Unit 4: Tourism Marketing Planning Quiz Questions!

The S in the SMART principle stands for "Specific." This means that when setting goals or objectives, they should be clear, well-defined, and precise. By being specific, it is easier to understand what needs to be accomplished, which increases the chances of success. Specific goals also provide a clear direction and focus, making it easier to measure progress and evaluate outcomes.

The given correct answer is true. Cost Leadership strategy is indeed one of the strategies that falls under Porter's generic strategy. This strategy focuses on achieving a competitive advantage by offering products or services at a lower cost than competitors. By minimizing costs throughout the value chain, companies can attract price-sensitive customers and gain market share. This approach requires efficient operations, economies of scale, and tight cost control to maintain profitability while offering competitive prices.

Internal analysis focuses on the micro environment, which includes factors that are directly within the control of the organization. This includes the organization's resources, capabilities, internal processes, and stakeholders. By analyzing the micro environment, organizations can identify their strengths and weaknesses, and make decisions to improve their performance and competitive advantage. It allows organizations to understand their internal dynamics and how they can leverage their internal resources to achieve their goals.

Strategic planning is a process that involves setting long-term goals and determining the best way to achieve them. The correct answer of 3-5 years suggests that strategic planning typically focuses on a timeframe of 3 to 5 years. This allows organizations to set realistic and achievable goals while also allowing for flexibility and adaptability in a rapidly changing business environment. Planning for this timeframe ensures that organizations can anticipate and respond to market trends, competition, and other external factors that may impact their success.

The answer "How do we get there?" aligns with the question's prompt which asks about implementation. It suggests that implementation is concerned with the process or steps required to reach a desired outcome or goal. It implies that implementation involves planning, strategizing, and determining the necessary actions or measures to be taken in order to achieve the desired result.

The correct answer is "Where do you want to go?" because planning involves setting goals and determining the desired destination or outcome. It is important to have a clear understanding of where you want to go in order to develop effective strategies and make informed decisions about how to achieve your objectives. Without a clear destination in mind, it becomes difficult to create a roadmap or measure the success of your planning efforts.

Mission statements focus on markets because they outline the target market or audience that the organization aims to serve. A mission statement defines the purpose and goals of the organization, and markets play a crucial role in determining the direction and strategies of the organization. By focusing on markets, organizations can identify their customers, understand their needs and preferences, and develop products or services that cater to those markets. This helps organizations to differentiate themselves from competitors and achieve sustainable growth and success.

SPENT analysis is effective for examining current macro trends. This analysis involves evaluating social, political, economic, and technological factors that can impact a business or industry. By analyzing these macro trends, businesses can gain insights into the current market conditions, such as changes in consumer behavior, government policies, economic indicators, and technological advancements. This information helps businesses make informed decisions and develop strategies to adapt to the changing macro environment.

The BCG (Boston Consulting Group) matrix is a tool used for portfolio analysis. It categorizes a company's products or services into four groups based on their market growth rate and relative market share. The four groups are Stars, Cash Cows, Dogs, and Problem children. Stars are products with high market growth and high market share, Cash Cows are products with low market growth but high market share, Dogs are products with low market growth and low market share, and Problem children are products with high market growth but low market share.