NEU Chapter 4 - Marketing Fundamental

_____ 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 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 with regard to 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• Products and technologies eventually become outdated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

Orion Inc. operates in many industries, including pharmaceuticals and food products. The company's goal is to create "abundant and affordable food for all and a healthy environment." This represents Orion's _____.

• Marketing plan

• Product mix

• Business portfolio

• Marketing mix

• Mission statement

Which of the following companies has a product-oriented business definition?

• A luxury hotel, whose business definition is: "We sell out-of-the-world experiences to our guests."

• A real estate company, whose business definition is: "We sell dreams."

• A cosmetic company, whose business definition is: "We offer hopes and self-expression."

• A shoe manufacturer, whose business definition is: "We manufacture affordable and long-lasting shoes for all."

• A high-technology company, whose business definition is: "We sell inspirations."