Business Management Exam 1 Questions With 100% Accurate Answers

Strategic plans require - Answer long term resource commitments Strategic Planning - Answer _____ is the managerial process of creating and maintaining a fit between the organization's objectives and resources and evolving market opportunities Which of the following statements about a marketing plan is true? - Answer A marketing plan is created so an organization can meet its marketing objectives. _____ is the process of anticipating events and determining strategies to achieve organizational objectives. - Answer Planning Marketing plans should be written to do all of the following EXCEPT: - Answer Control the elements of the external marketing environment. Which of the following is one of the elements of the marketing plan? - Answer a business mission statement a situation analysis a target market strategy the marketing mix The _____ answers the question, "What business are we in, and where are we going?" - Answer mission statement The focus of an organization's mission statement should be on: - Answer the market it wishes to serve occurs when a business is defined in terms of goods and services rather than by the benefits customers seek from it. - Answer Marketing Myopia A popular technique for managing a large organization with different technologies and markets is to divide it into: - Answer Strategic business units The acronym SBU refers to: - Answer Strategic Business Unit An SBU: - Answer Controls its business independent of other SBU's in the organization After management agrees on a mission statement, it must set objectives. Which of the following is NOT a characteristic of a good objective? - Answer Profitable