Test Bank For MKTG 5 5th Edition by Charles W. Lamb
- TRUE/FALSE
1.The manufacturer of Macho brand martial arts products was implementing a strategic plan when it sponsored a local karate tournament for teenagers.
ANS: F
Such a short-range decision is typically a tactical plan or operating decision, not a strategic plan.
PTS: 1 REF: 16 OBJ: 02-1 TOP: AACSB Reflective Thinking
KEY: CB&E Model Strategy MSC: BLOOMS Application
2.The marketing plan is a written document that acts as a guidebook of marketing activities for the marketing manager.
ANS: T PTS: 1 REF: 16 OBJ: 02-1
TOP: AACSB Reflective Thinking KEY: CB&E Model Marketing Plan
MSC: BLOOMS Knowledge
3.A firm’s mission statement should answer the question, “What products do we produce best?”
ANS: F
Mission statements should not focus on specific product offerings but on the market or markets served.
PTS: 1 REF: 17 OBJ: 02-2 TOP: AACSB Reflective Thinking
KEY: CB&E Model Strategy MSC: BLOOMS Comprehension
4.A production costs analysis could be a part of a company’s SWOT analysis.
ANS: T PTS: 1 REF: 18 OBJ: 02-3
TOP: AACSB Reflective Thinking KEY: CB&E Model Strategy
MSC:BLOOMS Analysis
5.Environmental scanning entails the collection and analysis of information about factors that may affect the organization as well as the identification of market opportunities and threats.
ANS: T PTS: 1 REF: 18 OBJ: 02-3
TOP: AACSB Reflective Thinking KEY: CB&E Model Strategy
MSC: BLOOMS Comprehension
6.To be useful, marketing objectives should be realistic, measurable, time specific, and based on sales.
ANS: F
Useful marketing objectives should be realistic, measurable, time specific, and compared to a benchmark. They do not have to be based on sales.
PTS: 1 REF: 19 OBJ: 02-4 TOP: AACSB Reflective Thinking
KEY: CB&E Model Strategy MSC: BLOOMS Comprehension
7.The company’s objective is to increase sales next year. This is an example of a well-stated objective.
ANS: F
This objective is not specific or compared to a benchmark.
PTS: 1 REF: 19 OBJ: 02-4 TOP: AACSB Reflective Thinking
KEY: CB&E Model Strategy MSC: BLOOMS Application
8.A competitive advantage is some unique aspect of a firm’s offering, or of the firm itself, that causes target customers to patronize the firm rather than its competition.
ANS: T PTS: 1 REF: 19 OBJ: 02-5
TOP: AACSB Reflective Thinking KEY: CB&E Model Strategy
MSC: BLOOMS Comprehension
9.Developing a cost competitive advantage can enable a firm to deliver superior customer value.
ANS: T PTS: 1 REF: 19 OBJ: 02-5
TOP: AACSB Reflective Thinking KEY: CB&E Model Strategy
MSC:BLOOMS Evaluation
10.As marketers gain more experience in marketing a product, costs tend to decrease, which is an example of the maturity effect.
ANS: F
This is an example of the experience curve, which means costs decline at a predictable rate as experience with a product increases.
PTS: 1 REF: 20 OBJ: 02-5 TOP: AACSB Reflective Thinking
KEY:CB&E Model ProductMSC:BLOOMS Analysis
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