mkt 264- CH 2

Which of the following involves adapting a firm to take advantage of opportunities in its constantly changing environment?

• Long-Range planning

• Short-Range planning

• Media planning

• Strategic Planning

• Annual Planning

When a firm develops and maintains a strategic fit between its goals and capabilities, it is performing___________

• Mission Planning

• Values Planning

• Strategic Planning

• Business Portfolio

• Operations Planning

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

• Set objectives and goals.

• Develop the business portfolio.

• Define the company mission.

• Plan marketing strategies.

• Identify threats and weaknesses.

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

• Defining the company mission

• Setting company objectives and goals

• Designing the business portfolio

• Planning marketing and other functional strategies.

• Evaluating all members of the value chain

Which of the following provides an answer to these question: What is our business? Who are our customers? What do our customers Value? What should our business be?

• Objectives and goals

• A mission statement

• A business portfolio

• Marketing and functional strategies.

• Operational strategies.

____________should be market oriented and defined in terms of _____________

• Annual planning; product needs

• Strategic plans; company needs

• Long-range plans; company needs

• Mission statements; Customers' needs

• Objectives; competitors' threats

All of the following are examples of product oriented mission statements, EXCEPT which one?

• " We provide online service"

• "We run theme parks"

• " We sell shoes"

• " We sell lifestyle and self-expression; success and status; memories, hopes and dreams"

• " we rent hotel rooms"

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

• To satisfy basic customer needs

• To satisfy basic supplier needs

• To satisfy basic owner needs

• To satisfy basic owner needs

• To satisfy basic partnership needs

Revlon has clearly defined its “ mission” of selling lifestyle and self-expression. In order for the firm to launch its strategic plan, the mission needs to next be turned into detailed _________ that guide each level of the company.

• Sets of strategies

• Sets of tactics

• product mixes

• Supporting objectives

• Sets of promotional tools

The collection of businesses and products that make up a company is called its ________.

• Strategic Business Unit

• Mission Statement

• Strategic Plan

• Business Portfolio

• Operational Factor