Question 1

The sales at Pizza Power have lately been declining due to a new Chinese restaurant in the same neighborhood.This is typically known as _____.

Accepted Answer

Indirect competition, as the decline in sales is due to a new restaurant in the same neighborhood and not a direct competitor in the same industry or market as Pizza Power.

Question 2

Discuss the three targeting strategies that marketers can choose from.

Accepted Answer

The answer of Discuss the three targeting strategies that marketers...

Question 3

In creating a marketing plan,a firm typically identifies its competition and understands its strengths and weaknesses in a stage where the firm:

Accepted Answer

Examining the current situation of the firm includes analyzing the competition and their strengths and weaknesses. This stage provides the necessary information for developing an effective marketing strategy to gain an advantage in the competitive environment. The other options listed are important elements of a marketing plan but are typically addressed after the analysis of the current situation.

Question 4

In the situational analysis of a marketing plan,companies that provide the same product or service are referred to as _____.

Accepted Answer

Direct competition refers to companies that offer the same or similar products or services and compete directly with each other for the same target market. Supporting industries refer to those that are indirectly related to the product or service being offered, stakeholder industries may include investors or government entities, and indirect competition refers to alternatives or substitutes that may not be in the same product or service category but still compete for the same customer base.

Question 5

Warm Wish,a maker of woolen apparel,would face direct competition during winters typically from:

Accepted Answer

Weavers of cashmere shawls would be the direct competition for Warm Wish, as they also produce and sell woolen apparel during winters. Manufacturers of room heaters, restaurants that sell hot beverages, and breweries that manufacture alcohol do not produce or sell woolen apparel and thus would not be direct competitors for Warm Wish.

Question 6

Define differential advantage.What are the ways in which a firm can gain such an advantage?

Accepted Answer

The answer of Define differential advantage.What are the ways in...

Question 7

What are the approaches available for businesses to conduct primary research?

Accepted Answer

The answer of What are the approaches available for businesses...

Question 8

Briefly explain the components of a marketing plan.

Accepted Answer

The answer of Briefly explain the components of a marketing...

Question 9

What is market segmentation? What are the most frequently used basis of market segmentation?

Accepted Answer

The answer of What is market segmentation? What are the...

Question 10

_____ comprises companies that provide alternatives that are dissimilar to a firm's product/service that consumers might choose to meet a similar need.

Accepted Answer

Indirect competition comprises companies that offer alternatives to a firm's product or service that are not the same but can fulfil a similar need of the consumers. For instance, a movie theatre faces indirect competition from other forms of entertainment like video games, sports events, or even reading a book.

Question 11

Ian is developing a business plan for his company.Along with the other sections,the business plan will also include the marketing plan of his company.To avoid duplication of information,which of the following should Ian typically avoid including as a key component of the marketing plan?

Accepted Answer

Balance sheets and income statements are financial statements that do not belong in the marketing plan. The marketing plan should focus on identifying the target market, understanding the competition, and highlighting the company's differential advantage. Including financial statements would be duplicative and more appropriate in the financial section of the business plan.

Question 12

How can a firm differentiate between its direct and its indirect competitors? What are the advantages of identifying competition in situation analysis?

Accepted Answer

The answer of How can a firm differentiate between its...

Question 13

How does a marketing plan help small business owners?

Accepted Answer

The answer of How does a marketing plan help small...

Question 14

In a marketing plan,a business should typically consider its _____ as the key component of its situational analysis.

Accepted Answer

Competitors are the key component of a situational analysis in a marketing plan. This analysis helps businesses to identify their competitors, their strengths and weaknesses, market share, and other important factors that can affect their marketing strategy. By understanding their competitors, businesses can develop effective marketing strategies to differentiate themselves and gain a competitive advantage in the market.

Question 15

Elaborate on the key components to be included in a written marketing plan.Do you agree that marketing plan is a one-time process?

Accepted Answer

The answer of Elaborate on the key components to be...

Question 16

Which of the following statements is true about a marketing plan?

Accepted Answer

A marketing plan is an ongoing process and needs to be revised and adapted as changes occur in the market and business environment. It is not a one-time process. Option A is incorrect because financial data and projections are an essential part of a marketing plan. Option C is incorrect because a marketing plan needs to be revised as per changing scenarios. Option D is incorrect because an entrepreneur can outsource the job of writing a marketing plan if they do not have the required expertise.

Question 17

What is marketing research?

Accepted Answer

The answer of What is marketing research?...

Question 18

If Jack's marketing plan is part of the business plan,which of the following can be avoided as a component of the marketing plan in order to prevent duplication?

Accepted Answer

The answer of If Jack's marketing plan is part of...

Question 19

Danielle,a graduate in fashion technology,always found it tough to find clothes for her as she belonged to the category of plus-size.Hence,she launched her clothing brand Taurus Trends that catered to the needs of plus-size and extremely tall women.In future,if other clothing brands begin to cater to the same target market as does Taurus Trends,they will be considered as the firm's _____.

Accepted Answer

Other clothing brands that cater to the same target market as Taurus Trends will be considered as the firm's direct competition as they are serving the same customer base and competing for the same market share. Strategic partners, equity partners, and indirect competition do not accurately describe this relationship.

Quiz 12: Marketing Plans: Saying How Youll Get Salespart Four: Cash, Accounting, and Finance in the Small Business