MKTG1501 Study Set || 100% Verified Questions &
Answers; Guaranteed Pass!!
1) ________ is the task of developing and maintaining an overall company strategy for long-run
survival and growth.
A) Strategic planning
B) Annual market planning
C) Short-term planning
D) Long-range planning
E) Advertising correct answers Answer: A
Diff: 2 Page Ref: 39
Skill: Concept
2) ________ involves adapting a firm to take advantage of opportunities in its constantly
changing environment.
A) Long-range planning
B) Short-range planning
C) Annual planning
D) Strategic planning
E) Environmental scanning correct answers Answer: D
Diff: 2 Page Ref: 39
Skill: Concept
3) Starbucks has an annual plan in place to deal with the company's current SBUs and their
operations. However, as a growth-oriented firm, Starbucks is interested in both domestic and
international markets. This requires Starbucks to constantly monitor the environment and adapt
to the opportunities with which it is presented. To take advantage of its changing marketing
opportunities, it is most important for Starbucks to have which of the following in place?
A) value-delivery network
B) mission statement
C) supporting objectives
D) profit analysis
E) strategic plan correct answers Answer: E
Diff: 2 Page Ref: 39
Skill: Concept
4) The first step in strategic planning is to ________.
A) set objectives and goals
B) develop the business portfolio
C) define the company mission
D) plan marketing strategies
E) identify a problem correct answers Answer: C
Diff: 1 Page Ref: 39
Skill: Concept
,5) 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) identifying the company's culture correct answers Answer: E
Diff: 2 Page Ref: 39
Skill: Concept
6) Which of the following provides an correct answers 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) mission statement
C) business portfolio
D) marketing and functional strategies
E) operational strategies
} Answer: B
Diff: 2 Page Ref: 39
Skill: Concept
AACSB: Communication
7) A vendor for Ford Motor Company received the following message from one of Ford's
marketing managers: "As we move forward during the 21st century, it is incumbent upon us to
inform you that Ford is committed to building profitable customer relationships by creating
environmentally better cars and getting them to market faster at lower costs." The marketing
manager is most likely referring to Ford's ________.
A) vision statement
B) market tactics
C) business portfolio
D) mission statement
E) business objectives correct answers Answer: D
Diff: 2 Page Ref: 39-40
Skill: Concept
AACSB: Reflective Thinking
8) ________ should be market oriented and defined in terms of ________.
A) Strategic plans; company needs
B) Annual plans; product needs
C) Long-range plans; company needs
D) Mission statements; customer needs
E) Objectives; customer needs correct answers Answer: D
Diff: 2 Page Ref: 39
Skill: Concept
AACSB: Communication
9) A ________ defines a business in terms of satisfying basic customer needs.
, A) market-oriented mission statement
B) product-oriented mission statement
C) technology-oriented mission statement
D) environment-oriented mission statement
E) strategic plan correct answers Answer: A
Diff: 2 Page Ref: 40
Skill: Concept
AACSB: Communication
10) When the makers of a ballpoint pen state they are in the communication equipment business,
they are defining their mission too ________.
A) narrowly
B) realistically
C) specifically
D) broadly
E) early correct answers Answer: D
Diff: 1 Page Ref: 40
Skill: Concept
AACSB: Reflective Thinking
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 focus on sales or profits.
C) A mission statement should fit the market environment.
D) A mission statement should be specific.
E) A mission statement should motivate employees. correct answers Answer: B
Diff: 2 Page Ref: 39-40
Skill: Concept
12) Which of the following is NOT a market-oriented business definition?
A) "to provide a global trading platform where practically anyone can trade practically anything"
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" correct answers Answer: B
Diff: 2 Page Ref: 40
Skill: Concept
AACSB: Reflective Thinking
13) Which of the following is NOT an example of a market-oriented mission statement?
A) "We make the Internet buying experience fast, easy, and enjoyable."
B) "We create customer connectivity anytime, anywhere."
C) "We create fantasies."
D) "We hold online auctions."
E) "We empower customers to achieve the homes of our dreams." correct answers Answer: D
Answers; Guaranteed Pass!!
1) ________ is the task of developing and maintaining an overall company strategy for long-run
survival and growth.
A) Strategic planning
B) Annual market planning
C) Short-term planning
D) Long-range planning
E) Advertising correct answers Answer: A
Diff: 2 Page Ref: 39
Skill: Concept
2) ________ involves adapting a firm to take advantage of opportunities in its constantly
changing environment.
A) Long-range planning
B) Short-range planning
C) Annual planning
D) Strategic planning
E) Environmental scanning correct answers Answer: D
Diff: 2 Page Ref: 39
Skill: Concept
3) Starbucks has an annual plan in place to deal with the company's current SBUs and their
operations. However, as a growth-oriented firm, Starbucks is interested in both domestic and
international markets. This requires Starbucks to constantly monitor the environment and adapt
to the opportunities with which it is presented. To take advantage of its changing marketing
opportunities, it is most important for Starbucks to have which of the following in place?
A) value-delivery network
B) mission statement
C) supporting objectives
D) profit analysis
E) strategic plan correct answers Answer: E
Diff: 2 Page Ref: 39
Skill: Concept
4) The first step in strategic planning is to ________.
A) set objectives and goals
B) develop the business portfolio
C) define the company mission
D) plan marketing strategies
E) identify a problem correct answers Answer: C
Diff: 1 Page Ref: 39
Skill: Concept
,5) 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) identifying the company's culture correct answers Answer: E
Diff: 2 Page Ref: 39
Skill: Concept
6) Which of the following provides an correct answers 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) mission statement
C) business portfolio
D) marketing and functional strategies
E) operational strategies
} Answer: B
Diff: 2 Page Ref: 39
Skill: Concept
AACSB: Communication
7) A vendor for Ford Motor Company received the following message from one of Ford's
marketing managers: "As we move forward during the 21st century, it is incumbent upon us to
inform you that Ford is committed to building profitable customer relationships by creating
environmentally better cars and getting them to market faster at lower costs." The marketing
manager is most likely referring to Ford's ________.
A) vision statement
B) market tactics
C) business portfolio
D) mission statement
E) business objectives correct answers Answer: D
Diff: 2 Page Ref: 39-40
Skill: Concept
AACSB: Reflective Thinking
8) ________ should be market oriented and defined in terms of ________.
A) Strategic plans; company needs
B) Annual plans; product needs
C) Long-range plans; company needs
D) Mission statements; customer needs
E) Objectives; customer needs correct answers Answer: D
Diff: 2 Page Ref: 39
Skill: Concept
AACSB: Communication
9) A ________ defines a business in terms of satisfying basic customer needs.
, A) market-oriented mission statement
B) product-oriented mission statement
C) technology-oriented mission statement
D) environment-oriented mission statement
E) strategic plan correct answers Answer: A
Diff: 2 Page Ref: 40
Skill: Concept
AACSB: Communication
10) When the makers of a ballpoint pen state they are in the communication equipment business,
they are defining their mission too ________.
A) narrowly
B) realistically
C) specifically
D) broadly
E) early correct answers Answer: D
Diff: 1 Page Ref: 40
Skill: Concept
AACSB: Reflective Thinking
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 focus on sales or profits.
C) A mission statement should fit the market environment.
D) A mission statement should be specific.
E) A mission statement should motivate employees. correct answers Answer: B
Diff: 2 Page Ref: 39-40
Skill: Concept
12) Which of the following is NOT a market-oriented business definition?
A) "to provide a global trading platform where practically anyone can trade practically anything"
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" correct answers Answer: B
Diff: 2 Page Ref: 40
Skill: Concept
AACSB: Reflective Thinking
13) Which of the following is NOT an example of a market-oriented mission statement?
A) "We make the Internet buying experience fast, easy, and enjoyable."
B) "We create customer connectivity anytime, anywhere."
C) "We create fantasies."
D) "We hold online auctions."
E) "We empower customers to achieve the homes of our dreams." correct answers Answer: D
