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Learn about Our Editorial Process | By BizStudent BizStudent Community Contributor Quizzes Created: 1 | Total Attempts: 5,797 Questions: 10 | Attempts: 5,797 | Updated: Oct 10, 2023 Settings
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Strategic marketing means identifying the customers' needs or public and creating a marketing strategy plan to satisfy customer's requirement and improve the company's performance and increase profit. There are different marketing strategies, methods, sales techniques, and programs through which customers are targeted via newsletters, podcasts, advertisements, e-mails, etc. Take this quiz to test your knowledge and learn about the different concepts of Strategic marketing.
Explanation
The term "program multiplier" refers to the ability to determine marketing strategies that can influence the mindset of customers. This means that by implementing effective marketing programs, a company can have a multiplier effect on the perception and behavior of its target audience. The term "program" suggests that it involves a systematic and planned approach to marketing, rather than random or sporadic efforts. By using the right strategies, companies can amplify their marketing impact and achieve desired results in terms of customer mindset and behavior.
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Explanation
Differentiated marketing is the correct answer because it refers to a marketing strategy where a firm targets multiple market segments with different product offerings. This approach allows the company to tailor its marketing efforts to meet the specific needs and preferences of each segment, thereby maximizing its reach and appeal to a diverse customer base. This strategy is effective in capturing different customer groups and gaining a competitive advantage in the market.
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Explanation
The correct answer is "Based on psychographic variables". This means that market segments should be defined based on the psychological characteristics, attitudes, interests, and lifestyles of the target customers. This approach allows for a deeper understanding of consumer behavior and preferences, enabling businesses to tailor their marketing strategies and offerings to specific segments. By considering psychographic variables, companies can better meet the needs and desires of their target customers, leading to more effective and successful marketing campaigns.
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Explanation
Smart objectives are serious, meant-to-be, assiduous, realistic, and targetable. This means that objectives should be taken seriously and approached with dedication and perseverance. They should also be realistic and achievable, and have a clear target or goal in mind.
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Explanation
The three key pillars of marketing strategy are targeting, R&D, and distribution. Targeting involves identifying and selecting specific customer segments that are most likely to be interested in the product or service. R&D refers to the research and development activities that help in creating innovative and competitive products. Distribution involves ensuring that the product reaches the target customers effectively and efficiently through various channels. These three pillars are crucial for developing a successful marketing strategy that aligns with the needs and preferences of the target market.
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Explanation
An encirclement attack refers to the strategy of capturing a large territory by launching multiple front grand offensive marketing strategies. This involves surrounding the target from all sides and overwhelming them with a coordinated and simultaneous assault. This approach aims to cut off the enemy's supply lines, isolate their forces, and ultimately lead to their defeat. By encircling the target, the attacker can gain a strategic advantage and control a significant area, thereby increasing their chances of success in capturing the territory.
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Explanation
When all customers have the same preferences, the marketing strategy that is used is called mass marketing. In this approach, a company targets a large and diverse market with a standardized product and marketing message. The goal is to reach as many customers as possible and appeal to their shared preferences, rather than tailoring the marketing efforts to individual needs or smaller segments of the market. This strategy allows for economies of scale and cost efficiencies in production and marketing, as well as wide market coverage.
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Explanation
The ideal life-cycle of an SBU based on the BCG model is represented by the stages: Question mark, Star, Cash cow, and Dog. This model suggests that an SBU starts as a Question mark, which is a low market share and high market growth rate product. If successful, it can become a Star, which is a high market share and high market growth rate product. As the market matures, the SBU can transition into a Cash cow, which is a high market share and low market growth rate product. Finally, if the market declines, the SBU becomes a Dog, which is a low market share and low market growth rate product.
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Explanation
A SWOT analysis is a diagnostic tool used to assess a situation or entity. It involves evaluating four key elements: Strengths (internal advantages), Weaknesses (internal disadvantages), Opportunities (external favorable circumstances), and Threats (external risks). This analysis helps gain insights, make informed decisions, and develop strategies by identifying and understanding these elements. It is a valuable tool for businesses, organizations, and individuals to assess their current state, leverage strengths, address weaknesses, exploit opportunities, and mitigate threats.
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The creation of a customer-focused value proposition: a cogent reason why the target market should buy the product.
The selection of the key market segment(s) which a company should target The decision to build, hold, harvest or divest a product line or SBU (strategic business unit) Correct AnswerExplanation
A successful positioning strategy should result in the selection of the key market segment(s) that a company should target. This means that the company has identified the specific group of customers who are most likely to be interested in and purchase their product. By targeting these key market segments, the company can focus their marketing efforts and resources on reaching and appealing to these specific customers, increasing the chances of success in the market.
