CCTC EXAM 2 UPDATED TEST PAPER WITH
COMPLETE ANSWERS
◉ steps in strategic planning.
Answer: 1. Defining the company mission
2. Setting company objectives and goals
3. Designing the business portfolio
4. Planning marketing and strategies
◉ mission statement.
Answer: a statement of the organization's purpose - what the
business is/wants to be, customers, customer values, core
competencies
◉ company objectives and goals.
Answer: detailed, measurable supporting objectives for each level of
management
◉ other words for businesses.
Answer: strategic business units (SBUs), divisions, markets, product
lines
,◉ BCG Share Matrix.
Answer: Division into four categories based on relative market share
and market growth rate
◉ Disadvantages of BCG share matrix.
Answer: - limited # of variables used
- ignores interrelationships btwn businesses
- business placement is soley based on market
◉ product/market expansion grid.
Answer: used to identify growth opportunities
◉ market penetration.
Answer: company growth by increasing market share among
existing customers without changing products being sold
◉ Market Development.
Answer: company growth by identifying and developing new market
segments (demographic or geographic) for current company
products
◉ product development.
, Answer: company growth by offering modified or new products to
current market segments
◉ diversification.
Answer: company growth through starting up or acquiring
businesses outside the company's current products and markets
◉ strategy formulation steps.
Answer: - what do we know
- what do we want to accomplish
- how will we do it
◉ Marketing Management Analysis.
Answer: Planning - Develop strategic plans, develop marketing plans
Implementation - Carry out the plans
Control - Measure the results, evaluate results, and take corrective
action
◉ marketing plan.
Answer: 1. executive summary
COMPLETE ANSWERS
◉ steps in strategic planning.
Answer: 1. Defining the company mission
2. Setting company objectives and goals
3. Designing the business portfolio
4. Planning marketing and strategies
◉ mission statement.
Answer: a statement of the organization's purpose - what the
business is/wants to be, customers, customer values, core
competencies
◉ company objectives and goals.
Answer: detailed, measurable supporting objectives for each level of
management
◉ other words for businesses.
Answer: strategic business units (SBUs), divisions, markets, product
lines
,◉ BCG Share Matrix.
Answer: Division into four categories based on relative market share
and market growth rate
◉ Disadvantages of BCG share matrix.
Answer: - limited # of variables used
- ignores interrelationships btwn businesses
- business placement is soley based on market
◉ product/market expansion grid.
Answer: used to identify growth opportunities
◉ market penetration.
Answer: company growth by increasing market share among
existing customers without changing products being sold
◉ Market Development.
Answer: company growth by identifying and developing new market
segments (demographic or geographic) for current company
products
◉ product development.
, Answer: company growth by offering modified or new products to
current market segments
◉ diversification.
Answer: company growth through starting up or acquiring
businesses outside the company's current products and markets
◉ strategy formulation steps.
Answer: - what do we know
- what do we want to accomplish
- how will we do it
◉ Marketing Management Analysis.
Answer: Planning - Develop strategic plans, develop marketing plans
Implementation - Carry out the plans
Control - Measure the results, evaluate results, and take corrective
action
◉ marketing plan.
Answer: 1. executive summary
