Deck 20: Developing an Effective Marketing Plan

Question 1

Every marketing plan requires a budget,a time schedule for implementation,and a system for monitoring the plan's success or failure.

Answer 1

True

Question 2

A firm's goals should be specific and measurable.

Answer 2

True

Question 3

Which of the following components of a business plan describes strategies for informing potential customers about the goods and services offered by the firm as well as strategies for developing long-term relationships?

A)The marketing plan
B)The financing plan
C)The production plan
D)The facilities plan

Answer 3

A

Question 4

A firm's marketers must write a marketing plan before formulating an overall marketing strategy.

Question 5

An exit strategy is a plan for a firm to leave the market.
Indicate the answer choice that best completes the statement or answers the question.

Question 6

What are the reasons a company should develop a marketing plan?

Question 7

The mission statement puts into words an organization's overall purpose and reason for being.

Question 8

A marketing plan is not reevaluated once it is completely implemented.

Question 9

Which of the following components of the marketing mix focuses on deciding the goods and services a firm should offer in order to meet the needs of its customers?

A)Product strategy
B)Distribution strategy
C)Promotional strategy
D)Pricing strategy

Question 10

The facilities plan estimates the firm's employment needs and the skills necessary to achieve organizational goals.

Question 11

Which of the following is used to identify the firm's strengths,weaknesses,opportunities,and threats within the marketing environment?

A)Business portfolio analysis
B)Breakeven analysis
C)SWOT analysis
D)Marginal analysis

Question 12

Strategic planning is the process of anticipating events and market conditions and deciding how a firm can best achieve its organizational objectives.

Question 13

Why do marketers in most industries have difficulty making estimates and predictions beyond five years?

A)Marketers rarely stay in the same job for more than five years.
B)There are many uncertainties in the marketplace.
C)The margin for error in long-term forecasting is very small.
D)The cost involved limits predictions beyond five years.

Question 14

A marketing plan is a detailed description of the resources and actions needed to achieve stated marketing objectives.

Question 15

The need for a business plan is more acutely felt in a small company than in a large multinational company.

Question 16

Describe the different components of a business plan.

Question 17

Which of the following focuses on the environment in which the marketing plan is to be implemented?

A)Production plan
B)Competitive analysis
C)Mission statement
D)Executive summary

Question 18

A large company sells some of its business units to help cut costs,bolster its share price and diversify its business interest.This is an example of a firm employing a(n):

A)exit strategy.
B)pricing strategy.
C)distribution strategy.
D)promotion strategy.