Pts 1 ref 24 obj 02 7 type comp top aacsb reflective

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PTS: 1 REF: 24 OBJ: 02-7 TYPE: Comp TOP: AACSB Reflective Thinking | TB&E Model Strategy 21. The four Ps of the marketing mix are product, planning, promotion, and price. ANS: F
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The four Ps are product, place, promotion, and price PTS: 1 REF: 24 OBJ: 02-8 TYPE: Def TOP: AACSB Reflective Thinking | TB&E Model Strategy 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 OBJ: 02-8 TYPE: Def TOP: AACSB Reflective Thinking | TB&E Model Product 23. A marketing audit helps management allocate marketing resources efficiently. ANS: T PTS: 1 REF: 26 OBJ: 02-9 TYPE: Comp TOP: AACSB Reflective Thinking | TB&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 OBJ: 02-10 TYPE: Comp TOP: AACSB Reflective Thinking | TB&E Model Strategy 25. The most critical element for successful strategic planning is top management's support and participa- tion. ANS: T PTS: 1 REF: 27 OBJ: 02-10 TYPE: Comp TOP: AACSB Reflective Thinking | TB&E Model Strategy MULTIPLE CHOICE 1. _____ is the managerial process of creating and maintaining a fit between the organization's objectives and resources and evolving market opportunities. a. Tactical management b. The market audit c. Functional planning d. Environmental scanning e. Strategic planning ANS: E PTS: 1 REF: 15 OBJ: 02-1 TYPE: Def TOP: AACSB Reflective Thinking | TB&E Model Strategy 2. Strategic plans require: a. long-term resource commitments b. a change in organizational structure c. the addition of new personnel d. new product development e. changes in prices ANS: A
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The goal of strategic planning is long-run profitability and growth. Thus, strategic decisions require long-term commitments of resources. PTS: 1 REF: 15 OBJ: 02-1 TYPE: Comp TOP: AACSB Reflective Thinking | TB&E Model Strategy 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 initi- ated a three-year project to build a $55 million state-of-the-art women's center with 18 labor and deliv- ery suites. When the hospital decided to commit its resources to obstetrics, it was engaging in: PTS: 1 REF: 15 OBJ: 02-1 TYPE: App TOP: AACSB Reflective Thinking | TB&E Model Strategy
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