Strategic Planning and Management Process

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What is a low-risk method of expanding into a new market mentioned in the text?


Which type of diversification involves a company creating a product for a completely different industry and market?

Unique product diversification

What does a franchisee typically pay the franchisor in a franchising agreement?

An initial fee

How can a business avoid typical roadblocks to expansion mentioned in the text?

Conduct in-depth market research

What is the purpose of geographic expansion for businesses according to the text?

To increase brand awareness

When might diversification be risky for a business?

When not done well

What is the first step in the strategic planning process?

Strategy Formulation

What do strategic objectives in an organization refer to?

Specific performance targets

Why do executives consider several alternatives before choosing a course of action?

To ensure a high possibility of success

What does strategic planning call for according to the text?

Upper-level management involvement

Which part of the organization's statements is used to extract key objectives for strategy formulation?

Mission and vision statements

What is the primary focus of positive outcomes in strategic planning as mentioned in the text?

Improving bottom-line results

What should customers do in the stage of Evaluation of Alternatives?

Compare products or services to other services that meet their needs.

What is a key consideration for customers in the Evaluation of Alternatives stage?

Determining if the advantage outweighs the cost.

How should technopreneurs help customers in making a purchase decision?

Reiterate the value and benefits of the product or service.

What action indicates that customers are ready to make a purchase according to the text?

They have compared and analyzed the available offers.

Why is it important for customers to be familiar with competitor's products and service prices?

To make informed decisions.

How has globalization impacted marketing?

Streamlined the marketing process globally.

What is a critical aspect for technopreneurs in Stage 4: Make the purchase?

Reiterating the value and benefits of the product or service.

What is one of the benefits of globalization mentioned in the text?

Technology advances and innovation.

How do businesses benefit from globalization in terms of marketing?

By considering language, culture, and financial situation globally.

What is a challenge of globalization mentioned in the text?

Different marketing and communication approaches.

Why has globalization made marketing more inclusive?

By appealing to international customer needs and circumstances.

Which aspect of globalization has led to access to new talented and highly skilled workers?

International employee expectations.

What is the formula for markup pricing mentioned in the text?

(1 − desired return on sales) × Unit cost

Which pricing strategy involves setting a price to achieve a specific rate of return on investment?

Target-return pricing

What impacts how a business sets prices significantly?

Value pricing

Which factor influences the perceived value of a product according to the text?

Warranty quality

In value pricing, what do businesses base their prices on?

Customer's perceived value

What does value pricing aim to do for customers?

Provide high-quality goods at a fair price

Learn about the strategic planning process, strategy formulation, implementation, and evaluation in strategic management. Explore the steps involved in strategic planning and the difference between strategic planning and strategic management.

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