Marketing Strategy Interview Questions & Answers

  1. Question 1. The Objective And Task Method Of Budgeting Involves

    Answer :

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

  2. Question 2. Which Is Not A Financial Objective?

    Answer :

    Customer loyalty

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  4. Question 3. What Is The Difference Between Strategy And Tactics?

    Answer :

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

  5. Question 4. Marketing Planning Occurs At Which Company Levels?

    Answer :

    The product level, The market level and The business-unit level

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  7. Question 5. Acme Company Sets Its Advertising Budget By Only Spending Up To The Point Where Any Further Spending Would Not Generate Enough Extra Business To Justify The Outlay. What Approach Is It Using To Setting The Budget?

    Answer :

    Marginal approach

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  9. Question 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?

    Answer :

    Action plans

  10. Question 7. The Acme Company Sets Its Marketing Budget By Estimating The Market Leaders Marketing Spends. This Approach To Setting A Budget Is Called

    Answer :

    Comparative parity method

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    Strategic Brand Management Interview Questions

  12. Question 8. West Coast Fish Have No Formal Organization For Marketing. Where This Would Be Stated In Its Marketing Plan?

    Answer :

    SWOT Analysis

  13. Question 9. Which Statements Are Not True Of Market Challengers?

    Answer :

    They have a stake in the status quo

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  15. Question 10. Corporate Strategy Is?

    Answer :

    The implementation of plans to achieve long-term aims

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  17. Question 11. What Is The Statement Of The Organizations Purpose?

    Answer :

    Mission statement

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  19. Question 12. Introducing New Products To Existing Markets Is An Example Of ______?

    Answer :

    Horizontal diversification

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  21. Question 13. When A Company Acquires A Supplier Through An Acquisition Strategy, This Is Referred To As?

    Answer :

    Forward integration

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  23. Question 14. What Is The Marketing Audit?

    Answer :

    A ‘snapshot’ of the firm current marketing activities

  24. Question 15. Which Is Not A Category Of Costs?

    Answer :

    Competitive costs

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  26. Question 16. What Drives The Marketing Strategies Of An Organization?

    Answer :

    The corporate strategy of the organization

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  28. Question 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?

    Answer :

    Short-term profit vs. long-term growth

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  30. Question 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?

    Answer :

    Expand the total market

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  32. Question 19. The Ford Motor Company Reduced Its Costs By Finding A Cheaper Supplier Of Tyres For Its Cars. This Is An Example Of?

    Answer :

    Reducing variable costs

  33. Question 20. The No.2 Company Challenges No.1 Company, The Market Leader, By Concentrating On Providing Better Customer Services, Which It Believes To Be One Of No.1s Weaknesses. What Type Of Competitive Strategy Is It Using?

    Answer :

    Flanking attack

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  35. Question 21. When Sainsburys Supermarket Launched Their Own Brand Of Classic Cola, What Kind Of Market Follower Strategy Were They Using?

    Answer :

    Imitator

  36. Question 22. Goldman Sachs Provides Financial Information And News To Professionals. What Kind Of Niche Strategy Is This?

    Answer :

    End-use specialist

  37. Question 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?

    Answer :

    Market penetration

  38. Question 24. Vestas Wind Systems Has A 24% Share Of The World Market For Wind Energy Turbines. It Has Entered Markets In Germany, Spain, Japan, Usa And China. The Growth Strategy They Are Using Is:

    Answer :

    Market development

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  40. Question 25. Ryanair States That It Intends To Break Its (lufthansa’s) Monopoly On The German Market. Where Would This Statement Appear In A Ryanair Marketing Plan?

    Answer :

    Objectives

  41. Question 26. The Marginal Method Of Sales Forecasting Involves?

    Answer :

    Determining the point at which further expenditure will not be justified by increased sales.
    Determining the point at which we will be spending more than our competitors.

  42. Question 27. American Express Is Creating New Products In Mobile Communications, Travel Products And Health Care. What Kind Of Diversification Strategy Are They Using?

    Answer :

    Conglomerate diversification

  43. Brand Management Interview Questions

  44. Question 28. John Lusty Is An Intermediary Providing A Channel To Supermarkets And Caterers For Overseas Producers. What Kind Of Export Strategy Are They Facilitating For The Overseas Producers?

    Answer :

    Indirect exporting

  45. Question 29. Hormel Foods Corporation In The Usa Allows The Danish Company Tulip International To Produce And Market Spam For The Uk Market Under Its Own Name. What Kind Of Market Entry Strategy Is Hormel Using?

    Answer :

    Franchising

  46. Question 30. The Us Company Hilton Hotels Only Operates And Markets The 163-bed Luxury Hilton London Green Park Hotel. The Building Is Owned And Maintained By London And Regional Properties. What Kind Of Market Entry Strategy Are They Using Here?

    Answer :

    Contracting

  47. Question 31. What Part Of A Marketing Plan Could This Statement Have Come From?

    Answer :

    Marketing audit

  48. Question 32. When Conducting The Marketing Audit And Portfolio Analysis, Which Models Are Used To Gain Greater Insight Into The Critical Issues That Could Affect The Business?

    Answer :

    off Model, General Electric Model, Boston Consulting Group Model and Porter’s Five Forces Model

  49. Question 33. The Boston Consulting Group Model Indicates ?

    Answer :

    Market growth and share of market against largest competitor

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  51. Question 34. There Are Various Methods Of Determining Marketing Promotional Budgets. Which Statements Reflect The Shortfalls Or Disadvantages In The Percentage Of Sales Forecasting Method?

    Answer :

    Is based on the false premise that sales cause promotion, rather than promotion causing sales

  52. Question 35. In The Marginal Costing Approach To Promotional Budgeting, The Marketer Only Spends Up To The Point Where Any Further Spending Would Not Generate Enough Extra Business To Justify The Outlay. Which Statements Reflects The Advantages Of This Method?

    Answer :

    This method would maximize profits since no excess spending would result

  53. Question 36. Why Is Branding Crucial For The Company?

    Answer :

    Branding is required by the company to sell the products and services to the market. It is very important factor to stay in competition. It brings the competitive edge as well as value proposition in the market and allows the company to grow more. The brand allows the customer to have trust on you and the brands that are unique catches the eye of the customers. This represents the valuable time that customer put to have something on your store. The brand generates the revenue for the company and makes the company stand in the market alone.

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  55. Question 37. What Is The Best Neutral Case In Strategic Marketing?

    Answer :

    The best natural case is associated with the strategic marketing and depends on the customer’s prospects and what the company is delivering to them. The customers in this case have the best consistent view and impression of the product of the company. This is the case where you give the product to the customer and customer consumes it. It allows you to close the deal more quickly because of the prospects which you have is clearly conveying your views and ideas. This is the way you can ask the customers to trust you and pay you for the services which you are providing to them.

  56. Question 38. What Is The Worst Case Scenario In Strategic Marketing?

    Answer :

    The worst case scenario explains the brand strategy that you follow. It shows the communication with the customers when the company doesn’t have anything to show and provide them. The customers can’t be convinced as at this stage the company doesn’t have anything to show to them and there is no brand strategy that exists. To compete with the best companies around the brand strategy need to be strong and it should have very close prospective customers. In this case the profits gained from the customers are very less due to the fact that there is no proper marketing of that particular product.

  57. Question 39. What Are The Strategies Required To Attract Customers?

    Answer :

    The strategies required by the businesses to attract more customers are as follows:

    • Developing of the brand strategy with some benefits that needs to be provided with the product
    • Listing all the features and benefits for the products and the services that are associated with it.
    • Convincing customers for the product by providing them features and a comparison between all the other businesses similar to yours.
    • Showing them the benefits that will attract a larger party.
    • Identifying their needs and making emotional attachments with them to sell your products to them.
    • Building strategies to tap the emotions of the customers and show them the best in your product.
  58. Question 40. What Are The Distribution Channels That Exist While Marketing The Product?

    Answer :

    Distribution Channels are the pathways that allow the companies to sell their products and services to the larger range of customers or to end-users. There are different channels that exist from single to multiple and these can include the following:

    • Direct/sales team: this is the team that gets employed and they can be specialized in either one or many different products according to the customer’s requirements.
    • Direct/internet: This is the direct selling through the internet after setting up your own store online.
    • Wholesaler/distributor: Company buying the products in bulk and reselling them to the retailers at smaller volumes.
    • Consultant: allows the relationship to develop with companies and they provide the services that are advanced. They can influence the customer to buy the product.
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  60. Question 41. What Is The Relationship In Direct To End Users?

    Answer :

    Direct to end users signifies that the services and the products will be available directly, on demand to the end user. The sales team of the company always talks to the customers and try to convince them to buy the product from the company directly. This direct to end user doesn’t involve in any sale instead the product is being sold by the company directly to the consumers by having an online store. This can be done by having several marketing campaigns regarding the company’s product and various distribution channels to distribute the strategy. The campaigns can be put up on different websites or on those websites that like to promote by taking some profit in it.

  61. Question 42. What Can Be Done To Sell A Product Through A Var (value Added Reseller) Dealer Network?

    Answer :

    The selling of the product can be done by selling it directly to the company that comes in geographical network of the dealer. The dealer bundles the product with the service that is being offered with it and sell it to the end user. The end user has the option now to re-sell the product again. The dealer that service the company is known as the value added product. This product has the value added of the reseller of the product. The dealers are the customers that are buying your product. The support that is given to run their marketing campaigns and materials will also be helpful in increasing the sales.

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  63. Question 43. What Are The Steps Required To Have A Good Distribution Program?

    Answer :

    Good distribution program focuses on the end user needs and to create such a program following steps need to be followed:

    • Find the services that are required by the user and can be utilized on a local dealer network
    • Find the reseller program that provide those services and can be used to customize the options by the user.
    • Allow the user to have various options to create his customization like providing e-commerce website to fulfill the rising demand of the customers. Allow users to sell directly their product by having an easy option for customization.
    • Building a plan to have a specialized team to look after the requirement of the customers and close the deals according to the communication with the deals directly.
    • Understanding the need and delivering it according to the market programs to maximize the profit and the revenue.

     

  64. Question 44. What Is The Best Case In Generating The Revenue By Using Good Distribution Program?

    Answer :

    When one or more distribution channels are used then the revenue will also grow quickly if the requirement of the customer is met and the user will be attracted to the services that are being provided by your business. This way more end users can be reached to share the information regarding the services and their needs online. If the customers are reached through wholesalers, other channel partners then the product can be marketed to more people, this way more revenue can be generated and the program can be marketed to more customers.

  65. Question 45. What Are The Distribution Strategies To Be Adopted To Deliver The Services?

    Answer :

    The distribution strategy is the main part of the marketing where the product needs to be delivered to the customers and the right services need to be provided for the growth of customer’s market. The end users that require information about the company and the product are the best match and they can be dealt directly through a sales force.

    A channel can be built of qualified resellers and consultants to provide convincing prices for the market by seeing the size of the market the customer wants to set up.

    The sell can be direct if the buying process will be known and the customer’s needs are known in the field of wholesale/retail structure.

  66. Question 46. What Is The Purpose Of Building A Channel?

    Answer :

    Building a channel is a great way to allow the customers to have trust on you and your services that is being provided with the product. The building of a channel includes having one or more partners involved in a business and selling the product as a collaborative entity. This approach is good for small markets and the goal is to provide services and reports to the customers to convince them to buy the products.

    Building a channel also allows the meeting of the larger goal to be simpler and can be achieved in very less time. This doesn’t require much of the training and promotions of the events can be supported very easily. This also allows in increment of the sales and attracting more customers.

  67. Question 47. What Are Minimizing Price Conflicts In Strategic Marketing?

    Answer :

    Minimize price conflicts is used in multiple channels where the price at each step is mapped out from the customers channel and include a fair profit for all the people who are involved in this. The comparison of the prices is being done that the end user has to pay. Users will have many partners to choose from to buy at the lowest possible price. This sometimes becomes the concern for many partners who are involved in buying and selling of their own product or in the same market as others. This conflict which is also known as pricing conflict and it is common in marketing, but it can destroy your strategy of selling the product.

  68. Question 48. Describe The “4 Ps” In Marketing Related To Pricing?

    Answer :

    Price in marketing includes the 4 Ps that is product, price, place, and promotion. The marketers in the company never get involved directly with the pricing. This pricing is having many short and long term factors. These factors are as follows:

    • Reflecting the price to the competitors and considering the pay for the offering of the customer.
    • Enabling the revenue and market shares to reach out to the customers.
    • Maximizing the profits and providing the services that is offered by your business only.
    • Making a stronger strategy to bring more users by giving them competitive analysis
  69. Question 49. What Are Ways In Which Revenues And Profits Can Be Maximized?

    Answer :

    There are three different ways in which the revenues and the profits can be maximized by changing the price strategy which the companies are having. The ways or strategies are as follows:

    • HIGHEST PRICE: companies tend to reduce the hourly rate to gain more clients.
    • Companies tend to hire more consultants for the company’s strategy.
    • AVERAGE PRICE: companies charges a premium price for a product or the product that doesn’t have income generating features. Small prices are set to increase the revenues and profit for a product and overall for a company.
    • LOWEST PRICE: this is being done when the market of the product is very down and customers are very less for the business. The company fails to maintain operational efficiency and cost.