Deck 11: The Marketing Plan

Question 1

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

A) marketing mix
B) marketing plan
C) value proposition
D) value chain
E) management plan

Answer 1

B

Question 2

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

A) business statement
B) income statement
C) capitalization statement
D) cash-flow statement
E) market sheet

Answer 2

B

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 ________.

A) competition
B) operations
C) capitalization
D) customer benefits
E) management

Answer 3

C

Question 4

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

A) executive summary
B) marketing summary
C) business plan
D) marketing program
E) promotions program

Question 5

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

A) product overview
B) market overview
C) business overview
D) promotions overview
E) financial overview

Question 6

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

A) the company's marketing situation
B) the company's marketing strategy
C) the company's competitive advantage
D) the company's SWOT findings
E) the company's objectives

Question 7

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

A) marketing situation
B) forecasting
C) measurement and controls
D) financial overview
E) executive summary

Question 8

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

A) A company should create its business plan by the end of its first year in business.
B) A company should have a business plan in place from the start.
C) Once in place, the business plan should be revised every month.
D) Consistent internal conditions should lead management to keep the same business plan.
E) Changing external conditions should not lead management to create a new business plan.

Question 9

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

A) only the marketing department
B) only the marketing department and management
C) only the marketing and customer service departments
D) only the marketing and human resources departments
E) the entire business

Question 10

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

A) executive summary
B) company description, purpose, and goals
C) forecasting
D) marketing situation
E) marketing strategy

Question 11

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

A) the portfolio manager
B) top management
C) the marketing department
D) the finance department
E) the public relations agency

Question 12

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

A) departments in a company
B) marketing functions
C) brands, products, or services in a portfolio
D) target markets
E) product positions

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.

A) executive summary
B) company description, purpose, and goals
C) forecasting
D) marketing situation
E) marketing strategy

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?

A) executive summary
B) service overview
C) competitive overview
D) management overview
E) financial overview

Question 15

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

A) business statement
B) income statement
C) capitalization statement
D) cash-flow statement
E) balance sheet

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.

A) specific controls and measurement
B) essential information
C) detailed market analysis
D) an overview of competitors' actions
E) an overview of marketing needs

Question 17

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

A) business statement
B) income statement
C) capitalization statement
D) cash-flow statement
E) balance sheet

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.

A) marketing plan
B) business plan
C) investment plan
D) executive summary
E) business overview

Question 19

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

A) product overview
B) market overview
C) competitive overview
D) management overview
E) executive summary

Question 20

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

A) targeted markets
B) consumers
C) government regulators
D) potential investors and stakeholders
E) marketers

Question 21

The SWOT in SWOT analysis stands for ________.

A) strengths, weaknesses, observations, trends
B) strengths, weaknesses, opportunities, threats
C) sales, waste, objectives, threats
D) sales, work, objectives, trends
E) services, work, opportunities, technologies

Question 22

Average cost per transaction is needed to determine ________.

A) future sales growth rates
B) current sales rates
C) payroll rates
D) the monthly fixed costs
E) the break-even point

Question 23

A marketer would be most likely to use information from a BCG growth-market matrix in which section of a marketing plan?

A) measurement and controls
B) company description, purpose, and goals
C) forecasting
D) marketing situation
E) executive summary

Question 24

A marketer would be most likely to use information from a SWOT analysis in which section of a marketing plan?

A) measurement and controls
B) company description, purpose, and goals
C) forecasting
D) marketing situation
E) executive summary

Question 25

In a marketing plan, the ________ section includes the anticipated outcomes based on achieving predefined market goals.

A) measurement and controls
B) company description, purpose, and goals
C) forecasting
D) marketing situation
E) marketing strategy

Question 26

The national economy and design trends are two examples of factors in a company's ________.

A) microenvironment
B) competitive environment
C) technological environment
D) legal environment
E) macroenvironment

Question 27

In a marketing plan, the ________ section includes an assessment of customers, competitors, the product portfolio, and distribution channels.

A) measurement and controls
B) company description, purpose, and goals
C) forecasting
D) marketing situation
E) marketing strategy

Question 28

Marketers use demographics and psychographics to ________.

A) better understand their competitors
B) better understand their customers
C) better predict company strengths
D) conduct a break-even analysis
E) evaluate pricing strategies

Question 29

Data concerning which of the following would be LEAST likely included in the forecasting section of a marketing plan?

A) variable costs
B) fixed costs
C) direct cost of sales
D) sales projections
E) demographic trends

Question 30

Direct sales and Web sales are both examples of ________.

A) revenue streams
B) sales forecasts
C) public relations expenses
D) promotional events
E) marketing strategies

Question 31

A marketer would detail the company's positioning and value proposition in the ________ section of a marketing plan

A) marketing situation
B) forecasting
C) company description, purpose, and goals
D) marketing strategy
E) executive summary

Question 32

Television ads, public relations, and promotional events are all examples of ________.

A) marketing controls
B) marketing expenses
C) marketing forecasts
D) distribution strategies
E) market trends

Question 33

Which of the following is NOT an example of a fixed cost?

A) materials
B) utilities
C) payroll
D) rent
E) Web site hosting

Question 34

Which of the following would most likely be included in the forecasting section of a marketing plan?

A) demographic predictions
B) predictions of market trends
C) an analysis of psychographic trends
D) an analysis of the company's past performance
E) an analysis of shifts in industry styles and standards

Question 35

Which section of a marketing plan would most likely contain a break-even analysis?

A) measurement and controls
B) marketing situation
C) forecasting
D) marketing strategy
E) executive summary

Question 36

Which of the following would most likely be discussed in the company description, purpose, and goals section of a marketing plan?

A) a situation analysis
B) the sales forecast
C) the proposed implementation schedule
D) the company's competitive advantage
E) the company's market needs

Question 37

An assessment of which of the following would be MOST likely to appear in the marketing situation of a marketing plan?

A) the marketing mix
B) the break-even point
C) the cultural environment
D) an implementation schedule
E) the company's mission

Question 38

A sales forecast is most likely to be based on which of the following?

A) the company's variable costs
B) the company's growth rate
C) the company's break-even point
D) the company's marketing expenses
E) the company's fixed costs

Question 39

A company's mission statement would most logically be included in which section of the marketing plan?

A) forecasting
B) marketing strategy
C) company description, purpose, and goals
D) measurement and controls
E) marketing situation

Question 40

The outcome of the forecasting process is most essential to which of the following?

A) aligning the marketing mix with the company's mission
B) predicting competitors' strategies
C) analyzing customer behaviors
D) identifying target audiences
E) exploring alternative marketing strategies

Question 41

In a marketing plan, the ________ section identifies the specific procedures that a business intends to follow to meet its marketing objectives.

A) measurement and controls
B) executive summary
C) forecasting
D) marketing situation
E) marketing strategy

Question 42

Which of the following would be listed under a company's strengths in a SWOT analysis?

A) Creating a presence on social networks could broaden product awareness and interest.
B) Changing economic factors favor the company's position in the market.
C) The company maintains efficient and cost-effective relationships with channel partners.
D) Changing technological factors will force the company and its competitors to alter many products.
E) Changes in media consumption among target consumers will make advertising less expensive.

Question 43

Which of the following is the best advice about business plans for Paul, who has a great idea for a start-up business but will need substantial external financing to get started?

A) Have a business plan in place by the first day your business is open.
B) Have a business plan in place before seeking out investors.
C) Focus on the product overview and fill in details about the competitive environment after the business has launched.
D) Focus on the operations overview and fill in financial details after the business has launched.
E) Make operational and financial objectives as general as possible.

Question 44

Information about which of the following would most likely be included in the marketing mix component of the marketing strategy?

A) worst case risks
B) market research
C) pricing
D) financial forecasts
E) target market descriptions

Question 45

Advertising, promotion, customer service, and distribution strategies are typically part of the ________ section in a marketing plan.

A) sales forecast
B) strategic controls
C) operational controls
D) marketing mix
E) BCG growth-market matrix

Question 46

Members of the management team at the Art Attic would most likely refer to the company's ________ to identify their responsibilities to marketing, operations, customer service, and other departments.

A) marketing plan
B) marketing program
C) business plan
D) business program
E) tactical plan

Question 47

You would most likely find an implementation schedule in which section of a marketing plan?

A) marketing strategy
B) forecasting
C) executive summary
D) marketing situation
E) company description, purpose, and goals

Question 48

Jonas is working on his company's marketing plan for a new product line called Nature & Nurture. He is writing an overview that includes a brief description of the positioning for the new product line as well as a brief overview of the financial goals for the product and the strategy that will be used to achieve those goals. Jonas is working on the ________ section of the marketing plan.

A) company description, purpose, and goals
B) marketing situation
C) executive summary
D) measurement and controls
E) forecasting

Question 49

The target market and investment requirements are typically identified in the ________ section of a marketing plan.

A) measurement and controls
B) financial overview
C) forecasting
D) marketing situation
E) marketing strategy

Question 50

Based on the sample marketing plan in your text, contingency planning is most likely to be included in which section of a marketing plan?

A) company description, purpose, and goals
B) marketing situation
C) measurement and controls
D) forecasting
E) executive summary

Question 51

Adam is a potential investor in Athletix, a manufacturer of sporting goods. To determine whether or not he wants to invest in the company, Adam is examining a document that lays out the financial goals for the entire company for the next three years, as well as goals in production efficiencies and shipping efficiencies. Adam is most likely reading the ________ for Athletix.

A) marketing plan
B) marketing program
C) business plan
D) business program
E) financial plan

Question 52

Which type of control considers results with respect to the stated marketing plan or program?

A) observational
B) operational
C) managerial
D) strategic
E) implementation

Question 53

In your text's sample marketing plan, two of the company goals are "Achieve growth rate in sales of 12% for the year 2008" and "Maintain a gross margin of 45% each month." As indicated by these two examples, a marketing goal should be ________.

A) measurable
B) general
C) creative
D) company-wide
E) set by management

Question 54

Based on the sample in your text, which of the following is LEAST likely to be included in an implementation schedule?

A) start date
B) budget
C) target market strategy
D) manager
E) end date

Question 55

Which type of control considers the appropriateness of overall strategies based on internal and external conditions?

A) observational
B) operational
C) managerial
D) strategic
E) implementation

Question 56

While preparing the marketing plan for a new product line called Nature & Nurture, Jonas wrote the following: "Nature & Nurture toys provide learning experiences that stimulate young children's senses and open up a world of discovery for the youngest of learners." This statement belongs in the ________ section of the marketing plan.

A) company description, purpose, and goals
B) marketing situation
C) competitive overview
D) measurement and controls
E) forecasting

Question 57

In a marketing plan, the ________ section identifies the process to monitor achievement toward attaining the marketing objectives.

A) measurement and controls
B) executive summary
C) forecasting
D) marketing situation
E) marketing strategy

Question 58

While preparing the marketing plan for a new product line called Nature & Nurture, Jonas wrote the following: "Recent news about toxic materials in children's toys and repeated recalls of children's products due to safety concerns creates a substantial market opportunity for Nature & Nurture products. As parents become more and more alarmed about the safety of their children's toys, they can be expected to place a greater premium on the nontoxic, environmentally friendly materials used for all Nature & Nurture products." This statement belongs in the ________ section of the marketing plan.

A) company description, purpose, and goals
B) marketing situation
C) executive summary
D) measurement and controls
E) forecasting

Question 59

Marketers would be most likely to use which of the following types of information to predict market growth?

A) positioning
B) company weaknesses
C) company strengths
D) demographics
E) marketing mix

Question 60

While preparing the marketing plan for a new product line called Nature & Nurture, Jonas wrote the following: "The target Nature & Nurture customer is female, married, between the ages of 30 and 45, and has one or two children under the age of five. She has completed college and some graduate work, and has a combined household income over $70,000 per year." This statement belongs in the ________ section of the marketing plan.

A) company description, purpose, and goals
B) marketing situation
C) executive summary
D) measurement and controls
E) forecasting

Question 61

A marketer would be unlikely to include a public relations plan in the marketing strategy section of a marketing plan.

Question 62

In a SWOT analysis, a marketer considers factors that are internal and external to the company.

Question 63

Future opportunities and threats are considered in the forecasting section of a marketing plan.

Question 64

Which of the following would be listed under a company's threats in a SWOT analysis?

A) Revenues have declined for three consecutive quarters.
B) A new entry in the market is priced very competitively.
C) Staff reductions have created anxiety about job security among employees.
D) The new management team is still unfamiliar with some aspects of the business.
E) The company's access to capital to fund growth is uncertain.

Question 65

A company's net worth is determined by subtracting its liabilities from its assets.

Question 66

Refer to the scenario below to answer the following questions.
Suzanne and Shandra, longtime friends, share a love of animals. For months, they talked about starting their own pet services business, listing ideas for services they might provide and how they might market those services. They were most interested in providing dog and cat grooming and dog walking services.
Suzanne and Shandra looked for information on established pet service businesses in their suburban area, using information from the local chamber of commerce and online research. They discovered that none of the local pet services companies provided on-site pet grooming. Suzanne and Shandra saw this as a great opportunity to distinguish their business from potential competitors.
The two women wrote a basic business plan and applied for and received a business loan to start up On-the-Go Groomers. They proposed to purchase an RV motorhome and outfit it with two comfortable dog and cat grooming stations. On-the-Go Groomers would come to clients' homes to provide pet services instead of requiring pet owners to come to them!
Six months after launching the business, Suzanne and Shandra are pleased with their success, but both feel that they are not reaching enough potential customers. So far, they have relied on local newspaper advertisements and positive word-of-mouth to generate business. Suzanne said, "We have come so far and really have a great little business going. But I think we could become much bigger with the right plans in place."
As a part of the company's marketing plan, Suzanne wrote, "On-the-Go Grooming provides convenient and excellent pet grooming services to customers with busy lives who want the best for their pets." This statement identifies which of the following about Suzanne and Shandra's business?

A) positioning
B) marketing situation
C) marketing mix
D) strategic controls
E) operational controls

Question 67

Both financial and nonfinancial goals are included in the company description, purpose, and goals section of a marketing plan.

Question 68

The measurement and controls section of the marketing plan typically considers financial, but not non-financial, factors.

Question 69

A variety of plans, including a marketing plan, exist within a business plan.

Question 70

Not-for-profit businesses can expect to gain only minimal benefits from developing business plans.

Question 71

Refer to the scenario below to answer the following questions.
Suzanne and Shandra, longtime friends, share a love of animals. For months, they talked about starting their own pet services business, listing ideas for services they might provide and how they might market those services. They were most interested in providing dog and cat grooming and dog walking services.
Suzanne and Shandra looked for information on established pet service businesses in their suburban area, using information from the local chamber of commerce and online research. They discovered that none of the local pet services companies provided on-site pet grooming. Suzanne and Shandra saw this as a great opportunity to distinguish their business from potential competitors.
The two women wrote a basic business plan and applied for and received a business loan to start up On-the-Go Groomers. They proposed to purchase an RV motorhome and outfit it with two comfortable dog and cat grooming stations. On-the-Go Groomers would come to clients' homes to provide pet services instead of requiring pet owners to come to them!
Six months after launching the business, Suzanne and Shandra are pleased with their success, but both feel that they are not reaching enough potential customers. So far, they have relied on local newspaper advertisements and positive word-of-mouth to generate business. Suzanne said, "We have come so far and really have a great little business going. But I think we could become much bigger with the right plans in place."
Shandra used revenue and cost data the company had gathered over the past six month to make projections about how much the company's revenue could be expected to grow if the partners decided to add a second RV motorhome equipped with grooming stations to the business. Shandra would most likely provide an analysis of this data in which section of a marketing plan?

A) executive summary
B) measurement and controls
C) marketing situation
D) forecasting
E) company description, purpose, and goals

Question 72

A sales forecast projects a company's future revenues.

Question 73

Most business plans include three types of financial statements.

Question 74

A marketing plan, by definition, is contained within a business plan.

Question 75

A collaborative team is needed to create a business plan.

Question 76

Refer to the scenario below to answer the following questions.
Suzanne and Shandra, longtime friends, share a love of animals. For months, they talked about starting their own pet services business, listing ideas for services they might provide and how they might market those services. They were most interested in providing dog and cat grooming and dog walking services.
Suzanne and Shandra looked for information on established pet service businesses in their suburban area, using information from the local chamber of commerce and online research. They discovered that none of the local pet services companies provided on-site pet grooming. Suzanne and Shandra saw this as a great opportunity to distinguish their business from potential competitors.
The two women wrote a basic business plan and applied for and received a business loan to start up On-the-Go Groomers. They proposed to purchase an RV motorhome and outfit it with two comfortable dog and cat grooming stations. On-the-Go Groomers would come to clients' homes to provide pet services instead of requiring pet owners to come to them!
Six months after launching the business, Suzanne and Shandra are pleased with their success, but both feel that they are not reaching enough potential customers. So far, they have relied on local newspaper advertisements and positive word-of-mouth to generate business. Suzanne said, "We have come so far and really have a great little business going. But I think we could become much bigger with the right plans in place."
Details that Suzanne and Shandra discovered about competitors in their market would most likely be analyzed in which section of a marketing plan?

A) executive summary
B) measurement and controls
C) marketing situation
D) forecasting
E) company description, purpose, and goals

Question 77

The forecasting section of a marketing plan includes predictions for both revenues and expenses.

Question 78

A company may have multiple business plans for its product portfolio.

Question 79

Young Music Lovers and Fashionable Fifty-Somethings are examples of possible ________.

A) target markets
B) geographic groups
C) demographic segments
D) social classes
E) market trends

Question 80

The forecasting section of a marketing plan draws on data analysis rather than subjective judgment.