Strategic Planning Concepts
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Questions and Answers

What does a strategic plan commit corporate resources to?

  • Global expansion without considering profitability
  • Vertical integration within the industry
  • Diversification into unrelated industries
  • Country products and markets to increase competitiveness and profits (correct)

    • What does planning attempt to manage?

  • Market demand and supply forces affecting the firm's products and services
  • The firm's financial resources and budget allocation
  • Internal, controllable factors affecting the firm's strengths, weaknesses, objectives, and goals
  • External, uncontrollable factors affecting the firm's strengths, weaknesses, objectives, and goals (correct)

    • What is a key aspect of successful planning according to the text?

  • Evaluating company objectives, including management's commitment and philosophical orientation to international business (correct)
  • Rapid decision making without evaluation
  • Ignoring management's commitment to international business
  • Exclusively focusing on short-term objectives

    • Why is the process of planning important?

    <p>It forces decision makers to examine all factors affecting the success of a marketing program</p> Signup and view all the answers

    Strategic planning is solely concerned with the formulation of goals and methods of accomplishing them.

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

    The process of planning forces decision makers to examine only internal factors affecting the success of a marketing program.

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

    Evaluation of company objectives, including management's commitment and philosophical orientation to international business, is not a key aspect of successful planning.

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

    A strategic plan does not commit corporate resources to specific products and markets to increase competitiveness and profits.

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

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