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Marketing 311 Chapter 2 Questions and Correct Answers the Latest Update
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Marketing 311 Chapter 2 Questions and Correct Answers the Latest Update
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Marketing 311 Chapter 2 Questions
and Correct Answers the Latest
Update
Which of the following is true with regard to strategic planning?
A) At the corporate level, the company starts the strategic planning process by
determining
what portfolio of businesses and products is best for the company.
B) A strategic plan deals with a company's short-term goals.
C) The focus of strategic planning is to define a game plan for long-run survival
and growth.
D) The strategic plan is a statement of an organization's purpose.
E) Strategic planning involves identifying segments of consumers with identical
preferences.
✓ c
Which of the following is the first step in strategic planning?
A) setting short-term goals
B) developing the business portfolio
C) defining the organizational mission
D) formulating the key marketing strategies
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E) identifying the organization's weaknesses and the threats it faces
✓ c
Which of the following is NOT a step in the strategic planning process?
A) defining the company mission
B) setting company objectives and goals
C) designing the business portfolio
D) planning marketing and other functional strategies
E) evaluating members of the company's value chain
✓ e
A ________ documents an organization's purpose—what it wants to accomplish
in the larger
environment.
A) vision statement
B) mission statement
C) business portfolio
D) value proposition
E) product strategy
✓ b
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Mission statements should ________ and be defined in terms of ________.
A) be technology oriented; meeting the self-actualization needs of customers
B) be product oriented; satisfying the esteem needs of customers
C) embody the company's short-term plans; current opportunities
D) be market oriented; satisfying basic customer needs
E) address sales and profits; the net return on investments
✓ d
Which of the following is NOT a market-oriented business definition?
A) "We empower customers to realize their dreams."
B) "We make high-quality consumer food products."
C) "We sell success and status."
D) "We create the Hilton experience."
E) "We bring innovation to every home."
✓ b
Companies that define their missions in terms of products or technologies are
considered
myopic primarily because ________.
A) products and technologies result in low returns on investment
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B) consumer preferences with regard to products and technology are difficult to
predict
C) consumer preferences for different product categories vary from time to
time
D) products and technologies eventually become outdated
E) most consumers are not comfortable using sophisticated technology during
the buying
process
✓ d
Mission statements should be defined in terms of ________.
A) the advantages a company's products provide
B) satisfying basic customer needs
C) the value a company's products provide
D) the profitability of a company's products
E) the variety they offer to a customer
✓ b
A company's broad mission leads it to develop all of the following EXCEPT
________.
A) budget objectives
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