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Marketing Strategy: Strategic marketing planning · The Planning Process

How firms move from mission to objectives, strategy, tactics and control, and why each step depends on the one before.

Marketing Strategy · 23 questions

Try 3 questions

1. In a company with several divisions, which plan decides which businesses the company should be in?

  1. Each product's marketing plan
  2. The corporate strategic plan
  3. The annual sales budget
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Answer: The corporate strategic plan

Corporate strategy allocates resources across business units; marketing plans then work within a single business or product.

2. Theodore Levitt's "marketing myopia" describes a company that does what?

  1. Defines itself by product, not customer need
  2. Plans one year ahead instead of five
  3. Spends too little on advertising
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Answer: Defines itself by product, not customer need

Levitt argued that railroads declined because they saw themselves in the railroad business rather than the transportation business.

3. A drill manufacturer wants a mission statement that avoids marketing myopia. Which fits best?

  1. "We sell power tools in hardware stores"
  2. "We make the best electric drills"
  3. "We help people make holes and fix things"
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Answer: "We help people make holes and fix things"

Customers want the hole, not the drill; defining the business by the need keeps the firm open to new technologies that meet it.

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