Company-Wide Strategic Planning Quiz

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What is the first step in company-wide strategic planning?

Setting objectives and goals

Defining the company’s mission (correct)

Developing functional plans

Designing a business portfolio

What should the company’s mission be according to the text?

Broad, generic, and adaptable

Vague and ambiguous

Market oriented, realistic, specific, motivating, and consistent with the market environment (correct)

Focused solely on short-term gains

What guides decisions about the business portfolio?

Industry norms

Current market trends

Supporting goals and objectives (correct)

Competitor strategies

What does management plan based on the company’s mission statement and objectives?

Business portfolio Signup and view all the answers

What does the company analyze and adjust in order to fit its strengths and weaknesses to opportunities in the environment?

Current business portfolio Signup and view all the answers

What does the company develop for adjusting the future portfolio?

Growth and downsizing strategies Signup and view all the answers

What does strategic planning set the stage for?

The rest of the company’s planning Signup and view all the answers

What contributes to strategic planning according to the text?

Marketing Signup and view all the answers

What involves developing a strategy for long-run survival and growth?

Strategic planning Signup and view all the answers

What must each business and product unit develop in line with the company-wide plan?

Detailed marketing plans Signup and view all the answers

What does the company want to produce that best fits its strengths and weaknesses to opportunities in the environment?

Business portfolio Signup and view all the answers

What might the company use for analyzing and adjusting its business portfolio?

A formal portfolio-planning method Signup and view all the answers

What is the main role of marketing in the company’s strategic planning?

Providing a marketing concept philosophy and inputs regarding attractive market opportunities Signup and view all the answers

What is the focus of the marketing mix in a customer value-driven marketing strategy?

Product, price, place, and promotion decisions Signup and view all the answers

What is the main component of a marketing plan that helps articulate and implement the marketing strategy?

Marketing strategies Signup and view all the answers

What is the primary focus of marketing organizations in this age of customer relationships?

Customer relationship management Signup and view all the answers

What is the top marketing concern in a tighter economy according to the text?

Marketing accountability Signup and view all the answers

What is the key input into strategic decision making for marketing managers?

Customer-centered measures of marketing impact Signup and view all the answers

What is the purpose of market segmentation in a customer value-driven marketing strategy?

To divide the total market into smaller segments Signup and view all the answers

What is the focus of marketing analysis, planning, implementation, and control for a company?

To find the best strategy and supporting marketing mix Signup and view all the answers

What is the main emphasis of marketing departments in this age of customer relationships?

Marketing control Signup and view all the answers

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 Signup and view all the answers

What is the main emphasis of marketing managers in a tighter economy?

Ensuring that marketing dollars are being well spent Signup and view all the answers

What is the primary concern of marketers in this age of customer relationships?

Using customer-centered measures of marketing impact Signup and view all the answers