Question 1

Which of these statements regarding bullet points in a marketing plan is most accurate?
A) Avoid using bullet points whenever possible because they distract the reader.
B) If possible, change the shape of the bullet point (circle, star, square, etc.) whenever you change topics.
C) Bullet points should be used with all major headings to help draw attention to them.
D) Bullet points enable key points to be highlighted effectively in a list form.
E) Bullet points make it easier to highlight points that require long explanations.

Accepted Answer

Bullet points are effective for highlighting key points in a concise and organized manner, making it easier for readers to grasp important information quickly.

Question 2

All of these are questions most lenders and prospective investors expect to be answered in a marketing or business plan except which?
A) Is the business or marketing idea valid?
B) Who is your competition and what are they doing?
C) Are the financial projections realistic and healthy?
D) Are the key management and technical personnel capable, and do they have a track record in the industry within which they must compete?
E) Is there something unique or distinctive about the product or service that separates it from substitutes and competitors?

Accepted Answer

B

Question 3

Which of these statements about marketing plans is most accurate?
A) A marketing plan has little or no value unless it projects plans at least 10 years into the future.
B) It is important to use the exact market plan format regardless of the product or industry.
C) Although sales figures will vary greatly, the marketing plan for a small family-owned food store will be almost identical to the marketing plan of a large supermarket chain, if written correctly.
D) Although the target audience and purpose affect the design of a marketing plan, the type of industry plays a relatively small, if any, role in its design.
E) No single generic marketing plan applies to all organizations and all situations.

Accepted Answer

A marketing plan must be tailored to the specific needs, goals, and circumstances of each organization and situation, making a single generic plan ineffective.

Question 4

________ is a road map for the entire organization for a specified future period of time, such as one year or five years.
A) A marketing dashboard
B) A strategic plan
C) An operations plan
D) A business plan
E) A marketing metric

Accepted Answer

A business plan is a comprehensive document that outlines the goals, strategies, and actions for the entire organization over a specified period, typically one year or five years.

Question 5

Which of these statements is best suited for a business or marketing plan?
A) This will be a fantastic, once in a lifetime opportunity in the amazing world of chocolate lovers.
B) This product offers a unique opportunity to meet the needs of consumers who love the flavor of chocolate but who are allergic to cocoa.
C) What could be better than chocolate? Nothing! That's why this is a phenomenal opportunity for those who really understand the exciting world of chocolate.
D) We are not kidding. This new non-cocoa chocolate candy is simply irresistible; everyone we gave a sample to fell in love with it.
E) The fact that this chocolate-flavored candy does not contain cocoa should be a selling point.

Accepted Answer

This statement clearly identifies a unique selling proposition by addressing a specific consumer need, which is essential in a business or marketing plan.

Question 6

Which of these statements is written in the best writing style for a business or marketing plan?
A) We have found three different groups that could benefit from our new software.
B) Being that teachers, social workers, and nurses can use this software, it will offer great opportunities.
C) There are three potential target markets for this software: teachers, social workers, and nurses.
D) There is a target market of teachers; there is a target market of social workers; and there is a target market of nurses as well, who might benefit if we get the opportunity to bring this product to the public.
E) The fact that there are three different "money makers" to shoot for should be a selling point.

Accepted Answer

This statement is clear, concise, and directly identifies the target markets, which is essential for a business or marketing plan.

Question 7

Arthur R. Kydd has helped launch more than 60 start-up firms and believes if you have a real product with a distinctive point of difference that satisfies the needs of customers, you may have a winner. The way to demonstrate this to him is to
A) create a prototype and test it in the real world.
B) submit a quality résumé that demonstrates the likelihood of future success.
C) develop a well-written marketing or business plan.
D) make a list of all the other ideas you have, including this one.
E) ask for an informal interview.

Accepted Answer

The answer of Arthur R. Kydd has helped launch more...

Question 8

There are no magic one-size-fits-all guidelines for writing successful marketing and business plans. All of the writing and style guidelines below still generally apply except which?
A) Use a direct, professional writing style.
B) Be positive and specific to convey potential success.
C) Shoot for a plan that is 15 to 35 pages in length, excluding financial projections and appendixes.
D) Include as an attachment the résumés for all key players in your management team.
E) Use numbers for impact.

Accepted Answer

Résumés are not typically included as attachments in marketing and business plans.

Question 9

Elements in a marketing plan depend on who the audience is and what the purpose is. For example, the marketing plan for an external audience would
A) give a broad general overview.
B) function as a sales document.
C) be more informally written.
D) be directed to the people who would be affected by it.
E) be directed to the people who must implement the plan.

Accepted Answer

A marketing plan for an external audience often functions as a sales document, aiming to persuade and inform stakeholders or potential investors about the viability and benefits of the marketing strategy.

Question 10

There is no single generic marketing plan that can apply to all organizations or all institutions. Rather, the specific format for a marketing plan for an organization depends on which of these?
A) the financial investment needed
B) the time frame
C) available resources
D) the target audience and purpose
E) the competition

Accepted Answer

The specific format for a marketing plan depends on the target audience and purpose, as these elements dictate the strategies and tactics that will be most effective for reaching and engaging the intended audience.

Question 11

While several different groups of stakeholders are likely to read a business or marketing plan, which group is likely to be the most critical of these documents?
A) prospective employees
B) potential customers
C) potential suppliers
D) future distributors, wholesalers, and retailers
E) possible investors or lenders

Accepted Answer

Possible investors or lenders are typically the most critical of business or marketing plans because they are considering providing financial resources and want to ensure the business is viable and has a solid plan for success.

Question 12

The format for a marketing plan for an organization depends on which of these?
A) the time frame
B) the competition
C) the available resources
D) the kind and complexity of the organization
E) the financial investment needed

Accepted Answer

The format of a marketing plan is influenced by the kind and complexity of the organization, as different organizations have varying structures, goals, and needs that dictate how their marketing plans should be structured.

Question 13

________ is a road map for the marketing activities of an organization for a specified future time period, such as one year or five years.
A) A marketing plan
B) A mission statement
C) An operation plan
D) A business plan
E) A marketing dashboard

Accepted Answer

A marketing plan is a comprehensive document that outlines a company's marketing strategy, tactics, and activities for a specific period, typically one year or five years. It serves as a roadmap for achieving marketing objectives.

Question 14

For a business or marketing plan, its level of detail should reflect
A) the kind and complexity of the organization.
B) the educational background of the key personnel.
C) the investment potential of the investors.
D) how well you know your audience.
E) whether the plan is for a product or service.

Accepted Answer

The level of detail in a business or marketing plan should reflect the kind and complexity of the organization, as different organizations have varying needs and structures that require different levels of detail to effectively communicate their strategies and operations.

Question 15

Which of these statements regarding marketing and business plans is most accurate?
A) In contrast to a marketing plan, a business plan is a road map for the entire organization for a specified future period of time, such as one year or five years.
B) In contrast to a business plan, a marketing plan is a road map for the entire organization for a specified future period of time, such as one year or five years.
C) A marketing plan contains a greater degree of detail regarding research and development, operations, and manufacturing activities of the organization.
D) A business plan is used for industrial products and a marketing plan is used for consumer products.
E) A business plan is used for manufactured products and a marketing plan is used for services.

Accepted Answer

A business plan outlines the overall strategy and direction for the entire organization, while a marketing plan focuses specifically on marketing strategies and activities.

Question 16

Which of these is one of the six questions most lenders and prospective investors expect to be answered in a marketing or business plan?
A) Does the prospective product meet all government safety standards?
B) Who is your competition and what are they doing?
C) Who will be your key suppliers?
D) Is there something unique or distinctive about the product?
E) What much will you pay in taxes?

Accepted Answer

The answer of Which of these is one of the...

Question 17

Elements in a marketing plan depend on who the audience is and what its purpose is. For example, the marketing plan for an internal audience would
A) be informally written.
B) contain specific financial details.
C) point the direction for future marketing activities.
D) explain organization and structure.
E) provide biographical information of key players.

Accepted Answer

The marketing plan for an internal audience would point the direction for future marketing activities.

Question 18

A key difference between a marketing plan and a business plans is that
A) a marketing plan is used for consumer products and a business plan is used for industrial products.
B) a marketing plan contains a greater degree of detail regarding research and development, operations, and manufacturing activities of the organization.
C) a business plan contains a greater degree of detail regarding research and development, operations, and manufacturing activities of the organization.
D) a marketing plan covers a greater length of time for its financial projections.
E) a business plan covers a greater length of time for its financial projections.

Accepted Answer

A business plan typically includes detailed information on research and development, operations, and manufacturing activities, whereas a marketing plan focuses more on marketing strategies and tactics.

Question 19

There are no magic one-size-fits-all guidelines for writing successful marketing and business plans. Which writing and style guideline still generally applies?
A) Use different color fonts or paper to represent different sections of your plan.
B) Use informal language unless you plan to borrow at least $100,000.
C) Include as an attachment the résumés for all key players in your management team.
D) Set a firm date by which you will require an answer from a potential investor, after which you will take your plan somewhere else.
E) Use bullet points for succinctness and emphasis.

Accepted Answer

Bullet points are a concise and effective way to present information, making them a suitable guideline for writing marketing and business plans.

Question 20

The industry within which a product will compete should affect the format of an organization's business or marketing plan. However, since the complexities of products can differ greatly,
A) the size of the potential workforce included in their plans differs.
B) the investment potential of investors included in their plans differs.
C) the experience of the key personnel demonstrated in their plans differs.
D) the time periods likely to be covered by their plans differ.
E) the knowledge of technical language used in their plans differs.

Accepted Answer

The time periods likely to be covered by their plans differ.

Quiz 23: Building an Effective Marketing Plan

Which of these statements regarding bullet points in a marketing plan is most accurate?

All of these are questions most lenders and prospective investors expect to be answered in a marketing or business plan except which?

Which of these statements about marketing plans is most accurate?

________ is a road map for the entire organization for a specified future period of time, such as one year or five years.

Which of these statements is best suited for a business or marketing plan?

Which of these statements is written in the best writing style for a business or marketing plan?

Arthur R. Kydd has helped launch more than 60 start-up firms and believes if you have a real product with a distinctive point of difference that satisfies the needs of customers, you may have a winner. The way to demonstrate this to him is to

There are no magic one-size-fits-all guidelines for writing successful marketing and business plans. All of the writing and style guidelines below still generally apply except which?

Elements in a marketing plan depend on who the audience is and what the purpose is. For example, the marketing plan for an external audience would

There is no single generic marketing plan that can apply to all organizations or all institutions. Rather, the specific format for a marketing plan for an organization depends on which of these?

While several different groups of stakeholders are likely to read a business or marketing plan, which group is likely to be the most critical of these documents?

The format for a marketing plan for an organization depends on which of these?

________ is a road map for the marketing activities of an organization for a specified future time period, such as one year or five years.

For a business or marketing plan, its level of detail should reflect

Which of these statements regarding marketing and business plans is most accurate?

Which of these is one of the six questions most lenders and prospective investors expect to be answered in a marketing or business plan?

Elements in a marketing plan depend on who the audience is and what its purpose is. For example, the marketing plan for an internal audience would

A key difference between a marketing plan and a business plans is that

There are no magic one-size-fits-all guidelines for writing successful marketing and business plans. Which writing and style guideline still generally applies?

The industry within which a product will compete should affect the format of an organization's business or marketing plan. However, since the complexities of products can differ greatly,