Deck 8: The Marketing Plan

Question 1

Even a niche market must be large enough to offer profitability potential.

Answer 1

True

Question 2

While preparing a marketing plan, every business must follow the universally accepted format for formulating a marketing plan.

Answer 2

False

Question 3

Marketing plans can range from a one-page summary to more than one hundred pages.

Answer 3

True

Question 4

As long as there is regular and effective communication with the people in a small business organization, a formal written plan may not be necessary.

Question 5

The mission statement tries to articulate the long-term purpose and idealized notion of what a business hopes to be-that is, where the owner sees the business going.

Question 6

The product or the service offering must not consider a company's website.

Question 7

If the marketing plan is part of the business plan, it should not duplicate information that is presented in other sections of the business plan.

Question 8

Not having a marketing plan will put a business at a significant disadvantage when trying to get any type of business loan.

Question 9

The marketing plan is where a company's customers are identified.

Question 10

Capitalizing on market trends early in the game almost never offers competitive advantage.

Question 11

The vision statement looks to articulate the more fundamental nature of a business-that is, why the business exists.

Question 12

It is common for the marketing plan to include either a vision statement or a mission statement but not both.

Question 13

The market summary is a one- to two-page synopsis of a company's marketing plan.

Question 14

The marketing plan should always be a stand-alone document.

Question 15

The possibility of target markets not being defined correctly decreases if a small business does not have a market plan.

Question 16

The online portion of the marketing plan should be a plan that cannot be changed rapidly.

Question 17

It is not important for marketing plans to include an assessment of the competition.

Question 18

The situation analysis includes a market summary, competition, product offerings, the SWOT analysis, keys to success, and critical issues.

Question 19

Because there are often distinct differences in buyer behavior based on geographic location, information on the location of customers (local, regional, national, or international) should be provided in a marketing plan.

Question 20

If people leave, if new people arrive, if memories falter, if events bring pressure to alter the givens, the information in the written marketing plan is a reminder of what the business agreed on.

Question 21

Which of the following is a disadvantage of not developing a marketing plan?

A) It forces a business to think about both short and long-term marketing strategies.
B) The business gets a higher return on investment.
C) It eliminates waste by building efficiency of limited resources.
D) Decisions regarding marketing mix become easier.
E) The target market may not be defined correctly.

Question 22

A product should preferably be positioned in a way that reflects value by setting it apart from the competition for recognition and comparison.

Question 23

A marketing plan:

A) is a synopsis of what a company has done, what it plans to do, and how it plans to get there.
B) is a written document that summarizes what the marketer has learned about the marketplace and indicates how the firm plans to reach its marketing objectives.
C) is a written document that gives information about current products or services, sales, the market, competition, target markets, trends, and keys to success.
D) is a written document that articulates the long-term purpose and idealized notion of what the business hopes to be in terms of growth, values, employees, contributions to society.
E) is a written document that summarizes what is known about the market in which a company competes, plans to compete, or both.

Question 24

Which of the following is a disadvantage of not developing a marketing plan?

A) It forces a business to think about both short and long-term marketing strategies.
B) The business gets a higher return on investment.
C) It eliminates waste by building efficiency of limited resources.
D) It can push a business into a meandering mode.
E) Decisions regarding marketing mix become easier.

Question 25

The final determination of the marketing mix requires inputs from areas such as purchasing, manufacturing, sales, human resources, and finance.

Question 26

For small businesses that have or want to have a web presence a web strategy should be included in the marketing strategy.

Question 27

Rather than being a one-time procedure, implementation of a marketing plan is a process that evolves with the product or the service.

Question 28

The last section of a marketing plan is about implementation, evaluation, and control.

Question 29

The marketing plan should be an embodiment of the customer value proposition of a business.

Question 30

A company has broken even when its total sales or revenues equal its total expenses.

Question 31

Competition from similar businesses or products is referred to as:

A) substitute competition.
B) direct competition.
C) budget competition.
D) indirect competition.
E) internal competition.

Question 32

A mission statement:

A) articulates the long-term purpose of a business.
B) articulates the idealized notion of what the business hopes to be.
C) is about where the owner sees the business going.
D) communicates what the business hopes to be in terms of growth, values, employees, contributions to society, and so forth.
E) is an important foundation of a business's marketing plan.

Question 33

An expense forecast is vital for a company and its sales goals because it keeps the company on track and keeps costs down.

Question 34

Which of the following defines an executive summary?

A) A quick overview of the main points of the plan, a synopsis of what a company has done, what it plans to do, and how it plans to get there.
B) Information about current products or services, sales, the market, competition, target markets, trends, and keys to success.
C) An articulation of the long-term purpose and idealized notion of what the business hopes to be in terms of growth, values, employees, contributions to society.
D) A summary of what is known about the market in which a company competes, plans to compete, or both.
E) An articulation of the more fundamental nature of the business concerning why the business exists.

Question 35

Which of the following is an advantage of developing a marketing plan?

A) It can push a business into a meandering mode.
B) Getting any type of business loans becomes harder.
C) It helps a business to establish a timeline.
D) Potential efficiencies will not be realized.
E) The possibility of target markets remaining undefined increases.

Question 36

A situation analysis does not include:

A) market summary.
B) competition.
C) product offerings.
D) mission statement.
E) SWOT analysis.

Question 37

Which of the following is a benefit of developing a marketing plan?

A) It can push a business into a meandering mode.
B) It forces a business to identify the target market.
C) Getting any type of business loans becomes harder.
D) Potential efficiencies will not be realized.
E) The possibility of target markets remaining undefined increases.

Question 38

Both digital technology and the e-environment can make important contributions to the development, implementation, evaluation, and control of the marketing plan.

Question 39

The marketing plan should represent a commitment to keeping costs as high as possible so as not to sacrifice quality.

Question 40

A vision statement:

A) articulates more fundamental nature of a business.
B) articulates the long-term purpose of a business.
C) communicates why the business exists.
D) captures the values of the owner, employees, community plus suppliers, and stakeholders.
E) is an important foundation of a business's marketing plan.

Question 41

According to SWOT analysis, which of the following is a characteristic of a company's opportunities?

A) External factors that come from unfavorable trends or developments that lead to deteriorating revenues or profits.
B) External factors that reflect the potential that can be realized through marketing strategies.
C) Internal factors that identify the positive aspects internal to a business that add value or offer a competitive advantage.
D) Internal factors through which the marketing objectives will be achieved.
E) Internal factors that detract from the value of a business.

Question 42

Measuring the number of new leads generated, or the number of appointments, or the number of billable hours achieved is a part of:

A) positioning.
B) implementing.
C) controlling.
D) scheduling.
E) evaluating.

Question 43

A company should work to find out why its advertising and promotional activities are not producing direct responses. This is part of:

A) positioning.
B) evaluating.
C) implementing.
D) controlling.
E) scheduling.

Question 44

Which section of the marketing plan helps companies know whether their marketing campaign is effective or whether it is spending too much or too little money to achieve its goals?

A) Positioning
B) Implementing
C) Evaluating
D) Controlling
E) Scheduling

Question 45

The top level of the marketing strategy pyramid focuses on:

A) tactics for satisfying user needs.
B) specific programs regarding events and mailing.
C) strategies regarding well-defined markets and user needs.
D) communication links with the target market.
E) plans for advertising and press release.

Question 46

Assessing the strengths and weaknesses of a marketing plan to improve its effectiveness is known as:

A) positioning.
B) evaluating.
C) implementing.
D) controlling.
E) scheduling.

Question 47

Competition from alternative, substitutable businesses or products is referred to as:

A) substitute competition.
B) direct competition.
C) budget competition.
D) indirect competition.
E) internal competition.

Question 48

A company's sales forecast can be defined as the:

A) amount of sales volume a company needs to start making a profit.
B) costs that remain the same regardless of the amount of sales.
C) level of sales expected based on a chosen marketing plan and an assumed marketing environment.
D) recurring costs that must be absorbed with each unit or service sold.
E) tools that can be used to keep a company's operations on target.

Question 49

A breakeven analysis is used to determine the:

A) amount of sales volume a company needs to start making a profit.
B) costs that remain the same regardless of the amount of sales.
C) level of sales expected based on a chosen marketing plan and an assumed marketing environment.
D) recurring costs that must be absorbed with each unit or service sold.
E) tools that can be used to keep a company's operations on target.

Question 50

Assessing the cost-effectiveness of each specific online and onground marketing activity so that a company can change or eliminate unproductive activities is a part of:

A) positioning.
B) evaluating.
C) implementing.
D) controlling.
E) scheduling.

Question 51

Variable costs are the:

A) amount of sales volume a company needs to start making a profit.
B) costs that remain the same regardless of the amount of sales.
C) level of sales expected based on a chosen marketing plan and an assumed marketing environment.
D) recurring costs that must be absorbed with each unit or service sold.
E) tools that can be used to keep a company's operations on target.

Question 52

According to SWOT analysis, which of the following is a characteristic of a company's strengths?

A) External factors that come from unfavorable trends or developments that lead to deteriorating revenues or profits.
B) External factors that reflect the potential that can be realized through marketing strategies.
C) Internal factors that identify the positive aspects internal to a business that add value or offer a competitive advantage.
D) Internal factors through which the marketing objectives will be achieved.
E) Internal factors that detract from the value of a business.

Question 53

The second level of the marketing strategy pyramid focuses on:

A) tactics used to satisfy user needs and communicate with the target market.
B) strategies used to describe specific markets.
C) defining market needs, and product or service offerings.
D) specific programs regarding events and mailing.
E) plans for advertising and press release.

Question 54

A company's expense forecast can be defined as the:

A) amount of sales volume a company needs to start making a profit.
B) costs that remain the same regardless of the amount of sales.
C) level of sales expected based on a chosen marketing plan and an assumed marketing environment.
D) recurring costs that must be absorbed with each unit or service sold.
E) tool that can be used to keep a company's operations on target.

Question 55

The execution of a company's day-to-day activities that effectively puts its marketing plan into action is known as:

A) positioning.
B) evaluating.
C) implementing.
D) controlling.
E) scheduling.

Question 56

Rewarding employees for jobs well done is an example of:

A) planning.
B) implementing.
C) evaluating.
D) controlling.
E) researching.

Question 57

The third level of the marketing strategy pyramid focuses on:

A) strategies to describe specific markets.
B) tactics for satisfying user needs.
C) well-defined markets and market needs.
D) communication links with the target market.
E) programs regarding events, advertising, and press release.

Question 58

Fixed costs are the:

A) amount of sales volume a company needs to start making a profit.
B) costs that remain the same regardless of the amount of sales.
C) level of sales expected based on a chosen marketing plan and an assumed marketing environment.
D) recurring costs that must be absorbed with each unit or service sold.
E) tools that can be used to keep a company's operations on target.

Question 59

According to SWOT analysis, which of the following is a characteristic of a company's threats?

A) External factors that come from unfavorable trends or developments that lead to deteriorating revenues or profits.
B) External factors that reflect the potential that can be realized through marketing strategies.
C) Internal factors that identify the positive aspects internal to a business that add value or offer a competitive advantage.
D) Internal factors through which the marketing objectives will be achieved.
E) Internal factors that detract from the value of a business.

Question 60

According to SWOT analysis, which of the following is a characteristic of a company's weaknesses?

A) External factors that come from unfavorable trends or developments that lead to deteriorating revenues or profits.
B) External factors that reflect the potential that can be realized through marketing strategies.
C) Internal factors that identify the positive aspects internal to a business that add value or offer a competitive advantage.
D) Internal factors through which the marketing objectives will be achieved.
E) Internal factors that detract from the value of a business.

Question 61

The marketing plan of a company should have a(n) _____ return on investment.

Question 62

A breakeven analysis is used to determine the amount of _____ volume a company needs to start making a profit.

Question 63

_____ tools can track the ways people use a website while helping the owner make sense of the mountain of data that a site generates.

Question 64

The _____ section of marketing plan for a small business should typically include a breakeven analysis, a sales and direct cost of sales forecast, and a forecast of marketing expenses.

Question 65

Marketing is all about ascertaining and providing _____ value.

Question 66

A(n) _____ is a written document that summarizes what the marketer has learned about the marketplace and indicates how the firm plans to reach its marketing objectives; it contains tactical guidelines for the marketing programs and financial allocations over the planning period.

Question 67

A(n) _____ is an identification of a company's strengths, weaknesses, opportunities, and threats-to help a company differentiate itself from its competitors.

Question 68

The executive summary is a one- to two-page synopsis of the _____.

Question 69

_____ marketing uses a variety of channels, such as telemarketing, e-mail, interactive television, websites, mobile devices, door-to-door leaflet marketing, voicemail marketing, and coupons.

Question 70

Looking into activities such as sales analysis, expense analysis, feedback from customer satisfaction surveys, and the observation of competitor activities in response to the marketing plan are a few approaches to:

A) controlling.
B) positioning.
C) implementing.
D) placing.
E) scheduling.

Question 71

The _____ section of the marketing plan involves selecting one or more target markets, deciding how to differentiate and position a product or a service, and creating and maintaining a marketing mix that will hopefully prove successful with the selected target markets-all within the context of marketing objectives.

Question 72

Which of the following calculators determines the variables regarding how a company can increase its sales by attracting more traffic to the site, or encouraging buyers to spend more money?

A) Pay-per-click ROI calculator
B) Budget ROI calculator
C) Conversion rate calculator
D) Sample ROI calculator
E) E-mail marketing ROI calculator

Question 73

Customer value implications involve:
a. efficient use of employee time on marketing activities.
b. competitive bidding for outside vendors.
c. marketing mix considerations being geared to appealing to the target markets.
d. replacing promotional campaigns that are not working with cost-effective campaigns.
e. web presence evaluation to ascertain that inefficient efforts are replaced with cost-effective ones.

Question 74

A(n) _____ gives a picture of where a business is currently in the market, detailing the context for its marketing efforts.

Question 75

The process of monitoring a proposed plan as it proceeds and adjusting it when necessary is known as:

A) positioning.
B) implementing.
C) scheduling.
D) controlling.
E) evaluating.

Question 76

The number of inquiries generated in online and traditional sales endorsement activities by an endorsement and the percentage of coupons or vouchers redeemed is a technique used in:

A) social media metrics.
B) sales promotion efficiency.
C) sales closure rate.
D) direct marketing.
E) web analytics.

Question 77

A business's customer value proposition is:

A) the process of positioning in the marketing mix.
B) the whole cluster of benefits a business is promising to deliver to a customer.
C) the of goods and services from individuals or businesses to the ? HYPERLINK "http://en.wikipedia.org/wiki/End-user" \o "End-user" ?end-user?.
D) the process of making a product available for use using indirect means with ? HYPERLINK "http://en.wikipedia.org/wiki/Intermediaries" \o "Intermediaries" ?intermediaries?.
E) a marketing strategy that involves dividing a broad target market into subsets of consumers who have common needs.

Question 78

Cash-flow implications involve:

A) strong links between a small business marketing plan and customer value.
B) customer benefits realized from a product as compared to the costs associated with acquiring those benefits.
C) marketing mix considerations being geared to appealing to the target markets.
D) committing to keeping costs as low as possible without sacrificing quality.
E) customer benefits that a business is promising to deliver.

Question 79

If a company enters a marketplace with the wrong product or the wrong price, it may never reach the _____ point.

Question 80

A(n) _____ can be grouped into several critical sections: executive summary; vision and mission; situation analysis; marketing objectives; marketing strategy; financials; and implementation, evaluation, and control.