Question 1

When a company defines its mission statement based on its short-term objectives,it is said to be suffering from _____.

Accepted Answer

A)  ​marketing myopia
B)  marketing inertia
C)  marketing dissonance
D)  ​marketing blockageE) A) and C)
F) None of the above

Question 2

Which of the following statements is true of strategic planning?

Accepted Answer

A)   will have its own return on investment​
B)   will share the same goals and use the same strategies as Fourlotts Inc
C)   will plan collaboratively with Fourlotts Inc.'s other SBUs​
D)  ​ will refrain from performing manufacturing functionsE) A) and C)
F) B) and C)

Question 3

Drafi Arts Corp.makes and sells original handicraft goods.The management of the company has been successfully using a niche strategy for many years.In this case,which of the following is most likely to be true of Drafi Arts Corp.?

Accepted Answer

A)  ​It serves only a limited geographic market.
B)  It offers products at a lower price than that of the competition.
C)  It develops products that are similar to those of its competitors.
D)  ​It lowers costs by removing frills and options from its products.E) All of the above
F) None of the above

Question 4

The marketing mix typically involves:

Accepted Answer

A)  ​distribution strategies.
B)  divestiture strategies.
C)  restrictive covenants.
D)  ​federal regulations.E) B) and C)
F) All of the above

Question 5

According to Ansoff's strategic opportunity matrix,unlike market development,product development:

Accepted Answer

A)  focuses on attracting present customers to existing products.​
B)  involves creating new products for present markets.
C)  involves entering new markets as competitors.​
D)  uses existing assets to provide added convenience to existing customers.E) All of the above
F) None of the above

Question 6

The price component of the marketing mix is:

Accepted Answer

A)  ​a competitive weapon for companies.
B)  a basis to obtain a product differentiation advantage.
C)  the starting point of the marketing mix.
D)  ​the least flexible element of the marketing mix.E) A) and B)
F) All of the above

Question 7

Rues and West Bros.,an ammunition manufacturer,defines its mission as being in the ammunition-production business rather than in the arms industry.In the given scenario,Rues and West Bros.is suffering from _____.

Accepted Answer

A)  ​marketing inertia
B)  marketing myopia
C)  marketing dissonance
D)  ​marketing blockageE) All of the above
F) B) and C)

Question 8

Marketing objectives must be consistent with and indicate the priorities of the organization.

Accepted Answer

A) True 
 B)False

Question 9

Which of the following statements is true of an effective business mission statement?

Accepted Answer

A)  ​It is based on an analysis of anticipated environmental conditions.
B)  It is kept confidential from customers and stakeholders.
C)  It should define a business in terms of goods and services rather than in terms of the benefits customers seek.
D)  ​It is stated after the details of a marketing plan are developed.E) None of the above
F) A) and B)

Question 10

A competitive advantage is a set of unique features of a company and its products that are perceived by the target market as significant and superior to those of the competition.

Accepted Answer

A) True 
 B)False

Question 11

Which of the following is an element of the marketing mix?

Accepted Answer

A)  ​Pricing strategies
B)  Divestment strategies
C)  Investment strategies
D)  ​Trade restraint strategiesE) A) and D)
F) A) and B)

Question 12

An effective marketing objective:

Accepted Answer

A)  ​is qualitative rather than quantitative.
B)  is compared to a benchmark.
C)  is written independently of the mission statement.
D)  ​is written after a marketing plan is drafted.E) C) and D)
F) None of the above

Question 13

Which of the following statements is true of strategic planning?

Accepted Answer

A)  ​It is an intermittent process.
B)  It should focus on short-run profitability and growth rather than long-run profits.
C)  It is done independently by company shareholders.
D)  ​It should be based on creativity.E) All of the above
F) A) and C)

Question 14

A strategic business unit (SBU)is a single business or a collection of related businesses.

Accepted Answer

A) True 
 B)False

Question 15

A task force is a tightly organized unit under the direction of a manager who,usually,has broad authority.

Accepted Answer

A) True 
 B)False

Question 16

In the context of the Boston Consulting Group's (BCG's) portfolio matrix,which of the following is a similarity between stars and question marks?

Accepted Answer

A)  ​Both operate in a high-growth industry.
B)  Both operate in a low-growth industry.
C)  Both have a high market share in their respective markets.
D)  ​Both have a low market share in their respective markets.E) A) and B)
F) A) and C)

Question 17

Companies can make strategic planning more effective by:

Accepted Answer

A)  ​ensuring the participation of top management.
B)  ensuring that decision making is centralized.
C)  making strategic planning an annual exercise.
D)  ​focusing on short-run profitability and growth.E) A) and D)
F) B) and C)

Question 18

Addoso Inc.manufactures electronic gadgets.The marketing managers at Addoso Inc.have discovered that a new competitor is gaining more customers by selling products at lower prices.In the context of SWOT-internal strengths (S) and weaknesses (W) and external opportunities (O) and threats (T) -analysis,which of the following actions should be taken by the marketing managers at Addoso Inc.?

Accepted Answer

A)  ​They must analyze aspects of the marketing environment.
B)  They must focus on organizational resources.
C)  They should ignore macroenvironmental forces.
D)  ​They should focus on production costs and marketing skills.E) A) and B)
F) A) and C)

Question 19

Market segments cannot be differentiated by ethnicity and multicultural aspects.

Accepted Answer

A) True 
 B)False

Question 20

In the portfolio matrix,a _____ has low growth potential and a small market share.

Accepted Answer

A)  ​question mark
B)  problem child
C)  star
D)  ​dogE) All of the above
F) A) and B)

Exam 2: Strategic Planning for Competitive Advantage

A task force is a tightly organized unit under the direction of a manager who,usually,has broad authority.

Correct Answer
verified

The price component of the marketing mix is:

Correct Answer
verified

Which of the following statements is true of strategic planning?

Correct Answer
verified

In the context of the Boston Consulting Group's (BCG's) portfolio matrix,which of the following is a similarity between stars and question marks?

Correct Answer
verified

A strategic business unit (SBU)is a single business or a collection of related businesses.

Correct Answer
verified

Correct Answer
verified

Which of the following statements is true of strategic planning?

Correct Answer
verified

Market segments cannot be differentiated by ethnicity and multicultural aspects.

Correct Answer
verified

Which of the following statements is true of an effective business mission statement?

Correct Answer
verified

The marketing mix typically involves:

Correct Answer
verified

Marketing objectives must be consistent with and indicate the priorities of the organization.

Correct Answer
verified

Which of the following is an element of the marketing mix?

Correct Answer
verified

Rues and West Bros.,an ammunition manufacturer,defines its mission as being in the ammunition-production business rather than in the arms industry.In the given scenario,Rues and West Bros.is suffering from _____.

Correct Answer
verified

A competitive advantage is a set of unique features of a company and its products that are perceived by the target market as significant and superior to those of the competition.

Correct Answer
verified

An effective marketing objective:

Correct Answer
verified

Companies can make strategic planning more effective by:

Correct Answer
verified

When a company defines its mission statement based on its short-term objectives,it is said to be suffering from _____.

Correct Answer
verified

In the portfolio matrix,a _____ has low growth potential and a small market share.

Correct Answer
verified

Drafi Arts Corp.makes and sells original handicraft goods.The management of the company has been successfully using a niche strategy for many years.In this case,which of the following is most likely to be true of Drafi Arts Corp.?

Correct Answer
verified

According to Ansoff's strategic opportunity matrix,unlike market development,product development:

Correct Answer
verified

Exam 2: Strategic Planning for Competitive Advantage

A task force is a tightly organized unit under the direction of a manager who,usually,has broad authority.

Correct AnswerverifiedShow Answer

The price component of the marketing mix is:

Correct AnswerverifiedShow Answer

Which of the following statements is true of strategic planning?

Correct AnswerverifiedShow Answer

In the context of the Boston Consulting Group's (BCG's) portfolio matrix,which of the following is a similarity between stars and question marks?

Correct AnswerverifiedShow Answer

A strategic business unit (SBU)is a single business or a collection of related businesses.

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Which of the following statements is true of strategic planning?

Correct AnswerverifiedShow Answer

Market segments cannot be differentiated by ethnicity and multicultural aspects.

Correct AnswerverifiedShow Answer

Which of the following statements is true of an effective business mission statement?

Correct AnswerverifiedShow Answer

The marketing mix typically involves:

Correct AnswerverifiedShow Answer

Marketing objectives must be consistent with and indicate the priorities of the organization.

Correct AnswerverifiedShow Answer

Which of the following is an element of the marketing mix?

Correct AnswerverifiedShow Answer

Rues and West Bros.,an ammunition manufacturer,defines its mission as being in the ammunition-production business rather than in the arms industry.In the given scenario,Rues and West Bros.is suffering from _____.

Correct AnswerverifiedShow Answer

A competitive advantage is a set of unique features of a company and its products that are perceived by the target market as significant and superior to those of the competition.

Correct AnswerverifiedShow Answer

An effective marketing objective:

Correct AnswerverifiedShow Answer

Companies can make strategic planning more effective by:

Correct AnswerverifiedShow Answer

When a company defines its mission statement based on its short-term objectives,it is said to be suffering from _____.

Correct AnswerverifiedShow Answer

In the portfolio matrix,a _____ has low growth potential and a small market share.

Correct AnswerverifiedShow Answer

Drafi Arts Corp.makes and sells original handicraft goods.The management of the company has been successfully using a niche strategy for many years.In this case,which of the following is most likely to be true of Drafi Arts Corp.?

Correct AnswerverifiedShow Answer

According to Ansoff's strategic opportunity matrix,unlike market development,product development:

Correct AnswerverifiedShow Answer

Correct Answer
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