Question 1

Which of the following areas in the marketing plan section of the business plan is described when sales representatives and channels of distribution are discussed?

Accepted Answer

The "Place" section of the marketing plan refers to how a product is distributed and where it is sold, which includes sales representatives and channels of distribution.

Question 2

Developing adequate parking for a business establishment involves which area of the manufacturing and operations plan?

Accepted Answer

Facilities planning involves the development of adequate parking as it pertains to the physical layout and infrastructure of the business establishment.

Question 3

Ensuring for product quality is part of which portion of a manufacturing and operations plan?

Accepted Answer

The control system is responsible for maintaining product quality by monitoring and managing production processes to ensure they meet the required standards.

Question 4

Which of the following areas is addressed in the marketing research section of the business plan when sales in relation to total industry sales are expressed as a percentage?

Accepted Answer

Market share is the term used to describe sales in relation to total industry sales expressed as a percentage.

Question 5

Which of the following areas is addressed in the marketing plan section of the business plan when gross margin and the ability to make a profit after all expenses are paid are discussed?

Accepted Answer

The pricing section of the marketing plan addresses gross margin and profitability, as it involves setting prices that cover costs and generate profit.

Question 6

All of the following are considered psychographic variables except

Accepted Answer

Psychographic variables include lifestyle, usage rate, and loyalty, while demographics refer to statistical data like age, gender, and income.

Question 7

All but which of the following benefits might arise for a community in which a small business is located?

Accepted Answer

The answer of All but which of the following benefits...

Question 8

A core management team must be balanced by obtaining all but which types of the following skills?

Accepted Answer

Marketing experience is not necessarily a core skill required for a balanced management team, as the focus is on technical, business, and management skills.

Question 9

The ____ section of the manufacturing and operations segment of the business plan discusses the adequacy and quantity of skilled workers that are available to help in the production of the product/service.

Accepted Answer

The labor force section of the business plan addresses the availability and adequacy of skilled workers necessary for production.

Question 10

Contingencies related to ____ in the critical risks and assumptions segment of the business plan discusses either sales that are too low or sales that are too high.

Accepted Answer

Unreliable sales forecasts can lead to sales being either too low or too high, which is why they are considered a contingency in the critical risks and assumptions segment of a business plan.

Question 11

Which of the following sections of the manufacturing and operations section of the business plan discusses what will be produced in the plant and what components will be purchased to be assembled into the finished product?

Accepted Answer

The make-or-buy policy section of the business plan discusses what components will be produced in-house and what will be purchased from external suppliers to be assembled into the finished product.

Question 12

Stella,a tattoo artist,visits tattoo conventions in a nearby city every few months to attract potential customers who live on the outskirts of her business's geographic market.This is an example of using

Accepted Answer

Stella is using promotion as part of her marketing plan by attending conventions to attract potential customers.

Question 13

Although Bob's Outdoor Retailer competes directly with nearby supercenters,managers at Bob's are confident that individuals within a ten-mile radius of the business will be loyal customers.These managers are establishing a target market based on

Accepted Answer

The managers are focusing on customers within a specific ten-mile radius, which is a geographic location-based target market strategy.

Question 14

Which of the following is the contingency in the critical risks and assumptions segment of the business plan that discusses events occurring within the economy and society that could negatively affect the product/service being offered?

Accepted Answer

Unfavorable industry-wide trends refer to economic and societal events that could negatively impact the product/service, making it a contingency in the critical risks and assumptions segment of a business plan.

Question 15

The section of the business plan where such items as facilities,location,capital equipment,labor force,inventory control,and purchasing are discussed is

Accepted Answer

The Manufacturing and Operations section of a business plan covers details about facilities, location, capital equipment, labor force, inventory control, and purchasing.

Question 16

The ____ section of the manufacturing and operations segment of the business plan discusses the proximity to customers or the proximity to transportation.

Accepted Answer

The geographic location section discusses the proximity to customers or transportation, which is crucial for logistics and distribution efficiency.

Question 17

Which of the following areas in the marketing plan section of the business plan is described when advertising media,trade shows,and direct mail are discussed?

Accepted Answer

Promotion is the area in the marketing plan section of the business plan that is described when advertising media, trade shows, and direct mail are discussed.

Question 18

Which of the following areas in the marketing plan section of the business plan is described when warranties,customer problems and complaints,and subcontracts are discussed?

Accepted Answer

Service policies cover aspects like warranties, handling customer problems and complaints, and managing subcontracts, as they relate to the service and support provided to customers.

Question 19

Which of the following is a possible contingency that should be anticipated in the critical risks and assumptions section of the business plan?

Accepted Answer

The answer of Which of the following is a possible...

Question 20

Which of the following is not included in the marketing plan section of the business plan?

Accepted Answer

Cash-flow statements are typically included in the financial plan section of a business plan, not the marketing plan section.

Quiz 4: The-Business-Plan