Deck 16: The Marketing Plan

Question 1

The ____ is a document that is designed to communicate the marketing strategy for an offering.

A)research paper
B)market plan
C)mission statement
D)annual report
E)execution strategy

Answer 1

B

Question 2

Typically,the CMO is solely responsible for creating a marketing plan.

Answer 2

False

Question 3

A(n)_____ is likely to be a part of the team creating a marketing plan when there is a need for data to aid in the planning process.

Answer 3

market researcher

Question 4

What are the functions of a marketing plan?

Question 5

Many companies create marketing plans at the divisional level.

Question 6

A(n)_____ examines the competition's financial and marketing performance.

A)forecast specialist
B)engineer
C)market analyst
D)brand manager
E)market director

Question 7

Brand managers are typically permanent members of the team creating a marketing plan.

Question 8

_____ are likely to be permanent members of the CMO's staff.

Question 9

A firm's sales force will use the marketing plan to determine its sales strategies and how many salespeople are needed.

Question 10

CMOs must set their organization's _____ expectations.

Question 11

The average tenure of a CMO is 26 months or less.

Question 12

Only specific personal within marketing are impacted by the marketing plan.

Question 13

Team members creating a marketing plan can be specialists in a certain area.

Question 14

The marketing plan is intended to be a persuasive document.

Question 15

Marketing is a business function where performance is difficult to quantify due to its creative nature.

Question 16

Marketing plans aid CMOs in:

A)setting their organization's marketing expectations.
B)funding employment salaries and benefits.
C)understanding the roles of their customers.
D)setting customer service tolerance zones.
E)tracking advertisements.

Question 17

The company's mission statement should be referenced in the business challenge section of the marketing plan.

Question 18

An executive summary is typically about two to three pages in length,as it is summarizing a very long document.

Question 19

What is the purpose of the marketing plan?

Question 20

Customers are central to all marketing plans.

Question 21

A scan of the _____ should include any new government regulations as well as legislation.

A)political climate
B)technological environment
C)demographic climate
D)economic climate
E)social and cultural environment

Question 22

Lucy lists the positive factors associated with her company,such as sales growth,world class distribution,and industry recognition for product quality.She is listing the company's _____.

A)weaknesses
B)opportunities
C)allowances
D)strengths
E)threats

Question 23

When discussing the customer segments in the marketing plan,it is important to include:

A)segmentation analysis strategies.
B)market research objectives.
C)market share and sales goals for each segment.
D)differentiated segment strategies to reduce risk.
E)concentrated segment peripherals.

Question 24

Collaborators are typically limited to suppliers and distributors.

Question 25

Understanding the history that Hispanics have had with financial institutions in their home countries is important to marketers when developing campaigns.This is an example of understanding the:

A)political climate.
B)technological environment.
C)demographic climate.
D)economic climate.
E)social and cultural environment.

Question 26

A complete coverage of the business climate includes an analysis of the political climate,economic climate,and technological environment.

Question 27

In the _____ section of the marketing plan,the planner describes the offering and provides a brief rationale for why the company should invest in it.

A)business challenge
B)customers
C)executive summary
D)collaborators
E)market

Question 28

The _____ section details the tactics the organization will use to develop,market,and sell the offering.

A)executive summary
B)strategy
C)business challenge
D)market
E)conclusion

Question 29

The plan for the offering is focused on pricing,benefits,value,and customer support.The communication part of the marketing plan includes the plan for introducing offerings that will follow the initial launch.

Question 30

A SWOT analysis can be utilized in the company analysis portion of the marketing plan.

Question 31

Strengths and opportunities are positive situational factors arising from within the firm.

Question 32

Threats include:

A)internal positive conditions of the firm.
B)external positive conditions of the macroenvironment.
C)collaborative factors with competitors.
D)internal negative conditions of the firm.
E)external negative conditions of the macroenvironment.

Question 33

The first portion of the budget section of the marketing plan will most likely cover the investment required for the launch.

Question 34

The marketing plan should constantly answer the question:

A)"What is the biggest challenge of the company?"
B)"Why should I invest in this plan?"
C)"How will the company aid shareholders?"
D)"How will this help the CMO?"
E)"Why should I buy your brand?"

Question 35

The _____ addresses the question "How will the offering be launched?"

A)offering
B)business climate
C)customers
D)communication plan
E)distribution plan

Question 36

A complete budget section is entirely focused on discussing the money needed to launch the new offering.

Question 37

When describing the _____,it is important to provide detail concerning features,benefits,and pricing options.

A)marketing strategy
B)marketing plan
C)offering
D)communications strategy
E)distribution strategy

Question 38

Projections for a product's sales and profits should include a timeline.

Question 39

A good marketing plan often sparks retaliation from one or more competitors.

Question 40

Part of an offering is the service support consumers need to extract the offering's full value.

Question 41

The _____ section of the marketing plan offers the opportunity to create a compelling argument as to what you intend to do and why others should invest in the strategy.

Question 42

New personnel,new equipment,and new locations are all examples of resources that should be outlined in the ____ section of the marketing plan.

Question 43

_____ are those organizations,either upstream or downstream in the value chain,you need to partner with to co-create value.

Question 44

A good marketing plan includes how the organization should respond to various scenarios if the _____.

Question 45

The actual marketing plan you create will be written primarily for _____,who will use the forecasts in your plan to make _____.

Question 46

The _____ section of the marketing plan answers questions about where and how the offering will be sold.

Question 47

The market section of the plan should describe the firm's:

A)customers.
B)competitors.
C)collaborators.
D)business climate.
E)all of the above.

Question 48

What is the purpose of the executive summary and what should it entail?

Question 49

Which are the five things that a marketing plan should do?

Question 50

List the components in a marketing plan outline.

Question 51

In a marketing plan's _____,the planner describes the offering and a brief rationale for why the company should invest in it.

Question 52

Target markets,the offer,and the communication plan are summarized in the _____ section of the marketing plan.

A)offering
B)communication plan
C)business climate
D)strategy
E)conclusion

Question 53

The market section of the marketing plan should describe your _____,_____,any other organizations with which you collaborate,and the state of the market.

Question 54

When writing your marketing plan,begin with the _____ segment first and work your way to the _____ segment.

Question 55

After completing the _____ section,readers should conclude that the proposed strategy is the best one available.

A)strategy
B)executive summary
C)market
D)budget
E)conclusion

Question 56

_____ is the application of science to solve problems.

Question 57

The budget section of the marketing plan covers all the _____ needed to successfully launch the product.

Question 58

Highlights are repeated in the _____ section of the marketing plan.

Question 59

Bob specifies that it is important to have 1,000 units of product available to five of their key retailers at all times in his company's warehouse.Which part of the marketing plan would ideally contain this information?

A)Offering
B)Business climate
C)Customers
D)Communication plan
E)Distribution plan

Question 60

SWOT stands for _____,_____,_____,and _____.

Question 61

The advantages of _____ are that they are low cost and fast,and they have the effect of making executives committed to achieving them.

A)sales force composites
B)executive opinions
C)customer and channel surveys
D)expert opinions
E)time series techniques

Question 62

A(n)_____ is a forecast based on estimates of sales in a given time period gathered from all of a firm's salespeople.

A)sales force composite
B)executive opinion
C)customer and channel survey
D)expert opinion
E)time series technique

Question 63

As a sole method of forecasting,expert opinions are mostly very accurate.

Question 64

What should be included in the competitors section of the marketing plan?

Question 65

Creating marketing strategy is a single event.

Question 66

Executive opinion is the best-guess estimates of industry experts outside of the company.

Question 67

Sophisticated statistical models used in forecasting that are based on how customers have responded in the past to marketing strategies are known as correlational analysis.

Question 68

_____ are better at estimating market potential than sales potential in addition to being relatively costly.

A)Sales force composites
B)Executive opinions
C)Customer and channel surveys
D)Expert opinions
E)Time series techniques

Question 69

A leading indicator for furniture sales is new housing starts.

Question 70

Competitors often try to skew the results of a firm's market test.

Question 71

Overestimating demand is much more destructive than underestimating demand because of manufacturing,distribution,and storing costs.

Question 72

_____ refers to total industry-wide sales expected in a particular product category for the time period of interest.

A)Market potential
B)A moving average
C)Sales potential
D)Sales force composite
E)A leading indicator

Question 73

A firm's sales potential:

A)is an estimate of future sales based on the sum of estimates from all of the company's salespeople.
B)is the maximum total revenue it hopes to generate from a product or the number of units of it the company can hope to sell.
C)is a trend analysis type of forecasting method that estimates sales based on an average rate of change over a group of previous periods of time.
D)refers to the degree to which a plan is implemented as intended.
E)refers to the total industry-wide sales expected in a particular product category during the time period of interest.

Question 74

Accuracy is important when it comes to forecasts.

Question 75

Which are the factors that contribute to a better SWOT analysis?

Question 76

What should be included in the budget section of the marketing plan?

Question 77

Forecasts are simply someone's guess as to what will happen.

Question 78

A company's sales potential is estimated prior to the market potential.

Question 79

At some level,every forecast is ultimately someone's judgment.

Question 80

Implementation of the marketing strategy is something that is not limited to the marketing department.