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Strategic plans require:
long-term resource commitments
_____ is the managerial process of creating and maintaining a fit between the organization’s objectives and resources and evolving market opportunities.
Strategic planning
Which of the following statements about a marketing plan is true?
d. A marketing plan is created so an organization can meet its marketing objectives.
_____ is the process of anticipating events and determining strategies to achieve organizational objectives.
Marketing plans should be written to do all of the following EXCEPT:
control the elements of the external marketing environment
Which of the following is one of the elements of the marketing plan?
a. a business mission statement
b. a situation analysis
c. a target market strategy
d. the marketing mix
e. all of the choices
The _____ answers the question, “What business are we in, and where are we going?”
a. mission statement
The focus of an organization’s mission statement should be on:
the market it wishes to serve
_____ occurs when a business is defined in terms of goods and services rather than by the benefits customers seek from it.
Marketing myopia
A popular technique for managing a large organization with different technologies and markets is to divide it into:
strategic business units
The acronym SBU refers to:
strategic business unit
controls its business independent of other SBUs in the organization
After management agrees on a mission statement, it must set objectives. Which of the following is NOT a characteristic of a good objective?
_____ is defined as a statement of what is to be accomplished through marketing activities
marketing objective
When an organization creates a mission statement that is too narrow, _____ results.
marketing myopia
For marketing objectives to be realized, they must meet all of the following criteria EXCEPT:
be set within a one-year time frame
A _____ is a formal study conducted by an organization to ascertain its current status and capabilities and its future expectations.
situation analysis
The SWOT acronym refers to a firm’s analysis of its:
strengths, weaknesses, opportunities, and threats
_____ is defined as the collection and interpretation of information about forces, events, and relationships that may affect the organization.
Environmental scanning
_____ show costs declining at a predictable rate as experience with a product increases
Experience curves
Which of the following is NOT a source of a cost competitive advantage?
break-even analyses
Which of the following is a type of strategic alternative that matches products and markets?
market penetration
_____ is a strategy of increasing market share for present products in existing markets.
Market penetration
_____ is a strategy that attracts new customers to existing products.
Market development
_____ is a strategy that creates new products for present markets.
Product development
_____ is the strategy of increasing sales by introducing new products into new markets.
A(n) _____ describes and estimates the size and sales potential of market segments of interest to the firm and assesses key competitors in these market segments.
market opportunity analysis
The _____ is the unique blend of product, distribution, promotion, and pricing strategies designed to produce mutually satisfying exchanges with a target market.
marketing mix
The starting point of any firm’s marketing mix is the:
development of the good or service to be sold
Making sure products are available when and where customers want them is the job of which element of the marketing mix?
distribution strategies

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