Question 1

A marketing plan should open with a situation analysis.

Accepted Answer

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

Question 2

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

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

Question 3

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 is true as it describes the convergence of several technology trends (digital photography, video, GPS) into a single product, which is a common strategy in the mobile phone industry.

Question 4

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 a marketing plan typically includes the firm's mission statement and both marketing and financial objectives.

Question 5

How does a marketing plan affect relationships?

Accepted Answer

A comprehensive marketing plan affects relationships in all aspects of a company. It influences the communication and teamwork among marketing staff (A), the collaboration with other departments (B), the selection and negotiation with suppliers (C), and the overall dealings with stakeholders such as customers, investors, and regulators (D). A well-designed marketing plan aligns the company's goals, values, and resources with the needs and preferences of its target audience, which improves the efficiency, effectiveness, and satisfaction of all parties involved.

Question 6

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.

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

Question 7

Good marketing plans are usually short and to the point.

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

Question 8

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

Accepted Answer

This is true. The implementation section outlines the specific actions and steps that will be taken to execute the marketing plan.

Question 9

Which financial projections include three estimates (optimistic, pessimistic, and most likely)?

Accepted Answer

The answer of Which financial projections include three estimates (optimistic,...

Question 10

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 to be effective and achievable.

Question 11

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

Accepted Answer

Target market and demographics are usually analyzed and discussed in the situation analysis section of a marketing plan. The situation analysis is a detailed analysis of a company's current situation, including its strengths, weaknesses, opportunities, and threats. In order to identify and assess these factors, a company must first understand its target market and its demographics.

Question 12

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 answer of The marketing strategy section of the marketing...

Question 13

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

Accepted Answer

Financial projections typically include sales forecasts, expense forecasts, and break-even analysis.

Question 14

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.

Accepted Answer

The last section of the marketing plan is the implementation controls which includes the goals and budget for each month or quarter. This allows management to review the results of each period and make necessary adjustments. The other options are not the last section of the marketing plan, with the executive summary being at the beginning, the situation analysis and marketing strategy being in the middle, and financial projections being included throughout the plan.

Question 15

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.

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

Question 16

Which of the following statements is true of marketing plans?

Accepted Answer

Marketing plans provide direction and focus for a brand, product, or company. While they may consider profitability, they can also be created for nonprofit organizations. They may vary in length and can be customized to the specific goals and timeframe of the business or organization. However, they are always intended to guide marketing efforts and support overall business objectives.

Question 17

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 18

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

Accepted Answer

The question implies that the shortcomings are related to the content of the marketing plans. Among the choices provided, only C (short-run focus) fits this description. A, B, D, and E are variables that can bespecified within a marketing plan but are not criticisms of the plan itself.

Question 19

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, not production oriented, because businesses understand the importance of meeting the needs and wants of their target market to increase revenue and profits.

Question 20

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

Accepted Answer

The executive summary is typically a brief overview of the entire marketing plan and highlights the major thrusts or key points. This allows senior management to quickly understand the main objectives and strategies of the plan without needing to read through all the details of the situation analysis, marketing strategy, financial projections, and short-term targets.

Quiz 2: Developing Marketing Strategies and Plans