Which of the following refers to a division of a company that can be managed somewhat independently from other divisions of the company since it markets a specific set of products to a clearly defined group of customers?

Multiple Choice

• Executive business segment

• Business branch

• Subsidiary firm

• Executive department

• Strategic business unit

2)

The board of directors of an organization meets to redefine the mission and objectives of the business. They set long-term objectives and form a new mission statement. Which of the following phases of developing a marketing plan do the actions by the board of directors constitute?

Multiple Choice

• Initiation

• Implementation

• Design

• Planning

• Control

3)

Which of the following is the marketing strategy that employs an existing marketing mix and focuses a firm's efforts on existing customers?

Multiple Choice

• Market diversification

• Product diversification

• Market penetration

• Market development

• Product development