Deck 8: The Marketing Plan

Question 1

Marketing research may be conducted by the entrepreneur or by an external supplier or consultant. 

Answer 1

True

Question 2

Interviewing or surveying is the most common approach used to gather primary market data. 

Answer 2

True

Question 3

The simplest approach to gathering primary information is by developing a questionnaire. 

Answer 3

False

Question 4

Focus groups should be led by the entrepreneur. 

Question 5

The first step in conducting a competitive analysis is to document the pricing strategy of each competitor. 

Question 6

Marketing information that already exists is called secondary data. 

Question 7

Networking can be used as an informal method of gathering primary data. 

Question 8

Focus groups are an informal method for gathering in-depth marketing information. 

Question 9

Personal,face-to-face,surveys are the most effective and most expensive. 

Question 10

Defining the purpose or objectives of marketing research is often the most difficult stage for an entrepreneur. 

Question 11

The Internet is a good source for primary information but does not provide many secondary sources. 

Question 12

Telephone surveys have the poorest response rate. 

Question 13

Management needs to look at the marketing plan as a guide for implementing marketing decision making and not as a generalized,superficial document. 

Question 14

When preparing the industry analysis section of the business plan,using secondary sources is not appropriate. 

Question 15

Interviewing is less expensive than observation. 

Question 16

Marketing research involves the gathering of information in order to determine who will buy the product and what the most effective promotion strategy would be. 

Question 17

An effective way to begin defining the purpose of a marketing plan,is to make a list of all the information needed to prepare the marketing plan. 

Question 18

The marketing plan is designed to answer three basic questions: where have we been,where do we want to go,and how do we get there
 

Question 19

The marketing budget will depend on a number of factors such as the size of the business,time the venture has been operating,type of business,and resources available. 

Question 20

Private data sources,such as Information Resources,Inc.and Nielsen Indexes,are a low-cost secondary data source. 

Question 21

Major considerations in channel of distribution selection include degree of directness and number of channel members. 

Question 22

The marketing system identifies the major interacting components,both internal and external to the firm. 

Question 23

When making decisions about pricing strategy,the entrepreneur should consider only costs directly associated with the product and ignore overhead. 

Question 24

Manufacturer's agents take title to products and resell them. 

Question 25

When budgeting the marketing strategy,a reasonable budget is a percentage of forecasted total production costs. 

Question 26

The final price of a product or service is the sum of total cost plus profit margin. 

Question 27

It is a good idea to have several marketing goals,since it provides better clarity to the entrepreneur. 

Question 28

The marketing mix consists of the following variables: external environmental factors,internal environmental factors,and marketing strategy. 

Question 29

Middlemen such as wholesalers have lower distribution costs because they operate with economies of scale. 

Question 30

The first step in preparing the marketing plan is to define the target market. 

Question 31

The process of dividing the market into smaller homogeneous groups is called market segmentation. 

Question 32

The budgeting of marketing action and strategy decision are irrelevant when preparing the financial plan. 

Question 33

All marketing goals and objectives should be quantifiable in physical units,time units,or price units. 

Question 34

Use of social media need not be planned as it is not considered part of promotional efforts.

Question 35

When products cannot be easily differentiated,the entrepreneur is forced to charge a lower price than the competition. 

Question 36

A marketing plan need not provide for the use of existing resources,allocation of all equipment,financial resources,and human resources,since this is part of a production plan. 

Question 37

The target market is not important in a social media strategy because the information is online for all to see. 

Question 38

All efforts to develop an effective social media plan start with the company website. 

Question 39

A marketing strategy and action plan is defined as specific activities outlined to meet the venture's business plan goals and objectives. 

Question 40

The situation analysis describes past and present business achievements of the new venture. 

Question 41

Which survey method results in the most in-depth information and the best response rate  

A) Telephone
B) Mail
C) Personal
D) Internet

Question 42

A focus group should consist of: 

A) 6-8 potential customers
B) 10-12 potential customers
C) 14-16 potential customers
D) 18-20 potential customers

Question 43

Which of the following is not a major question that should be addressed by the marketing plan  

A) Where have we been?
B) Where do we want to go in the short term?
C) Where do we want to go in the long term?
D) How do we get there?

Question 44

Competitor analysis begins with: 

A) gathering samples of the competitors product(s).
B) discovering each competitors advertising budget.
C) documenting the current strategy of each primary competitor.
D) identifying which competitors are most successful.

Question 45

Focus groups: 

A) should be led by the entrepreneur.
B) consist of 20 to 30 potential customers.
C) discuss information in a formal and standardized procedure.
D) are an informal method of gathering market information.

Question 46

Before beginning any social media strategy,it is necessary to identify the: 

A) target market.
B) market mix.
C) marketing strategy and action plan.
D) pricing structure.

Question 47

________ is the process of gathering information in order to determine who will buy the product and what is the most appropriate distribution channel. 

A) Market segmentation
B) Marketing planning
C) Market mixing
D) Marketing research

Question 48

The marketing plan is not meant to be a commitment by the entrepreneur to a specific strategy. 

Question 49

The most common approach to gathering primary information is: 

A) observation.
B) focus groups.
C) experimentation.
D) interviewing.

Question 50

One of the pitfalls of a social media plan is when companies use every post to promote their brand. 

Question 51

Marketing research begins with: 

A) setting the advertising budget.
B) definition of objectives or purpose.
C) identifying direct marketing strategy.
D) collecting a list of primary and secondary sources of information.

Question 52

The simplest approach to gathering primary information is: 

A) observation.
B) focus groups.
C) experimentation.
D) interviewing.

Question 53

Which of the following statements is not true  

A) Primary focus of an industry analysis is to provide sufficient knowledge of the environment that can affect marketing strategy decision-making.
B) Industry analysis needs to be conducted using only primary research data.
C) Industry analysis begins with the broadest-based assessment of environmental and industry trends.
D) The information-seeking process of industry analysis is known as an upside-down pyramid.

Question 54

Information that already exists is called: 

A) secondary data.
B) primary data.
C) marketing data.
D) target data.

Question 55

Which survey method is the fastest method for obtaining data  

A) Telephone
B) Mail
C) Personal
D) Internet

Question 56

Which survey method is the most expensive  

A) Telephone
B) Mail
C) Personal
D) Internet

Question 57

Which survey method results in the worst response rate  

A) Telephone
B) Mail
C) Personal
D) Internet

Question 58

The ________ is the written statement of marketing objectives,strategies,and activities to be followed in the business plan. 

A) marketing plan
B) marketing mix
C) marketing system
D) marketing structure

Question 59

Which stage of marketing research is considered to be the most difficult for an entrepreneur due to lack of knowledge or experience in marketing  

A) Analyzing and interpreting the results
B) Gathering data from primary sources
C) Gathering data from secondary sources
D) Defining the purpose or objectives

Question 60

Observation,interviewing,and focus groups are examples of collecting: 

A) marketing data.
B) primary data.
C) secondary data.
D) target data.

Question 61

Manufacturer's representatives are marketing middlemen that: 

A) take title and physical possession of the product.
B) take physical possession of the product.
C) work exclusively for the entrepreneur.
D) are paid a commission when a sale is made.

Question 62

Market segmentation is the process of: 

A) describing market conditions.
B) dividing the market into smaller homogeneous groups.
C) presenting future opportunities.
D) exploring new market opportunities.

Question 63

The four variables that affect short-term marketing decisions are referred to as the: 

A) marketing mix.
B) market segment.
C) marketing plan.
D) marketing system.

Question 64

Which form of promotion is too expensive for most entrepreneurs to use  

A) TV
B) Print ads
C) Radio
D) Webpage

Question 65

Intensive,selective,and exclusive are all part of which major consideration in channel selection  

A) Degree of directness
B) Number of channel members
C) Criteria in selection of channel members
D) Number of channels

Question 66

The marketing mix consists of: 

A) product, price, research, and promotion.
B) product, research, distribution, and promotion.
C) product, price, distribution, and promotion.
D) product, price, distribution, and research.

Question 67

Once the marketing goals and objectives have been established,the entrepreneur can begin to develop the ________ and ________ to achieve them. 

A) marketing plan; industry analysis
B) marketing mix; consumer research
C) marketing strategy; action plan
D) market research; industry analysis

Question 68

Which of the following is a pitfall of social media

A) Setting short-term and long-terms goals to help assess the effectiveness of the plan
B) Spending time each day to review and update material
C) Promoting your product in every post
D) Cultivating customer relationships

Question 69

Which is the first step in preparing a marketing plan  

A) Identifying strengths and weaknesses
B) Defining the target market
C) Establishing goals and objectives
D) Defining the business situation

Question 70

The ________ element of the marketing mix involves decisions as to what is the most appropriate channel. 

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

Question 71

The ________ is the specific group of potential customers toward which a venture aims its marketing plan. 

A) target market
B) external environmental factor
C) channel of distribution
D) consumer market

Question 72

Which of the following statements is not true of a social media plan

A) Any strategy involving the use of social media should be planned.
B) Social media platforms can be useful in promoting special deals or promotions.
C) Social media is not needed or recommended for companies doing business-to-business sales.
D) A company's website should provide links to their Facebook or Twitter page.

Question 73

Market conditions,product attributes,cost benefits,and venture attributes are all part of which major consideration in channel selection  

A) Degree of directness
B) Number of channel members
C) Criteria in selection of channel members
D) Number of channels

Question 74

When products cannot be easily differentiated: 

A) there is little room for price variations from the competition.
B) a skimming price strategy is appropriate.
C) a higher price can be charged.
D) the lowest possible price must be charged.

Question 75

All efforts to develop an effective social media plan start with: 

A) Google.
B) the company website.
C) Facebook.
D) Twitter.

Question 76

Which of the following is not a key element in the pricing strategy  

A) Cost
B) Margin or markup
C) Competition
D) Distribution

Question 77

In establishing goals and objectives,it is important to: 

A) quantify all aspects of the goals.
B) limit the number of goals.
C) set standards that are ideal.
D) measure it for control purposes.

Question 78

Business-to-business marketing involves: 

A) sales to households for personal consumption.
B) a more direct channel of distribution than consumer markets.
C) selling products such as household furniture.
D) selling products and services through certified representatives.

Question 79

The major interacting components that enable a firm to successfully provide products to the marketplace are called the: 

A) marketing plan.
B) marketing mix.
C) marketing system.
D) marketing structure.

Question 80

Which of the following is an internal environmental variable  

A) The economy
B) Technology
C) Industry demand
D) Financial resources