Marketing Final Exam

And demand corrective action when products do not

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Unformatted text preview: demand corrective action when products do not meet performance standards. PTS: 1 REF: 13 Communication KEY: CB&E Model Customer OBJ: 01-4 TOP: AACSB MSC: BLOOMS Synthesis Chapter 2—Strategic Planning for Competitive Advantage TRUE/FALSE 1. The manufacturer of Macho brand martial arts products was implementing a strategic plan when it sponsored a local karate tournament for teenagers. ANS: F Such a short-range decision is typically a tactical plan or operating decision, not a strategic plan. PTS: 1 REF: 16 Thinking KEY: CB&E Model Strategy OBJ: 02-1 TOP: AACSB Reflective MSC: BLOOMS Application 2. The marketing plan is a written document that acts as a guidebook of marketing activities for the marketing manager. ANS: T PTS: 1 TOP: AACSB Reflective Thinking MSC: BLOOMS Knowledge REF: 16 OBJ: 02-1 KEY: CB&E Model Marketing Plan 3. A firm’s mission statement should answer the question, “What products do we produce best?” ANS: F Mission statements should not focus on specific product offerings but on the market or markets served. PTS: 1 REF: 17 Thinking KEY: CB&E Model Strategy OBJ: 02-2 TOP: AACSB Reflective MSC: BLOOMS Comprehension 4. A production costs analysis could be a part of a company’s SWOT analysis. ANS: T PTS: 1 TOP: AACSB Reflective Thinking MSC: BLOOMS Analysis REF: 18 OBJ: 02-3 KEY: CB&E Model Strategy 5. Environmental scanning entails the collection and analysis of information about factors that may affect the organization as well as the identification of market opportunities and threats. ANS: T PTS: 1 TOP: AACSB Reflective Thinking MSC: BLOOMS Comprehension REF: 18 OBJ: 02-3 KEY: CB&E Model Strategy 6. To be useful, marketing objectives should be realistic, measurable, time specific, and based on sales. ANS: F Useful marketing objectives should be realistic, measurable, time specific, and compared to a benchmark. They do not have to be based on sales. PTS: 1 REF: 19 Thinking KEY: CB&E Model Strategy OBJ: 02-4 TOP: AACSB Reflective MSC: BLOOMS Comprehension 7. The company’s objective is to increase sales next year. This is an example of a well-stated objective. ANS: F This objective is not specific or compared to a benchmark. PTS: 1 REF: 19 Thinking KEY: CB&E Model Strategy OBJ: 02-4 TOP: AACSB Reflective MSC: BLOOMS Application 8. A competitive advantage is some unique aspect of a firm’s offering, or of the firm itself, that causes target customers to patronize the firm rather than its competition. ANS: T PTS: 1 TOP: AACSB Reflective Thinking MSC: BLOOMS Comprehension REF: 19 OBJ: 02-5 KEY: CB&E Model Strategy 9. Developing a cost competitive advantage can enable a firm to deliver superior customer value. ANS: T PTS: 1 TOP: AACSB Reflective Thinking MSC: BLOOMS Evaluation REF: 19 OBJ: 02-5 KEY: CB&E Model Strategy 10. As marketers gain more experience in marketing a product, costs tend to decrease, which is an example of the maturity effect. ANS: F This is an example of the experienc...
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