Question 1

Most marketing plans conclude with a section that indicates how the plan will be implemented.

Accepted Answer

This statement is correct. Most marketing plans will have a section outlining the specific steps and strategies that will be taken to implement the plan. This allows stakeholders to understand the practical aspects of the plan and how it will be put into action.

Question 2

Major cell manufacturers have released phones with digital photo and video capabilities and GPS. This is an example of converging industry trends to introduce hybrid products that are new to the market.

Accepted Answer

The statement correctly describes the convergence of industry trends towards introducing hybrid products that combine features of different devices. Major cell phone manufacturers have released devices with digital photo and video capabilities and GPS, along with other features like internet connectivity, power management, and multimedia playback. This trend represents the growing popularity of smartphones and mobile services, along with the demand for multifunctional devices that can support different applications and use cases.

Question 3

The marketing strategy section of the marketing plan spells out goals and budgets for each month or quarter so the management can review each period's results and take corrective action as needed.

Accepted Answer

The marketing strategy section outlines the overall approach and tactics to achieve marketing goals, while the implementation or action plan section typically details specific goals, budgets, and timelines for review and adjustments.

Question 4

For an MBO system (manage by objectives) to work, the business unit attempting to implement the process must meet four criteria. What are those criteria?

Accepted Answer

The answer of For an MBO system (manage by objectives)...

Question 5

Pegasus writes about its target market and demographics in the ________ section of its marketing plan.
A) executive summary
B) implementation
C) situation analysis
D) strategy
E) tactics

Accepted Answer

The situation analysis section of a marketing plan typically includes information about the target market and demographics, as well as other market research and analysis. The executive summary provides a brief overview of the entire plan, while implementation, strategy, and tactics sections outline specific actions and plans for executing the marketing plan.

Question 6

Which of the following elements of a marketing plan permits senior management to grasp the plan's major thrust?
A) the situation analysis
B) the marketing strategy
C) the executive summary
D) the financial projections
E) the short-term targets

Accepted Answer

The executive summary is designed to provide senior management and other readers with a quick overview of the main goals and recommendations of the marketing plan, allowing them to understand its major thrust without delving into the detailed sections.

Question 7

What questions would typically be asked during a market opportunity analysis (MOA)?

Accepted Answer

The answer of What questions would typically be asked during...

Question 8

The most frequently cited shortcomings of current marketing plans, according to marketing executives, are lack of realism, insufficient competitive analysis, and a ________ focus.
A) long-term
B) profit
C) short-run
D) product
E) price

Accepted Answer

The sentence states that the most frequently cited shortcomings are lack of realism and insufficient competitive analysis, and then adds "and a ________ focus." The only option that makes sense to complete the sentence is "short-run," as having a short-term focus could potentially lead to unrealistic goals and a lack of comprehensive competitive analysis.

Question 9

Which of the following statements is true of marketing plans?
A) They can be independently developed without worrying about other functional areas.
B) They provide direction and focus for a brand, product, or company.
C) They are usually profit-oriented.
D) They are of limited use to nonprofit organizations.
E) They are typically five-year plans and they lay out the strategies required to achieve targets in those five years.

Accepted Answer

Marketing plans provide direction and focus for a brand, product, or company. They are not developed independently of other functional areas and may not always be profit-oriented. They can also be useful for nonprofit organizations. While they may be five-year plans in some cases, this is not always the case, as the timeframe can vary depending on the goals and objectives of the plan.

Question 10

The ________ is the last section of the marketing plan. It spells out the goals and budget for each month or quarter so management can review each period's results and take action as needed.
A) executive summary
B) situation analysis
C) marketing strategy
D) financial projections
E) implementation controls

Accepted Answer

The implementation controls section of a marketing plan outlines the specific goals and budget for each period, allowing for regular review and adjustment as needed. This helps ensure that the plan stays on track and achieves its objectives.

Question 11

Marketing plans are becoming more production oriented because of the high costs of doing business in today's economy.

Accepted Answer

Marketing plans are becoming more customer-oriented in today's economy, as businesses recognize the importance of satisfying and retaining customers in order to remain competitive.

Question 12

Good marketing plans are usually short and to the point.

Accepted Answer

The answer of Good marketing plans are usually short and...

Question 13

Which financial projections include three estimates (optimistic, pessimistic, and most likely)?
A) sales forecasts
B) risk analyses
C) expense forecasts
D) break-even analyses
E) per-unit variable costs

Accepted Answer

Risk analyses often include three estimates: optimistic, pessimistic, and most likely, to account for different potential outcomes and uncertainties.

Question 14

A marketing plan should open with a situation analysis.

Accepted Answer

The answer of A marketing plan should open with a...

Question 15

A marketing plan is evaluated on the basis of how simple, specific, realistic, and complete it is.

Accepted Answer

A marketing plan should be simple, specific, realistic, and complete in order to be effective and achieve its intended goals.

Question 16

When two service businesses, H&R Block and Hyatt Legal Services, combined their efforts, they also joined marketing forces to create a strong alliance. This would classify as which type of strategic alliance? Explain your answer.

Accepted Answer

The answer of When two service businesses, H&R Block and...

Question 17

Michael Porter draws a firm distinction between operational effectiveness and a strategy. Briefly describe this distinction and identify when a company can claim that it has a strategy.

Accepted Answer

The answer of Michael Porter draws a firm distinction between...

Question 18

How does a marketing plan affect relationships?
A) It influences how marketing staff work with each other.
B) It influences how marketing staff work with other departments.
C) It affects how the company works with suppliers.
D) It influences the company's dealings with other stakeholders.
E) All of the above

Accepted Answer

A marketing plan affects relationships across the entire organization, including within the marketing team (A), with other departments (B), with suppliers (C), and with other stakeholders (D). The plan outlines goals, strategies, and tactics that inform how the marketing team interacts with these groups and helps to ensure alignment and collaboration towards achieving business objectives.

Question 19

Definitions of a firm's mission as well as its marketing and financial objectives are included in the marketing strategy section of the marketing plan.

Accepted Answer

The marketing strategy section of the marketing plan includes the firm's mission statement, as well as its marketing and financial objectives.

Question 20

Sales forecasts, expense forecasts, and break-even analysis are usually found in the section on financial projections in the marketing plan.

Accepted Answer

Sales forecasts, expense forecasts, and break-even analysis are all financial projections that are typically included in the financial projections section of a marketing plan.

Quiz 2: Developing Marketing Strategies and Plans

Most marketing plans conclude with a section that indicates how the plan will be implemented.

Major cell manufacturers have released phones with digital photo and video capabilities and GPS. This is an example of converging industry trends to introduce hybrid products that are new to the market.

The marketing strategy section of the marketing plan spells out goals and budgets for each month or quarter so the management can review each period's results and take corrective action as needed.

For an MBO system (manage by objectives) to work, the business unit attempting to implement the process must meet four criteria. What are those criteria?

Pegasus writes about its target market and demographics in the ________ section of its marketing plan.

Which of the following elements of a marketing plan permits senior management to grasp the plan's major thrust?

What questions would typically be asked during a market opportunity analysis (MOA)?

The most frequently cited shortcomings of current marketing plans, according to marketing executives, are lack of realism, insufficient competitive analysis, and a ________ focus.

Which of the following statements is true of marketing plans?

The ________ is the last section of the marketing plan. It spells out the goals and budget for each month or quarter so management can review each period's results and take action as needed.