1. Long-term objectives are needed at which level(s) in an organization? a. Corporate b. Divisional c. Functional d. all of these e. none of these

2. Financial objectives involve all of the following except: a. growth in revenues. b. larger market share. c. higher dividends. d. greater return on investment. e. a rising stock price.

3. What principle is based on the belief that the true measure of a really good strategist is the ability to solve problems? a. Managing by crisis b. Managing by objectives c. Managing by extrapolation d. Managing by exception

4. What principle is built on the idea that there is no general plan for which way to go and what to do? a. Managing by crisis b. Managing by extrapolation c. Managing by objectives d. Managing by hope e. Managing by exception

5. All of the following are important factors in the Balanced Scorecard except: a. customer service. b. employee morale. c. product quality. d. business ethics. e. stockholder equity.

6. Which level of strategy is most likely not present in small firms? a. Corporate/company b. Functional c. Divisional d. Operational e. All of these are present in small firms

7. A business-level strategy is concerned with.. a. ...all of the business in which a company intends to compete. b. ...all policies and procedures used in various functional areas. c. ...the firm's action to exploit its competitive advantage in a strategic sense in the marketplace. d. ...a unique combination of the firm's resources, strategic intent and mission.

8. Southwest Airlines selling tickets through Galileo is an example of which type of strategy? a. forward integration b. backward integration c. horizontal integration d. related diversification e. unrelated diversification

9. Whirlpool selling its struggling Hover floor-care business to Techtronic Industries is an example of which type of strategy? a. related diversification b. unrelated diversification c. retrenchment d. divestiture e. liquidation

10. Burger King opening its first restaurant in Japan is an example of which type of strategy? a. forward integration b. backward integration c. horizontal integration d. market development e. product development

11. Which of the following is most likely not included in the functional level of a small company? a. Finance b. Marketing c. R & D d. Department managers e. Human resource managers

12. Integration strategies are sometimes collectively referred to as which of these strategies? a. Horizontal integration b. Diversification c. Vertical integration d. Stuck-in-the-middle e. Hierarchical integration

13. Why is market segmentation an important variable in strategy implementation? a. all company strategies require increased sales through new markets and products. b. it allows a firm to operate with limited resources. c. mass production, mass distribution and mass advertising are not always required. d. market segmentation decisions directly affect marketing mix variables. e. all of the above

14. Which of the following variables are not directly affected by market segmentation? a. Product b. Place c. Process d. Promotion e. Price

15. Why is market segmentation an important variable in the strategyimplementation process? a. company strategies do not require increased sales through new markets and products. b. it allows a firm to operate with no resources. c. it directly affects marketing mix variables. d. it allows a firm to minimize per-unit profits and per-segment sales. e. all of the above

16. Perhaps the most dramatic new market segmentation strategy is the a. targeting of regional tastes. b. focusing on universal product. c. preference of international over domestic sales. d. treatment of industrial markets. e. none of these

17. Matching of which factors would allow factories to produce desirable levels without extra shifts, overtime or subcontracting? a. markets and competitors b. competition and positioning c. customer behavior and positioning d. supply and demand e. segments and demand

18. Which variable would be considered part of the product element of the marketing mix? a. Advertising b. Packaging c. Payment terms d. Inventory levels and location e. Publicity

19. Which variable would be considered part of the place element of the marketing mix? a. Product line b. Service level c. Personal selling d. Sales territory e. Discounts and allowances

20. What entails developing schematic representations that reflect how your products or services compare to competitors' on dimensions most important to success in the industry? a. Positioning b. Segmentation c. Penetration d. Diversification e. Budgeting