Exam 3: Strategic Market Planning

A mission statement is a formal document that describes the organization's overall purpose and what it hopes to achieve in terms of its products, resources, and ________.

Why is it important for all business planning to be integrated?

Decisions about packaging and branding are part of a firm's product strategy.

________ generally cover a shorter time period than other plans, perhaps only one or two months, and include detailed directions for specific activities to be carried out.

Columbia Sportswear makes nylon activewear. Its marketing manager set a goal to increase sales 12 percent over the next three years through the introduction of a new line of comfortable, lightweight clothing for people who fish. The marketing manager is engaged in ________.

Product development strategies emphasize both new products and new markets.

The CEO, president, and top executive officers are responsible for ________ in the strategic plan.

The BCG growth-market share matrix measures which of the following?

________ strategies introduce a firm's current products into new markets.

SBU stands for ________.

________ is the third, or "nuts-and-bolts," level of planning.

The promotional strategy identifies how, when, and where the firm will make the product available to targeted customers.

Marketers communicate a product's value proposition to the target market by implementing a ________.

Annie's Homegrown markets organic prepared and easy-to-prepare foods and snacks, from macaroni and cheese to their signature bunny crackers. The company's ________ is "to cultivate a healthier and happier world by spreading goodness through nourishing foods, honest words and conduct that is considerate and forever kind to the planet."

A(n) ________ is the market segment a firm selects because management believes the firm's offerings are most suited to winning those customers.

Action plans are often referred to as ________.

According to the BCG growth-market share matrix, ________ are strategic business units with products that have low market shares in fast-growth markets.

Market planning is a type of ________.

What type of strategy should a company use to manage its cash cows?

Runnerz is a company that makes running shoes. The company has defined its mission as follows: "At Runnerz, we make great running shoes." By defining itself in terms of its product, Runnerz has created a mission statement that adequately describes the organization's purpose.