Strategic Marketing Planning

Which of the following statements best describes the nature of a marketing plan?

• It clearly outlines the organization’s

  mission and vision

• It outlines how the organization will

  raise capital to finance growth

• It focuses solely on the internal

  resources needed to develop an

  actionable marketing plan

• It clearly outlines the organization’s

  marketing activities

Whether at the corporate, business-unit, or functional level, the planning process always begins with:

• a statement of goals and objectives

• a situation analysis

• specific strategies for achieving growth

• a statement of the organization’s competitive advantages

When creating a corporate vision statement, organizations are attempting to answer which of the following questions?

• What do we want to become?

• What business are we in?

• What are our competitive advantages?

• How can we be the best?

Which of the following is one of the five basic questions that a good mission statement should answer

• Who are our competitors?

• What is our market position?

• What are our core competencies or competitive advantages?

• What are our opportunities?

When a firm possesses capabilities that allow it to serve customers’ needs better than the competition, the firm is said to have a:

• resource advantage

• competitive advantage

• value-based advantage

• planning advantage

A ________ documents an organization's purpose—what it wants to accomplish in the larger environment.

• vision statement

• mission statement

• business portfolio

• value proposition

A mission statement serves as a ________.

• statement of the organization's net profits

• plan for short-term sustainability

• statement of the organization's purpose

• statement of the organization's current liabilities

Mission statements should be ________.

• meaningful and specific yet motivating

• technology oriented

• written solely for public relations purposes

• focused on increasing sales or profits

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

• strategic business unit

• supply chain

• strategic plan

• business portfolio

Which of the following is NOT an example of product-oriented mission statements?

• "We are an online library."

• "We run theme parks."

• "We sell athletic shoes."

• "We sell memorable experiences."