Question 1

The ________ determines how much a firm charges for a product.

Accepted Answer

A)  Gantt chart analysis
B)  PERT chart analysis
C)  pricing strategy
D)  product strategy
E)  return on marketing investment

Question 2

A firm's ________ is the market segment a firm selects because the firm's management believes the firm's offerings are most suited to winning those customers.

Accepted Answer

A)  target market
B)  business portfolio
C)  SBU
D)  SWOT
E)  marketing control

Question 3

________ generally cover a shorter time period than other plans,perhaps only one or two months,and include detailed directions for specific activities to be carried out.

Accepted Answer

A)  Time lines
B)  Operational plans
C)  Marketing plans
D)  Strategic plans
E)  Pricing strategies

Question 4

Vice presidents of large companies are typically in charge of ________ planning.

Accepted Answer

A)  business
B)  strategic
C)  operational
D)  functional
E)  day-to-day

Question 5

Explain how society at large can be hurt by companies using unethical financial and management practices.

Accepted Answer

The fallout from the demise of WorldCom ...

Question 6

The distribution strategy is the place component of the marketing mix.

Accepted Answer

A) True 
 B)False

Question 7

Which of the following is a common objection to relying exclusively on ROMI for measuring marketing success?

Accepted Answer

A)  In a company's accounting statements,marketing expenditures tend to appear as investments rather than costs.
B)  Calculating ROMI requires knowing what would have happened if the marketing expenditures had never taken place.
C)  ROMI tends to lead managers toward a more long-term decision perspective.
D)  ROMI focuses on a firm's sustainability commitments to the detriment of its short-term performance.
E)  ROMI calculates profit by deducting expenditures rather than dividing by expenditures.

Question 8

Which of the following is a true statement about business planning?

Accepted Answer

A)  Business planning involves taking action before developing objectives.
B)  Business planning is an ongoing process.
C)  Business planning is concerned with the long term but not the short term.
D)  Business planning is concerned with the short term but not the long term.
E)  Business planning takes place after development of the marketing plan.

Question 9

Southwest Airlines uses a ________ to target customers who could not previously afford air travel.

Accepted Answer

A)  pricing strategy
B)  market penetration strategy
C)  marketing metric
D)  distribution strategy
E)  mission statement

Question 10

A mission statement is a formal document that describes the organization's overall purpose and what it hopes to achieve in terms of its products,resources,and ________.

Accepted Answer

A)  customers
B)  profits
C)  employees
D)  shareholders
E)  competitors

Question 11

The three levels of business planning are ________.

Accepted Answer

A)  managerial,operational,promotional
B)  strategic,functional,operational
C)  portfolio,strategic,functional
D)  SWOT,strategic,tactical
E)  operational,functional,tactical

Question 12

The second step in strategic planning is to ________.

Accepted Answer

A)  formalize a mission statement
B)  establish the business portfolio
C)  set SBU and department-level objectives
D)  set organizational objectives
E)  assess the organization's internal and external environments

Question 13

Edy's is a high quality brand of ice cream.Edy's introduced Godiva ice cream and Starbucks ice cream to tempt ice cream lovers to eat even more ice cream.Edy's used a ________ strategy.

Accepted Answer

A)  market development
B)  product penetration
C)  market penetration
D)  diversification
E)  product development

Question 14

Which of the following is true about functional planning?

Accepted Answer

A)  It is conducted by the various functional areas of a firm.
B)  It is also called hierarchical management.
C)  It encompasses a longer time span than strategic planning does.
D)  It covers a shorter time span than operational planning does.
E)  It is the same as strategic planning.

Question 15

How do product development strategies create growth? Give an example of how a company could use a product development strategy.

Accepted Answer

Product development strategies create gr...

Question 16

Which of the following types of managers would be most likely to engage in operational planning on a regular basis?

Accepted Answer

A)  the company's CEO
B)  the company's sales manager
C)  the company's vice president of product research and development
D)  the company's vice president of human resources
E)  the company's chief financial officer

Question 17

In firms with multiple SBUs,the first step in strategic planning is for top management to ________.

Accepted Answer

A)  recruit and hire the right personnel
B)  examine historical data
C)  establish a mission for the entire corporation
D)  allocate resources to the company's various SBUs
E)  establish marketing's short-term objectives

Question 18

Within a larger corporation,each SBU ________.

Accepted Answer

A)  has its own business portfolio
B)  has access to equal resources
C)  has separate shareholders
D)  is a separate profit center
E)  is dependent upon central management for a mission statement

Question 19

Managers using the Boston Consulting Group growth-market share matrix are assessing the potential of a firm's existing SBUs to generate cash needed to invest in other businesses.

Accepted Answer

A) True 
 B)False

Question 20

The first step of the marketing planning process involves closely examining the ________.

Accepted Answer

A)  marketing strategies
B)  product development process
C)  marketing controls
D)  marketing environment
E)  functional plan

Exam 2: Strategic Market Planning: Take the Big Picture

The second step in strategic planning is to ________.

Correct AnswerverifiedShow Answer

In firms with multiple SBUs,the first step in strategic planning is for top management to ________.

Correct AnswerverifiedShow Answer

The ________ determines how much a firm charges for a product.

Correct AnswerverifiedShow Answer

A firm's ________ is the market segment a firm selects because the firm's management believes the firm's offerings are most suited to winning those customers.

Correct AnswerverifiedShow Answer

The three levels of business planning are ________.

Correct AnswerverifiedShow Answer

Southwest Airlines uses a ________ to target customers who could not previously afford air travel.

Correct AnswerverifiedShow Answer

________ generally cover a shorter time period than other plans,perhaps only one or two months,and include detailed directions for specific activities to be carried out.

Correct AnswerverifiedShow Answer

How do product development strategies create growth? Give an example of how a company could use a product development strategy.

Correct AnswerverifiedProduct development strategies create gr...View AnswerShow Answer

Which of the following is true about functional planning?

Correct AnswerverifiedShow Answer

Which of the following is a true statement about business planning?

Correct AnswerverifiedShow Answer

Which of the following types of managers would be most likely to engage in operational planning on a regular basis?

Correct AnswerverifiedShow Answer

Explain how society at large can be hurt by companies using unethical financial and management practices.

Correct AnswerverifiedThe fallout from the demise of WorldCom ...View AnswerShow Answer

The distribution strategy is the place component of the marketing mix.

Correct AnswerverifiedShow Answer

A mission statement is a formal document that describes the organization's overall purpose and what it hopes to achieve in terms of its products,resources,and ________.

Correct AnswerverifiedShow Answer

Which of the following is a common objection to relying exclusively on ROMI for measuring marketing success?

Correct AnswerverifiedShow Answer

The first step of the marketing planning process involves closely examining the ________.

Correct AnswerverifiedShow Answer

Vice presidents of large companies are typically in charge of ________ planning.

Correct AnswerverifiedShow Answer

Edy's is a high quality brand of ice cream.Edy's introduced Godiva ice cream and Starbucks ice cream to tempt ice cream lovers to eat even more ice cream.Edy's used a ________ strategy.

Correct AnswerverifiedShow Answer

Managers using the Boston Consulting Group growth-market share matrix are assessing the potential of a firm's existing SBUs to generate cash needed to invest in other businesses.

Correct AnswerverifiedShow Answer

Within a larger corporation,each SBU ________.

Correct AnswerverifiedShow Answer

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Product development strategies create gr...
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The fallout from the demise of WorldCom ...
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