Mission statements should both emphasize the company's strengths in the marketplace and be motivating.

At America Online, "we create customer connectivity, anytime, anywhere," is a product-oriented business definition.

"At Nike, we sell shoes" is a market-oriented business definition

A firm's mission statement should be the basis for both its business and marketing objectives.

The image of a product in the minds of consumers is called market segmentation.

A market segment consists of consumers who respond in different ways to a given set of marketing efforts.

Holiday Inn has divided the total customer market into smaller segments and selected the most promising segments. Deciding what position it wants to occupy in these segments is called targeting.

When a company positions its product, it should first identify possible customer value differences within a market segment that could be the basis of a competitive advantage for the product.

The marketing mix consists of product, price, place, positioning, and promotion

Which of the following involves adapting a firm to take advantage of opportunities in its constantly changing environment?

When a firm develops and maintains a strategic fit between its goals and capabilities, it is performing ________.

Which of the following is the first step in strategic planning?

Which of the following is NOT a step in the strategic planning process?

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?

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 ________.

________ 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.

In the BCG matrix, income from ________ can be used to help finance the company's question marks and stars.

Which of the following does NOT accurately reflect a problem with the BCG matrix approach?

Which department in a company carries the primary responsibility for achieving profitable growth?