24 Questions
What is the first step in company-wide strategic planning?
Defining the company’s mission
What should the company’s mission be according to the text?
Market oriented, realistic, specific, motivating, and consistent with the market environment
What guides decisions about the business portfolio?
Supporting goals and objectives
What does management plan based on the company’s mission statement and objectives?
Business portfolio
What does the company analyze and adjust in order to fit its strengths and weaknesses to opportunities in the environment?
Current business portfolio
What does the company develop for adjusting the future portfolio?
Growth and downsizing strategies
What does strategic planning set the stage for?
The rest of the company’s planning
What contributes to strategic planning according to the text?
Marketing
What involves developing a strategy for long-run survival and growth?
Strategic planning
What must each business and product unit develop in line with the company-wide plan?
Detailed marketing plans
What does the company want to produce that best fits its strengths and weaknesses to opportunities in the environment?
Business portfolio
What might the company use for analyzing and adjusting its business portfolio?
A formal portfolio-planning method
What is the main role of marketing in the company’s strategic planning?
Providing a marketing concept philosophy and inputs regarding attractive market opportunities
What is the focus of the marketing mix in a customer value-driven marketing strategy?
Product, price, place, and promotion decisions
What is the main component of a marketing plan that helps articulate and implement the marketing strategy?
Marketing strategies
What is the primary focus of marketing organizations in this age of customer relationships?
Customer relationship management
What is the top marketing concern in a tighter economy according to the text?
Marketing accountability
What is the key input into strategic decision making for marketing managers?
Customer-centered measures of marketing impact
What is the purpose of market segmentation in a customer value-driven marketing strategy?
To divide the total market into smaller segments
What is the focus of marketing analysis, planning, implementation, and control for a company?
To find the best strategy and supporting marketing mix
What is the main emphasis of marketing departments in this age of customer relationships?
Marketing control
What is the primary focus of marketing departments in response to growing pressures in a tighter economy?
Developing better measures of marketing return on investment
What is the main emphasis of marketing managers in a tighter economy?
Ensuring that marketing dollars are being well spent
What is the primary concern of marketers in this age of customer relationships?
Using customer-centered measures of marketing impact
Test your understanding of company-wide strategic planning with this quiz. Explore the four essential steps involved in strategic planning, and learn how marketing contributes to and is defined by the overall strategic plan. Sharpen your knowledge of developing long-term survival and growth strategies for a company.
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