1. The Objective and Task method of budgeting involves:

1. Determining our own objectives and deciding what tasks we need to carry out.
2. Determining what the consumer's objectives are, and deciding what tasks we need to carry out to meet those objectives.
3. Finding out what the competitors' objectives are and deciding what tasks they will be carrying out.
4. Determining the marketing budget for promotional activities

Answer: Determining our own objectives and deciding what tasks we need to carry out

2. Which of the following is not a financial objective?

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

Answer: Customer loyalty

3. What is the 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

6. 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 a marketing plan?

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

Answer: Action plans

7. The ACME Company sets its marketing budget by estimating the market leaders 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

8. 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

9. Which of the following statements are not true of market challengers?

1. They carry out flanking activities.
2. They have a stake in the status quo.
3. They often direct their competitive activity at smaller firms.
4. They tend to use penetration-pricing strategies as a way of expanding their existing business.

Answer: They have a stake in the status quo.

10. Corporate strategy is:

1. The implementation of plans to achieve long-term aims
2. Decided by functional marketing strategy
3. The framework for functional marketing strategy
4. More specific and practical than marketing strategy
5. Reactive to short-term competitive activity

Answer: The implementation of plans to achieve long-term aims

Download Interview PDF

11. What is the statement of the organizations purpose?

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

Answer: Mission statement

12. 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

13. 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

14. 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

15. 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

16. 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

17. 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

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

19. 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

22. 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

23. 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

25. 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