Exam 7: The Marketing Plan

In recent years, the emphasis in U.S. businesses has been on

Every day, associates of Sewell Motors, a Dallas-based auto retailer, strive to exceed the company's expectations of treating the customer as its number one priority. Every action, policy, and ultimate sale is conducted professionally, with consumers' needs in mind. Sewell Motors subscribes to the ____ marketing philosophy.

You Make the Call-Situation 4 Watch your older relatives the next time you go out to eat. Do they have trouble seeing the menu well enough to read it? Chandler Powell did, and he had no luck finding a lighted magnifying glass to correct the situation. When the 21-year-old college student attended a musical (at a poorly lit theater) and had a tough time reading the program, he again thought that a lighted magnifying glass was just what he needed. Eventually, he located several types online, but none proved entirely satisfactory. He decided that he had identified a marketing opportunity. He set his sights on the U.S. symphony market because it attracts older people who would likely benefit from such a product. But first, he needed a product. (Source: Sarah E. Needleman, "Selling Your Product to an Exclusive Club," Startup Journal, WSJ.com, accessed May 18, 2006.)

Forecasting sales for a new venture

The most detailed and scrutinized section of a formal marketing plan is the

Because sales forecasts revolve around specific target markets, the market should be defined as precisely as possible.

The sales forecasting procedure in which the forecaster begins with a variable that has a very large scope and then systematically works down to the sales forecast is known as the

What are some of the guidelines that should be followed in developing a questionnaire?

Because of the relatively inconsequential amount of sales conducted by a typical small business, the majority of entrepreneurs need not be concerned with formulating accurate sales forecasts.

Typical demographic variables consist of the following except

Researchers typically achieve higher response rates from mail and telephone surveys than from personal interviews.

Irene Anderson, an experienced entrepreneur, is evaluating her customer profile. She should check

Marketing research is an effective supplement, but not a replacement, for the intuitive judgment of entrepreneurs.

A ____ is defined as a group of customers or potential customers who have purchasing power and unsatisfied needs.

The consumer-oriented approach to marketing

Because of the considerable cost, time, and effort associated with pre-testing, it is generally considered necessary only in the case of extensive, complex questionnaires.

Define the term market and explain the key ingredients of that definition.

Mary Delany, owner of Delany Salsas, is curious to know whether the new packaging for her line of salsas is being noticed by supermarket consumers. Accordingly, she ventures out to the local supermarket and passively watches the reactions of shoppers as they pass by one of the many Delany Salsas displays. Mary Delany is collecting ____ data through ____ methods.

In a small business, the entrepreneur's marketing philosophy typically shapes the firm's marketing activities.

Determining market potential is the process of locating and investigating buying units that have purchasing power and needs that can be satisfied with the product or service being offered.