Test Bank for MKTG 8 8th Edition Lamb, Hair, McDaniel full test bank

Test Bank for MKTG 8 8th Edition Lamb, Hair, McDaniel full test bank 1. The manufacturer of Macho brand martial arts products was implementing a strategic plan when it sponsored a local karate tournament for teenagers. 2. Berkshire Hathaway Inc., a large property insurance company, owns a large chain of jewelry stores and has recently purchased Russell Corporation, a manufacturer of sporting goods. Berkshire Hathaway uses a market penetration strategy. 3. When the Internet auction company eBay opened a version of the company called eBay France for the French market, it was an example of market penetration. 4. A market penetration strategy entails the creation of new products for current customers. 5. The Home Depot’s purchase of Hughes Supply Company allows it to better meet the needs of its current business customers. This is an example of product development. 6. When a florist shop begins to sell burial caskets to its customers, it is engaged in product development. 7. A diversification strategy entails increasing sales by introducing new products into new markets. 8. The portfolio matrix is a tool for allocating resources among products or strategic business units on the basis of relative market share and degree of innovation. 9. The marketing plan is a written document that acts as a guidebook of marketing activities for the marketing manager. 10. A firm’s mission statement should answer the question, “What products do we produce best?” 11. A production costs analysis could be a part of a company’s SWOT analysis. 12. 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. 13. 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. 14. Developing a cost competitive advantage can enable a firm to deliver superior customer value. 15. As marketers gain more experience in marketing a product, costs tend to decrease, which is an example of the maturity effect.