MKTG 3701 Quiz 2 Study Guide 2026–2027 | Practice
Questions & Answers
strategic planning - correct answers -the process of thoughtfully defining a firms objectives and
developing a method to achieve those objectives
strategic plan - correct answers -includes an organizations plans for key functional areas, marketing,
human resource, finance, and risk management
elements of a strategic plan - correct answers --marketing plan
-financial plan
-human resources plan
-risk management plan
mission statement - correct answers -a concise affirmation of the firm's long-term purpose
things to consider when developing a mission statement... - correct answers --what is our business
-who is our customer
-what is our value to the customer
-what should our business be
the mission statement should... - correct answers -Be focused on a limited number of goals
Be customer-oriented and focused on satisfying basic customer needs and wants
1
, Capture a shared purpose and provide motivation for the employees of the firm
marketing plan - correct answers -an action-oriented document that guides the firm's marketing
strategy
key components of the marketing plan... - correct answers -executive summary, situation analysis,
marketing strategy, financials, controls
executive summary - correct answers -a brief overview of the entire marketing plan
elevator pitch - correct answers -1-2 minute opportunity to market yourself and share the main points
of your work
situation analysis - correct answers -analyzes the environment within the following key sections: market
summary, SWOT analysis, competition
market summary - correct answers -a description of the current state of the market
SWOT analysis - correct answers -strengths, weaknesses, opportunities, threats
competition analysis - correct answers -lists the firm's direct and indirect competitors
marketing strategy - correct answers -defines the target market and outlines the positioning and
marketing mix strategies based on specific, measurable, and realistic objectives
2
Questions & Answers
strategic planning - correct answers -the process of thoughtfully defining a firms objectives and
developing a method to achieve those objectives
strategic plan - correct answers -includes an organizations plans for key functional areas, marketing,
human resource, finance, and risk management
elements of a strategic plan - correct answers --marketing plan
-financial plan
-human resources plan
-risk management plan
mission statement - correct answers -a concise affirmation of the firm's long-term purpose
things to consider when developing a mission statement... - correct answers --what is our business
-who is our customer
-what is our value to the customer
-what should our business be
the mission statement should... - correct answers -Be focused on a limited number of goals
Be customer-oriented and focused on satisfying basic customer needs and wants
1
, Capture a shared purpose and provide motivation for the employees of the firm
marketing plan - correct answers -an action-oriented document that guides the firm's marketing
strategy
key components of the marketing plan... - correct answers -executive summary, situation analysis,
marketing strategy, financials, controls
executive summary - correct answers -a brief overview of the entire marketing plan
elevator pitch - correct answers -1-2 minute opportunity to market yourself and share the main points
of your work
situation analysis - correct answers -analyzes the environment within the following key sections: market
summary, SWOT analysis, competition
market summary - correct answers -a description of the current state of the market
SWOT analysis - correct answers -strengths, weaknesses, opportunities, threats
competition analysis - correct answers -lists the firm's direct and indirect competitors
marketing strategy - correct answers -defines the target market and outlines the positioning and
marketing mix strategies based on specific, measurable, and realistic objectives
2
