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Test Bank for Contemporary Marketing 17th Edition by Boone and Kurtz A+
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Created By: A SolutionTest Bank for Contemporary Marketing 17th Edition
by Boone and Kurtz A+
Indicate whether the statement is true or false.
1. A firm’s goals should be specific and measurable.
a. True
b. False
2. Strategic planning is the process of anticipating events and market conditions and
deciding how a firm can best achieve its organizational objectives.
a. True
b. False
3. A marketing plan is not reevaluated once it is completely implemented.
a. True
b. False
4. A firm’s marketers must write a marketing plan before formulating an overall marketing
strategy.
a. True
b. False
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,Created By: A Solution
5. Every marketing plan requires a budget, a time schedule for implementation, and a
system for monitoring the plan’s success or failure.
a. True
b. False
6. A marketing plan is a detailed description of the resources and actions needed to achieve
stated marketing objectives.
a. True
b. False
7. The mission statement puts into words an organization’s overall purpose and reason for
being.
a. True
b. False
8. The need for a business plan is more acutely felt in a small company than in a large
multinational company.
a. True
b. False
9. The facilities plan estimates the firm’s employment needs and the skills necessary to
achieve organizational goals.
a. True
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b. False
10. An exit strategy is a plan for a firm to leave the market.
a. True
b. False
Indicate the answer choice that best completes the statement or answers the question.
11. Why do marketers in most industries have difficulty making estimates and predictions
beyond five years?
a. Marketers rarely stay in the same job for more than five years.
b. There are many uncertainties in the marketplace.
c. The margin for error in long-term forecasting is very small.
d. The cost involved limits predictions beyond five years.
12. Which of the following is used to identify the firm’s strengths, weaknesses, opportunities,
and threats within the marketing environment?
a. Business portfolio analysis
b. Breakeven analysis
c. SWOT analysis
d. Marginal analysis
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13. A large company sells some of its business units to help cut costs, bolster its share price
and diversify its business interest. This is an example of a firm employing a(n):
a. exit strategy.
b. pricing strategy.
c. distribution strategy.
d. promotion strategy.
14. Which of the following components of a business plan describes strategies for informing
potential customers about the goods and services offered by the firm as well as strategies for
developing long-term relationships?
a. The marketing plan
b. The financing plan
c. The production plan
d. The facilities plan
15. Which of the following components of the marketing mix focuses on deciding the goods
and services a firm should offer in order to meet the needs of its customers?
a. Product strategy
b. Distribution strategy
c. Promotional strategy
d. Pricing strategy
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