CHAPTER 2 MAR3023 SMARTBOOK EXAM QUESTIONS AND
ANSWERS WITH COMPLETE SOLUTIONS GRADED A++
Firms can greatly increase the likelihood of success if they carefully define their
objectives and develop a plan for meeting those objectives. This activity is
referred to as Blank______.
strategic planning
A firm is developing plans for its marketing department in an effort to meet its
objectives. It is developing Blank______.
a strategic plan
How often should a firm undertake the process of strategic planning?
on a continual basis
A company's long-term purpose can be identified in a concise format by creating
Blank______.
a mission statement
Identifying what a business should be, who the customers of a business are, and
what value the business will bring to those customers are important elements of
Blank______
a mission statement
The process of defining the objectives of a company and then developing a
method to achieve those objectives is known as Blank______.
strategic planning
,Which factors should a firm consider when developing a mission statement?
(Check all that apply.)
The mission statement should be customer-oriented.
The mission statement should focus on a limited number of goals.
A strategic plan addresses an organization's plan for which key functional areas?
(Check all that apply.)
Marketing
Risk management
Human resources
Finance
In his first week at work, Gerald was asked to make suggestions for how to best
market the company's newest product. In order to do this, he wanted to
understand the goals and values the company had established for itself. To learn
this, Gerald would want to consult the firm's .
Blank 1: mission
Blank 2: statement
According to your text, what two conditions might cause a firm to adjust its
strategic plan?
Changing customer needs
Competitive threats
, The primary strategic planning tool used to direct and coordinate the activities
marketers will undertake to execute the right marketing mix strategies to
maximize success is the Blank______ plan.
marketing
The purpose of a(n) is to provide employees with a shared sense of ambition,
direction, and opportunity.
Blank 1: mission
Blank 2: statement
Who would a company rely on for input when developing the marketing plan?
Employees throughout the various departments
The process of developing a mission statement begins by asking which
questions? (More than one answer is correct)
What is our business?
What should our business be?
Who is our customer?
What is our value to the customer?
A good mission statement should be oriented around the Blank______.
customer
While each company may develop a marketing plan in a different way, there are
usually Blank______ basic steps in every marketing plan.
five
What tool does a firm use to ensure that the business never strays too far from its
core goals and values?
ANSWERS WITH COMPLETE SOLUTIONS GRADED A++
Firms can greatly increase the likelihood of success if they carefully define their
objectives and develop a plan for meeting those objectives. This activity is
referred to as Blank______.
strategic planning
A firm is developing plans for its marketing department in an effort to meet its
objectives. It is developing Blank______.
a strategic plan
How often should a firm undertake the process of strategic planning?
on a continual basis
A company's long-term purpose can be identified in a concise format by creating
Blank______.
a mission statement
Identifying what a business should be, who the customers of a business are, and
what value the business will bring to those customers are important elements of
Blank______
a mission statement
The process of defining the objectives of a company and then developing a
method to achieve those objectives is known as Blank______.
strategic planning
,Which factors should a firm consider when developing a mission statement?
(Check all that apply.)
The mission statement should be customer-oriented.
The mission statement should focus on a limited number of goals.
A strategic plan addresses an organization's plan for which key functional areas?
(Check all that apply.)
Marketing
Risk management
Human resources
Finance
In his first week at work, Gerald was asked to make suggestions for how to best
market the company's newest product. In order to do this, he wanted to
understand the goals and values the company had established for itself. To learn
this, Gerald would want to consult the firm's .
Blank 1: mission
Blank 2: statement
According to your text, what two conditions might cause a firm to adjust its
strategic plan?
Changing customer needs
Competitive threats
, The primary strategic planning tool used to direct and coordinate the activities
marketers will undertake to execute the right marketing mix strategies to
maximize success is the Blank______ plan.
marketing
The purpose of a(n) is to provide employees with a shared sense of ambition,
direction, and opportunity.
Blank 1: mission
Blank 2: statement
Who would a company rely on for input when developing the marketing plan?
Employees throughout the various departments
The process of developing a mission statement begins by asking which
questions? (More than one answer is correct)
What is our business?
What should our business be?
Who is our customer?
What is our value to the customer?
A good mission statement should be oriented around the Blank______.
customer
While each company may develop a marketing plan in a different way, there are
usually Blank______ basic steps in every marketing plan.
five
What tool does a firm use to ensure that the business never strays too far from its
core goals and values?
