Test Bank for MKTG 8 8th Edition Lamb, Hair, McDaniel.

Test Bank for MKTG 8 8th Edition Lamb, Hair, McDaniel. 100% TRUSTED Answers, guidelines, workings and references. 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