Podcast
Questions and Answers
What are the four steps involved in strategic planning?
What are the four steps involved in strategic planning?
- Market research, product development, financial planning, operational management
- Analyzing market, setting goals, developing products, implementing marketing strategies
- Mission statement, market analysis, product design, sales forecasting
- Defining mission, setting objectives, designing business portfolio, developing functional plans (correct)
What should the company's mission be according to the text?
What should the company's mission be according to the text?
- Mainly focused on financial goals
- Primarily centered on short-term gains
- Market oriented, realistic, specific, motivating, and consistent with the market environment (correct)
- Broad and vague, focusing on internal operations
What guides decisions about the business portfolio?
What guides decisions about the business portfolio?
- Employee satisfaction surveys
- Annual revenue targets
- Detailed supporting goals and objectives (correct)
- Competitor analysis
What is the purpose of analyzing and adjusting the current business portfolio?
What is the purpose of analyzing and adjusting the current business portfolio?
What is the difference between formal portfolio planning method and customized portfolio planning approaches?
What is the difference between formal portfolio planning method and customized portfolio planning approaches?
What does strategic planning set the stage for?
What does strategic planning set the stage for?
What does market segmentation consist of?
What does market segmentation consist of?
What is the primary focus for companies in relation to market segments?
What is the primary focus for companies in relation to market segments?
What is involved in market targeting?
What is involved in market targeting?
What does effective positioning involve?
What does effective positioning involve?
What does marketing analysis provide inputs to?
What does marketing analysis provide inputs to?
What are marketing managers held accountable for?
What are marketing managers held accountable for?
What are the four categories in the Growth-Share Matrix based on?
What are the four categories in the Growth-Share Matrix based on?
What is the role of dogs in the Growth-Share Matrix?
What is the role of dogs in the Growth-Share Matrix?
What are the four strategies a company can pursue for each Strategic Business Unit (SBU)?
What are the four strategies a company can pursue for each Strategic Business Unit (SBU)?
What is the product/market expansion grid used for?
What is the product/market expansion grid used for?
What does marketing strategy aim to achieve?
What does marketing strategy aim to achieve?
What does market segmentation involve?
What does market segmentation involve?
What are the key components of a marketing plan?
What are the key components of a marketing plan?
What is the purpose of market segmentation, targeting, differentiation, and positioning?
What is the purpose of market segmentation, targeting, differentiation, and positioning?
What is the role of marketing accountability?
What is the role of marketing accountability?
What are the components of the marketing mix?
What are the components of the marketing mix?
Why is successful execution of marketing strategies important?
Why is successful execution of marketing strategies important?
What is the concern related to the four Ps concept?
What is the concern related to the four Ps concept?
In strategic marketing planning, what are the traditional four Ps being redefined as?
In strategic marketing planning, what are the traditional four Ps being redefined as?
What is the first step in the strategic planning process at the corporate level?
What is the first step in the strategic planning process at the corporate level?
What is the major activity in strategic planning where management evaluates and plans for the future of the products and businesses that make up the company?
What is the major activity in strategic planning where management evaluates and plans for the future of the products and businesses that make up the company?
What are the four quadrants in the growth-share matrix developed by the Boston Consulting Group (BCG)?
What are the four quadrants in the growth-share matrix developed by the Boston Consulting Group (BCG)?
What does the strategic planning process aim to determine?
What does the strategic planning process aim to determine?
What is the advice given to marketers in relation to the four As and four Ps?
What is the advice given to marketers in relation to the four As and four Ps?
Strategic planning consists of three steps: defining the company’s mission, setting objectives and goals, and designing a business portfolio.
Strategic planning consists of three steps: defining the company’s mission, setting objectives and goals, and designing a business portfolio.
The company’s mission should be market oriented, realistic, specific, motivating, and consistent with the market environment.
The company’s mission should be market oriented, realistic, specific, motivating, and consistent with the market environment.
Each business and product unit must develop detailed marketing plans in line with the company-wide plan.
Each business and product unit must develop detailed marketing plans in line with the company-wide plan.
The company might use only a formal portfolio planning method.
The company might use only a formal portfolio planning method.
The firm wants to produce a business portfolio that best fits its strengths and weaknesses to opportunities in the environment.
The firm wants to produce a business portfolio that best fits its strengths and weaknesses to opportunities in the environment.
Many companies are now designing more-customized portfolio-planning approaches that better suit their unique situations and their business environments.
Many companies are now designing more-customized portfolio-planning approaches that better suit their unique situations and their business environments.
Marketing strategy involves only planning and not execution
Marketing strategy involves only planning and not execution
The marketing mix includes product, price, place, and people decisions
The marketing mix includes product, price, place, and people decisions
The marketing plan includes the components: executive summary, current marketing situation, opportunities and issues, marketing strategies, execution plans, and controls
The marketing plan includes the components: executive summary, current marketing situation, opportunities and issues, marketing strategies, execution plans, and controls
Marketing departments can only be organized in a functional marketing organization
Marketing departments can only be organized in a functional marketing organization
Marketing return on investment (ROI) is not crucial for evaluating the results of marketing strategies
Marketing return on investment (ROI) is not crucial for evaluating the results of marketing strategies
The four Ps concept takes the buyer's view of the market
The four Ps concept takes the buyer's view of the market
Market segmentation involves dividing the market into smaller segments based on similar needs and responses to marketing efforts.
Market segmentation involves dividing the market into smaller segments based on similar needs and responses to marketing efforts.
The purpose of market targeting is to evaluate the attractiveness of each segment and select one or more segments to enter.
The purpose of market targeting is to evaluate the attractiveness of each segment and select one or more segments to enter.
Companies with limited resources should focus on serving as many market segments as possible to maximize their reach.
Companies with limited resources should focus on serving as many market segments as possible to maximize their reach.
Effective positioning involves arranging a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers.
Effective positioning involves arranging a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers.
Marketing analysis provides inputs to corporate strategic planning and marketing planning.
Marketing analysis provides inputs to corporate strategic planning and marketing planning.
Marketing control involves setting specific marketing goals, measuring performance, and taking corrective action to close gaps between goals and performance.
Marketing control involves setting specific marketing goals, measuring performance, and taking corrective action to close gaps between goals and performance.
True or false: The Growth-Share Matrix categorizes business units as question marks, stars, cash cows, and pigs based on market share and market growth.
True or false: The Growth-Share Matrix categorizes business units as question marks, stars, cash cows, and pigs based on market share and market growth.
True or false: Dogs are low-growth, low-share businesses that may absorb managerial energy and attention.
True or false: Dogs are low-growth, low-share businesses that may absorb managerial energy and attention.
True or false: Cash cows are cash-generating machines and a portfolio with only cash cows is sustainable in the long run.
True or false: Cash cows are cash-generating machines and a portfolio with only cash cows is sustainable in the long run.
True or false: SBUs change positions in the growth-share matrix over time, starting as cash cows, becoming stars, then question marks, and eventually turning into dogs.
True or false: SBUs change positions in the growth-share matrix over time, starting as cash cows, becoming stars, then question marks, and eventually turning into dogs.
True or false: Market penetration, development, product development, and diversification are strategies for achieving growth in different market segments or with new products.
True or false: Market penetration, development, product development, and diversification are strategies for achieving growth in different market segments or with new products.
True or false: Marketing strategy is the logic by which the company aims to create customer value and achieve profitable customer relationships.
True or false: Marketing strategy is the logic by which the company aims to create customer value and achieve profitable customer relationships.
True or false: Strategic planning is the process of developing and maintaining a profitable strategic fit between the organization’s goals and capabilities and its changing marketing opportunities.
True or false: Strategic planning is the process of developing and maintaining a profitable strategic fit between the organization’s goals and capabilities and its changing marketing opportunities.
True or false: Marketing leaders, such as the chief marketing officer, do not play a key role in developing the mission and strategic plan at the corporate level.
True or false: Marketing leaders, such as the chief marketing officer, do not play a key role in developing the mission and strategic plan at the corporate level.
True or false: Mission statements should be company-oriented and defined in terms of making more sales or profits.
True or false: Mission statements should be company-oriented and defined in terms of making more sales or profits.
True or false: Business portfolio analysis is not a major activity in strategic planning, where management evaluates and plans for the future of the products and businesses that make up the company.
True or false: Business portfolio analysis is not a major activity in strategic planning, where management evaluates and plans for the future of the products and businesses that make up the company.
True or false: Most standard portfolio analysis methods evaluate strategic business units (SBUs) on the attractiveness of the SBU’s market or industry and the strength of the SBU’s position in that market or industry.
True or false: Most standard portfolio analysis methods evaluate strategic business units (SBUs) on the attractiveness of the SBU’s market or industry and the strength of the SBU’s position in that market or industry.
True or false: The Boston Consulting Group (BCG) has developed a growth-share matrix that places SBUs into five quadrants: Stars, Cash cows, Question marks, Dogs, and Puzzles.
True or false: The Boston Consulting Group (BCG) has developed a growth-share matrix that places SBUs into five quadrants: Stars, Cash cows, Question marks, Dogs, and Puzzles.
Study Notes
Strategic Marketing Planning and Business Portfolio Analysis
- The traditional four Ps of marketing (Product, Price, Place, Promotion) are being redefined as the four As (Acceptability, Affordability, Accessibility, Awareness) from the buyer's viewpoint in this age of customer value and relationships.
- Marketers are advised to prioritize the four As and then build the traditional four Ps on that platform.
- Strategic planning is the process of developing and maintaining a profitable strategic fit between the organization’s goals and capabilities and its changing marketing opportunities.
- Companies prepare annual and long-range operating plans guided by the strategic plan to adapt to changing environments and take advantage of opportunities.
- At the corporate level, the strategic planning process begins with defining the company's overall mission, which is then translated into detailed supporting goals.
- Marketing leaders, such as the chief marketing officer, play a key role in developing the mission and strategic plan at the corporate level.
- Mission statements should be market-oriented and defined in terms of satisfying customer and societal needs, rather than just focusing on making more sales or profits.
- Business portfolio analysis is a major activity in strategic planning, where management evaluates and plans for the future of the products and businesses that make up the company.
- Strategic planning aims to determine how the company can best use its strengths to take advantage of attractive opportunities in the environment.
- Most standard portfolio analysis methods evaluate strategic business units (SBUs) on the attractiveness of the SBU’s market or industry and the strength of the SBU’s position in that market or industry.
- The Boston Consulting Group (BCG) has developed a growth-share matrix that places SBUs into four quadrants: Stars, Cash cows, Question marks, and Dogs.
- Stars are high-growth, high-share businesses or products, Cash cows are low-growth, high-share businesses or products, Question marks are businesses or products with high growth potential but low market share, and Dogs are low-growth, low-share businesses or products.
Strategic Marketing Planning and Business Portfolio Analysis
- The traditional four Ps of marketing (Product, Price, Place, Promotion) are being redefined as the four As (Acceptability, Affordability, Accessibility, Awareness) from the buyer's viewpoint in this age of customer value and relationships.
- Marketers are advised to prioritize the four As and then build the traditional four Ps on that platform.
- Strategic planning is the process of developing and maintaining a profitable strategic fit between the organization’s goals and capabilities and its changing marketing opportunities.
- Companies prepare annual and long-range operating plans guided by the strategic plan to adapt to changing environments and take advantage of opportunities.
- At the corporate level, the strategic planning process begins with defining the company's overall mission, which is then translated into detailed supporting goals.
- Marketing leaders, such as the chief marketing officer, play a key role in developing the mission and strategic plan at the corporate level.
- Mission statements should be market-oriented and defined in terms of satisfying customer and societal needs, rather than just focusing on making more sales or profits.
- Business portfolio analysis is a major activity in strategic planning, where management evaluates and plans for the future of the products and businesses that make up the company.
- Strategic planning aims to determine how the company can best use its strengths to take advantage of attractive opportunities in the environment.
- Most standard portfolio analysis methods evaluate strategic business units (SBUs) on the attractiveness of the SBU’s market or industry and the strength of the SBU’s position in that market or industry.
- The Boston Consulting Group (BCG) has developed a growth-share matrix that places SBUs into four quadrants: Stars, Cash cows, Question marks, and Dogs.
- Stars are high-growth, high-share businesses or products, Cash cows are low-growth, high-share businesses or products, Question marks are businesses or products with high growth potential but low market share, and Dogs are low-growth, low-share businesses or products.
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Description
Test your knowledge of strategic marketing planning and business portfolio analysis with this quiz. Explore concepts such as the evolution of the four Ps of marketing to the four As, strategic planning processes, the role of marketing leaders, developing market-oriented mission statements, and business portfolio analysis methods such as the BCG growth-share matrix.
