MKTG1501 STUDY SET ACTUAL FINAL EXAM
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 - 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 - 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 - 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 - 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 - Answer: E
Diff: 2 Page Ref: 39
Skill: Concept
, 6) 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) 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 - 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
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 - 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 - 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 - 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 - 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 - Answer: E
Diff: 2 Page Ref: 39
Skill: Concept
, 6) 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) 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 - 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
