CMA CMA Marketing Strategy & Planning 2

Question 1

The 'marketing mix' traditionally refers to which set of four elements?

Accepted Answer

Product, Price, Place, Promotion

Answer

The traditional 4Ps marketing mix consists of Product, Price, Place, and Promotion, forming the foundation of any marketing strategy.

Question 2

A 'blue ocean strategy' differs from a 'red ocean strategy' in that it:

Accepted Answer

Creates uncontested new market space rather than competing in existing markets

Answer

Blue Ocean Strategy, coined by Kim and Mauborgne, involves creating new demand in uncontested market space rather than fighting over existing customers in saturated markets.

Question 3

Which concept describes the process of identifying a target market's perception of a product relative to competitors?

Accepted Answer

Positioning

Answer

Positioning defines how a brand or product is perceived in the minds of the target audience relative to competing products.

Question 4

A company sets prices based on what competitors charge rather than on its own costs or consumer demand. This is called:

Accepted Answer

Competitor-based pricing

Answer

Competitor-based (or competition-based) pricing sets prices primarily by referencing what rival companies charge for similar products.

Question 5

What is the primary purpose of a 'go-to-market' (GTM) strategy?

Accepted Answer

To define how a company will reach target customers and achieve competitive advantage when launching a product

Answer

A GTM strategy outlines the plan for delivering a product to market, including target audience, value proposition, sales approach, and distribution channels.

(CMA) Certified Market Analyst Practice Test

(CMA) Certified Market Analyst Practice Test

CMA CMA Marketing Strategy & Planning 2