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Test Bank Principles of Marketing 14th Edition
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Test Bank Principles of Marketing 14th Edition
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MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.1) Which of the following involves adapting a firm to take advantage of opportunities in its 1) _______
constantly changing environment?
A) long-range planning
B) media planning
C) strategic planning
D) annual planning
E) short-range planning
2) When a firm develops and maintains a strategic fit between its goals and capabilities, it is 2) _______
performing ________.
A) strategic planning
B) values planning
C) business-portfolio planning
D) mission planning
E) operations planning
3) Which of the following is the first step in strategic planning? 3) _______
A) plan marketing strategies
B) develop the business portfolio
C) identify threats and weaknesses
D) define the company mission
E) set objectives and goals
4) Which of the following is NOT a step in the strategic planning process? 4) _______
A) defining the company mission
B) designing the business portfolio
C) setting company objectives and goals
D) evaluating all members of the value chain
E) planning marketing and other functional strategies
5) Which of the following provides an answer to these questions: What is our business? Who are 5) _______
our customers? What do our customers value? What should our business be?
A) a business portfolio
B) a mission statement
C) operational strategies
D) marketing and functional strategies
E) objectives and goals
6) ________ should be market oriented and defined in terms of ________. 6) _______
A) Mission statements; customers' needs
B) Annual plans; product needs
C) Long-range plans; company needs
D) Objectives; competitors' threats
E) Strategic plans; company needs
7) A company's mission statement serves as a statement of ________. 7) _______
A) financial goals
B) purpose
C) sustainability
D) fact
, E) employee commitment
8) Which of the following is NOT a market-oriented business definition? 8) _______
A) "to sell tools and home repair and improvement items"
B) "to bring inspiration and innovation to every athlete in the world"
C) "to be the guardian of our customers' financial dreams"
D) "to nourish lives by making them healthier, easier, and richer"
E) "to deliver low prices every day"
9) All of the following are examples of product-oriented mission statements, EXCEPT which one? 9) _______
A) "We rent hotel rooms."
B) "We are an online video service."
C) "We run theme parks."
D) "We sell lifestyle and self-expression; success and status; memories, hopes, and dreams."
E) "We sell shoes."
10) Which of the following is the principle objective of a market-oriented mission statement? 10) ______
A) to satisfy basic owner needs
B) to satisfy basic supplier needs
C) to satisfy basic partnership needs
D) to satisfy basic customer needs
E) to satisfy basic stockholder needs
11) All of the following are accurate guidelines for a company's mission statement EXCEPT which 11) ______
one?
A) A mission statement should be narrow.
B) A mission statement should motivate employees.
C) A mission statement should emphasize the company's strengths in the marketplace.
D) A mission statement should be specific.
E) A mission statement should be realistic.
12) Revlon has clearly defined its "mission" of selling lifestyle and self-expression. In order for the 12) ______
firm to launch its strategic plan, the mission needs to next be turned into detailed ________ that
guide each level of the company.
A) sets of tactics
B) product mixes
C) sets of strategies
D) sets of promotional tools
E) supporting objectives
13) The collection of businesses and products that make up a company is called its ________. 13) ______
A) mission statement
B) operational factor
C) strategic plan
D) strategic business unit
E) business portfolio
14) Business portfolio planning involves two steps: ________ and ________. 14) ______
A) identifying SBUs; assessing the attractiveness of SBUs
B) analyzing the current business portfolio; shaping the future business portfolio
C) identifying growth opportunities; evaluating growth opportunities
D) conducting a SWOT analysis; establishing marketing controls
, E) identifying internal strengths; identifying external opportunities
15) Paul Pierce is busy working with other managers evaluating the products and businesses 15) ______
making up their company. Paul is engaged in ________.
A) portfolio analysis
B) marketing planning
C) preparing a business portfolio
D) marketing control
E) defining the company's mission statement
16) Which of the following can be a company division, a product line within a division, or 16) ______
sometimes a single product or brand?
A) a value delivery network
B) the BCG
C) a market
D) an SBU
E) a PLC
17) After management has identified the key businesses making up its company, what is the next 17) ______
step in portfolio analysis?
A) assessing the attractiveness of its SBUs
B) identifying businesses in which to invest
C) deciding whether to harvest any businesses
D) identifying SBUs
E) completing short-range planning
18) The best known product portfolio planning method was developed by ________. 18) ______
A) Philip Kotler
B) the Boston Consulting Group
C) the SWOT Consulting Group
D) James P. Hess
E) the SRI Consulting Firm
19) Most portfolio analysis methods evaluate SBUs on two dimensions, namely ________ and 19) ______
________.
A) market or industry attractiveness; strength of the SBU's position
B) market share; strength of the SBU's position
C) market penetration; market development
D) market diversification; relative market share
E) market growth rates; profits
20) In the Boston Consulting Group approach, ________ provides a measure of market 20) ______
attractiveness.
A) market development
B) market penetration
C) market segmentation
D) relative market share
E) market growth rate
21) In the Boston Consulting Group approach, ________ serves as a measure of company strength in 21) ______
the market.
A) market development
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