Marketing Final Exam

Will produce mutually satisfying exchanges with

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Unformatted text preview: at will produce mutually satisfying exchanges with target markets. ANS: T PTS: 1 TOP: AACSB Reflective Thinking MSC: BLOOMS Knowledge REF: 24 OBJ: 02-7 KEY: CB&E Model Strategy 20. The development of a target market strategy begins with a marketing audit. ANS: F The development of a target market strategy begins with a market opportunity analysis (MOA). PTS: 1 REF: 24 Thinking KEY: CB&E Model Strategy OBJ: 02-7 TOP: AACSB Reflective MSC: BLOOMS Comprehension 21. The four Ps of the marketing mix are product, planning, promotion, and price. ANS: F The four Ps are product, place, promotion, and price. PTS: 1 REF: 25 Thinking KEY: CB&E Model Strategy OBJ: 02-8 TOP: AACSB Reflective MSC: BLOOMS Comprehension 22. Typically, the development of the marketing mix starts with determining the promotion for a product. ANS: F The development of the marketing mix begins with the product. PTS: 1 REF: 25 Thinking KEY: CB&E Model Product OBJ: 02-8 TOP: AACSB Reflective MSC: BLOOMS Comprehension 23. A marketing audit helps management allocate marketing resources efficiently. ANS: T PTS: 1 TOP: AACSB Reflective Thinking MSC: BLOOMS Comprehension REF: 27 OBJ: 02-9 KEY: CB&E Model Marketing Plan 24. Strategic planning is most effective when managers view it as an annual exercise. ANS: F Strategic planning requires creativity and an ongoing commitment, not just going through the motions once a year. PTS: 1 REF: 27 Thinking KEY: CB&E Model Strategy OBJ: 02-10 TOP: AACSB Reflective MSC: BLOOMS Evaluation 25. The most critical element for successful strategic planning is top management’s support and participation. ANS: T PTS: 1 TOP: AACSB Reflective Thinking MSC: BLOOMS Evaluation REF: 28 OBJ: 02-10 KEY: CB&E Model Strategy MULTIPLE CHOICE 1. _____ is the managerial process of creating and maintaining a fit between the organization’s objectives and resources and the evolving market opportunities. a. Tactical management b. The market audit c. Functional planning d. Environmental scanning e. Strategic planning ANS: E This is the definition of strategic planning. PTS: 1 REF: 15 Thinking KEY: CB&E Model Strategy 2. Strategic plans require: a. b. c. d. e. OBJ: 02-1 TOP: AACSB Reflective MSC: BLOOMS Knowledge long-term resource commitments a change in organizational structure the addition of new personnel new product development changes in prices ANS: A The goal of strategic planning is long-run profitability and growth. Thus, strategic decisions require long-term commitments of resources. PTS: 1 REF: 15 Thinking KEY: CB&E Model Strategy OBJ: 02-1 TOP: AACSB Reflective MSC: BLOOMS Evaluation 3. With hospitals nationwide facing budget cuts and slimmer profit margins, Dekalb County’s Medical Center decided to cash in on one of the most consistently profitable services––delivering babies. It initiated a three-year project to build a $55 million state-of-the-art women’s center with 18 labor and delivery suites. When the hospital deci...
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