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Questions and Answers
Which of the following provides answers to questions about the business, customers, and their values?
What is a series of departments that carry out value-creating activities to design, produce, market, deliver, and support a firm’s products?
Which of the following is a useful tool for identifying growth opportunities?
Making more sales to current customers without changing a firm's products is known as ________.
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A common practice among marketers to identify and develop new markets for existing products is known as ________.
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When a firm develops and maintains a strategic fit between its goals and capabilities, it is performing?
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Increase market share is a/an ….
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Which of the following is the first step in strategic planning?
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...is a major activity in strategic planning whereby management evaluates the products and businesses that make up the company.
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Build profitable customer relationship is a/an ….
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Study Notes
Business Insights
- Market research provides answers to questions regarding a business's customers and their values.
- Understanding customer needs and preferences is crucial for tailoring products and services.
Value-Chain Activities
- A value chain consists of various departments responsible for activities that create value, including design, production, marketing, delivery, and support.
Growth Opportunities
- Tools such as SWOT analysis or market segmentation help identify potential growth opportunities for a business.
Sales Strategy
- Making more sales to current customers without altering products is known as market penetration.
Market Development
- Identifying and targeting new markets for existing products is referred to as market development.
Strategic Fit
- Achieving a strategic fit between a firm’s goals and capabilities is part of strategic management processes.
Market Share
- Increasing market share is considered a growth strategy that aims to expand a company's footprint in its industry.
Strategic Planning Process
- The first step in strategic planning typically involves setting specific, measurable organizational goals.
Portfolio Analysis
- A significant aspect of strategic planning is portfolio analysis, where management assesses the existing products and business units within the company.
Customer Relationship Management
- Building profitable customer relationships is a fundamental aspect of business strategy focused on long-term customer retention and satisfaction.
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Description
Test your understanding of marketing principles with this quiz focused on the concepts and objectives discussed in chapter two. From strategic planning to marketing objectives, this quiz covers key topics in the field of marketing.
