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MKT 101 Chapter 2 Multiple Choice Exam Questions and Answers 100% Verified
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MKT 101 Chapter 2 Multiple Choice Exam Questions and Answers 100% Verified
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MKT 101 Chapter 2 Multiple ChoiceExam Questions and Answers 100%
Verified.
1) Which of the following involves adapting a firm to take advantage of
opportunities in its constantly changing environment?
A) long-range planning
B) short-range planning
C) media planning
D) strategic planning
E) annual planning
Verified Answer -D) strategic planning
2) When a firm develops and maintains a strategic fit between its goals
and capabilities, it is performing ________.
A) mission planning
B) values planning
C) strategic planning
D) business-portfolio planning
E) operations planning
Verified Answer -C) strategic planning
3) Which of the following is the first step in strategic planning?
A) set objectives and goals
B) develop the business portfolio
C) define the company mission
,D) plan marketing strategies
E) identify threats and weaknesses
Verified Answer -C) define the company mission
4) Which of the following is NOT a step in the strategic planning
process?
A) defining the company mission
B) setting company objectives and goals
C) designing the business portfolio
D) planning marketing and other functional strategies
E) evaluating all members of the value chain
Verified Answer -E) evaluating all members of the value chain
5) Which of the following provides an answer to these questions: What is
our business? Who are our customers? What do our customers value?
What should our business be?
A) objectives and goals
5) Which of the following provides an answer to these questions: What is
our business? Who are our customers? What do our customers value?
What should our business be?
A) objectives and goals
B) a mission statement
C) a business portfolio
D) marketing and functional strategies
E) operational strategies
Verified Answer -B) a mission statement
,6) ________ should be market oriented and defined in terms of ________.
A) Annual plans; product needs
B) Strategic plans; company needs
C) Long-range plans; company needs
D) Mission statements; customers' needs
E) Objectives; competitors' threats
Verified Answer -D) Mission statements; customers' needs
7) A company's mission statement serves as a statement of ________.
A) fact
B) sustainability
C) purpose
D) financial goals
E) employee commitment
Verified Answer -C) purpose
8) Which of the following is NOT a market-oriented business definition?
A) "to nourish lives by making them healthier, easier, and richer"
B) "to sell tools and home repair and improvement items"
C) "to deliver low prices every day"
D) "to be the guardian of our customers' financial dreams"
E) "to bring inspiration and innovation to every athlete in the world"
Verified Answer -B) "to sell tools and home repair and improvement
items"
, 9) All of the following are examples of product-oriented mission
statements EXCEPT which one?
A) "We are an online video service."
B) "We run theme parks."
C) "We sell shoes."
D) "We sell lifestyle and self-expression; success and status; memories,
hopes, and dreams."
E) "We rent hotel rooms."
Verified Answer -D) "We sell lifestyle and self-expression; success and
status; memories, hopes, and dreams."
10) Which of the following is the principle objective of a market-oriented
mission statement?
A) to satisfy basic customer needs
B) to satisfy basic supplier needs
C) to satisfy basic stockholder needs
D) to satisfy basic owner needs
E) to satisfy basic partnership needs
Verified Answer -A) to satisfy basic customer needs
11) All of the following are accurate guidelines for a company's mission
statement EXCEPT which one?
A) A mission statement should be realistic.
B) A mission statement should be narrow.
C) A mission statement should emphasize the company's strengths in the
marketplace.
D) A mission statement should be specific.
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