Deck 5: The Franchise Marketing Process

Question 1

Identifying one or more target markets and creating a marketing mix that has focus upon a customer grouping's needs is the definition of

A)marketing
B)marketing mix
C)marketing strategy
D)the businesses image

Answer 1

C
Marketing Mix.See description of each option internal to the chapter.

Question 2

Why would a franchise system monitor its external environment?

A)to identify factors which may pose major threats to or provide significant opportunities for the franchise system.
B)to develop a set of objectives to fit the mission and overall goals of the franchise system.
C)to concentrate resources outside of the firm more than inside of the firm.
D)to second-guess what its suppliers intend to do next.

Answer 2

A
Identifying external threats and opportunities for the franchise system is integral to the strategic planning and operations processes of the franchise firm

Question 3

Wherein the goal of the market-focused business strategy is to identify and supply product/service to discrete segments with promise of strong demand yet allowing for flexibility in meeting demand and where a firm can concentrate its internal resources describes characteristics of which of the following four market-focused business strategies?

A)initiator
B)early imitator
C)follower
D)market segmenter

Answer 3

D
for the four sets of characteristics describing each of the market-focused business strategies

Question 4

According to the U.S.Census,( )are the fastest growing segment of small business ownership today.

A)immigrant entrepreneurs
B)Mompreneurs
C)Gen-Yers
D)Baby Boomers

Question 5

usually provides the starting-point of data collection when conducting marketing research.This category of information offers the distinct advantages low cost and quick availability.

A)internal market information
B)external market information
C)secondary data
D)none of the above

Question 6

Externally dedicated to the market,yet internally focused on production,seeking to produce high-volume or high-value product/service while carefully examining any new opportunities for costs/benefits in relation to known strengths of the firm,is a description of which one of the market-focused business strategies identified below.

A)initiator
B)early imitator
C)follower
D)market segmenter

Question 7

There are four generic categories to classify goods and services.Which one below fits the description of----goods or services that are frequently purchased,usually are low-to- competitively priced,and staples,emergency or impulse buys.

A)convenience goods or services
B)homogeneous shopping goods or services
C)heterogeneous shopping goods or services
D)specialty products or services.

Question 8

The product life cycle model is a theoretical construct that helps franchisors understand the industry cycle and the cycle of specific products or services with a franchise system's product line."When sales continue to grow but are increasing at a decreasing rate" is associated with which stage of the product life cycle?

A)introduction
B)growth
C)retention & evaluation
D)decline

Question 9

The category most franchise systems are in is the one that has focus on product or service qualities or characteristics with prices being a second-level or a lower order concern to the purchaser.Identify which generic category fits most franchise systems below.

A)convenience goods or services
B)homogeneous sopping goods or services
C)heterogeneous shopping goods or services
D)special products or services

Question 10

Which one of the following is Not one of the "Four P's" in marketing?

A)product
B)process
C)price
D)promotion

Question 11

What exactly is to be done in each segment? When will the activities be started and completed? Who is responsible for these activities and outcomes? And,how much will it cost to implement? These are questions directly associated with which phase of marketing strategy for a franchise system?

A)product mix decisions
B)plans of action
C)target markets
D)threats and opportunities