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Chapter 2 Concept Check Quiz

Of buyer need and interest in which there is a high

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Unformatted text preview: of buyer need and interest in which there is a high probability that a company can profitably satisfy that need. Your Answer: True Correct 18. Michael Porter has proposed three generic strategies that provide a good starting point for strategic thinking: overall cost leadership, differentiation, and focus. Your Answer: True Correct 8/27/2012 2:19 PM Your Results for "Concept Check Quiz" 4 of 4 http://wps.prenhall.com/wps/grader Correct 19. A marketing plan is a written document containing tactical guidelines for the marketing programs and financial allocations over the planning period. Your Answer: True Correct 20. The marketing plan should open with a brief summary of the main goals and recommendations. This is called a situation analysis. Your Answer: False Correct 21. Good mission statements have five major characteristics. List and discuss each of these. Your Answer: Chapter 2 Page 38 First, good mission statements should focus on a limited number of goals. Second, mission statements stress the company's major policies and values. They narrow the range of individual discretion so that employees act consistently on important issues. Third, they define the major competitive spheres within which the company will operate. Fourth, they take a long-term view. Fifth, they are as short, memorable, and meaningful as possible. 22. An SBU has 3 characteristics. Describe each of these. Your Answer: Chapter 2 Page 41 1. It is a single business or collection of related businesses that can be planned separately from the rest of the company. 2. It has its own set of competitors. 3. It has a manager who is responsible for strategic planning and profit performance and who controls most of the factors affecting profits. 8/27/2012 2:19 PM...
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