Question 1

A major resources firm has just developed a formal statement of its purpose.This firm has put together a mission statement.

Accepted Answer

The firm has developed a formal statement of its purpose in the form of a mission statement.

Question 2

A marketing manager is busy working with other managers evaluating the products and businesses making up their company.He is engaged in ________.
A)defining the company's mission statement
B)preparing a business portfolio
C)portfolio analysis
D)marketing control
E)profitability analysis

Accepted Answer

The marketing manager is evaluating the products and businesses of the company, which is part of portfolio analysis. Choice A is incorrect because defining the company's mission statement is a separate task that involves clarifying the company's purpose and direction. Choice B is related to portfolio analysis, but it involves preparing a visual representation of the company's business units and their relative strategic position, which is not mentioned in the scenario. Choices D and E are also not directly related to the scenario - marketing control involves monitoring and adjusting the marketing activities to stay on track, while profitability analysis involves evaluating the financial performance of individual products or businesses.

Question 3

After management has identified the key businesses making up its company,what is the next step?
A)Identify businesses in which to invest.
B)Assess the attractiveness of its SBUs.
C)Decide whether to harvest any businesses.
D)Complete short-range planning.
E)Identify the SBUs.

Accepted Answer

Once the key businesses have been identified, the next step is to assess the attractiveness of each Strategic Business Unit (SBU) within the company. This involves evaluating the market growth rate, the company's competitive position within the market, and the amount of resources required to maintain or improve the SBU's position. This analysis will help determine which SBUs to invest in, which to divest, and which to harvest. Therefore, option B is the correct choice.

Question 4

A marketing organisation's mission should NOT be stated as making more ________ and / or ________.

Accepted Answer

The answer of A marketing organisation's mission should NOT be...

Question 5

The key businesses or organisational divisions that make up a company are known as the ________.

Accepted Answer

The answer of The key businesses or organisational divisions that...

Question 6

Mission statements should both fit the market environment and be motivating.

Accepted Answer

A mission statement should not only be appropriate for the market environment in which the organization operates, but it should also inspire and motivate employees, customers, and other stakeholders.

Question 7

The best known product portfolio planning method was developed by ________.
A)Philip Kotler & Associates
B)Harvard University
C)Carlton Consulting Group
D)Boston Consulting Group
E)General Electric

Accepted Answer

The Boston Consulting Group (BCG) is the best-known product portfolio planning method.

Question 8

The collection of businesses and products that make up a company is called its ________.
A)strategic business unit
B)mission statement
C)strategic plan
D)business portfolio
E)operational factors

Accepted Answer

A company's collection of businesses and products is referred to as its business portfolio. This includes all of the various areas in which the company operates and the products or services it offers within those areas. It is important for a company to regularly evaluate and adjust its business portfolio in order to ensure that it is meeting its strategic goals and remaining competitive in the market.

Question 9

A marketing organisation's mission should NOT be stated as making more sales or ________.Instead,the mission should focus on customers and the ________.

Accepted Answer

The answer of A marketing organisation's mission should NOT be...

Question 10

'At Revlon,we make cosmetics' is a market-oriented business definition.

Accepted Answer

This statement is more of a product-oriented definition because it focuses on the product they make (cosmetics) rather than on the needs and wants of their customers. A market-oriented definition would describe the company in terms of the benefits or solutions it provides to its customers.

Question 11

A(n)________ can be a company division,a product line within a division or a single product or brand.

Accepted Answer

The answer of A(n)________ can be a company division,a product...

Question 12

At McDonald's,'to be our customers' favourite place and way to eat' is a product-oriented mission.

Accepted Answer

This statement is customer-oriented as it focuses on being the favorite place and way for customers to eat, emphasizing the experience and satisfaction of the customers rather than the products themselves.

Question 13

The BCG portfolio matrix classifies SBUs on two dimensions,namely ________ and ________.
A)market share;market or industry attractiveness
B)market or industry growth rate;market or industry attractiveness
C)market growth rate;relative market share
D)market growth rate;profits
E)market penetration;market development

Accepted Answer

The BCG portfolio matrix classifies SBUs on the basis of two dimensions, namely market growth rate and relative market share. Market growth rate is used to determine the attractiveness of the market or industry, whereas relative market share is used to determine the strength of the SBU in the market or industry. The matrix categorizes SBUs into four categories, namely stars, question marks, cash cows, and dogs, based on their position on these two dimensions.

Question 14

________ can be a company division,a product line within a division or sometimes a single product or brand.
A)A market
B)The BCG
C)An SBU
D)A PLC
E)A value delivery network

Accepted Answer

An SBU (Strategic Business Unit) can be a company division, a product line within a division, or sometimes a single product or brand. SBUs are typically managed separately from the rest of the company and have their own set of objectives, strategies, and competitors. Therefore, they are a logical choice for the statement given in the question.

Question 15

The annual and long-range plans deal with the company's ________ businesses and how to keep them going.In contrast,the strategic plan involves adapting the firm to take advantage of ________ in its constantly changing environment.

Accepted Answer

The answer of The annual and long-range plans deal with...

Question 16

Explain why companies should engage in both annual planning and strategic planning.

Accepted Answer

The answer of Explain why companies should engage in both...

Question 17

Mission statements should be realistic and general in nature.

Accepted Answer

Mission statements should be realistic but also specific and clear in their goals and how the organization intends to achieve them.

Question 18

A mission statement is a statement of the organisation's ________,that is,what it wants to accomplish in the wider operating environment.

Accepted Answer

The answer of A mission statement is a statement of...

Question 19

Business portfolio planning involves two steps: ________ and ________.
A)identifying SBUs;assessing the attractiveness of SBUs
B)analysing the current business portfolio;shaping the future business portfolio
C)identifying internal strengths;identifying external opportunities
D)conducting a SWOT analysis;establishing marketing controls
E)identifying growth opportunities;evaluating growth opportunities

Accepted Answer

Business portfolio planning involves analyzing the current business portfolio to determine its strengths and weaknesses, and then shaping a future portfolio by deciding which business units to invest in, which to sell, and which to harvest for short-term cash flow.

Question 20

A firm's mission statement should be the basis for both its business and marketing objectives.

Accepted Answer

A firm's mission statement should guide and inform both their business and marketing strategies to ensure they are aligned with the company's overall purpose and values.

Quiz 2: Company and Marketing Strategy: Partnering to Build Customer Engagement, value and Relationships

A major resources firm has just developed a formal statement of its purpose.This firm has put together a mission statement.

A marketing manager is busy working with other managers evaluating the products and businesses making up their company.He is engaged in ________.

After management has identified the key businesses making up its company,what is the next step?

A marketing organisation's mission should NOT be stated as making more and / or .

The key businesses or organisational divisions that make up a company are known as the ________.

Mission statements should both fit the market environment and be motivating.

The best known product portfolio planning method was developed by ________.

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

A marketing organisation's mission should NOT be stated as making more sales or .Instead,the mission should focus on customers and the .

'At Revlon,we make cosmetics' is a market-oriented business definition.

A(n)________ can be a company division,a product line within a division or a single product or brand.

At McDonald's,'to be our customers' favourite place and way to eat' is a product-oriented mission.

The BCG portfolio matrix classifies SBUs on two dimensions,namely and .

________ can be a company division,a product line within a division or sometimes a single product or brand.

The annual and long-range plans deal with the company's businesses and how to keep them going.In contrast,the strategic plan involves adapting the firm to take advantage of in its constantly changing environment.

Explain why companies should engage in both annual planning and strategic planning.

Mission statements should be realistic and general in nature.

A mission statement is a statement of the organisation's ________,that is,what it wants to accomplish in the wider operating environment.

Business portfolio planning involves two steps: and .

A firm's mission statement should be the basis for both its business and marketing objectives.