Study Guide Maqrketing

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Chapter 2 Company and Marketing Strategy:
Partnering to Build Customer Relationships

1) Which of the following involves adapting a firm to take advantage of opportunities in its constantly changing environment? A) long-range planning
B) short-range planning
C) media planning
D) strategic planning
E) annual planning
Answer: D
Diff: 2Page Ref: 38
Skill: Concept
Objective: 2-1

2) When a firm develops and maintains a strategic fit between its goals and capabilities, it is performing ________. A) mission planning
B) values planning
C) strategic planning
D) business-portfolio planning
E) operations planning
Answer: C
Diff: 1Page Ref: 38
Skill: Concept
Objective: 2-1

3) Which of the following is the first step in strategic planning? A) set objectives and goals
B) develop the business portfolio
C) define the company mission
D) plan marketing strategies
E) identify threats and weaknesses
Answer: C
Diff: 1Page Ref: 39
Skill: Concept
Objective: 2-1

4) Which of the following is NOT a step in the strategic planning process? A) defining the company mission
B) setting company objectives and goals
C) designing the business portfolio
D) planning marketing and other functional strategies
E) evaluating all members of the value chain
Answer: E
Diff: 2Page Ref: 39
Skill: Concept
Objective: 2-1

5) Which of the following provides an answer to these questions: What is our business? Who are our customers? What do our customers value? What should our business be? A) objectives and goals
B) a mission statement
C) a business portfolio
D) marketing and functional strategies
E) operational strategies
Answer: B
Diff: 2Page Ref: 39
AACSB: Communication
Skill: Concept
Objective: 2-1

6) ________ should be market oriented and defined in terms of ________. A) Annual plans; product needs
B) Strategic plans; company needs
C) Long-range plans; company needs
D) Mission statements; customers' needs
E) Objectives; competitors' threats
Answer: D
Diff: 2Page Ref: 39
AACSB: Communication
Skill: Concept
Objective: 2-1

7) All of the following are accurate guidelines for a company's mission statement EXCEPT which one? A) A mission statement should be realistic.
B) A mission statement should be narrow.
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 motivate employees.
Answer: B
Diff: 3Page Ref: 39
AACSB: Communication
Skill: Concept
Objective: 2-1

8) A company's mission statement serves as a statement of ________. A) fact
B) values
C) purpose
D) financial goals
E) employee commitment
Answer: C
Diff: 2Page Ref: 39
AACSB: Communication
Skill: Concept
Objective: 2-1

9) Which of the following is NOT a market-oriented business definition? A) "to make the Internet buying experience fast, easy, and enjoyable" B) "to sell tools and home repair and improvement items"

C) "to deliver low prices every day"
D) "to be the guardian of our customers' financial dreams"
E) "to bring aspiration and innovation to every athlete in the world" Answer: B
Diff: 2Page Ref: 40
AACSB: Reflective Thinking
Skill: Concept
Objective: 2-1

10) All of the following are examples of product-oriented mission statements, EXCEPT which one? A) "We provide online services."
B) "We run theme parks."
C) "We sell shoes."
D) "We sell lifestyle and self-expression; success and status; memories, hopes, and dreams." E) "We rent hotel rooms."
Answer: D
Diff: 2Page Ref: 40
AACSB: Reflective Thinking
Skill: Concept
Objective: 2-1

11) Which of the following is the principle objective of a market-oriented mission statement? A) to satisfy basic customer needs
B) to satisfy basic supplier needs
C) to satisfy basic stockholder needs
D) to satisfy basic owner needs
E) to satisfy basic partnership needs
Answer: A
Diff: 2Page Ref: 39
Skill:...
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