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Marketing Audit and Resource Based Strategy
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Marketing Audit and Resource Based Strategy
Marketing Audit and Resource Based Strategy
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1
Question
What is the purpose of auditing the marketing environment?
Answer
To gather accurate data and support strategic decisions.
2
Question
Why is comprehensive research important in marketing planning?
Answer
Identifies opportunities, threats, market dynamics, and competitive landscape.
3
Question
How does regular auditing affect a business's responsiveness?
Answer
Keeps it agile and able to adapt to changes.
4
Question
What foundational role does data collection play in marketing planning?
Answer
Forms a rigorous basis for sound decisions.
5
Question
What are the two broad data sources in a marketing audit?
Answer
Primary data and secondary data.
6
Question
What characterizes primary data?
Answer
Gathers data specifically for the audit/problem at hand.
7
Question
Where can primary data originate?
Answer
From inside or outside the organisation, often customers and market.
8
Question
What defines secondary data in marketing research?
Answer
Data that already exists and was gathered for another purpose.
9
Question
What is a key advantage of secondary data?
Answer
Easier, quicker, cheaper to access.
10
Question
What is a common purpose of desk research in marketing auditing?
Answer
To analyze existing information about the market.
11
Question
What is the role of bespoke primary research?
Answer
Gather tailored data specific to the audit.
12
Question
What is meant by “syndicated and shared research”?
Answer
Widely available research from external providers.
13
Question
What is the purpose of marketing intelligence scanning?
Answer
Stay aware of market changes and trends.
14
Question
Why should external sources be included in intelligence scanning?
Answer
To broaden perspective and identify future opportunities.
15
Question
Why is it important to scan the internal environment as well?
Answer
To assess performance and resource capability.
16
Question
What does validity of data imply?
Answer
Data accurately measures what it intends to measure.
17
Question
What is a marketing audit supposed to support?
Answer
Strategic marketing decision-making.
18
Question
What is the role of external market insights in auditing?
Answer
Identify opportunities and threats beyond internal data.
19
Question
What does it mean to stay agile in marketing strategy?
Answer
Able to respond quickly to market changes.
20
Question
How does industry benchmarking contribute to auditing?
Answer
Provides context to assess performance and practices.
21
Question
What is the relationship between market dynamics and competitive landscape?
Answer
Market dynamics shape competition; understanding both informs strategy.
22
Question
What is a sustainable competitive advantage in this context?
Answer
Ability to maintain superior performance over time.
23
Question
What is the primary value of customer behaviour data?
Answer
Informs strategic decisions with real-world actions.
24
Question
What is the key difference between scenario planning and traditional forecasting?
Answer
Scenario planning explores multiple plausible futures, not one forecast.
25
Question
What is implied by ‘internal beliefs’ in organisations?
Answer
Shared values, norms, and assumptions guiding behaviour
26
Question
What is the relationship between leadership style and culture formation?
Answer
Leaders shape culture through values and practices
27
Question
Which orientation preceded the market orientation historically in the text?
Answer
Product and then production orientation
28
Question
What is a core competency in strategic management?
Answer
A capability the firm does well, enabling competitive advantage.
29
Question
According to Prahalad and Hamel (1990), what are the three tests for a core competency?
Answer
Provides potential, customer benefits, difficult to imitate.
30
Question
What does the resource-based view (RBV) view as the company?
Answer
A bundle of resources and capabilities.