Exam (elaborations)
Contemporary Marketing 17th Edition by Louis E. Boone - Test Bank
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Appendix A
Indicate whether the statement is true or false.
1. A firm’s goals should be specific and measurable.
a. True
b. False
2. Strategic planning is the process of anticipating events and market conditions and deciding how a firm can
best achieve its organizational objectives.
a. True
b. False
3. A marketing plan is not reevaluated once it is completely implemented.
a. True
b. False
4. A firm’s marketers must write a marketing plan before formulating an overall marketing strategy.
a. True
b. False
5. Every marketing plan requires a budget, a time schedule for implementation, and a system for monitoring the
plan’s success or failure.
a. True
b. False
6. A marketing plan is a detailed description of the resources and actions needed to achieve stated marketing
objectives.
a. True
b. False
7. The mission statement puts into words an organization’s overall purpose and reason for being.
a. True
b. False
8. The need for a business plan is more acutely felt in a small company than in a large multinational company.
a. True
b. False
9. The facilities plan estimates the firm’s employment needs and the skills necessary to achieve organizational
goals.
a. True
b. False
10. An exit strategy is a plan for a firm to leave the market.
a. True
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Appendix A
b. False
Indicate the answer choice that best completes the statement or answers the question.
11. Why do marketers in most industries have difficulty making estimates and predictions beyond five years?
a. Marketers rarely stay in the same job for more than five years.
b. There are many uncertainties in the marketplace.
c. The margin for error in long-term forecasting is very small.
d. The cost involved limits predictions beyond five years.
12. Which of the following is used to identify the firm’s strengths, weaknesses, opportunities, and threats within
the marketing environment?
a. Business portfolio analysis
b. Breakeven analysis
c. SWOT analysis
d. Marginal analysis
13. A large company sells some of its business units to help cut costs, bolster its share price and diversify its
business interest. This is an example of a firm employing a(n):
a. exit strategy.
b. pricing strategy.
c. distribution strategy.
d. promotion strategy.
14. Which of the following components of a business plan describes strategies for informing potential customers
about the goods and services offered by the firm as well as strategies for developing long-term relationships?
a. The marketing plan
b. The financing plan
c. The production plan
d. The facilities plan
15. Which of the following components of the marketing mix focuses on deciding the goods and services a firm
should offer in order to meet the needs of its customers?
a. Product strategy
b. Distribution strategy
c. Promotional strategy
d. Pricing strategy
16. Which of the following focuses on the environment in which the marketing plan is to be implemented?
a. Production plan
b. Competitive analysis
c. Mission statement
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Appendix A
d. Executive summary
17. Describe the different components of a business plan.
18. What are the reasons a company should develop a marketing plan?
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