MBA 706 TEST 2 QUESTIONS WITH
CORRECT ANSWERS!!
Strategic Planning - ANSWERa long-term process that helps an organization
allocate its resources to take advantage of diff opportunities. (uses situation analysis)
Strategic Business Unit (SBU) - ANSWERseparate company/division/product line
within an org with its own competitors, customers, and profit center accounting
purposes. (Uses situation analysis)
Levels of Business - ANSWERCorporate(LLC, entitiy)/Firms (provide services like
law, accounting, design)(Large Organization- top executives) -> SBU (separate
company division) -> Functional (accounting, finance, marketing)
A situation analysis is - ANSWERcritical to the development of business-level goals,
objectives, and strategy.
Vision - ANSWERaspirational statement made by an org to articulate what they hope
to become in the future
Mission (or Purpose) - ANSWERShort statement of why org exists and what the
overall goal is (what kind of service or products it provides). Captures key elements
of the orgs past and present in a clearly phased sentence or paragraph.
What business are we in and what needs do we satisfy?
Who our customers?
What are our values, beliefs, ethics, and operating philosophy?
What are our competitive advantage(s) or core competencies?
What are our human, environmental, and financial resource stewardship
responsibilities?
Values - ANSWERinform executives, workers, investors, and the general public of
the core values or philosophy of the firm that influences strategic planning,
operations, and employee actions on a day to day basis.
Corporate Goals/Objectives - ANSWERlong term outcome you want to achieve also
what the company wants to be in the future
Corporate Strategies - ANSWERprovides direction for the strategic planning efforts
of SBU's and their functional areas
Core Competency - ANSWERis a unique ability that a company acquires from its
founders or developers that cannot be easily imitated.
SMART - ANSWERSpecific. Measurable. Achievable. Realistic. Time-bound
5- Why do potential customers NOT buy our products? (Untapped market or problem
with marketing plan)
, PESTAL Analysis of Trends and Events - ANSWER1- Political Environment - the
role of government in shaping business
2- Economic Environment - Economic conditions within which organization operate.
Inflation and Recession.
3- Socio-cultural demographic Environment
4- Technological Environment - centers around improvements in product or service
features and benefits made possibly advancement in science.
5- Environmental
6- Legal Environment- Law and legal cases influence business activity
Objectives (functional level) - ANSWERare what orgs want to accomplish for given
strategic planning, which is typically a year.
Situational Analysis (Strategic Planning) - ANSWERAs part of the strategic planning
process, the situation analysis occurs before a company decides on any specific
marketing actions
Competitive intelligence - ANSWERinvolves identifying current and future
competitors that collectively with another and the firm by providing similar goods
services, or goods and services that might otherwise compete with the firm.
Internal Analysis: - ANSWER1- Review of current marketing objectives, strategy, and
performance
2- Review of current and anticipated organizational resources
3- Review of current and anticipated cultural and structural issues
Customer Analysis: - ANSWER1- Who are our current and potential customers?
Need to know demographic, geographic, psychographic profiles of current and
potential customers and with this information create target market section. Know if
the audience is buying or user or both and create a market strategy to target both.
B2C is not the only customer. You also B2B, which is for firms who sell to other
businesses or government or non-profit.
2- What do customers do with our products? Understand QTY, bought separately,
Do they recycle the cartridges? Provide free shipping label and $5 dollars off next
purchase for recycle ink cartridges.
3- Where and when do customers buy our products?
· Where: Firms need to offer multiple distribution channels, physical stores. Ordering
online
· When: Seasonal factors influence timing when people buy. Christmas wrapping
paper season/Some people wait until products are on sale.
4- Why and How do customers select our products? (Marketers should have
developed a strong understanding of customer needs and how well the product
fulfills them. New competitors enter the market/Existing competitors revise their
products/ Complacency is the kiss of death.
CORRECT ANSWERS!!
Strategic Planning - ANSWERa long-term process that helps an organization
allocate its resources to take advantage of diff opportunities. (uses situation analysis)
Strategic Business Unit (SBU) - ANSWERseparate company/division/product line
within an org with its own competitors, customers, and profit center accounting
purposes. (Uses situation analysis)
Levels of Business - ANSWERCorporate(LLC, entitiy)/Firms (provide services like
law, accounting, design)(Large Organization- top executives) -> SBU (separate
company division) -> Functional (accounting, finance, marketing)
A situation analysis is - ANSWERcritical to the development of business-level goals,
objectives, and strategy.
Vision - ANSWERaspirational statement made by an org to articulate what they hope
to become in the future
Mission (or Purpose) - ANSWERShort statement of why org exists and what the
overall goal is (what kind of service or products it provides). Captures key elements
of the orgs past and present in a clearly phased sentence or paragraph.
What business are we in and what needs do we satisfy?
Who our customers?
What are our values, beliefs, ethics, and operating philosophy?
What are our competitive advantage(s) or core competencies?
What are our human, environmental, and financial resource stewardship
responsibilities?
Values - ANSWERinform executives, workers, investors, and the general public of
the core values or philosophy of the firm that influences strategic planning,
operations, and employee actions on a day to day basis.
Corporate Goals/Objectives - ANSWERlong term outcome you want to achieve also
what the company wants to be in the future
Corporate Strategies - ANSWERprovides direction for the strategic planning efforts
of SBU's and their functional areas
Core Competency - ANSWERis a unique ability that a company acquires from its
founders or developers that cannot be easily imitated.
SMART - ANSWERSpecific. Measurable. Achievable. Realistic. Time-bound
5- Why do potential customers NOT buy our products? (Untapped market or problem
with marketing plan)
, PESTAL Analysis of Trends and Events - ANSWER1- Political Environment - the
role of government in shaping business
2- Economic Environment - Economic conditions within which organization operate.
Inflation and Recession.
3- Socio-cultural demographic Environment
4- Technological Environment - centers around improvements in product or service
features and benefits made possibly advancement in science.
5- Environmental
6- Legal Environment- Law and legal cases influence business activity
Objectives (functional level) - ANSWERare what orgs want to accomplish for given
strategic planning, which is typically a year.
Situational Analysis (Strategic Planning) - ANSWERAs part of the strategic planning
process, the situation analysis occurs before a company decides on any specific
marketing actions
Competitive intelligence - ANSWERinvolves identifying current and future
competitors that collectively with another and the firm by providing similar goods
services, or goods and services that might otherwise compete with the firm.
Internal Analysis: - ANSWER1- Review of current marketing objectives, strategy, and
performance
2- Review of current and anticipated organizational resources
3- Review of current and anticipated cultural and structural issues
Customer Analysis: - ANSWER1- Who are our current and potential customers?
Need to know demographic, geographic, psychographic profiles of current and
potential customers and with this information create target market section. Know if
the audience is buying or user or both and create a market strategy to target both.
B2C is not the only customer. You also B2B, which is for firms who sell to other
businesses or government or non-profit.
2- What do customers do with our products? Understand QTY, bought separately,
Do they recycle the cartridges? Provide free shipping label and $5 dollars off next
purchase for recycle ink cartridges.
3- Where and when do customers buy our products?
· Where: Firms need to offer multiple distribution channels, physical stores. Ordering
online
· When: Seasonal factors influence timing when people buy. Christmas wrapping
paper season/Some people wait until products are on sale.
4- Why and How do customers select our products? (Marketers should have
developed a strong understanding of customer needs and how well the product
fulfills them. New competitors enter the market/Existing competitors revise their
products/ Complacency is the kiss of death.
