MKT101 TUTORIAL 2 (CHAPTER 2)
True or False
1. A mission statement is a document embodying an organization's short-term goals.
2. "At Joe's Diner, we serve great burgers" is a product-oriented business definition.
3. On the BCG matrix, "question marks" are high-growth, high-share businesses or
products.
4. To succeed in today's competitive marketplace, companies must be product-centered.
5. The marketing mix consists of people, property, planning, and position.
6. Customer engagement and value are the key ingredients in the marketer's formula for
success.
Multiple Choice Questions
1. Mission statements should be ________.
A) meaningful and specific yet motivating
B) technology oriented
C) written solely for public relations purposes
D) focused on increasing sales or profits
E) strictly product oriented
2. Within a company, who is most likely to perform strategic planning?
A) the president and vice presidents
B) the accounting and finance departments
C) the marketing and sales departments
D) cross-functional teams of divisional managers close to their markets
E) the manufacturing and production departments
3. Which of the following is true with regard to cash cows?
A) They are high-growth, high-share businesses or products.
B) They can be used to help finance the company's question marks and stars.
C) They require significant cash to maintain market share.
D) They are low-share businesses and products.
E) They do not promise to be large sources of cash.
4. Lark Inc., an American electronics company, is currently reviewing new geographical
markets to sell its highly popular televisions. By 2020, it plans to open new stores across all
the major South Asian cities. Lark is most likely following a ________ strategy.
A) local marketing
B) market development
C) diversification
D) product adaptation
E) product development
5. Amor, a successful brand of women's clothing, recently introduced a line of fitness
equipment. This is an example of ________.
A) mass customization
B) niche marketing
C) diversification
D) prospecting
