Top Marketing-Competitive Strategy Interview Questions & Answers:

1. What is 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. Which of the following is not financial objective?

1. Customer loyalty
2. Sales
3. Economic value added
4. Market share

Answer: Customer loyalty

3. What is difference between strategy and tactics?

1. Strategy reflects medium term objectives.
2. Strategy is about major issues: tactics is about minor issues.
3. Strategy is about overall direction: tactics is about ways of getting there.
4. Strategy is formal, tactics are informal

Answer: Strategy is about overall direction: tactics is about ways of getting there

4. Marketing planning occurs at which of the following company levels

1. The product level
2. The market level
3. The business-unit level
4. All of the above

Answer: All of the above

5. To develop its market segments, West Coast Fish planned sales visits to the top 25 hotels and restaurants in Ireland. Where would this appear in marketing plan?

1. Critical issues
2. Marketing strategies
3. Action plans
4. Executive summary
5. Objectives

Answer: Action plans

6. The ACME Company sets its marketing budget by estimating the market leader s marketing spends. This approach to setting a budget is called:

1. Percent of sales method
2. Marginal approach
3. Comparative parity method
4. Objective and task method

Answer: Comparative parity method

7. 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

8. What is the statement of the organization s purpose?

1. Mission statement
2. Organizational intent
3. Organizational perspective

Answer: Mission statement

9. West Coast Fish have no formal organization for marketing. Where this would be stated in its marketing plan?

1. Financial controls
2. SWOT Analysis
3. Marketing strategy
4. Executive summary

Answer: SWOT Analysis