Marketing Chapter 2

What does effectiveness in strategic marketing management refer to?

• The degree to which long-term customer relationships help achieve an organization's objectives

• The ability to reduce marketing costs

• The speed at which marketing strategies are implemented

• The number of marketing strategies a company can implement at once

What does efficiency in strategic marketing management refer to?

• The ability to increase sales volume

• The degree to which a company can expand its market share

• Minimizing the resources an organization uses to achieve a specific level of desired customer relationships

• The effectiveness of the marketing communication channels

What is the process of establishing an organizational mission, formulating goals, corporate strategy, marketing objectives, and marketing strategy known as?

• Operational Planning

• Strategic Planning Process

• Tactical Planning

• Financial Planning

What is a mission statement?

• A short-term operational plan of an organization

• A long-term view or vision of what the organization wants to become

• A yearly financial report of an organization

• A list of products offered by an organization

What should the goals of any organization derive from?

• Its financial statements

• Its mission statement

• Its customer feedback

• Its marketing strategies

What is the purpose of managing a corporate identity according to the text?

• To increase employee satisfaction

• To support all the firm's activities, including marketing

• To reduce operational costs

• To expand the company's product line

What does corporate strategy determine in an organization?

• The legal structure of the company

• The means for utilizing resources in various functional areas to reach goals

• The pricing of products and services

• The geographic location of the company's operations

Corporate strategy planners are concerned with which of the following broad issues?

• Marketing tactics

• Corporate culture

• Hiring processes

• Daily operations

Environmental and social issues are a concern for corporate strategy planners.

• True

• False

What should corporate strategy planners do with the organization's resources?

• Allocate them equally among all departments

• Match them with the corporate goals

• Invest them in new technologies only

• Use them to cut costs wherever possible