Principles of Marketing, 14/E Philip Kotler, Gary Armstrong, solutions manual and test bank

Principles of Marketing, 14/E Philip Kotler,  Gary Armstrong, solutions manual and test bank
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Principles of Marketing, 14e (Kotler)

Chapter 2   Company and Marketing Strategy: Partnering to Build

Customer Relationships

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

Answer:  D

Diff: 2        Page Ref: 38

Skill:  Concept

Objective:  2-1

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

Answer:  C

Diff: 1        Page Ref: 38

Skill:  Concept

Objective:  2-1

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

Answer:  C

Diff: 1        Page Ref: 39

Skill:  Concept

Objective:  2-1

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

Answer:  E

Diff: 2        Page Ref: 39

Skill:  Concept

Objective:  2-1

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

Answer:  B

Diff: 2        Page Ref: 39

AACSB:  Communication Abilities

Skill:  Concept

Objective:  2-1

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

Answer:  D

Diff: 2        Page Ref: 39

Skill:  Concept

Objective:  2-1

7) A company's mission statement serves as a statement of ________.

A) fact

B) sustainability

C) purpose

D) financial goals

E) employee commitment

Answer:  C

Diff: 1        Page Ref: 39

AACSB:  Communication Abilities

Skill:  Concept

Objective:  2-1

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"

Answer:  B

Diff: 2        Page Ref: 39

Skill:  Concept

Objective:  2-1

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."

Answer:  D

Diff: 2        Page Ref: 39

Skill:  Concept

Objective:  2-1

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

Answer:  A

Diff: 2        Page Ref: 39

Skill:  Concept

Objective:  2-1

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.

E) A mission statement should motivate employees.

Answer:  B

Diff: 3        Page Ref: 40

AACSB:  Communication Abilities

Skill:  Concept

Objective:  2-1

12) Revlon has clearly defined its "mission" of selling lifestyle and self-expression. In order for the firm to launch its strategic plan, the mission needs to next be turned into detailed ________ that guide each level of the company.

A) sets of strategies

B) sets of tactics

C) product mixes

D) supporting objectives

E) sets of promotional tools

Answer:  D

Diff: 3        Page Ref: 40

Skill:  Concept

Objective:  2-1

13) The collection of businesses and products that make up a company is called its ________.

A) strategic business unit

B) mission statement

C) strategic plan

D) business portfolio

E) operational factor

Answer:  D

Diff: 1        Page Ref: 40

Skill:  Concept

Objective:  2-2

14) Business portfolio planning involves two steps: ________ and ________.

A) identifying SBUs; assessing the attractiveness of SBUs

B) analyzing the current business portfolio; shaping the future business portfolio

C) identifying internal strengths; identifying external opportunities

D) conducting a SWOT analysis; establishing marketing controls

E) identifying growth opportunities; evaluating growth opportunities

Answer:  B

Diff: 2        Page Ref: 40

Skill:  Concept

Objective:  2-2

15) Paul Pierce is busy working with other managers evaluating the products and businesses making up their company. Paul is engaged in ________.

A) defining the company's mission statement

B) preparing a business portfolio

C) portfolio analysis

D) marketing planning

E) marketing control

Answer:  C

Diff: 2        Page Ref: 42

Skill:  Concept

Objective:  2-2

16) Which of the following can be a company division, a product line within a division, or sometimes a single product or brand?

A) a market

B) the BCG

C) an SBU

D) a PLC

E) a value delivery network

Answer:  C

Diff: 2        Page Ref: 42

Skill:  Concept

Objective:  2-2

17) After management has identified the key businesses making up its company, what is the next step in portfolio analysis?

A) identifying businesses in which to invest

B) assessing the attractiveness of its SBUs

C) deciding whether to harvest any businesses

D) completing short-range planning

E) identifying SBUs

Answer:  B

Diff: 2        Page Ref: 42

Skill:  Concept

Objective:  2-2

18) The best-known product portfolio planning method was developed by ________.

A) the Boston Consulting Group

B) Philip Kotler

C) the SWOT Consulting Group

D) the SRI Consulting Firm

E) James P. Hess

Answer:  A

Diff: 2        Page Ref: 42

Skill:  Concept

Objective:  2-2

19) Most portfolio analysis methods evaluate SBUs on two dimensions, namely ________ and ________.

A) market share; strength of the SBU's position

B) market diversification; relative market share

C) market or industry attractiveness; strength of the SBU's position

D) market growth rates; profits

E) market penetration; market development

Answer:  C

Diff: 2        Page Ref: 42

Skill:  Concept

Objective:  2-2

20) In the Boston Consulting Group approach, ________ provides a measure of market attractiveness.

A) relative market share

B) market development

C) market penetration

D) market growth rate

E) market segmentation

Answer:  D

Diff: 2        Page Ref: 42

Skill:  Concept

Objective:  2-2

21) In the Boston Consulting Group approach, ________ serves as a measure of company strength in the market.

A) relative market share

B) market development

C) market diversification

D) market growth rate

E) market segmentation

Answer:  A

Diff: 2        Page Ref: 42

Skill:  Concept

Objective:  2-2

22) The BCG growth-share matrix classifies four types of SBUs. They are ________, ________, ________, and ________.

A) product; price; promotion; placement

B) sales; market share; price; promotion

C) stars; cash cows; question marks; dogs

D) planning; implementing; leading; controlling

E) market penetration; market development; product development; diversification

Answer:  C

Diff: 2        Page Ref: 42

Skill:  Concept

Objective:  2-2

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