TEST BANK FOR MKTG 8th EDITION - Lamb,
Hair & McDaniel – Complete All Chapters |
1. The manufacturer of Macho brand martial arts products was implementing a strategic plan when it sponsored a
local karate tournament for teenagers.
a. True
b. False
ANSWER: False
RATIONALE: Such a short-range decision is typically a tactical plan or operating decision, not a strategic
plan.
POINTS: 1
LEARNING OBJECTIVES: MKTG.LAMB.15.02.01 - 2-1
TOPICS: AACSB Reflective Thinking
KEYWORDS: CB&E Model Strategy
OTHER: BLOOMS Level III Application
2. Berkshire Hathaway Inc., a large property insurance company, owns a large chain of jewelry stores and has
recently purchased Russell Corporation, a manufacturer of sporting goods. Berkshire Hathaway uses a market
penetration strategy. a. True
b. False
ANSWER: False
RATIONALE: Berkshire Hathaway uses a diversification strategy.
POINTS: 1
LEARNING OBJECTIVES: MKTG.LAMB.15.02.03 - 2-3
TOPICS: AACSB Reflective Thinking
KEYWORDS: CB&E Model Strategy
OTHER: BLOOMS Level III Application
, 3. When the Internet auction company eBay opened a version of the company called eBay France for the French
market, it was an example of market penetration. a. True b. False
ANSWER: False
RATIONALE: Market penetration is the strategy of selling more to the existing customers. This is an
example of a market development strategy, which is attracting new customers to existing
products.
POINTS: 1
LEARNING OBJECTIVES: MKTG.LAMB.15.02.03 - 2-3
TOPICS: AACSB Reflective Thinking
KEYWORDS: CB&E Model Strategy
OTHER: BLOOMS Level III Application
4. A market penetration strategy entails the creation of new products for current customers. a. True
b. False
ANSWER: False
RATIONALE: This is an example of product development strategy. A market penetration strategy in one
that tries to increase market share among existing customers.
POINTS: 1
LEARNING OBJECTIVES: MKTG.LAMB.15.02.03 - 2-3
TOPICS: AACSB Reflective Thinking
KEYWORDS: CB&E Model Strategy
OTHER: BLOOMS Level I Knowledge
5. The Home Depot’s purchase of Hughes Supply Company allows it to better meet the needs of its current
business customers. This is an example of product development. a. True b. False
ANSWER: True
POINTS: 1
LEARNING OBJECTIVES: MKTG.LAMB.15.02.03 - 2-3
TOPICS: AACSB Reflective Thinking
, KEYWORDS: CB&E Model Strategy
OTHER: BLOOMS Level III Application
6. When a florist shop begins to sell burial caskets to its customers, it is engaged in product development. a. True b.
False
ANSWER: True
RATIONALE: Product development is the offering of new products to current markets.
POINTS: 1
LEARNING OBJECTIVES: MKTG.LAMB.15.02.03 - 2-3
TOPICS: AACSB Reflective Thinking
KEYWORDS: CB&E Model Strategy
OTHER: BLOOMS Level III Application
2. A firm’s mission statement should answer the question, “What products do we produce best?” a. True
b. False
ANSWER: False
RATIONALE: Mission statements should not focus on specific product offerings but on the market or markets served.
POINTS: 1
LEARNING OBJECTIVES: MKTG.LAMB.15.02.04 - 2-4
TOPICS: AACSB Reflective Thinking
KEYWORDS: CB&E Model Strategy
OTHER: BLOOMS Level II Comprehension
TOPICS: AACSB Reflective Thinking 3. A diversification strategy entails
increasing sales by introducing new
products into new markets. a. True
b. False
KEYWORDS: CB&E Model Strategy
ANSWER: True
OTHER: BLOOMS Level I Knowledge POINTS: 1
LEARNING OBJECTIVES: MKTG.LAMB.15.02.03 - 2-3
Full file at http://testbankscafe.eu/Test-Bank-for-MKTG-8-8th-Edition-Lamb,-Hair,-McDaniel
, 4. The portfolio matrix is a tool for allocating resources among products or strategic business units on the basis
of relative market share and degree of innovation. a. True b. False
ANSWER: False
RATIONALE: The portfolio matrix is based on relative market share and market growth rate.
POINTS: 1
LEARNING OBJECTIVES: MKTG.LAMB.15.02.03 - 2-3
TOPICS: AACSB Reflective Thinking
KEYWORDS: CB&E Model Strategy
OTHER: BLOOMS Level I Knowledge
5. The marketing plan is a written document that acts as a guidebook of marketing activities for the marketing manager.
a. True
b. False
ANSWER: True
POINTS: 1
LEARNING OBJECTIVES: MKTG.LAMB.15.02.03 - 2-3
TOPICS: AACSB Reflective Thinking
KEYWORDS: CB&E Model Marketing Plan
OTHER: BLOOMS Level I Knowledge
6. A production costs analysis could be a part of a company’s SWOT analysis. a. True b.
False
ANSWER: True
Hair & McDaniel – Complete All Chapters |
1. The manufacturer of Macho brand martial arts products was implementing a strategic plan when it sponsored a
local karate tournament for teenagers.
a. True
b. False
ANSWER: False
RATIONALE: Such a short-range decision is typically a tactical plan or operating decision, not a strategic
plan.
POINTS: 1
LEARNING OBJECTIVES: MKTG.LAMB.15.02.01 - 2-1
TOPICS: AACSB Reflective Thinking
KEYWORDS: CB&E Model Strategy
OTHER: BLOOMS Level III Application
2. Berkshire Hathaway Inc., a large property insurance company, owns a large chain of jewelry stores and has
recently purchased Russell Corporation, a manufacturer of sporting goods. Berkshire Hathaway uses a market
penetration strategy. a. True
b. False
ANSWER: False
RATIONALE: Berkshire Hathaway uses a diversification strategy.
POINTS: 1
LEARNING OBJECTIVES: MKTG.LAMB.15.02.03 - 2-3
TOPICS: AACSB Reflective Thinking
KEYWORDS: CB&E Model Strategy
OTHER: BLOOMS Level III Application
, 3. When the Internet auction company eBay opened a version of the company called eBay France for the French
market, it was an example of market penetration. a. True b. False
ANSWER: False
RATIONALE: Market penetration is the strategy of selling more to the existing customers. This is an
example of a market development strategy, which is attracting new customers to existing
products.
POINTS: 1
LEARNING OBJECTIVES: MKTG.LAMB.15.02.03 - 2-3
TOPICS: AACSB Reflective Thinking
KEYWORDS: CB&E Model Strategy
OTHER: BLOOMS Level III Application
4. A market penetration strategy entails the creation of new products for current customers. a. True
b. False
ANSWER: False
RATIONALE: This is an example of product development strategy. A market penetration strategy in one
that tries to increase market share among existing customers.
POINTS: 1
LEARNING OBJECTIVES: MKTG.LAMB.15.02.03 - 2-3
TOPICS: AACSB Reflective Thinking
KEYWORDS: CB&E Model Strategy
OTHER: BLOOMS Level I Knowledge
5. The Home Depot’s purchase of Hughes Supply Company allows it to better meet the needs of its current
business customers. This is an example of product development. a. True b. False
ANSWER: True
POINTS: 1
LEARNING OBJECTIVES: MKTG.LAMB.15.02.03 - 2-3
TOPICS: AACSB Reflective Thinking
, KEYWORDS: CB&E Model Strategy
OTHER: BLOOMS Level III Application
6. When a florist shop begins to sell burial caskets to its customers, it is engaged in product development. a. True b.
False
ANSWER: True
RATIONALE: Product development is the offering of new products to current markets.
POINTS: 1
LEARNING OBJECTIVES: MKTG.LAMB.15.02.03 - 2-3
TOPICS: AACSB Reflective Thinking
KEYWORDS: CB&E Model Strategy
OTHER: BLOOMS Level III Application
2. A firm’s mission statement should answer the question, “What products do we produce best?” a. True
b. False
ANSWER: False
RATIONALE: Mission statements should not focus on specific product offerings but on the market or markets served.
POINTS: 1
LEARNING OBJECTIVES: MKTG.LAMB.15.02.04 - 2-4
TOPICS: AACSB Reflective Thinking
KEYWORDS: CB&E Model Strategy
OTHER: BLOOMS Level II Comprehension
TOPICS: AACSB Reflective Thinking 3. A diversification strategy entails
increasing sales by introducing new
products into new markets. a. True
b. False
KEYWORDS: CB&E Model Strategy
ANSWER: True
OTHER: BLOOMS Level I Knowledge POINTS: 1
LEARNING OBJECTIVES: MKTG.LAMB.15.02.03 - 2-3
Full file at http://testbankscafe.eu/Test-Bank-for-MKTG-8-8th-Edition-Lamb,-Hair,-McDaniel
, 4. The portfolio matrix is a tool for allocating resources among products or strategic business units on the basis
of relative market share and degree of innovation. a. True b. False
ANSWER: False
RATIONALE: The portfolio matrix is based on relative market share and market growth rate.
POINTS: 1
LEARNING OBJECTIVES: MKTG.LAMB.15.02.03 - 2-3
TOPICS: AACSB Reflective Thinking
KEYWORDS: CB&E Model Strategy
OTHER: BLOOMS Level I Knowledge
5. The marketing plan is a written document that acts as a guidebook of marketing activities for the marketing manager.
a. True
b. False
ANSWER: True
POINTS: 1
LEARNING OBJECTIVES: MKTG.LAMB.15.02.03 - 2-3
TOPICS: AACSB Reflective Thinking
KEYWORDS: CB&E Model Marketing Plan
OTHER: BLOOMS Level I Knowledge
6. A production costs analysis could be a part of a company’s SWOT analysis. a. True b.
False
ANSWER: True
