Podcast
Questions and Answers
Which tool can help analyze a company's internal and external factors?
Which tool can help analyze a company's internal and external factors?
- Competitive advantage
- SWOT analysis (correct)
- Marketing audit
- Marketing mix
What does SWOT stand for?
What does SWOT stand for?
- Strengths, Weaknesses, Opportunities & Tactics
- Strengths, Weaknesses, Opportunities & Threats (correct)
- Strengths, Weaknesses, Opportunities & Trends
- Strengths, Weaknesses, Opportunities & Technologies
Which type of competitive advantage focuses on being the lowest-cost producer?
Which type of competitive advantage focuses on being the lowest-cost producer?
- Niche competitive advantage
- Product differentiation competitive advantage
- Cost competitive advantage (correct)
- Geographic niche competitive advantage
Which element of the marketing mix refers to the physical product or service?
Which element of the marketing mix refers to the physical product or service?
What is the process that turns a marketing plan into action?
What is the process that turns a marketing plan into action?
Which level of decision-making in strategic planning is wider in scope and longer in orientation?
Which level of decision-making in strategic planning is wider in scope and longer in orientation?
At which level of decision-making in strategic planning are the decisions narrow in scope, short-term, and have limited impact on long-run profitability?
At which level of decision-making in strategic planning are the decisions narrow in scope, short-term, and have limited impact on long-run profitability?
What should a good business mission statement focus on?
What should a good business mission statement focus on?
What does a business mission statement define?
What does a business mission statement define?
What does strategic planning involve?
What does strategic planning involve?
True or false: SWOT analysis is a tool used to analyze a company's internal and external factors?
True or false: SWOT analysis is a tool used to analyze a company's internal and external factors?
True or false: Strengths and weaknesses are internal factors that a company has control over?
True or false: Strengths and weaknesses are internal factors that a company has control over?
True or false: Opportunities and threats are external factors that a company can't change?
True or false: Opportunities and threats are external factors that a company can't change?
True or false: Competitive advantage refers to the unique features of a company and its products that are perceived as superior to the competition?
True or false: Competitive advantage refers to the unique features of a company and its products that are perceived as superior to the competition?
True or false: Place strategies in the marketing mix focus on making products available to customers?
True or false: Place strategies in the marketing mix focus on making products available to customers?
True or false: Strategic planning involves determining organizational objectives and how to achieve them using internal resources and considering the marketing environment?
True or false: Strategic planning involves determining organizational objectives and how to achieve them using internal resources and considering the marketing environment?
True or false: Strategic decisions are made at all three levels of strategic planning and have a wider scope and longer orientation compared to tactical decisions?
True or false: Strategic decisions are made at all three levels of strategic planning and have a wider scope and longer orientation compared to tactical decisions?
True or false: Tactical decisions in strategic planning are made at the operational or marketing level, have a narrow scope, and limited impact on long-run profitability?
True or false: Tactical decisions in strategic planning are made at the operational or marketing level, have a narrow scope, and limited impact on long-run profitability?
True or false: A good business mission statement should focus on the market or markets being served rather than on the goods and services provided?
True or false: A good business mission statement should focus on the market or markets being served rather than on the goods and services provided?
True or false: A business mission statement defines the organization's reason for existence, what products/services it provides, for whom, where, and how it makes it possible, as well as the ultimate value/positive outcome of those products/services?
True or false: A business mission statement defines the organization's reason for existence, what products/services it provides, for whom, where, and how it makes it possible, as well as the ultimate value/positive outcome of those products/services?
