Growth Market Activities Quiz

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What is the key purpose of developing a high-level budget and timeline as part of strategic planning?

To determine the key big-picture goals for each category
To illustrate the firm's financial commitments to specific initiatives and the sequence and timing (correct)
To choose which markets are active, growth, and reactive
To further develop the basic design concepts of the firm

What is the purpose of Synthesize Direction in the strategic planning process?

To choose which markets are active, growth, and reactive
To illustrate the firm's financial commitments to specific initiatives
To further develop the basic design concepts of the firm (correct)
To determine the key big-picture goals for each category

What is the primary goal for a firm in an active market?

To maintain an established and significant market share (correct)
To choose which markets are active, growth, and reactive
To further develop the basic design concepts of the firm
To significantly increase the firm's market share

What is the primary goal for a firm in a growth market?

To significantly increase the firm's market share, with significant opportunity to gain new clients and/or projects, while staying consistent with the MVV (B) Signup and view all the answers

Which of the following is NOT a key activity for maintaining an active market?

Developing new product lines to diversify the firm's offerings (C) Signup and view all the answers

Which of the following is a key consideration when choosing which markets to focus on as part of strategic planning?

Whether the market is active, growth, or reactive (C) Signup and view all the answers

Which of the following is NOT included in growth market activities?

Accepting higher profits to invest in growing internal skills (B) Signup and view all the answers

What is the purpose of choosing reactive markets?

To consider opportunities only if there is no opportunity lost elsewhere (C) Signup and view all the answers

What is the 'Declare Soul' component of a strategic plan?

The firm's inspiration and essence, including its mission, vision and values (A) Signup and view all the answers

Which of the following is a characteristic of growth markets?

Growing internal skills specific to the market's challenges (B) Signup and view all the answers

What is the purpose of aggressively marketing in a growth market?

To gain a competitive advantage (C) Signup and view all the answers

Which activity is associated with reactive markets, but NOT growth markets?

Rigorous evaluation of opportunities (A) Signup and view all the answers

What is one of the primary objectives of the 'Analyze Opportunity' step in strategic planning?

All of the above. (D) Signup and view all the answers

Which of the following is NOT one of the analyses suggested to consider during the 'Analyze Opportunity' step?

Determining the firm's pricing strategy for different markets or services. (B) Signup and view all the answers

Which of the following is an example of a 'possibility' that may be considered during the 'Analyze Opportunity' step?

Leveraging a new hire's experience to enter the hotel design market. (C) Signup and view all the answers

What is the purpose of the 'Synthesize Direction' step in strategic planning?

To choose the key focuses and priorities that will drive the firm's strategy. (B) Signup and view all the answers

Which of the following statements is TRUE based on the information provided in the text?

The firm's choices during the 'Synthesize Direction' step should be limited by its available resources. (D) Signup and view all the answers

Based on the information provided, which of the following would be considered an 'obstruction' during the 'Analyze Opportunity' step?

The emergence of a new competitor in the firm's market. (C) Signup and view all the answers