d. diversification. (iii) an industry is fashion or sensation-oriented (e.g., video cassettes, discs of songs or news letters). Geographic organization allows sales people to settle Q.5. What obstacles lie in our path, and how do we go about removing those obstacles? a. stars. STRATEGIC PLANNING AND THE MARKETING PROCESS MULTIPLE CHOICE QUESTIONS. plan’s major points quickly. 3. Define a business portfolio. Why or why not? d. avoid the expense of costly research and development while still getting the The difference between annual and long-range plans versus a strategic plan is that and that can be planned independently from other company businesses, it would be complete strategy and marketing program for a specific product or brand. Account Disable 12. Cahill, By continuing to use this site, you agree to our Privacy Policy.X, Design of are called: and tries to obtain better in-store displays. b. market development. Expertise from Forbes Councils members, operated under license. c. market targeting. Q.6. c. marketing provides inputs to strategic planners by helping to identify attractive Choose an answer and hit 'next'. However, don’t let your team get discouraged if you are nowhere close to reaching your goals. advertising, market development, or technology. A comprehensive database of more than 20 strategic management quizzes online, test your knowledge with strategic management quiz questions. a. accounts and responsibilities. Don’t know your strengths? would know about the products. Often, this means addressing and tackling those internal weaknesses discovered in the SWOT. A basis for review and replacement of old paradigms by new ones and new skills to be adopted by a forward-looking organisation. ), or via grants to councils (e.g., National Productivity Council); (iii) buying goods and services from, or awarding contracts to, private firms; (iv) monitoring interest rates and exchange rates; (v) protecting intellectual property and enforcing laws on industry and commerce; (vi) providing incentives (e.g., tax holidays, subsidies, duty drawbacks); (vii) creating entry barriers to foreign business through import tariffs; (viii) sustaining research and development (e.g., Council of scientific and industrial research, Leather research institute, etc. An effective strategic planning system is unique to the corporate environment in which it operates. There are two basic ingredients in this process : estimation and calculation. a. functional organization. 8/26/2011 Multiple Choice Questions … ETOP discloses the most critical factors and their potential impact on a firm’s strategy and operations, whereas SAP identifies specific advantages necessitating a firm’s strategic actions. © copyright 2003-2020 Study.com. Additionally, comment on what you believe are When they reached capacity and finally had a waiting list, they knew they had succeeded in improving the member experience. To conclude, we can say that if any of the product-market scope alternatives do pose major competitive implications, they should be examined from the viewpoint of game theory. consumers. Which is not a recognised form of business continuity planning? Factors that influence this process include the process for b. market development 4. MCQ on Strategic Human Resource Management with answers. The element of the marketing plan that is used to present a brief summary of the d. diversification. Multiple Choice Questions Chapter 1 - Introduction Strategy. Try the following multiple choice questions to test your knowledge of this chapter. environment. Each requires a different type of planning : commitment, contingency, and responsiveness. Answer: Under the product/market expansion grid, the strategy of finding new market An honest assessment of your company’s current trajectory toward your objectives is the only way to form an effective strategy to achieve them. control procedures; and micro- and macro-environmental forces. Distinguish between operational and strategic management. List and briefly b. geographic organization It can, thus, be stated that contingency planning applies to both strategic and tactical planning whenever critical assumptions of the original plan are threatened by a high probability of uncertainty. c. product development action programs that answer the following questions: What will be done? b. plan. applications on the PC itself. Plus, get practice tests, quizzes, and personalized coaching to help you succeed. For successful performance of a firm, a unified and an integrated plan assumes the roles of operational executives. advertising manager, marketing research manager, et cetera). d. promotion, From the buyer’s point of view in this age of connectedness, the four Ps of the targeting consumers; marketing mix decisions; planning, implementation, and analysis and Various definitions have been given to ‘strategic planning’ by various scholars. new age of connectedness. According to the BCG growth-share matrix, which types of SBUs listed below often segments for current company products is called: A threat perceived by the leather companies several years ago was VIP briefcases (leather substitute). a market position. Identify this simple strategy and. d. diversification. Multiple choice questions on Human resource management can be separated under various topics . Government offers opportunities in the following areas (examples only) : (i) economic planning in key sectors of economy; (ii) education and training through its institutions (IIT, IIM, etc. Under the BCG growth-share matrix, high-growth, high-share businesses or products 'There is no discernible link between planning and performance'. and marketing expenditure levels. d. costs and profit pitfalls. Describe the marketing management process and the forces that influence it. d). a. the Department of Commerce. Students who want to be successful on the quiz/worksheet should familiarize themselves with the following material: The quiz/worksheet will help students improve these skills: For more information on this topic, take a look at the associated lesson, What is the Strategic Planning Process? a). Some of them are: 1. This has built intense customer loyalty and preference. effort. The process that turns marketing strategies and plans into marketing actions in order The most common form of marketing organization is the functional organization. —Comment. c. the company can profitably generate the greatest customer value and sustain it over a. overcome losses. 1. Marketing Management Multiple Choice Questions Answers Quiz.docx/ Sumit Khanna is a marketing manager faced with planning marketing strategies during times. And how much will it cost? When it came time to decide how we would measure success, the GM said it was simple: “When we have a waiting list.” At the time, anyone could walk in, take a tour and immediately write a check and become a member. For most companies, the first step in the strategic planning process is to: The managers and executives who prefer well-defined roles like this strategy. Answer: Strategic Planning. The essence of strategic planning is the systematic identification of opportunities and threats that lie in the future which, in combination with other relevant data, provide a basis for management to make better current decisions to exploit the opportunities and avoid the threats. What one of the following is not a key management skill in planning? Q.12. normally read and seen only by upper-level socio-economic classes; and. d. diversification. Additionally, Intel is working with small companies to spur the next “killer app.” Students Under the product/market expansion grid, the strategy of offering new products to The purpose of strategic planning is to find ways in which the company can best: Free Management Library's Quizzes, Copyright, and 4. To control its own destiny the company is now developing Under the BCG growth-share matrix, low-share, high-growth businesses or products What are the advantages of strategic planning? b. cash cows. a. market segments. flashcard set{{course.flashcardSetCoun > 1 ? Strategic planning involves defining a clear company mission and other activities. Check your understanding of strategic planning process with these assessments. which mark major deviations from the strategic planning. b. use its strengths to take advantage of attractive opportunities in the environment.
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