Exam 2: Strategic Planning in Contemporary Marketing

What characteristic would a less competitive market have?

SBUs in the lower-right corner of the market attractiveness/business strength matrix should be strongly supported by management.

The elements in Porter's Five Forces model include the possibility of new rivals, possible product substitutions, bargaining powers of buyer and of suppliers, and rivalry between competitors.

A customer-driven organization begins its marketing strategy with a detailed description of its target market.

Compared with other organization personnel, who devotes more time to long-range strategic planning?

Which of the following is the MOST risky growth strategy for a company to pursue?

Which of the following describes the term marketing mix?

The advertising director, marketing research manager, and other middle-level managers should be involved in planning fundamental organization-wide strategies and the corporate budget.

Each Strategic Business Unit (SBU) in a diversified firm shares managers, resources, objectives, and competitors with other SBUs of the same firm.

Statements such as "achieve a 25 percent market share by 2008" or "open 50 and 75 new stores for each of the next five years" are typically part of mission statements.

What type of plans in the planning hierarchy would deal with organization-wide objectives, long-term plans, and the total budget?

The Internet has impacted business by increasing the barriers to market entry faced by new firms.

Non-smoking rooms in a hotel are part of the hotel's promotion strategy.

Toyota's introduction of the hybrid-powered Prius was the result of identifying a new market segment by accommodating the future needs of consumers and meeting more stringent legal requirements.

Which of the following is an example of a firm's weakness discovered by a SWOT analysis?

In general, a mission statement can be described as a qualitative statement, whereas objectives are often quantitative statements.

Matching an external opportunity with an internal weakness produces a situation known as leverage.

As the technological environment moves at a fast pace, economic and political-legal environments remain static.

What is the third step in the planning process?

Operational planning that involves the creation and implementation of tactical plans for the departments within an organization is primarily the responsibility of top-level management.