Cmo 4860 Week 1 Study Questions
MKTG 4860 - MARKETING STRATEGY (Spring 2015) - Dr. Alhassan G. Mumuni
EXAM 1 STUDY GUIDE
NOTES:
The exam will consist of about 40 or 50 multiple choice questions.
The exam material is Chapters 1-4; chapter 5 has been moved to the next exam
Chapter 1
1. Know the roles and responsibilities of a CMO and how they differ from those of a traditional marketing manager
a. CMO – Chief marketing officer – Implement and manage marketing budget, reduce costs, prepare the overall marketing strategy, increase revenue, facilitate growth, sales and marketing strategies.
2. Know the components of a business definition
a. A definition of the company from the customer or market perspective
3. Know the components of a business mission
a. A businesses mission …show more content…
Operational Goals – Determined at the lowest level of the firm and apply to individual employees or subdivisions in the company.
5. Organizational growth opportunities – what the concept means and what are its components
a. Environmental opportunities – what they are and how they differ from organizational growth opportunities:
i. Unmet or changing customer needs ii. Unsatisfied buyer groups iii. New means or technology for delivering value to prospective buyers
b. Distinctive competencies – their characteristics and importance
i. An organization’s unique strengths or qualities (skills, technology, resources) that make it different than other organizations
c. Industry success requirements – what they are
i. Basic tasks a company needs to perform in order to successfully compete in an industry or market segment. ii. If what must be done is inconsistent with what can be done, an organizational growth opportunity will fail to materialize.
6. SWOT analysis – what it means, what it is used for, and things to consider when evaluating each of the SWOT components
a. Strengths – Weaknesses – Opportunities – Threats
b. Formal framework for identifying organizational growth opportunities
7. Product-market …show more content…
Uncovering unsatisfied needs
b. Opportunity-organization matching
i. Determines whether an identified opportunity is consistent with the organization’s business ii. Analysis of the SWOT analysis
c. Opportunity evaluation – pay attention to the factors to consider in the two types of evaluation, i.e., qualitative and quantitative evaluation
i. Qualitative - Focuses on the capitalization of a market niche ii. Quantitative - Yields estimate of market sales potential
2. Market structure and market share assessment
a. Know the concept of a “market” as defined in terms of prospective buyers
i.
b. Know your textbook’s concept of “minimarkets” and how this describes the structure of a market
c. Know the concept of “market share” and how its value depends on the specific “market” under consideration.
i.
3. Estimating market size/potential - Know the following market size estimation methods
a. Heuristic method
i.
b. Chain ratio method
i.
4. Sales forecasting
a. Know the difference between sales forecasting and market size estimation
i. The level of sales a single organization expects to achieve based on a chosen market strategy
b. Know how the chain ratio method can be applied to market size
EXAM 1 STUDY GUIDE
NOTES:
The exam will consist of about 40 or 50 multiple choice questions.
The exam material is Chapters 1-4; chapter 5 has been moved to the next exam
Chapter 1
1. Know the roles and responsibilities of a CMO and how they differ from those of a traditional marketing manager
a. CMO – Chief marketing officer – Implement and manage marketing budget, reduce costs, prepare the overall marketing strategy, increase revenue, facilitate growth, sales and marketing strategies.
2. Know the components of a business definition
a. A definition of the company from the customer or market perspective
3. Know the components of a business mission
a. A businesses mission …show more content…
Operational Goals – Determined at the lowest level of the firm and apply to individual employees or subdivisions in the company.
5. Organizational growth opportunities – what the concept means and what are its components
a. Environmental opportunities – what they are and how they differ from organizational growth opportunities:
i. Unmet or changing customer needs ii. Unsatisfied buyer groups iii. New means or technology for delivering value to prospective buyers
b. Distinctive competencies – their characteristics and importance
i. An organization’s unique strengths or qualities (skills, technology, resources) that make it different than other organizations
c. Industry success requirements – what they are
i. Basic tasks a company needs to perform in order to successfully compete in an industry or market segment. ii. If what must be done is inconsistent with what can be done, an organizational growth opportunity will fail to materialize.
6. SWOT analysis – what it means, what it is used for, and things to consider when evaluating each of the SWOT components
a. Strengths – Weaknesses – Opportunities – Threats
b. Formal framework for identifying organizational growth opportunities
7. Product-market …show more content…
Uncovering unsatisfied needs
b. Opportunity-organization matching
i. Determines whether an identified opportunity is consistent with the organization’s business ii. Analysis of the SWOT analysis
c. Opportunity evaluation – pay attention to the factors to consider in the two types of evaluation, i.e., qualitative and quantitative evaluation
i. Qualitative - Focuses on the capitalization of a market niche ii. Quantitative - Yields estimate of market sales potential
2. Market structure and market share assessment
a. Know the concept of a “market” as defined in terms of prospective buyers
i.
b. Know your textbook’s concept of “minimarkets” and how this describes the structure of a market
c. Know the concept of “market share” and how its value depends on the specific “market” under consideration.
i.
3. Estimating market size/potential - Know the following market size estimation methods
a. Heuristic method
i.
b. Chain ratio method
i.
4. Sales forecasting
a. Know the difference between sales forecasting and market size estimation
i. The level of sales a single organization expects to achieve based on a chosen market strategy
b. Know how the chain ratio method can be applied to market size