How do core competencies affect strategy?

They enhance competitive advantage

What is a market opportunity?

Circumstances allowing market reach

What is the difference between intended and realized strategy?

Intended is planned, realized is actual

What is a characteristic of organizing by product groups?

Teams focus on specific products

What is the first step in strategic planning?

Establishing an organizational mission

What is the purpose of a marketing plan?

To outline marketing activities

studbud

SM W5

17 termsStudBud Administration1 play

Test your knowledge and learn the key concepts of strategic planning and marketing

Flashcards17 cardsFPractice quizPHost liveL

Questions 17

Answers

1
What does 'diversification' mean in strategy?
Reducing product lines
Expanding into new markets
Increasing advertising
Focusing on one product
2
How do core competencies affect strategy?
They complicate planning
They limit opportunities
They reduce market share
They enhance competitive advantage
3
Which is a benefit of marketing planning?
Limits communication
Defines responsibilities
Increases costs
Guarantees success
4
What is a market opportunity?
A marketing budget increase
Circumstances allowing market reach
A new product launch
A competitor's failure
5
Which component defines a company's purpose?
Marketing mix
Mission statement
Goals and objectives
Situation analysis
6
What is the difference between intended and realized strategy?
Intended is short-term, realized is long-term
Both are the same
Intended is for customers, realized is for employees
Intended is planned, realized is actual
7
Which is NOT a characteristic of a good marketing objective?
Clear and measurable
Vague and flexible
Consistent with strategy
Specific time frame
8
What is Total Quality Management (TQM)?
A marketing tactic
A method for hiring
A financial strategy
Commitment to quality culture
9
What defines a 'Star' in the BCG Matrix?
High growth, low share
High growth, high share
Low growth, high share
Low growth, low share
10
What is a characteristic of organizing by product groups?
Teams handle different locations
Teams are organized by age groups
Teams manage marketing functions only
Teams focus on specific products
11
What does internal marketing focus on?
Sales strategies
Product development
External customer relations
Internal employee coordination
12
What is the first step in strategic planning?
Establishing an organizational mission
Hiring new employees
Setting daily goals
Creating marketing materials
13
What does a mission statement clarify?
Budget and location
Customers and core competency
Employee roles
Sales targets
14
What is the purpose of a marketing plan?
To create financial reports
To hire new staff
To set daily tasks
To outline marketing activities
15
What is the purpose of performance standards?
To hire new staff
To create marketing materials
To set employee salaries
To evaluate actual performance
16
What is the role of marketing in an organization?
To connect with customers
To manage finances
To hire employees
To control production
17
What is a characteristic of a decentralized organization?
Centralized decision-making
Uniform policies across locations
Limited employee authority
Local teams make decisions

SM W5 Flashcards | StudBud