Partnering to Build Customer Engagement Quiz

is the process of developing and maintaining a crucial fit between the organization's goals and capabilities and its changing marketing opportunities.

• Benchmarking

• SWOT analysis

• Market segmentation

• Strategic planning

• Diversification

Which of the following is true regarding strategic planning?

• At the corporate level, the company starts the strategic planning process by determining what portfolio of businesses and products is best for the company.

• A strategic plan deals with a company's short-term goals.

• The focus of strategic planning is to define a game plan for long-run survival and growth.

• The strategic plan is a statement of an organization's purpose.

• Strategic planning involves identifying segments of consumers with identical preferences.

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

• setting short-term goals

• developing the business portfolio

• defining the organizational mission

• formulating the key marketing strategies

• identifying the organization's weaknesses and the threats it faces

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 members of the company's value chain

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

• vision statement

• mission statement

• business portfolio

• value proposition

• product strategy

Mission statements should and be defined in terms of .

• be technology oriented; meeting the self-actualization needs of customers

• be product oriented; satisfying the esteem needs of customers

• embody the company's short-term plans; current opportunities

• be market oriented; satisfying basic customer needs

• address sales and profits; the net return on investments

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

• reward plan for the organization's highly skilled employees

Which of the following is NOT a market-oriented business definition?

• "We empower customers to realize their dreams."

• "We make high-quality consumer food products."

• "We sell success and status."

• "We create the Hilton experience."

• "We bring innovation to every home."

Companies that define their missions in terms of products or technologies are considered myopic primarily because .

• products and technologies result in low returns on investment

• consumer preferences regarding products and technology are difficult to predict

• consumer preferences for different product categories vary from time to time

• products and technologies eventually become outdated

• most consumers are not comfortable using sophisticated technology during the buying process

Mission statements should be defined in terms of .

• the advantages a company's products provide

• satisfying basic customer needs

• the value a company's products provide

• the profitability of a company's products

• the variety they offer to a customer