Question

Q1, Company-wide strategic planning should ________.

a)focus solely on the products a company will sell

b)focus solely on how the company will make a profit

c)guide marketing strategy and planning

d)focus on the products a company will sell and on how the company will make a profit

e)None of the options are correct

Q2, In planning their marketing functions, companies engage in partner-relationship management, which is the process of ________.

a)working closely with competitors to evaluate potential suppliers

b)working with external stakeholders to understand market weaknesses

c)working closely with partners in other company departments to form an effective value chain that serves the customer

d)working closely with competitors to evaluate potential suppliers, and working with external stakeholders to understand market weaknesses

e)All of the options are correct

Q3, ________ is the division of a market into groups of buyers who have distinct needs, characteristics, and behaviors, and who might require separate products or marketing mixes.

a)Marketing mix

b)Market orientation

c)Market segmentation

d)Market penetration

e)Positioning

Answer 1

Q1, Company-wide strategic planning should ________.

Answer:- d)focus on the products a company will sell and on how the company will make a profit

Reason:- Companywide strategic planning includes two main objectives which are establishing business objectives that is how the company will earn a profit and the marketing objectives which is to produce the products which can satisfy the customer’s demand.

Q2, In planning their marketing functions, companies engage in partner-relationship management, which is the process of ________.

Answer:- c)working closely with partners in other company departments to form an effective value chain that serves the customer

Reason:- in partner-relationship management is the combination of various processes and strategies which are made by the organization to work closely with those stakeholders and departments which are involved in selling the products and serving the customers.

Q3, ________ is the division of a market into groups of buyers who have distinct needs, characteristics, and behaviors, and who might require separate products or marketing mixes.

Answer:- c)Market segmentation

Reason:- Market segmentation is the process of dividing a heterogeneous customer market into smaller groups of homogenous customers who have identical features, demand, and characteristics.