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Question 1
Free
Multiple Choice

________ is the process of developing and maintaining a crucial fit between the organization's goals and capabilities and its changing marketing opportunities.

Choose correct answer/s
A

Benchmarking

B

SWOT analysis

C

Market segmentation

D

Strategic planning

E

Diversification

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Question 2
Free
Multiple Choice

Which of the following is true with regard to strategic planning?

Choose correct answer/s
A

At the corporate level, the company starts the strategic planning process by determining what portfolio of businesses and products is best for the company.

B

A strategic plan deals with a company's short-term goals.

C

The focus of strategic planning is to define a game plan for long-run survival and growth.

D

The strategic plan is a statement of an organization's purpose.

E

Strategic planning involves identifying segments of consumers with identical preferences.

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Question 3
Free
Multiple Choice

Which of the following is the first step in strategic planning?

Choose correct answer/s
A

setting short-term goals

B

developing the business portfolio

C

defining the organizational mission

D

formulating the key marketing strategies

E

identifying the organization's weaknesses and the threats it faces

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Question 4
Free
Multiple Choice

Which of the following is NOT a step in the strategic planning process?

Choose correct answer/s
A

defining the company mission

B

setting company objectives and goals

C

designing the business portfolio

D

planning marketing and other functional strategies

E

evaluating members of the company's value chain

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Question 5
Free
Multiple Choice

A ________ documents an organization's purpose-what it wants to accomplish in the larger environment.

Choose correct answer/s
A

vision statement

B

mission statement

C

business portfolio

D

value proposition

E

product strategy

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Question 6
Multiple Choice

Mission statements should ________ and be defined in terms of ________ .

Choose correct answer/s
A
be technology oriented; meeting the self-actualization needs of customers
B
be product oriented; satisfying the esteem needs of customers
C
embody the company's short-term plans; current opportunities
D
be market oriented; satisfying basic customer needs
E
address sales and profits; the net return on investments
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Question 7
Multiple Choice

A mission statement serves as a ________ .

Choose correct answer/s
A
statement of the organization's net profits
B
plan for short-term sustainability
C
statement of the organization's purpose
D
statement of the organization's current liabilities
E
reward plan for the organization's highly skilled employees
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Question 8
Multiple Choice

Which of the following is NOT a market-oriented business definition?

Choose correct answer/s
A
"We empower customers to realize their dreams."
B
"We make high-quality consumer food products."
C
"We sell success and status."
D
"We create the Hilton experience."
E
"We bring innovation to every home."
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Question 9
Multiple Choice

Companies that define their missions in terms of products or technologies are considered myopic primarily because ________ .

Choose correct answer/s
A
products and technologies result in low returns on investment
B
consumer preferences with regard to products and technology are difficult to predict
C
consumer preferences for different product categories vary from time to time
D
products and technologies eventually become outdated
E
most consumers are not comfortable using sophisticated technology during the buying process
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Question 10
Multiple Choice

Mission statements should be defined in terms of ________ .

Choose correct answer/s
A
the advantages a company's products provide
B
satisfying basic customer needs
C
the value a company's products provide
D
the profitability of a company's products
E
the variety they offer to a customer
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Question 11
Multiple Choice

Orion Inc. operates in many industries, including pharmaceuticals and food products. The company's goal is to create "abundant and affordable food for all and a healthy environment." This represents Orion's ________ .

Choose correct answer/s
A
marketing plan
B
product mix
C
business portfolio
D
marketing mix
E
mission statement
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Question 12
Multiple Choice

A company's broad mission leads it to develop all of the following EXCEPT ________ .

Choose correct answer/s
A
budget objectives
B
business objectives
C
sales objectives
D
marketing objectives
E
customer engagement objectives
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Question 13
Multiple Choice

Which of the following companies has a product-oriented business definition?

Choose correct answer/s
A
A luxury hotel, whose business definition is: "We sell out-of-the-world experiences to our guests."
B
A real estate company, whose business definition is: "We sell dreams."
C
A cosmetic company, whose business definition is: "We offer hope and self-expression."
D
A shoe manufacturer, whose business definition is: "We manufacture affordable and long-lasting shoes for all."
E
A high-technology company, whose business definition is: "We sell inspirations."
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Question 14
Multiple Choice

Which of the following companies has a market-oriented business definition?

Choose correct answer/s
A
An electronics company, whose business definition is: "We produce microchips."
B
A hotel, whose business definition is: "We rent rooms."
C
An apparel company, whose business definition is: "We make and sell women's clothing."
D
A cosmetic company, whose business definition is: "We sell hope and self-esteem."
E
A pizzeria, whose business definition is: "We sell the world's most delicious thin-crust pizzas."
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Question 15
Multiple Choice

Which of the following is NOT an example of product-oriented mission statements?

Choose correct answer/s
A
"We are an online library."
B
"We run theme parks."
C
"We sell athletic shoes."
D
"We sell memorable experiences."
E
"We rent hotel rooms."
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Question 16
Multiple Choice

Which of the following is a market-oriented mission statement?

Choose correct answer/s
A
"We empower customers to achieve their dreams."
B
"We sell jumbo burgers."
C
"We are an online library."
D
"We are a low-cost airline."
E
"We make porcelain figurines."
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Question 17
Multiple Choice

Mission statements should be ________ .

Choose correct answer/s
A
meaningful and specific yet motivating
B
technology oriented
C
written solely for public relations purposes
D
focused on increasing sales or profits
E
strictly product oriented
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Question 18
Multiple Choice

A company's broad mission leads to ________ .

Choose correct answer/s
A
increasing profits and more customers
B
increasing sales and decreasing costs
C
a higher share price
D
a hierarchy of objectives, including business objective and marketing objectives
E
increased market share and increasing profitability
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Question 19
True/False

The purpose of strategic planning is to find ways in which your company can best use its strengths to take advantage of attractive opportunities in the environment.

Choose correct answer/s
True
False
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Question 20
True/False

A company's mission statement provides the depth needed for all segments of the company to reach their goals.

Choose correct answer/s
True
False
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