Business Enterprise Simulation: Marketing Objectives
28 Questions
0 Views

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

What is the primary purpose of a plan in an organizational context?

  • To develop a company-wide strategic mission
  • To create a contingency response to unexpected events
  • To provide a sense of direction and purpose for the team's efforts (correct)
  • To establish a department's daily tasks

    • What type of plan would provide guidance on how to respond to unexpected events?

  • Strategic plan
  • Operational plan
  • Business plan
  • Contingency plan (correct)

    • What is the first step in developing an operational plan?

  • Acquire necessary information
  • Establish a department's daily tasks
  • Develop a concept of business operation (correct)
  • Define the challenges

    • What is the primary benefit of having an entire department buy-in to an operational plan?

    <p>It increases the effectiveness of operational plans</p> Signup and view all the answers

    What is the primary focus of a business plan?

    <p>Major activities for the next 3-5 years</p> Signup and view all the answers

    What is a key benefit of operational planning?

    <p>It provides real-time visibility into a business's bottom line</p> Signup and view all the answers

    What is the first step in developing an operational plan?

    <p>Visualize the operational plan</p> Signup and view all the answers

    What type of indicators should be used in an operational plan?

    <p>Only leading indicators</p> Signup and view all the answers

    Why should key performance indicators (KPIs) not be developed in a vacuum?

    <p>Because they might not consider input from all stakeholders</p> Signup and view all the answers

    What is the purpose of an operational plan?

    <p>To allocate funds, resources, and staff</p> Signup and view all the answers

    How often should an operational plan be developed?

    <p>Every 1-3 years</p> Signup and view all the answers

    What is the primary purpose of setting KPIs in an operational plan?

    <p>To guide the work of everyone involved in the plan</p> Signup and view all the answers

    Who is responsible for executing the strategic plan?

    <p>Top-level management</p> Signup and view all the answers

    What is the primary benefit of using project planning software in an operational plan?

    <p>It enables dynamic planning and adjustment</p> Signup and view all the answers

    What is the recommended approach to setting KPIs in a small team?

    <p>Hold an annual planning session to collaborate on KPIs</p> Signup and view all the answers

    What is the primary source of budget for an operational plan?

    <p>Yearly budget of the department</p> Signup and view all the answers

    What is the primary purpose of a Product or Service Description in a marketing study?

    <p>To describe the use or quality standards of the product or service</p> Signup and view all the answers

    What are the characteristics of a service according to Mendiola, Tanchingco, and Agustin (2017)?

    <p>Intangible and variability</p> Signup and view all the answers

    What is the term used to describe the study of demographics, lifestyle, behavior, occasion, and usage in market segmentation?

    <p>Psychographics</p> Signup and view all the answers

    What is the primary focus of the target market identification section in a marketing research?

    <p>Identifying the target market for a product or service</p> Signup and view all the answers

    What is the purpose of guidelines for the conduct of research in a marketing study?

    <p>To ensure the research is conducted in a systematic and organized manner</p> Signup and view all the answers

    What is the characteristic of a product according to Mendiola, Tanchingco, and Agustin (2017)?

    <p>Tangible and observed by senses</p> Signup and view all the answers

    What is the main difference between a private sector organization and a public sector organization?

    <p>Profit motive</p> Signup and view all the answers

    What is the primary purpose of operational goals and objectives?

    <p>To clarify the purpose of the operational plan</p> Signup and view all the answers

    What is the characteristic of a well-defined task?

    <p>It is clearly defined and has a specific objective</p> Signup and view all the answers

    What is the primary benefit of using a Gantt chart?

    <p>It provides a visual representation of the work plan</p> Signup and view all the answers

    What is the purpose of a human resource capability matrix?

    <p>To identify the best people to perform the activities</p> Signup and view all the answers

    What is the primary purpose of Key Performance Indicators (KPIs)?

    <p>To define and measure progress toward organizational goals and objectives</p> Signup and view all the answers

    More Like This

    Mastering Marketing
    37 questions

    Mastering Marketing

    CleanerGrossular1723 avatar
    CleanerGrossular1723
    Market Segmentation: Customer-Driven Marketing Strategy Quiz
    34 questions

    Market Segmentation: Customer-Driven Marketing Strategy Quiz

    ProductiveParable avatar
    ProductiveParable
    Market Identification Objectives Quiz
    18 questions

    Market Identification Objectives Quiz

    TopQualityPlatinum avatar
    TopQualityPlatinum
    Market Segmentation and Marketing Strategies Quiz
    12 questions

    Market Segmentation and Marketing Strategies Quiz

    HandierJasmine avatar
    HandierJasmine
    Use Quizgecko on...
    Browser
    Open
    Browser
    Browser