Question 1

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

Accepted Answer

This statement is true. A budget and time schedule are necessary to allocate resources and stay on track while implementing the marketing plan, while monitoring success or failure ensures that adjustments can be made to improve future campaigns.

Question 2

A firm's goals should be specific and measurable.

Accepted Answer

Specific and measurable goals allow a firm to clearly define what they want to achieve and track their progress towards achieving it. This helps to ensure that efforts are focused and resources are utilized effectively.

Question 3

Which of the following components of a business plan describes strategies for informing potential customers about the goods and services offered by the firm as well as strategies for developing long-term relationships?
A)The marketing plan
B)The financing plan
C)The production plan
D)The facilities plan

Accepted Answer

The marketing plan typically outlines the firm's advertising, promotion, and sales strategies for attracting customers and building lasting relationships with them. The financing plan discusses how the business will raise capital and manage finances, the production plan outlines how the goods or services will be manufactured or delivered, and the facilities plan details the physical resources the business will require.

Question 4

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 5

An exit strategy is a plan for a firm to leave the market.
Indicate the answer choice that best completes the statement or answers the question.

Accepted Answer

An exit strategy is indeed a plan for a firm to leave the market.

Question 6

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

Accepted Answer

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

Question 7

The mission statement puts into words an organization's overall purpose and reason for being.

Accepted Answer

The mission statement provides a clear and concise explanation of an organization's purpose and reason for being, and it is an essential document when it comes to communicating with stakeholders and setting the direction of the organization.

Question 8

A marketing plan is not reevaluated once it is completely implemented.

Accepted Answer

A marketing plan should be continuously evaluated and updated as circumstances change and new opportunities arise. Implementation of a plan is not the end goal but rather a constant process of improvement and adaptation.

Question 9

Which of the following components of the marketing mix focuses on deciding the goods and services a firm should offer in order to meet the needs of its customers?
A)Product strategy
B)Distribution strategy
C)Promotional strategy
D)Pricing strategy

Accepted Answer

Product strategy involves making decisions about the features, benefits, and branding of the products and services a company offers in order to satisfy customer needs and wants. The other options focus on distribution, promotion, and pricing, respectively.

Question 10

The facilities plan estimates the firm's employment needs and the skills necessary to achieve organizational goals.

Accepted Answer

The answer of The facilities plan estimates the firm's employment...

Question 11

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 the tool used to identify the firm's strengths, weaknesses, opportunities, and threats within the marketing environment. Business portfolio analysis is used to evaluate a company's product portfolio and allocate resources based on the market attractiveness and business strength. Breakeven analysis is used to determine the level of sales needed to cover all costs, while marginal analysis is used to determine the impact of a change in production or sales on a company's profits.

Question 12

Strategic planning is the process of anticipating events and market conditions and deciding how a firm can best achieve its organizational objectives.

Accepted Answer

Strategic planning involves forecasting future events and considering how a company can meet its goals and respond to changes in the market.

Question 13

Why do marketers in most industries have difficulty making estimates and predictions beyond five years?
A)Marketers rarely stay in the same job for more than five years.
B)There are many uncertainties in the marketplace.
C)The margin for error in long-term forecasting is very small.
D)The cost involved limits predictions beyond five years.

Accepted Answer

There are many factors that can impact a marketplace over a longer period of time, such as economic shifts, changes in technology, and shifts in consumer behavior. These uncertainties make it difficult for marketers to accurately predict and estimate beyond a five-year timeframe.

Question 14

A marketing plan is a detailed description of the resources and actions needed to achieve stated marketing objectives.

Accepted Answer

A marketing plan is a strategic document outlining the goals, target market, strategies, tactics, budget, and timeline for achieving the stated marketing objectives. It provides a roadmap for the marketing department to follow in order to attain its goals and objectives.

Question 15

The need for a business plan is more acutely felt in a small company than in a large multinational company.

Accepted Answer

The answer of The need for a business plan is...

Question 16

Describe the different components of a business plan.

Accepted Answer

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

Question 17

Which of the following focuses on the environment in which the marketing plan is to be implemented?
A)Production plan
B)Competitive analysis
C)Mission statement
D)Executive summary

Accepted Answer

Competitive analysis looks at the external environment, including competitors, market trends, and consumer behavior, which are all factors that can impact the implementation of a marketing plan. The production plan, mission statement, and executive summary are all important elements of a marketing plan, but do not specifically focus on the external environment.

Question 18

A large company sells some of its business units to help cut costs,bolster its share price and diversify its business interest.This is an example of a firm employing a(n):
A)exit strategy.
B)pricing strategy.
C)distribution strategy.
D)promotion strategy.

Accepted Answer

An exit strategy refers to a planned approach used by a company or an investor to divest from a business unit, asset or investment. This strategy is often used to cut costs, reduce debt or improve the overall performance of a company. In this case, the company is selling business units to help cut costs, which makes it an exit strategy. Pricing strategy refers to the approach used by a company to set the price of its products or services. Distribution strategy refers to how a company distributes its products or services to consumers. Promotion strategy refers to the approach used by companies to promote their products or services to potential customers.

Quiz 20: Developing an Effective Marketing Plan

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

A firm's goals should be specific and measurable.

Which of the following components of a business plan describes strategies for informing potential customers about the goods and services offered by the firm as well as strategies for developing long-term relationships?

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

An exit strategy is a plan for a firm to leave the market. Indicate the answer choice that best completes the statement or answers the question.

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

The mission statement puts into words an organization's overall purpose and reason for being.

A marketing plan is not reevaluated once it is completely implemented.

Which of the following components of the marketing mix focuses on deciding the goods and services a firm should offer in order to meet the needs of its customers?

The facilities plan estimates the firm's employment needs and the skills necessary to achieve organizational goals.

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

Strategic planning is the process of anticipating events and market conditions and deciding how a firm can best achieve its organizational objectives.

Why do marketers in most industries have difficulty making estimates and predictions beyond five years?

A marketing plan is a detailed description of the resources and actions needed to achieve stated marketing objectives.

The need for a business plan is more acutely felt in a small company than in a large multinational company.

Describe the different components of a business plan.

Which of the following focuses on the environment in which the marketing plan is to be implemented?

A large company sells some of its business units to help cut costs,bolster its share price and diversify its business interest.This is an example of a firm employing a(n) :