Deck 6: The Marketing Plan: Who Are Your Customers

Question 1

Raising money and marketing a new business are inseparable.

Answer 1

True

Question 2

_______ refers to when the product is introduced.

A)Integration
B)Product timing
C)Marketing mix
D)Market forecasting
E)Product lineup

Answer 2

B

Question 3

A _______ distinguishes one product from another, and it can be trademarked.

A)size
B)shape
C)product line
D)product forecast
E)brand name

Answer 3

E

Question 4

A _______ guarantees the integrity of the product.

A)marketing plan
B)forecast
C)warranty
D)logo
E)package

Question 5

_______ are usually a symbol of some type used to attract recognition and serve primarily as a marketing and promotional tool.

A)Trademarks
B)Logos
C)Advertisements
D)express warranties
E)implied warranties

Question 6

A lower volume/higher price strategy is called price _______.

A)saturation
B)gouging
C)penetration
D)skimming
E)beating

Question 7

Identify the four Ps of the marketing mix and how they work together.

Question 8

Describe the different type of promotional methods.

Question 9

Discuss the factors used when setting prices.

Question 10

Differentiate between wholesale and retail pricing.

Question 11

Describe the different types of promotional methods.

Question 12

A _______ is a tentative answer to a research question.

A)hypothesis
B)forecast
C)theorem
D)synthesis
E)plan

Question 13

The _______ identifies the target customers and product feasibility through marketing research, leading to the marketing mix.

A)forecast
B)integration
C)marketing mix
D)marketing plan
E)business plan

Question 14

Secretive marketing includes creative, unconventional, and inexpensive small business strategies.

Question 15

The data you collect for marketing research must be only quantitative.

Question 16

The sales forecast is predicted based on the target customer and marketing mix.

Question 17

Very few new ventures are started with an overly optimistic sales forecast.

Question 18

Usually, it is wise for new venture entrepreneurs to start with one product then expand to related products.

Question 19

Pricing the product is important because it is a key factor in the decision to buy.

Question 20

Your marketing plan should not include your price because it may scare potential customers away.

Question 21

In many industries the small business cannot compete on price with the large businesses due to their having higher volume and greater economies of scale.

Question 22

External environmental factors of suppliers, the labor force, stockholders, society, technology, governments, and the economy can all affect the price you can charge.

Question 23

It is impossible to find out, or estimate, what competitors use as markups.

Question 24

Services are commonly set by the job or by the hour.

Question 25

If producers make products, they must get them to their customers, and someone has to pay the transportation cost.

Question 26

What are the four common approaches to developing the amount to be spent on advertising?