MARKETING 311 Chapter 2 Latest Update

MARKETING 311 Chapter 2
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