Question Set on Partnering to Build Customer Relationships

Chapter 2 Company and Marketing Strategy:
Partnering to Build Customer Relationships

1) Which of the following involves adapting a firm to take advantage of opportunities in its constantly changing environment?
A) long-range planning
B) short-range planning
C) media planning
D) strategic planning
E) annual planning
Answer: D
Diff: 2 Page Ref: 38
Skill: Concept
Objective: 2-1

2) When a firm develops and maintains a strategic fit between its goals and capabilities, it is performing ________.
A) mission planning
B) values planning
C) strategic planning
D) business-portfolio planning
E) operations planning
Answer: C
Diff: 1 Page Ref: 38
Skill: Concept
Objective: 2-1

3) Which of the following is the first step in strategic planning?
A) set objectives and goals
B) develop the business portfolio
C) define the company mission
D) plan marketing strategies
E) identify threats and weaknesses
Answer: C
Diff: 1 Page Ref: 39
Skill: Concept
Objective: 2-1

4) Which of the following is NOT a step in the strategic planning process?
A) defining the company mission
B) setting company objectives and goals
C) designing the business portfolio
D) planning marketing and other functional strategies
E) evaluating all members of the value chain
Answer: E
Diff: 2 Page Ref: 39
Skill: Concept
Objective: 2-1

5) Which of the following provides an answer to these questions: What is our business? Who are our customers? What do our customers value? What should our business be?
A) objectives and goals
B) a mission statement
C) a business portfolio
D) marketing and functional strategies
E) operational strategies
Answer: B
Diff: 2 Page Ref: 39
AACSB: Communication
Skill: Concept
Objective: 2-1

6) ________ should be market oriented and defined in terms of ________.
A) Annual plans; product needs
B) Strategic plans; company needs
C) Long-range plans; company needs
D) Mission statements; customers' needs
E)