34 Questions
What is a company's mission statement?
A concise statement of the reasons for the company's existence
Why should a mission statement take a long-term view?
To only be changed when it ceases to be relevant
What do good mission statements stress?
The company's major policies and values
Why is it important for a mission statement to focus on a limited number of specific goals?
To clearly articulate ultimate goals more effectively
What is corporate culture?
The shared experiences, stories, beliefs and norms that characterize an organization
How can a customer-centric culture affect the organization?
It can affect all aspects of the organization
What are the characteristics of a specialized portfolio SBU?
It is a single business or a collection of related businesses
What is the rationale behind a diversified portfolio SBU?
To take advantage of growth opportunities in areas where the company has no presence
What does portfolio management focus on?
Opportunities presented by a particular industry or market and the company’s resources
What is the purpose of defining strategic business units?
To develop separate strategies and assign appropriate funding
How should corporate resources be allocated to each strategic business unit?
Based on their ability to take advantage of identified opportunities
What did Kraft do to allocate resources across business units?
They split into two businesses: Mondelez International and Kraft Foods
What determines the ability to take advantage of identified opportunities for portfolio management?
The attractiveness of the market in which it operates
What does a Strategic Business Unit (SBU) make up?
A company’s portfolio based on the diversity of individual SBUs
What is the main purpose of developing market offerings?
To create value for target customers, collaborators, and stakeholders
What is the primary role of marketing strategy in developing market offerings?
To choose the well-defined market where the company will compete
What are the two components incorporated in the marketing strategy?
Target market and value proposition
What are the Five Market Factors (Five Cs) that affect how a company develops and manages its offerings?
Customer needs, competitors, and context
What should the marketing mix do in relation to the company's strategy?
Shape everything from offering's benefits and costs to means by which target customers learn and buy them
What does the marketing strategy provide for a company's business model?
Guiding principles for tactical decisions
What aspect does portfolio management focus on?
Strategic business units (SBUs)
What is the role of collaborators in developing market offerings?
To help fulfill the customers' needs
What is affected by context in developing and managing offerings?
Offering's benefits and costs
What does marketing strategy serve as for a company?
Guiding principles for tactical decisions
What is one of the key principles determining the choice of target customers?
The company and collaborators' ability to create superior value relative to the competition
Which of the following is an example of a collaborator according to the text?
Suppliers, manufacturers, and distributors
What do competitors aim to fulfill?
The same needs of the customers targeted by the company
What is the main role of the company according to the text?
To manage market offerings and develop superior value
What does the sociocultural context include?
Social and demographic trends, value, religion, and lifestyle
Which factor does the technological context cover?
New techniques, skills, and methods for developing market offerings
What does the regulatory context include?
Taxes, import tariffs, and embargoes
What is the physical context related to according to the text?
Natural resources, geography location, topography, climate trends
What determines the choice of target customers according to the text?
Collaborators' ability to create superior value relative to competition
What are collaborators according to the text?
Suppliers, manufacturers, distributors (dealers, wholesalers, retailers), r&d entities
This quiz covers the process of defining a corporate mission and how it can adapt to changing market conditions. It discusses the significance of a clear and enduring mission statement in providing direction and purpose for an organization.
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