Question 1

The ________ is a document that includes an assessment of the marketing situation, marketing objectives, and marketing initiatives.

Accepted Answer

A marketing plan is a document that outlines the marketing goals and strategies of a business. It includes an assessment of the marketing situation, marketing objectives, and marketing initiatives. The marketing mix refers to the various marketing tactics that a business uses to promote its products or services. The value proposition is a statement that explains the unique value that a business offers to its customers. The value chain refers to the various activities that a business engages in to create and deliver a product or service. The management plan outlines how a business plans to manage its operations and resources.

Question 2

A(n) ________ identifies business revenues, expenses, and profits.

Accepted Answer

An income statement is a financial statement that shows the revenue, expenses, and profits of a business over a specific period of time. It is also known as a profit and loss statement, and it helps business owners and investors understand the financial performance of a company. The other options listed do not accurately describe a statement that identifies business revenues, expenses, and profits.

Question 3

In addition to the elements that are usually included in a business plan, a start-up business would also need to include information on ________.

Accepted Answer

Capitalization is crucial for a start-up business plan as it outlines how the business intends to secure funding, manage finances, and ensure financial stability, which is essential for new businesses to establish and grow.

Question 4

A(n) ________ is a consolidated plan of all of a company's individual marketing plans.

Accepted Answer

A marketing program is a comprehensive plan that outlines a company's overall marketing strategy, including its advertising and promotional efforts, sales tactics, pricing structure, product development plans, and other critical elements. It covers all elements of the marketing mix, including product, price, promotion, and place, and provides a framework for integrating all of a company's individual marketing plans into a cohesive whole. A marketing program serves as a roadmap for achieving a company's marketing goals and objectives, and it is a critical component of any successful marketing strategy.

Question 5

Which of the following is NOT one of the main elements of a typical business plan?

Accepted Answer

The main elements of a typical business plan include product overview, market overview, business overview, and financial overview. Promotions overview may be included as a subsection within the business overview or marketing section, but it is not typically listed as one of the main elements on its own.

Question 6

It is most accurate to say that a company's core competencies create which of the following?

Accepted Answer

Core competencies refer to a company's unique strengths and capabilities that give it a competitive advantage over its rivals. Therefore, it is most accurate to say that a company's core competencies create its competitive advantage. The other options may be influenced by the company's core competencies but are not directly created by them.

Question 7

Which of the following is NOT a basic section in a typical marketing plan?

Accepted Answer

A financial overview is typically part of a business plan rather than a marketing plan.

Question 8

Which of the following best describes how a company should use a business plan?

Accepted Answer

A company should have a business plan in place from the start. A business plan is a roadmap for the company to follow and helps in setting business goals, identifying the target audience, planning marketing strategies, and allocating resources. Therefore, it is essential to have a business plan right from the start to ensure that the company is on the right track.

Question 9

For a marketing plan to be successful, ________ should participate in its implementation.

Accepted Answer

The success of a marketing plan depends on the participation of the entire business, as it involves various aspects such as sales, customer service, human resources, finance, and operations. All employees should be engaged in implementing the plan to ensure its effectiveness and to deliver a consistent brand message to customers.

Question 10

In a marketing plan, the ________ section identifies the history of the business and its core competencies.

Accepted Answer

The company description, purpose, and goals section typically includes information about the company's background, history, and core competencies. This information helps set the context for the rest of the marketing plan and provides insights into the company's strengths and capabilities that can be leveraged in the marketing strategy. The other answer choices (executive summary, forecasting, marketing situation, and marketing strategy) focus on other aspects of the marketing plan.

Question 11

Creating and updating the marketing plan is the responsibility of ________.

Accepted Answer

The marketing department is responsible for developing and executing the marketing plan. While top management may provide guidance and input, it is ultimately the marketing department's responsibility to create and update the plan. The portfolio manager may be involved in aspects of the plan related to specific products or services, but they do not have overall responsibility for it. The finance department is more focused on financial management and may provide input on budgeting, but not on the overall marketing plan. The public relations agency may be involved in specific promotional activities, but not in creating the overall marketing plan.

Question 12

A marketing program is intended to allot and optimize resources across different ________.

Accepted Answer

A marketing program is designed to allocate and optimize resources across different brands, products, or services within a company's portfolio to ensure effective marketing strategies and maximize returns.

Question 13

In a marketing plan, the ________ section provides a brief overview of the primary goals, recommendations, and planned actions included in the marketing plan.

Accepted Answer

The executive summary section of a marketing plan provides a brief overview of the primary goals, recommendations, and planned actions included in the marketing plan. It is essentially a condensed version of the entire marketing plan, and should be clear and concise so that readers can easily understand the key points. It is often the first section of the marketing plan that readers will look at, so it is important to make it compelling and informative.

Question 14

In which of the following sections of a business plan would a not-for-profit business most likely discuss its capacity to benefit its customer target?

Accepted Answer

The service overview section of a business plan would most likely discuss a not-for-profit's capacity to benefit its customer target as it outlines the specific services and programs the organization offers and how they provide value and benefit to their intended audience.

Question 15

A(n) ________ is used to determine the net worth of a business.

Accepted Answer

A balance sheet is a financial statement that shows a company's assets, liabilities, and equity at a specific point in time. By subtracting liabilities from assets, the net worth (or equity) of the business can be determined.

Question 16

It is most accurate to say that the executive summary of a marketing plan is designed to communicate ________ to senior leadership and business stakeholders.

Accepted Answer

The executive summary is intended to provide high-level essential information about the marketing plan to senior leadership and stakeholders, in order to give them a quick and comprehensive understanding of the plan without the need to dive into the details of things like specific controls and measurements or detailed market analysis.

Question 17

A(n) ________ identifies how much cash is needed to meet financial obligations and the source of that cash.

Accepted Answer

A cash-flow statement provides information on a company's cash inflows and outflows over a period of time. It identifies how much cash is needed to meet financial obligations and where that cash is coming from. The other options listed do not provide this specific information. A balance sheet shows a company's assets, liabilities, and equity at a specific point in time. An income statement shows a company's revenue and expenses over a period of time. A capitalization statement is not a commonly used financial statement. A business statement is also not a commonly used financial statement.

Question 18

A(n) ________ is a written document that defines the operational and financial objectives of a business over a particular time, and defines how the business plans to accomplish those objectives.

Accepted Answer

A business plan is a written document that outlines the operational and financial objectives of a business over a specific period, and shows how the company plans to achieve those objectives. It covers various aspects of the business, such as marketing, operations, finance, and management. A business plan is typically used to secure funding, attract investors, or guide the growth of an existing business.

Question 19

After a title page, the next part of a typical business plan is the ________.

Accepted Answer

The executive summary is typically the next part of a business plan after the title page. It provides a brief overview of the entire plan and should be written last, after all other sections have been completed. The other options listed (product overview, market overview, competitive overview, management overview) typically come later in the plan.

Question 20

It is most accurate to say that a business plan is used to communicate the performance and direction of a business to ________.

Accepted Answer

A business plan is primarily used to communicate the performance and direction of a business to potential investors and stakeholders. While targeted markets and consumers may also benefit from understanding a business's strategy, they are not the primary audience for a business plan. Similarly, government regulators may require certain information from a business plan, but it is not the primary purpose of the document. Marketers may use a business plan to inform their marketing strategy, but it is not the primary audience for the plan.

Quiz 11: The Marketing Plan