Strategic Marketing Planning Quiz

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

What are the four steps involved in strategic planning?

Mission setting, goal achievement, product design, marketing strategy
Mission statement, market orientation, business growth, portfolio planning
Defining mission, setting objectives, designing business portfolio, developing functional plans (correct)
Market analysis, goal setting, product development, resource allocation

What should the company's mission be according to the text?

Profit-driven, vague, general, independent of market conditions
Innovative, ambitious, broad, regardless of market trends
Market oriented, realistic, specific, motivating, consistent with the market environment (correct)
Customer-centric, aspirational, adaptable, irrespective of market dynamics

What guides decisions about the business portfolio?

Competitor analysis
Current market trends
Detailed supporting goals and objectives (correct)
Financial performance

What does the company want to produce in terms of its business portfolio?

A portfolio that best fits its strengths and weaknesses to opportunities in the environment (D) Signup and view all the answers

What do many companies now design for portfolio planning?

More-customized portfolio-planning approaches (A) Signup and view all the answers

What is the purpose of analyzing and adjusting the current business portfolio?

To develop growth and downsizing strategies for adjusting the future portfolio (B) Signup and view all the answers

What are the components of the marketing plan?

Executive summary, current marketing situation, threats and opportunities, objectives and issues, marketing strategies, execution plans, budgets, and controls (B) Signup and view all the answers

What does the marketing strategy primarily focus on?

Customer engagement, value, and relationships (D) Signup and view all the answers

What is the integrated marketing mix designed to elicit in the target market?

The desired response (B) Signup and view all the answers

What is the net return from a marketing investment divided by the costs of the investment called?

Marketing return on investment (marketing ROI) (C) Signup and view all the answers

What is the top concern related to marketing accountability?

Measures of marketing return on investment and customer-centered impact measures (D) Signup and view all the answers

What does the marketing mix consist of?

Product, price, place, and promotion (A) Signup and view all the answers

What is the focus of mission statements according to the text?

Creating value for customers and societal benefits (C) Signup and view all the answers

What is the purpose of portfolio planning as mentioned in the text?

To use company strengths to take advantage of attractive opportunities (B) Signup and view all the answers

How are SBUs classified in the growth-share matrix?

Stars, cash cows, question marks, and dogs (B) Signup and view all the answers

What strategies can companies pursue for each SBU based on its position in the growth-share matrix, as per the text?

Invest, hold, harvest, or divest (D) Signup and view all the answers

What does strategic planning involve according to the text?

Evaluating and planning for the future of a company's products and businesses (C) Signup and view all the answers

Why do companies need to adjust their strategies and actions over time according to the text?

SBUs change their positions in the growth-share matrix (A) Signup and view all the answers

What is the buyer's viewpoint on the marketing mix?

The marketing mix could be better described as the 'four As' - Acceptability, Affordability, Accessibility, and Awareness (B) Signup and view all the answers

What is the primary role of marketing leaders in strategic planning?

Developing the mission and strategic plan at the corporate level (C) Signup and view all the answers

What is the strategic planning process primarily aimed at achieving?

Maintaining a profitable strategic fit between the organization's goals and capabilities and its changing marketing opportunities (A) Signup and view all the answers

What are critics' main argument against the traditional marketing mix?

It might underemphasize certain important activities like services and packaging (A) Signup and view all the answers

What should an effective mission statement be according to the text?

Meaningful, specific, motivating, and not written solely for public relations purposes (B) Signup and view all the answers

What is the marketing mix primarily designed to achieve according to the text?

An integrated marketing program designed to achieve the company's marketing objectives (B) Signup and view all the answers

What is the main responsibility of marketing in achieving profitable growth?

Identifying, evaluating, and selecting market opportunities (D) Signup and view all the answers

What does the product/market expansion grid help in identifying?

Growth opportunities through market penetration, development, product development, or diversification (A) Signup and view all the answers

What is the role of market segmentation?

Dividing a market into distinct groups of buyers with different needs, characteristics, or behaviors (B) Signup and view all the answers

What does market targeting involve?

Evaluating each market segment’s attractiveness and selecting one or more segments to enter (B) Signup and view all the answers

What is the purpose of the strategic plan?

Defining the company’s overall mission and objectives (D) Signup and view all the answers

What is the role of positioning in marketing?

Arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers (B) Signup and view all the answers

Flashcards are hidden until you start studying

Study Notes

Strategic Marketing Planning

SBUs start as question marks, then move to stars with investment, become cash cows, and eventually die off or become dogs.
BCG and other formal corporate planning approaches have limitations and may not apply well to markets facing structural changes or disruptions.
Many companies have dropped formal matrix-based methods in favor of customized approaches that better suit their specific situations.
Companies need growth to compete effectively, satisfy stakeholders, and attract top talent, but must pursue profitable growth.
Marketing bears the main responsibility for achieving profitable growth by identifying, evaluating, and selecting market opportunities.
The product/market expansion grid is a useful tool for identifying growth opportunities through market penetration, development, product development, or diversification.
Market penetration, development, product development, and diversification are different strategies for company growth.
The strategic plan defines the company’s overall mission and objectives, and marketing’s role involves managing a customer value–driven marketing strategy and the marketing mix.
Market segmentation divides a market into distinct groups of buyers with different needs, characteristics, or behaviors.
Market targeting involves evaluating each market segment’s attractiveness and selecting one or more segments to enter.
A company with limited resources might decide to serve only one or a few special segments or market niches.
Positioning is arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers.