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1. The strategic
planning process begins with a detailed analysis of the organization's
strengths and weaknesses and the identification of opportunities and threats
within the marketing environment.
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2. A marketing
strategy is a written document that specifies the activities to be performed
to implement and control a firm's marketing activities.
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3. Marketing
strategies should be established before marketing objectives are decided.
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4. A core
competency is something a firm does extremely well-sometimes so well that it
gives the company an advantage over its competition.
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5. A competitive
advantage is created when a company matches its core competency to the
opportunities it has discovered in the market.
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6. The analysis
of strengths and weaknesses focuses on internal factors that give the
organization certain advantages and disadvantages in meeting the needs of its
target markets.
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7. A long-term
view, or vision, of what the organization wants to become is called a mission
proclamation.
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8. A firm's
organizational mission should be derived from its goals.
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9. An
organization's goals focus on the ends or results that the firm seeks.
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10. Marketing
objectives should be stated in such a way that the degree of accomplishment
can be measured accurately.
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11. Marketing
objectives state what is to be accomplished through marketing activities.
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12. A marketing
objective need not be consistent with the firm's overall objectives.
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13. Corporate
strategy determines the means for utilizing resources in the functional areas
of business to reach the organization's goals.
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14. Corporate
strategic planners focus on dimensions such as competition, diversification, differentiation,
environmental focus, and interrelationships among SBUs.
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15. A strategic
business unit is not self-supporting in terms of sales, markets, production,
and other resources.
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