MARKETING 311 Chapter 2 | Questions and Answers (Complete Solutions)
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Course
Mkt 311
Institution
Mkt 311
MARKETING 311 Chapter 2 | Questions and Answers (Complete Solutions) 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) ...
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.
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
E) identifying the organization's weaknesses and the threats it faces
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
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
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
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."
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
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
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
A company's broad mission leads it to develop all of the following EXCEPT ________.
A) budget objectives
B) business objectives
C) sales objectives
D) marketing objectives
E) customer engagement objectives
Mission statements should be ________.
A) meaningful and specific yet motivating
B) technology oriented
C) written solely for public relations purposes
D) focused on increasing sales or profits
E) strictly product oriented
, A company's broad mission leads to ________.
A) increasing profits and more customers
B) increasing sales and decreasing costs
C) a higher share price
D) a hierarchy of objectives, including business objective and marketing objectives
E) increased market share and increasing profitability
The purpose of strategic planning is to find ways in which your company can best use
its strengths to take advantage of attractive opportunities in the environment.
True
A company's mission statement provides the depth needed for all segments of the
company to reach their goals.
False
A clear mission statement acts as an "invisible hand" that guides people in the
organization.
True
Mission statements should be market oriented.
True
The collection of businesses and products that make up a company is called its
________.
A) strategic business unit
B) supply chain
C) strategic plan
D) business portfolio
E) internal value chain
Which of the following is the first step of business portfolio planning?
A) shaping the future portfolio by developing strategies for growth and downsizing
B) determining which businesses should receive more, less, or no investment
C) identifying internal strengths and weaknesses
D) identifying future opportunities
E) determining short-term goals
The major activity in strategic planning is ________, whereby management evaluates
the products and businesses that make up the company.
A) SWOT analysis
B) benchmarking
C) business portfolio analysis
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