Strategic Marketing and Planning Flashcards
7 cards from real CMP practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 7 Strategic Marketing and Planning flashcards as text
Which metric is most directly used to measure the return on marketing investment (ROMI)?
Answer: Incremental revenue attributable to marketing divided by marketing spend
ROMI is calculated by dividing the incremental revenue generated by marketing activities by the cost of those activities.
A company operating in a highly commoditized market decides to differentiate through superior customer service. This is an example of which differentiation strategy?
Answer: Service differentiation
Service differentiation focuses on delivering superior service experiences as the primary basis for distinguishing from competitors.
In strategic planning, a 'stretch goal' differs from a standard objective primarily because it:
Answer: Pushes performance beyond what is considered easily achievable
Stretch goals challenge organizations to achieve performance levels beyond their current capabilities, driving innovation and breakthrough thinking.
Which of the following best describes 'flanking strategy' in competitive marketing?
Answer: Targeting underserved segments or geographic areas the leader ignores
Flanking strategy involves attacking competitors in market segments they have ignored or underserved, avoiding direct confrontation.
A marketing plan's 'situation analysis' typically concludes with which tool that summarizes internal and external factors?
Answer: SWOT analysis
SWOT analysis synthesizes the situation analysis by identifying Strengths, Weaknesses, Opportunities, and Threats facing the organization.
When a company sets marketing objectives using the SMART framework, 'A' stands for:
Answer: Achievable
In the SMART framework, 'A' stands for Achievable, meaning the goal should be realistic and attainable given available resources.
Which of the following is the primary purpose of a 'perceptual map' in marketing strategy?
Answer: Visualizing how consumers perceive competing brands on key attributes
A perceptual map visually plots how target customers perceive competing brands relative to two or more important attributes.