely difficult to calculate, given the changing nature of markets
2. Is based on the false premise that sales cause promotion, rather than promotion causing sales
3. Relies on the marketer being able to persuade other departments within the firm to give up expenditure on their own pet projects
4. Bears no relationship to the state of the marketplace
5. Takes no account of changes in the market, or opportunities that might arise; is not customer-orientated, in other words
6. Difficult to calculate the necessary spend to achieve the objective. Time-consuming and expensive in terms of market research.
Answer: Is based on the false premise that sales cause promotion, rather than promotion causing sales
2. Is based on the false premise that sales cause promotion, rather than promotion causing sales
3. Relies on the marketer being able to persuade other departments within the firm to give up expenditure on their own pet projects
4. Bears no relationship to the state of the marketplace
5. Takes no account of changes in the market, or opportunities that might arise; is not customer-orientated, in other words
6. Difficult to calculate the necessary spend to achieve the objective. Time-consuming and expensive in terms of market research.
Answer: Is based on the false premise that sales cause promotion, rather than promotion causing sales
3 :: The Boston Consulting Group Model indicates which of the following-
1. Market growth
2. Share of market against largest competitor
3. Competitor analysis
4. Market attractiveness
5. Market growth and share of market against largest competitor
Answer: Market growth and share of market against largest competitor
2. Share of market against largest competitor
3. Competitor analysis
4. Market attractiveness
5. Market growth and share of market against largest competitor
Answer: Market growth and share of market against largest competitor
4 :: When conducting the marketing audit and portfolio analysis, which of the following models are used to gain greater insight into the critical issues that could affect the business?
1. Ansoff Model
2. General Electric Model
3. Boston Consulting Group Model
4. Porter's Five Forces Model
5. All of the above
Answer: All of the above
2. General Electric Model
3. Boston Consulting Group Model
4. Porter's Five Forces Model
5. All of the above
Answer: All of the above
5 :: What part of a marketing plan could this statement have come from?
1. Objectives
2. Marketing audit
3. Corporate strategy
4. Critical issues
5. Marketing mix
Answer: Marketing audit
2. Marketing audit
3. Corporate strategy
4. Critical issues
5. Marketing mix
Answer: Marketing audit
6 :: The US Company Hilton Hotels only operates and markets the 163-bed luxury Hilton London Green Park Hotel. The building is owned and maintained by London and Regional Properties. What kind of market entry strategy are they using here?
1. Joint venture
2. Franchising
3. Licensing
4. Contracting
Answer: Contracting
2. Franchising
3. Licensing
4. Contracting
Answer: Contracting
7 :: Hormel Foods Corporation in the USA allows the Danish company Tulip International to produce and market SPAM for the UK market under its own name. What kind of market entry strategy is Hormel using?
1. Contracting
2. Licensing
3. Joint venturing
4. Franchising
Answer: Franchising
2. Licensing
3. Joint venturing
4. Franchising
Answer: Franchising
8 :: John Lusty is an intermediary providing a channel to supermarkets and caterers for overseas producers. What kind of export strategy are they facilitating for the overseas producers?
1. Direct exporting
2. Indirect exporting
3. Joint venturing
4. Direct investment
Answer: Indirect exporting
2. Indirect exporting
3. Joint venturing
4. Direct investment
Answer: Indirect exporting
9 :: American Express is creating new products in mobile communications, travel products and health care. What kind of diversification strategy are they using?
1. Forward integration
2. Concentric diversification
3. Conglomerate diversification
4. Backward integration
Answer: Conglomerate diversification
2. Concentric diversification
3. Conglomerate diversification
4. Backward integration
Answer: Conglomerate diversification
10 :: The marginal method of sales forecasting involves:
1. Determining the point at which we cannot afford to spend any more.
2. Determining the point at which we will be spending more than our competitors.
3. Determining the point at which further expenditure will not be justified by increased sales.
4. Determining the point at which the organization breaks even.
Answer:
Determining the point at which further expenditure will not be justified by increased sales.
Determining the point at which we will be spending more than our competitors.
2. Determining the point at which we will be spending more than our competitors.
3. Determining the point at which further expenditure will not be justified by increased sales.
4. Determining the point at which the organization breaks even.
Answer:
Determining the point at which further expenditure will not be justified by increased sales.
Determining the point at which we will be spending more than our competitors.
11 :: Ryanair states that it intends to break its (Lufthansas) monopoly on the German market. Where would this statement appear in a Ryanair marketing plan?
1. Action programs
2. Objectives
3. Marketing audit
4. Marketing strategy
5. Critical issues
Answer: Objectives
2. Objectives
3. Marketing audit
4. Marketing strategy
5. Critical issues
Answer: Objectives
12 :: Vestas Wind Systems has a 24% share of the world market for wind energy turbines. It has entered markets in Germany, Spain, Japan, USA and China. The growth strategy they are using is:
1. diversification
2. market development
3. market penetration
4. product development
Answer: Market development
2. market development
3. market penetration
4. product development
Answer: Market development
13 :: Muller has established a 40% share of the UK yogurt market since its launch in 1987. What kind of growth strategy did they use?
1. Diversification
2. Product development
3. Market development
4. Market penetration
Answer: Market penetration
2. Product development
3. Market development
4. Market penetration
Answer: Market penetration
14 :: Goldman Sachs provides financial information and news to professionals. What kind of niche strategy is this?
1. Product or feature specialist
2. End-use specialist
3. Specific-customer specialist
4. Vertical-level specialist
Answer: End-use specialist
2. End-use specialist
3. Specific-customer specialist
4. Vertical-level specialist
Answer: End-use specialist
15 :: When Sainsburys supermarket launched their own brand of Classic Cola, what kind of market follower strategy were they using?
1. Cloner
2. Adaptor
3. Product development
4. Imitator
Answer: Imitator
2. Adaptor
3. Product development
4. Imitator
Answer: Imitator
16 :: The No.2 Company challenges No.1 Company, the market leader, by concentrating on providing better customer services, which it believes to be one of No.1s weaknesses. What type of competitive strategy is it using?
1. Flanking attack
2. Frontal attack
3. Encirclement attack
4. Bypass attack.
Answer: Flanking attack
2. Frontal attack
3. Encirclement attack
4. Bypass attack.
Answer: Flanking attack
17 :: The Ford Motor Company reduced its costs by finding a cheaper supplier of tyres for its cars. This is an example of-
1. Reducing fixed costs
2. Reducing variable costs
3. Mobile defense
4. Reducing capital cost.
Answer: Reducing variable costs
2. Reducing variable costs
3. Mobile defense
4. Reducing capital cost.
Answer: Reducing variable costs
18 :: The Tsu Tsang Soya Sauce Company launches a new advertising campaign promoting their leading brand of soya sauce as a seasoning for soup. Their competitive strategy is to:
1. Expand market share.
2. Defend its position.
3. Maintain status quo.
4. Attack their competitors.
5. Expand the total market.
Answer: Expand the total market
2. Defend its position.
3. Maintain status quo.
4. Attack their competitors.
5. Expand the total market.
Answer: Expand the total market
19 :: Your closest competitor has aggressively cut its price and your sales are affected. The decision whether or not to follow with a price cut of your own involves which trade-off?
1. Direct sales effort vs. market development
2. Short-term profit vs. long-term growth
3. Penetrating existing markets vs. developing new ones
4. Profit vs. non-profit goals
Answer: Short-term profit vs. long-term growth
2. Short-term profit vs. long-term growth
3. Penetrating existing markets vs. developing new ones
4. Profit vs. non-profit goals
Answer: Short-term profit vs. long-term growth
20 :: What drives the marketing strategies of an organization?
1. The vision of the marketing director
2. Internal resources of an organization
3. The vision of the CEO
4. The corporate strategy of the organization
Answer: The corporate strategy of the organization
2. Internal resources of an organization
3. The vision of the CEO
4. The corporate strategy of the organization
Answer: The corporate strategy of the organization
21 :: Which of the following is not a category of costs?
1. Direct costs
2. Common costs
3. Competitive costs
4. Traceable costs
5. Economic value added
Answer: Competitive costs
2. Common costs
3. Competitive costs
4. Traceable costs
5. Economic value added
Answer: Competitive costs
22 :: What is the marketing audit?
1. An examination of the costs and expenditures involved in marketing
2. A check on the cost-effectiveness of the firm marketing expenditure
3. A 'snapshot' of the firm's current marketing activities
4. The introduction of a new costing mechanism
Answer: A 'snapshot' of the firm current marketing activities
2. A check on the cost-effectiveness of the firm marketing expenditure
3. A 'snapshot' of the firm's current marketing activities
4. The introduction of a new costing mechanism
Answer: A 'snapshot' of the firm current marketing activities
23 :: When a company acquires a supplier through an acquisition strategy, this is referred to as:
1. Backward integration
2. Forward integration
3. Vertical marketing system
4. Horizontal integration
Answer: Forward integration
2. Forward integration
3. Vertical marketing system
4. Horizontal integration
Answer: Forward integration
24 :: Introducing new products to existing markets is an example of which of the following-
1. Concentric diversification
2. Horizontal diversification
3. Conglomerate diversification
4. Vertical diversification
Answer: Horizontal diversification
2. Horizontal diversification
3. Conglomerate diversification
4. Vertical diversification
Answer: Horizontal diversification
25 :: What is the statement of the organizations purpose?
1. Mission statement
2. Organizational intent
3. Organizational perspective
Answer: Mission statement
2. Organizational intent
3. Organizational perspective
Answer: Mission statement