armstrong_mai08_tif_02

armstrong_mai08_tif_02 - Chapter 2 Company and Marketing...

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Chapter 2 Company and Marketing Strategy: Partnering to Build Customer Relationships GENERAL CONTENT: Multiple-Choice Questions 1. _____ is the task of selecting an overall company strategy for long-run survival and growth. a. Strategic market planning b. Annual market planning c. Short-term planning d. Advertising e. None of the above is correct (Answer: a; p. 37; Easy) 2. Adapting the firm to take advantage of opportunities in its constant changing environment is called _____. 3. What is our business? Who’s our customer? What do our customers value? What should our business be? All these simple-sounding questions define a firm’s _____. . 4. A _____ defines a business in terms of satisfying basic customer needs. 33
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5. All of the following are accurate descriptions of a company’s mission statement, except which one? a. Mission statement should be realistic. b. Mission statement should be broad. c. Mission statement should fit the market environment. d. Mission statement should be written for “public relations” purpose. e. Mission statement might outline employee growth options. (Answer: b; p. 39; Moderate) 6. All of the following are market-oriented mission statements, except which one? 7. The collection of businesses and products that make up a company is called its _____. 8. _____ can be a company division, a product line within a division, or sometimes a single product or brand. 9. The purpose of _____ is to find ways in which the company can best use its strengths to take advantage of attractive opportunities in the environment. a. a market b. an SBU c. strategic planning d. short-term planning e. operational planning (Answer: c; p. 40; Moderate) 34
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