Question # 00004658 Posted By: smartwriter Updated on: 12/04/2013 06:31 PM Due on: 12/31/2013
Subject Business Topic General Business Tutorials:
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1)________ is the task of developing and maintaining an overall company strategy for long-runsurvival and growth.
A) Strategic planning
B) Annual market planning C) Short-term planning
D) Long-range planning E) Advertising
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
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
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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
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
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
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
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
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
Answer: A
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
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.
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"
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."
14)All of the following are examples of product-oriented mission statements, EXCEPT which
A) "At America Online, we provide online services." B) "At Disney, we run theme parks."
C) "At Nike, we sell shoes."
D) "At Revlon, we sell lifestyle and self-expression; success and status; memories, hopes, and
E) "At Ritz-Carlton Hotels, we rent rooms."
15)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 be turned into detailed ________ that
guide each level of the company.
A) sets of strategies B) sets of tactics
C) sets of product mixes D) supporting objectives E) sets of promotional tools
16)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
17)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 factors
18)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
19)________ 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
20)After management has identified the key businesses making up its company, what is the next
A) identify businesses in which to invest B) assess the attractiveness of its SBUs
C) decide whether to harvest any businesses D) complete short-range planning
E) SBU identification
21)The best known product portfolio planning method was developed by ________. A) Philip
B) Harvard University
C) the SRI Consulting Firm
D) the Boston Consulting Group E) James P. Hess
22)Most portfolio analysis methods evaluate SBUs on two dimensions, namely ________ and
A) market share; strength of the SBU's position
B) market or industry growth rate; market or industry attractiveness C) market or industry
attractiveness; strength of the SBU's position D) market growth rate; profits
E) market penetration; market development
23)In the Boston Consulting Group approach, ________ provide(s) a measure of market
A) relative market share B) SBUs
C) cash cows
D) market growth rate E) dogs
24)In the Boston Consulting Group approach, ________ serve(s) as a measure of company
strength in the market.
A) relative market share B) SBUs
C) cash cows
D) market growth rate E) market segmentation
25)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; organizing; leading; controlling
E) market penetration; market development; product development; diversification
26)In the BCG approach, ________ are high-share, high-growth businesses or products. They
need heavy investment to finance rapid growth. When their growth slows down, they turn into
A) cash cows; stars
B) question marks; dogs C) stars; question marks D) stars; cash cows
E) dogs; cash cows
27)________ are low-growth, high share businesses or products. They generate a lot of cash that
the firm uses to pay its bills and support other SBUs that need investment.
A) Stars
B) Cash cows
C) Question marks D) Dogs
E) Cats
28)When dealing with a ________, managers must decide whether to invest in it in an attempt to
build it into a star or cash cow or whether to phase it out.
A) star B) dog
C) question mark D) cash cow
E) cat
29)In the BCG matrix, income from ________ can be used to help finance the company's
question marks and stars.
A) dogs B) SBUs
C) cash cows D) sales revenue
E) overseas operations
30)The four possible strategies that can be pursued for each SBU are building, holding,
________, and ________. A) harvesting; divesting B) promoting; selling
C) downsizing; expanding D) diversifying; penetrating E) developing; growing
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Tutorials for this Question
  1. Tutorial # 00004456 Posted By: smartwriter Posted on: 12/04/2013 06:33 PM
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