Question 1

Imagine that you're the marketing manager of a small community theater called the Bayside Playhouse. Someone on the board of directors has suggested that you start making tickets available for sale at other local businesses, rather than requiring people to come to the box office, which has limited hours. You think this is an excellent:
A) pricing strategy.
B) product strategy.
C) promotions strategy.
D) distribution strategy.

Accepted Answer

Making tickets available at other local businesses expands the places where customers can purchase them, which is a change in how the product (in this case, theater tickets) is distributed to customers. This is a classic example of a distribution strategy, which focuses on the channels through which a product is made available to consumers.

Question 2

William is the marketing director of a large firm that manufactures and sells gourmet food products across the country. Recently a customer found ground glass in a jar of his company's pesto sauce, and the news coverage went national. Despite a public apology and a recall, sales have plummeted, and the CEO is counting on William to turn things around. He suggests a new ___________ that includes tactics such as issuing coupons, launching a social media campaign, and adding video testimonials to the website.
A) pricing strategy.
B) product strategy.
C) promotions strategy.
D) distribution strategy.

Accepted Answer

The correct answer is a promotions strategy, as it involves tactics aimed at enhancing the company's image and encouraging sales through methods like issuing coupons, launching a social media campaign, and adding video testimonials, which are all promotional activities.

Question 3

Magic Meals is a subscription meal delivery service that promises to deliver all the already-prepared ingredients and recipes you need to make healthy, kid-friendly meals in less than half an hour. Which of the following people is most likely to be a member of Magic Meals' target market?
A) A working mother of two young children
B) A single man in his 30s who has no children
C) A college-aged, single man who has no children
D) A stay-at-home mother of three teenagers

Accepted Answer

A working mother of two young children is most likely to be a member of Magic Meals' target market because the service offers quick, healthy, and kid-friendly meal solutions that cater to busy parents looking to save time.

Question 4

Tracy is reviewing a marketing plan, and she is currently looking at the company description, marked "Company Analysis." Which of the following types of information should she NOT look for in this section?
A) A description of the firm's core competencies
B) A summary of the company's history and products
C) A plan for achieving a sustainable competitive advantage over its rivals
D) A list of the key performance indicators for the plan

Accepted Answer

The "Company Analysis" section typically includes a description of the firm's core competencies, a summary of the company's history and products, and a plan for achieving a sustainable competitive advantage. It does not usually contain a list of the key performance indicators for the plan, as KPIs are more relevant to the execution and evaluation stages of the marketing plan.

Question 5

Rick needs to get a small business loan in order to expand his food truck business, so he's writing up a marketing plan that includes specific objectives. Which of the following objectives belongs in the section marked "nonfinancial objectives"?
A) To donate two percent of his profits to the local food bank
B) To increase the prices of his menu items by three percent
C) To increase revenues by fifteen percent in the next twelve months
D) To secure a loan for $40,000

Accepted Answer

The answer of Rick needs to get a small business...

Question 6

Every marketing plan requires a budget, a time schedule for implementation, and a system for monitoring the plan's success or failure.

Accepted Answer

A marketing plan needs a budget to allocate resources effectively, a time schedule to ensure timely implementation and tracking, and a system for monitoring to evaluate the plan's performance and make necessary adjustments.

Question 7

What are the reasons a company should develop a marketing plan?

Accepted Answer

The answer of What are the reasons a company should...

Question 8

Describe at least three types of information a marketer should collect and detail in the Situation and Competitive Analysis section of a marketing plan.

Accepted Answer

The answer of Describe at least three types of information...

Question 9

Imagine that you're the marketing manager of a small community theater called the Bayside Playhouse. While having dinner at your favorite restaurant one night, the owner suggests that you join forces with him and other local eateries to stage a "Taste of Bayside" event at the playhouse. You recognize this as an excellent:
A) pricing strategy.
B) product strategy.
C) promotions strategy.
D) distribution strategy.

Accepted Answer

Staging a "Taste of Bayside" event at the playhouse is a promotions strategy because it serves to increase awareness and interest in the playhouse by attracting potential patrons through a collaborative event with local eateries, thereby promoting the theater's offerings.

Question 10

As the marketing manager of a small community theater called the Bayside Playhouse, you meet with the other board members once a month. You all recognize that the playhouse is attracting mostly seniors and that you need to appeal to a younger crowd to keep your playhouse alive. The other board members approve your proposal to offer discounts to teens and college students because they agree it's an excellent:
A) pricing strategy.
B) product strategy.
C) promotions strategy.
D) distribution strategy.

Accepted Answer

Offering discounts to teens and college students is a pricing strategy aimed at making the theater's offerings more appealing and affordable to a younger audience, thereby potentially increasing their attendance.

Question 11

Describe the different components of a business plan.

Accepted Answer

The answer of Describe the different components of a business...

Question 12

Grace is working on a new marketing plan for her dog accessory business, and she's developing some company objectives. Which of the following objectives belongs in the section marked "financial objectives"?
A) To design new branding, including a new logo, for the company
B) To expand distribution across the state of California
C) To increase revenue by eight to ten percent in the next six months
D) To build out the e-commerce section of her website

Accepted Answer

Financial objectives are goals related to the financial performance of the company, such as revenue, profit margins, or return on investment. Increasing revenue by eight to ten percent in the next six months is a clear financial objective, as it directly relates to the company's financial growth and performance.

Question 13

As the marketing manager of a small community theater called the Bayside Playhouse, you meet with the other board members once a month. As a group, you decide to attract more families to the playhouse by staging at least one kid-friendly play or musical each year. This is an excellent:
A) pricing strategy.
B) product strategy.
C) promotions strategy.
D) distribution strategy.

Accepted Answer

Choosing to stage at least one kid-friendly play or musical each year is a product strategy because it involves making decisions about what products (in this case, plays or musicals) to offer to meet the needs of a specific target market (families).

Question 14

Which of the following is used to identify the firm's strengths, weaknesses, opportunities, and threats within the marketing environment?
A) Business portfolio analysis
B) Breakeven analysis
C) SWOT analysis
D) Marginal analysis

Accepted Answer

SWOT analysis is specifically designed to help identify and assess a firm's internal strengths and weaknesses, as well as its external opportunities and threats.

Question 15

A firm's marketers must write a marketing plan before formulating an overall marketing strategy.

Accepted Answer

A firm's overall marketing strategy is typically developed before writing a specific marketing plan, as the strategy provides the overarching direction and goals that the marketing plan will detail and support.

Question 16

Tony is reviewing his team's proposed marketing plan for their company's newest model of computer keyboard. The section he's reading states that the keyboards will be introduced with in-store displays, a giveaway to encourage sales, and a social media campaign, all within the first month of implementing the plan. He must be reading about:
A) the SWOT analysis.
B) the marketing strategies.
C) the marketing tactics.
D) the key performance indicators.

Accepted Answer

The section Tony is reading describes specific actions or methods the team plans to use to promote the product, which are marketing tactics. These include in-store displays, giveaways, and social media campaigns.

Question 17

What is the relationship between a marketing plan and a business plan?

Accepted Answer

The answer of What is the relationship between a marketing...

Question 18

Magic Meals is a subscription meal delivery service that delivers healthy, already-prepared ingredients and recipes to its customers. The company wants to increase revenues by focusing on a new target market. Which of the following provides the best growth potential with the least additional investment?
A) Targeting people with special dietary restrictions by developing new low-sodium meals
B) Targeting overweight people by developing new low-calorie meals
C) Targeting vegetarians and vegans by developing appropriate meals
D) Targeting older adults by emphasizing the convenience and quality of existing products

Accepted Answer

Targeting older adults by emphasizing the convenience and quality of existing products requires the least additional investment because it leverages existing products without the need for developing new meal options, unlike the other choices that require investment in new product development.

Quiz 19: Creating A Marketing Plan

Magic Meals is a subscription meal delivery service that promises to deliver all the already-prepared ingredients and recipes you need to make healthy, kid-friendly meals in less than half an hour. Which of the following people is most likely to be a member of Magic Meals' target market?

Tracy is reviewing a marketing plan, and she is currently looking at the company description, marked "Company Analysis." Which of the following types of information should she NOT look for in this section?

Rick needs to get a small business loan in order to expand his food truck business, so he's writing up a marketing plan that includes specific objectives. Which of the following objectives belongs in the section marked "nonfinancial objectives"?

Every marketing plan requires a budget, a time schedule for implementation, and a system for monitoring the plan's success or failure.

What are the reasons a company should develop a marketing plan?

Describe at least three types of information a marketer should collect and detail in the Situation and Competitive Analysis section of a marketing plan.

Describe the different components of a business plan.

Grace is working on a new marketing plan for her dog accessory business, and she's developing some company objectives. Which of the following objectives belongs in the section marked "financial objectives"?

As the marketing manager of a small community theater called the Bayside Playhouse, you meet with the other board members once a month. As a group, you decide to attract more families to the playhouse by staging at least one kid-friendly play or musical each year. This is an excellent:

Which of the following is used to identify the firm's strengths, weaknesses, opportunities, and threats within the marketing environment?

A firm's marketers must write a marketing plan before formulating an overall marketing strategy.

What is the relationship between a marketing plan and a business plan?