Strategic Marketing Planning and Business Portfolio Analysis Quiz
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Questions and Answers

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?

  • 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?

  • 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?

    <p>To produce a business portfolio that best fits the company's strengths and weaknesses to opportunities in the environment</p> Signup and view all the answers

    What is the difference between formal portfolio planning method and customized portfolio planning approaches?

    <p>Formal methods are standard, while customized approaches better suit unique situations and business environments</p> Signup and view all the answers

    What does strategic planning set the stage for?

    <p>The rest of the company’s planning</p> Signup and view all the answers

    What does market segmentation consist of?

    <p>Consumers with similar response to marketing efforts based on shared needs</p> Signup and view all the answers

    What is the primary focus for companies in relation to market segments?

    <p>Meeting the distinct needs of individual market segments</p> Signup and view all the answers

    What is involved in market targeting?

    <p>Evaluating each segment’s attractiveness and selecting one or more segments to enter</p> Signup and view all the answers

    What does effective positioning involve?

    <p>Arranging a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers</p> Signup and view all the answers

    What does marketing analysis provide inputs to?

    <p>Corporate strategic planning and marketing planning</p> Signup and view all the answers

    What are marketing managers held accountable for?

    <p>Linking strategies and tactics to measurable marketing performance outcomes</p> Signup and view all the answers

    What are the four categories in the Growth-Share Matrix based on?

    <p>Market share and market growth</p> Signup and view all the answers

    What is the role of dogs in the Growth-Share Matrix?

    <p>Low-growth, low-share businesses</p> Signup and view all the answers

    What are the four strategies a company can pursue for each Strategic Business Unit (SBU)?

    <p>Invest, hold, harvest, or divest</p> Signup and view all the answers

    What is the product/market expansion grid used for?

    <p>Identifying growth opportunities through market penetration, development, product development, or diversification</p> Signup and view all the answers

    What does marketing strategy aim to achieve?

    <p>Create customer value and achieve profitable customer relationships</p> Signup and view all the answers

    What does market segmentation involve?

    <p>Dividing a market into distinct groups of buyers with different needs, characteristics, or behaviors</p> Signup and view all the answers

    What are the key components of a marketing plan?

    <p>Executive summary, current marketing situation, threats and opportunities, objectives and issues, marketing strategies, execution plans, budgets, and controls</p> Signup and view all the answers

    What is the purpose of market segmentation, targeting, differentiation, and positioning?

    <p>Designing an integrated marketing mix to reach target consumers</p> Signup and view all the answers

    What is the role of marketing accountability?

    <p>To show the value added in line with costs</p> Signup and view all the answers

    What are the components of the marketing mix?

    <p>Product, price, place, and promotion decisions</p> Signup and view all the answers

    Why is successful execution of marketing strategies important?

    <p>Companies must effectively turn strategies into actions</p> Signup and view all the answers

    What is the concern related to the four Ps concept?

    <p>It takes the seller’s view of the market, not the buyer’s view</p> Signup and view all the answers

    In strategic marketing planning, what are the traditional four Ps being redefined as?

    <p>The four As (Acceptability, Affordability, Accessibility, Awareness) from the buyer's viewpoint</p> Signup and view all the answers

    What is the first step in the strategic planning process at the corporate level?

    <p>Defining the company's overall mission</p> Signup and view all the answers

    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?

    <p>Business portfolio analysis</p> Signup and view all the answers

    What are the four quadrants in the growth-share matrix developed by the Boston Consulting Group (BCG)?

    <p>Stars, Cash cows, Question marks, Dogs</p> Signup and view all the answers

    What does the strategic planning process aim to determine?

    <p>How the company can best use its strengths to take advantage of attractive opportunities in the environment</p> Signup and view all the answers

    What is the advice given to marketers in relation to the four As and four Ps?

    <p>To prioritize the four As and then build the traditional four Ps on that platform</p> Signup and view all the answers

    Strategic planning consists of three steps: defining the company’s mission, setting objectives and goals, and designing a business portfolio.

    <p>False</p> Signup and view all the answers

    The company’s mission should be market oriented, realistic, specific, motivating, and consistent with the market environment.

    <p>True</p> Signup and view all the answers

    Each business and product unit must develop detailed marketing plans in line with the company-wide plan.

    <p>True</p> Signup and view all the answers

    The company might use only a formal portfolio planning method.

    <p>False</p> Signup and view all the answers

    The firm wants to produce a business portfolio that best fits its strengths and weaknesses to opportunities in the environment.

    <p>True</p> Signup and view all the answers

    Many companies are now designing more-customized portfolio-planning approaches that better suit their unique situations and their business environments.

    <p>True</p> Signup and view all the answers

    Marketing strategy involves only planning and not execution

    <p>False</p> Signup and view all the answers

    The marketing mix includes product, price, place, and people decisions

    <p>False</p> Signup and view all the answers

    The marketing plan includes the components: executive summary, current marketing situation, opportunities and issues, marketing strategies, execution plans, and controls

    <p>True</p> Signup and view all the answers

    Marketing departments can only be organized in a functional marketing organization

    <p>False</p> Signup and view all the answers

    Marketing return on investment (ROI) is not crucial for evaluating the results of marketing strategies

    <p>False</p> Signup and view all the answers

    The four Ps concept takes the buyer's view of the market

    <p>False</p> Signup and view all the answers

    Market segmentation involves dividing the market into smaller segments based on similar needs and responses to marketing efforts.

    <p>True</p> Signup and view all the answers

    The purpose of market targeting is to evaluate the attractiveness of each segment and select one or more segments to enter.

    <p>True</p> Signup and view all the answers

    Companies with limited resources should focus on serving as many market segments as possible to maximize their reach.

    <p>False</p> Signup and view all the answers

    Effective positioning involves arranging a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers.

    <p>True</p> Signup and view all the answers

    Marketing analysis provides inputs to corporate strategic planning and marketing planning.

    <p>True</p> Signup and view all the answers

    Marketing control involves setting specific marketing goals, measuring performance, and taking corrective action to close gaps between goals and performance.

    <p>True</p> Signup and view all the answers

    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.

    <p>False</p> Signup and view all the answers

    True or false: Dogs are low-growth, low-share businesses that may absorb managerial energy and attention.

    <p>True</p> Signup and view all the answers

    True or false: Cash cows are cash-generating machines and a portfolio with only cash cows is sustainable in the long run.

    <p>False</p> Signup and view all the answers

    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.

    <p>False</p> Signup and view all the answers

    True or false: Market penetration, development, product development, and diversification are strategies for achieving growth in different market segments or with new products.

    <p>True</p> Signup and view all the answers

    True or false: Marketing strategy is the logic by which the company aims to create customer value and achieve profitable customer relationships.

    <p>True</p> Signup and view all the answers

    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.

    <p>True</p> Signup and view all the answers

    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.

    <p>False</p> Signup and view all the answers

    True or false: Mission statements should be company-oriented and defined in terms of making more sales or profits.

    <p>False</p> Signup and view all the answers

    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.

    <p>False</p> Signup and view all the answers

    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.

    <p>True</p> Signup and view all the answers

    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.

    <p>False</p> Signup and view all the answers

    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.

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