Chap 3

• Marketing
• University

Chap 3

What is the first step in company-wide strategic planning?

1. Setting objectives and goals
2. Developing functional plans
3. Defining the company's mission
4. Designing a business portfolio

A company's mission should be consistent with which of the following?

1. The current economic climate
2. The market environment
3. The company's profit margins
4. The company’s technological capabilities

Which of the following is a primary goal when analyzing a business portfolio?

1. Maximizing short-term profits
2. Aligning with competitors’ strategies
3. Ensuring the portfolio fits the company’s strengths and weaknesses
4. Increasing product diversity regardless of market trends

What is the marketing concept focused on?

1. Efficiency in production and market competition
2. Customer satisfaction and meeting customer needs
3. Maximizing profits and ignoring customer needs
4. Product development and internal operations

What strategy might a company use to adjust its future business portfolio?

1. Pricing and promotion strategies
2. Recruitment and training strategies
3. Outsourcing and offshoring strategies
4. Growth and downsizing strategies

What is the role of marketing in strategic planning?

1. To determine the company’s overall budget
2. To provide input regarding attractive market opportunities
3. To establish the company’s financial goals
4. To manage the company’s human resources

Which of the following is the first step in creating a customer value–driven marketing strategy?

1. Differentiation
2. Market segmentation
3. Targeting
4. Positioning

Which of the following is a key focus of marketing in strategic planning?

1. Product innovation
2. Market segmentation
3. Competitor analysis
4. Customer relationship management

Which element of the marketing mix focuses on how the product is communicated to the target market?

1. Product
2. Price
3. Place
4. Promotion

Which of the following is a key component of a marketing plan?

1. Financial auditing
2. Executive summary
3. Human resources strategy
4. Technological roadmap

Why is marketing accountability becoming increasingly important?

1. Because it helps companies reduce product prices
2. Due to pressures to show that marketing is adding value in line with costs
3. To ensure that all departments are aligned with the marketing department
4. Because it helps in managing supply chain logistics

GoPro's initial product was a high-definition video camera designed for extreme sports.

1. True
2. False

The founder of GoPro, Nick Woodman, was motivated by his dissatisfaction with existing equipment for capturing surfing action shots.

1. True
2. False

GoPro's success was solely due to the high quality of its cameras.

1. True
2. False

GoPro's cameras were initially not waterproof and required a separate shell for protection.

1. True
2. False

GoPro's strategy included steps like capturing, creating, broadcasting, and recognizing content.

1. True
2. False

The company struggled to maintain its market position due to shifts in the marketing environment.

1. True
2. False

Write a brief (3-4 sentence) imaginary social media post about a thrilling experience you've had or would like to have if you could use a GoPro camera. Think about how you would capture and share your experience.