Podcast
Questions and Answers
Strategic planning involves developing a strategy for short-term survival and stagnation.
Strategic planning involves developing a strategy for short-term survival and stagnation.
False
The four steps of strategic planning include defining the company’s mission, setting objectives and goals, designing a business portfolio, and developing functional plans.
The four steps of strategic planning include defining the company’s mission, setting objectives and goals, designing a business portfolio, and developing functional plans.
True
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.
True
Each business and product unit must develop detailed marketing plans that are not in line with the company-wide plan.
Each business and product unit must develop detailed marketing plans that are not in line with the company-wide plan.
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The firm wants to produce a business portfolio that best fits its weaknesses to opportunities in the environment.
The firm wants to produce a business portfolio that best fits its weaknesses to opportunities in the environment.
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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.
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Effective marketing involves partner relationship management, forming an effective value chain across departments, and collaborating with other companies in the marketing system.
Effective marketing involves partner relationship management, forming an effective value chain across departments, and collaborating with other companies in the marketing system.
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The marketing plan includes key components such as executive summary, current marketing situation, threats and opportunities, objectives and issues, marketing strategies, execution plans, budgets, and controls.
The marketing plan includes key components such as executive summary, current marketing situation, threats and opportunities, objectives and issues, marketing strategies, execution plans, budgets, and controls.
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Marketing departments can only be organized in a functional marketing organization.
Marketing departments can only be organized in a functional marketing organization.
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Marketing return on investment (ROI) and marketing control are not crucial for evaluating the results of marketing strategies.
Marketing return on investment (ROI) and marketing control are not crucial for evaluating the results of marketing strategies.
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The marketing mix consists of product, price, place, and promotion decisions and is designed to engage consumers and deliver customer value.
The marketing mix consists of product, price, place, and promotion decisions and is designed to engage consumers and deliver customer value.
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There is a concern that the four Ps concept takes the seller’s view of the market, not the buyer’s view.
There is a concern that the four Ps concept takes the seller’s view of the market, not the buyer’s view.
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True or false: The Growth-Share Matrix categorizes business units as stars, cash cows, and dogs based on market share and market growth.
True or false: The Growth-Share Matrix categorizes business units as stars, cash cows, and dogs based on market share and market growth.
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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.
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True or false: A portfolio with only cash cows is sustainable in the long run.
True or false: A portfolio with only cash cows is sustainable in the long run.
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True or false: SBUs change positions in the growth-share matrix over time, starting as stars, becoming cash cows, and eventually turning into dogs.
True or false: SBUs change positions in the growth-share matrix over time, starting as stars, becoming cash cows, and eventually turning into dogs.
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True or false: Market segmentation involves dividing a market into distinct groups of buyers with different needs, characteristics, or behaviors.
True or false: Market segmentation involves dividing a market into distinct groups of buyers with different needs, characteristics, or behaviors.
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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.
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Market segment consists of consumers with similar response to marketing efforts, based on shared needs.
Market segment consists of consumers with similar response to marketing efforts, based on shared needs.
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Companies should focus on meeting the distinct needs of individual market segments.
Companies should focus on meeting the distinct needs of individual market segments.
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Marketing analysis provides inputs to corporate strategic planning and marketing planning.
Marketing analysis provides inputs to corporate strategic planning and marketing planning.
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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.
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Effective positioning begins with differentiation and creating superior customer value relative to the competition.
Effective positioning begins with differentiation and creating superior customer value relative to the competition.
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Marketing ROI measures the profits generated by investments in marketing activities.
Marketing ROI measures the profits generated by investments in marketing activities.
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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.
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.
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Marketing leaders, such as the chief marketing officer, play a key role in developing the mission and strategic plan at the corporate level.
Marketing leaders, such as the chief marketing officer, play a key role in developing the mission and strategic plan at the corporate level.
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Mission statements should be defined in terms of satisfying customer and societal needs, rather than just focusing on making more sales or profits.
Mission statements should be defined in terms of satisfying customer and societal needs, rather than just focusing on making more sales or profits.
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Business portfolio analysis evaluates and plans for the future of the products and businesses that make up the company.
Business portfolio analysis evaluates and plans for the future of the products and businesses that make up the company.
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The Boston Consulting Group (BCG) has developed a growth-share matrix that places SBUs into four quadrants: Stars, Cash cows, Question marks, and Dogs.
The Boston Consulting Group (BCG) has developed a growth-share matrix that places SBUs into four quadrants: Stars, Cash cows, Question marks, and Dogs.
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Stars are low-growth, high-share businesses or products.
Stars are low-growth, high-share businesses or products.
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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.
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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.
