Sensation and perception 10th edition goldstein test bank

) Which of the following is true of strategic planning in a firm? A) It deals with maintaining the company's current business ventures. B) It focuses on the firm's internal environment rather than the external environment. C) It occurs at the business-unit, product, and market levels rather than at the corporate level. D) It deals with adapting the firm to take advantage of changing marketing opportunities. E) It involves preparing short-term investment objectives at the product level. Answer: D Diff: 2 LO: 2-1: Explain company-wide strategic planning and its four steps. AACSB: Analytical thinking 2) Cosmetics firm SatinSilk is revamping its mission statement and advertising strategy. The CEO stresses that the new mission statement should be market-oriented rather than productoriented. Which of the following mission statements will best suit the company? A) to create the best possible products and sell them at the best possible prices B) to sell hypoallergenic cosmetics products made only from the finest organic ingredients C) to give customers the complexion they dream about by providing products suited to their needs D) to become a market leader in every cosmetics product category E) to increase our market share in the cosmetics segment and increase profit margins Answer: C Diff: 2 LO: 2-1: Explain company-wide strategic planning and its four steps. AACSB: Analytical thinking 3) A ________ is purposeful, specifying what an organization wants to accomplish in the larger environment. A) marketing strategy B) marketing objective C) strategic plan D) mission statement E) market portfolio Answer: D Diff: 1 LO: 2-1: Explain company-wide strategic planning and its four steps. AACSB: Analytical thinking 4) Most firms begin the strategic planning process by developing detailed marketing and departmental plans that support a company-wide plan. Answer: FALSE Diff: 2 LO: 2-1: Explain company-wide strategic planning and its four steps. AACSB: Application of knowledge DOWNLOAD THE Test Bank for Marketing An Introduction 14th Edition Armstrong 2 Copyright © 2020 Pearson Education, Inc. 5) An organization's mission statement should emphasize its intentions toward customers and the customer experience the organization seeks to create. Answer: TRUE Diff: 2 LO: 2-1: Explain company-wide strategic planning and its four steps. AACSB: Application of knowledge 6) "At Dodson, we sell shoes" is a market-oriented business definition. Answer: FALSE Diff: 2 LO: 2-1: Explain company-wide strategic planning and its four steps. AACSB: Analytical thinking 7) "At CL Online, we create customer connectivity, anytime, anywhere" is a product-oriented mission statement. Answer: FALSE Diff: 2 LO: 2-1: Explain company-wide strategic planning and its four steps. AACSB: Analytical thinking 8) Which of the following best describes a company's business portfolio? A) the list of all the marketing activities in which the company invests B) the target segments of the company's various businesses C) the company's products or services in a particular market D) the collection of businesses and products that make up the company E) the company's strengths in terms of technology, people, and products Answer: D Diff: 2 LO: 2-2: Discuss how to design business portfolios and develop growth strategies. AACSB: Analytical thinking 9) Business portfolio analysis is defined as the process in which management ________. A) studies the products and strategies of competitors to improve the company's own products B) analyzes consumer feedback in order to better position the company's brand image C) assesses the attractiveness of an SBU's market and the strength of its position in the market D) segments the company's markets to reach target consumers effectively E) conducts marketing research to evaluate the company's marketing strategy Answer: C Diff: 2 LO: 2-2: Discuss how to design business portfolios and develop growth strategies. AACSB: Analytical thinking