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Exam 7: The Marketing Plan

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Question 31

Multiple Choice

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The areas of marketing strategy that should be addressed within the marketing plan are

A) promotional, pricing, distribution, and product/service plans.
B) promotional and pricing plans.
C) promotional and distribution plans.
D) promotional, pricing, and distribution plans.

E) All of the above
F) A) and B)

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Question 32

Multiple Choice

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The marketing plan should include

A) a competitor analysis.
B) a summary of market assumptions.
C) an analysis of alternative markets.
D) a sales forecast broken down by government industrial classifications.

E) A) and B)
F) C) and D)

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Question 33

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In an effort to ascertain the average dollar amount of credit card purchases at their store, managers of Component City, a stereo and appliance dealer, reviewed in-store copies of credit card sales receipts from the previous three months to evaluate the store's credit card acceptance policies. Component City's managers are conducting marketing research by collecting and analyzing

A chain-ratio method of sales forecasting, or a buildup process, is frequently used for consumer products forecasting.

A small business can determine whether a market is adequate for its plans by checking the sales forecast.

A detailed analysis of competitors is an important part of a firm's formal marketing plan.

A ____ estimates how much of a product or service will be purchased within a market over a defined period of time.

The marketing strategy section provides the most detailed information in a formal marketing plan.

What are the two techniques used in collecting primary data? Define and give two examples of each.

The section of the marketing plan which describes the entrepreneur's approach to creating customer awareness of the product or service is the

One section of the competitor analysis of a formal marketing plan should include all of the following, except

A buildup process requires a small business to identify all potential buyers in a target market's submarkets and then combine these estimates to determine the calculated demand.

Ideas Unlimited is a recently established consulting firm that specializes in providing retailers with information about regional sales trends. Typically, retail establishments are classified into three categories (specialty, niche, and general retailers) . The current CEO of Ideas Unlimited wants to know the estimated demand in the market for its services. Accordingly, she instructs the firm's marketing department to identify all buyers in each category of retailers and derive a full demand assessment. The CEO is requesting a market demand estimate based on the

In order to achieve market success, a firm merely needs to concentrate on either providing an excellent product/service or devising an insightful marketing strategy.

Problems typically associated with the use of secondary data include all of the following except

Small businesses typically conduct less marketing research than big businesses, partly because they lack an understanding of the basic marketing research process.

In the analysis of a market, the customer profile should include a

It is best to write a marketing plan before collecting marketing research data.

You Make the Call-Situation 1 In 1998, Rosie Herman was in debt up to her ears. Years of fertility treatments had left her owing $75,000. She needed money but did not want to leave her young twins while she worked. So she turned to what she knew best. Herman had been a manicurist for 20 years and put this experience to use. She focused her attention on creating a body-care product. Mixing a combination of oils, sea salts, and other organic products, she came up with what she thought was a winning product. She was the guinea pig (what we refer to as a test market) for her product and found that the lotion she had created was perfect for treating her own skin, which had become dry and cracked from exposure to chemicals and water in her career as a manicurist. (Source: Sara Wilson, "Skin Deep," Entrepreneur, January 2005, p. 21.)

Which of the following is not a good source of secondary data for small businesses?