BUAD301 Chapter 3 – Flashcards
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In step 2 of the strategic planning process, a firm analyzes its strengths and weaknesses and the opportunities and threats in its internal and external environment. What is this analysis called? A. BCG growth-market share matrix B. Portfolio analysis C. Situation analysis D. Product development strategy E. SWOT analysis
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E. SWOT analysis
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Which of the following terms refers to the uncontrollable elements outside an organization that might affect its performance either positively or negatively? A. Portfolio analysis B. Situation analysis C. External environment D. SWOT analysis E. Internal environment
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C. External environment
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According to the BCG growth-market share matrix, ________ are SBUs with low market shares in fast-growth markets. A. stars B. foxes C. cash cows D. question marks E. dogs
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D. question marks
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As part of the strategic planning process, step 4 includes conducting a ________, which evaluates a firm's business mix and assesses the potential of an organization's strategic business units. A. portfolio analysis B. SWOT analysis C. situation analysis D. product development strategy E. BCG growth-market share matrix
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A. portfolio analysis
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Which of the following refers to the controllable elements inside an organization, including its people, its facilities, and how it does things that influence the operations of the organization? A. Situation analysis B. External environment C. Portfolio analysis D. Internal environment E. SWOT analysis
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D. Internal environment
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Which of the following term refers to a formal statement in an organization's strategic plan that describes the overall purpose of the organization and what it intends to achieve in terms of its customers, products, and resources? A. Return on marketing investment B. SWOT analysis C. Mission statement D. Business plan E. Situation analysis
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C. Mission statement
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A firm seeking a growth strategy designed to increase sales of existing products to current customers, nonusers, and users of competitive brands in served markets would utilize which of the following marketing strategies? A. Diversification B. Market development C. Product development D. Control E. Market penetration
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E. Market penetration
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Which of the following refers to individual units within a firm that operate like separate businesses, with each having its own mission, business objectives, resources, managers, and competitors? A. Business portfolio B. Strategic business units (SBUs) C. Market development strategies D. Strategic plan E. Diversification strategies
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B. Strategic business units (SBUs)
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Which of the following refers to step 4 in the market planning process? A. Select a target market and the best marketing mix strategy. B. Conduct a situation analysis. C. Implement and control the marketing plan. D. Set marketing objectives. E. Develop marketing strategies.
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C. Implement and control the marketing plan
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Which of the following refers to a managerial decision process that matches an organization's resources and capabilities to its market opportunities for long-term growth and survival? A. Functional planning B. Operational planning C. Business planning D. Strategic planning E. Strategic business units (SBUs)
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D. Strategic planning
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In ____________ of the marketing planning process, marketing managers decide which markets to target and develop the marketing mix strategies to support how they want to position the product in the market. A. Step 1 B. Step 2 C. Step 4 D. Step 5 E. Step 3
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E. Step 3
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Which of the following is the document that describes the marketing environment, outlines the marketing objectives and strategy, and identifies who will be responsible for carrying out each part of the marketing strategy? A. Functional plan B. Operational plan C. Business plan D. Marketing plan E. Strategic plan
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D. Marketing plan
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Which of the following planning processes concentrates on developing detailed plans for strategies and tactics for the short term, supporting an organization's long-term strategic plan? A. Strategic planning B. Operational planning C. Functional planning D. Strategic business units (SBUs) E. Business planning
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C. Functional planning
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According to the BCG growth-market share matrix, ________ are SBUs with a dominant market share in a low-growth-potential market. A. stars B. cash cows C. dogs D. camels E. question marks
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B. cash cows
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According to the BCG growth-market share matrix, ________ are SBUs with products that have a dominant market share in high-growth markets. A. dogs B. squirrels C. question marks D. stars E. cash cows
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D. stars
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At which step in the marketing planning process would a firm perform a situation analysis? A. Step 1 B. Step 5 C. Step 4 D. Step 3 E. Step 2
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A. Step 1
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In step 2 of the strategic planning process, a firm engages in a(n) ________ to assess its internal and external environments. A. portfolio analysis B. operational plan C. BCG growth-market share matrix D. action plan E. situation analysis
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E. situation analysis
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Which of the following terms refers to an ongoing process of making decisions that guides the firm both in the short term and for the long term? A. Functional planning B. Operational planning C. Business planning D. Marketing planning E. Strategic planning
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C. Business planning
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________ is a portfolio analysis model developed by the Boston Consulting Group that assesses the potential of successful products to generate cash that a firm can then use to invest in new products. A. Return on marketing investment (ROMI) B. SWOT analysis C. BCG growth-market share matrix D. Marketing plan E. Situation analysis
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C. BCG growth-market share matrix
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In the fifth step of the strategic planning process, a company that introduces existing products to new markets is utilizing a ________ strategy. A. market development B. market penetration C. return on marketing investment (ROMI) D. diversification E. product development
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A. market development
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Which of the following planning processes focuses on developing detailed plans for day-to-day activities that carry out an organization's functional plans? A. Operational planning B. Strategic business units (SBUs) C. Business planning D. Functional planning E. Strategic planning
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A. Operational planning
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A ________ refers to the group of different products or brands owned by an organization and characterized by different income-generating and growth capabilities. A. business plan B. strategic plan C. business portfolio D. BCG growth-market share matrix E. strategic business unit (SBU)
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C. business portfolio
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Which the following refers to a plan that includes the decisions that guide the entire organization? A. Strategic business units (SBUs) B. Functional plan C. Operational plan D. Business plan E. Strategic plan
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D. Business plan
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If a firm is measuring return on marketing investment (ROMI), the company is at which step in the marketing planning process? A. Step 3 B. Step 2 C. Step 4 D. Step 1 E. Step 5
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C. Step 4
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According to the BCG growth-market share matrix, ________ are SBUs with a small share of a slow-growth market. They are businesses that offer specialized products in limited markets that are not likely to grow quickly. A. rabbits B. question marks C. stars D. cash cows E. dogs
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E. dogs