Question 1

Which of these statements regarding marketing and business plans is most accurate?

Accepted Answer

A)  In contrast to a marketing plan, a business plan is a road map for the entire organization for a specified future period of time, such as one year or five years. 
B)  In contrast to a business plan, a marketing plan is a road map for the entire organization for a specified future period of time, such as one year or five years. 
C)  A marketing plan contains a greater degree of detail regarding research and development, operations, and manufacturing activities of the organization. 
D)  A business plan is used for industrial products and a marketing plan is used for consumer products. 
E)  A business plan is used for manufactured products and a marketing plan is used for services. 
A)  In contrast to a marketing plan, a business plan is a road map for the entire organization for a specified future period of time, such as one year or five years. 
B)  In contrast to a business plan, a marketing plan is a road map for the entire organization for a specified future period of time, such as one year or five years. 
C)  A marketing plan contains a greater degree of detail regarding research and development, operations, and manufacturing activities of the organization. 
D)  A business plan is used for industrial products and a marketing plan is used for consumer products. 
E)  A business plan is used for manufactured products and a marketing plan is used for services.

Question 2

Which of these statements is written in the best writing style for a business or marketing plan?

Accepted Answer

A)  We have found three different groups that could benefit from our new software. 
B)  Being that teachers, social workers, and nurses can use this software, it will offer great opportunities. 
C)  There are three potential target markets for this software: teachers, social workers, and nurses. 
D)  There is a target market of teachers; there is a target market of social workers; and there is a target market of nurses as well, who might benefit if we get the opportunity to bring this product to the public. 
E)  The fact that there are three different "money makers" to shoot for should be a selling point. 
A)  We have found three different groups that could benefit from our new software. 
B)  Being that teachers, social workers, and nurses can use this software, it will offer great opportunities. 
C)  There are three potential target markets for this software: teachers, social workers, and nurses. 
D)  There is a target market of teachers; there is a target market of social workers; and there is a target market of nurses as well, who might benefit if we get the opportunity to bring this product to the public. 
E)  The fact that there are three different "money makers" to shoot for should be a selling point.

Question 3

Which of these statements about marketing plans is most accurate?

Accepted Answer

A)  A marketing plan has little or no value unless it projects plans at least 10 years into the future. 
B)  It is important to use the exact market plan format regardless of the product or industry. 
C)  Although sales figures will vary greatly, the marketing plan for a small family-owned food store will be almost identical to the marketing plan of a large supermarket chain, if written correctly. 
D)  Although the target audience and purpose affect the design of a marketing plan, the type of industry plays a relatively small, if any, role in its design. 
E)  No single generic marketing plan applies to all organizations and all situations. 
A)  A marketing plan has little or no value unless it projects plans at least 10 years into the future. 
B)  It is important to use the exact market plan format regardless of the product or industry. 
C)  Although sales figures will vary greatly, the marketing plan for a small family-owned food store will be almost identical to the marketing plan of a large supermarket chain, if written correctly. 
D)  Although the target audience and purpose affect the design of a marketing plan, the type of industry plays a relatively small, if any, role in its design. 
E)  No single generic marketing plan applies to all organizations and all situations.

Question 4

Paradise Kitchens included a detailed figure to highlight its SWOT analysis. However,

Accepted Answer

A)  there was no further explanation or written summary. 
B)  it was complemented by a short, but more in-depth, discussion of important points. 
C)  it failed to perform a situation analysis. 
D)  it did not include an industry analysis. 
E)  it also included a page-long explanation of each of the four factors. 
A)  there was no further explanation or written summary. 
B)  it was complemented by a short, but more in-depth, discussion of important points. 
C)  it failed to perform a situation analysis. 
D)  it did not include an industry analysis. 
E)  it also included a page-long explanation of each of the four factors.

Question 5

The table of contents is usually found

Accepted Answer

A)  as an attachment with the letter of transmittal. 
B)  on the cover of the plan. 
C)  immediately after the executive summary. 
D)  between the executive summary and the company description. 
E)  immediately before the executive summary. 
A)  as an attachment with the letter of transmittal. 
B)  on the cover of the plan. 
C)  immediately after the executive summary. 
D)  between the executive summary and the company description. 
E)  immediately before the executive summary.

Question 6

Paradise Kitchens used external secondary data to provide evidence that there is a growing trend in frozen prepared foods. According to its marketing plan, prepared frozen meals accounted for around ________ percent of the total frozen food market.

Accepted Answer

A)  5 
B)  11 
C)  17 
D)  35 
E)  49 
A)  5 
B)  11 
C)  17 
D)  35 
E)  49

Question 7

The SWOT analysis section of a marketing plan identifies a company's

Accepted Answer

A)  new technological innovations. 
B)  strengths, weaknesses, opportunities, and threats. 
C)  marketing program. 
D)  barriers to entry. 
E)  sustainable competitive advantages. 
A)  new technological innovations. 
B)  strengths, weaknesses, opportunities, and threats. 
C)  marketing program. 
D)  barriers to entry. 
E)  sustainable competitive advantages.

Question 8

There are no magic one-size-fits-all guidelines for writing successful marketing and business plans. All of the writing and style guidelines below still generally apply except which?

Accepted Answer

A)  Use a direct, professional writing style. 
B)  Be positive and specific to convey potential success. 
C)  Shoot for a plan that is 15 to 35 pages in length, excluding financial projections and appendixes. 
D)  Include as an attachment the résumés for all key players in your management team. 
E)  Use numbers for impact. 
A)  Use a direct, professional writing style. 
B)  Be positive and specific to convey potential success. 
C)  Shoot for a plan that is 15 to 35 pages in length, excluding financial projections and appendixes. 
D)  Include as an attachment the résumés for all key players in your management team. 
E)  Use numbers for impact.

Question 9

The qualitative mission statement focuses the activities of Paradise Kitchens for its

Accepted Answer

A)  brands. 
B)  competitors. 
C)  regulators. 
D)  stakeholders. 
E)  ideas. 
A)  brands. 
B)  competitors. 
C)  regulators. 
D)  stakeholders. 
E)  ideas.

Question 10

The three key elements of the product strategy section in the Paradise Kitchens marketing plan are

Accepted Answer

A)  product benefits, product line, and product packaging. 
B)  product characteristics, branding strategies, and packaging. 
C)  unique product quality, product line, and branding strategies. 
D)  product line, unique product quality, and packaging. 
E)  product line, product brand, and product packaging. 
A)  product benefits, product line, and product packaging. 
B)  product characteristics, branding strategies, and packaging. 
C)  unique product quality, product line, and branding strategies. 
D)  product line, unique product quality, and packaging. 
E)  product line, product brand, and product packaging.

Question 11

When appropriate and space permits, the price strategy section of a marketing plan would include a

Accepted Answer

A)  SWOT analysis. 
B)  situational analysis. 
C)  marginal analysis. 
D)  diversification analysis. 
E)  break-even analysis. 
A)  SWOT analysis. 
B)  situational analysis. 
C)  marginal analysis. 
D)  diversification analysis. 
E)  break-even analysis.

Question 12

Paradise Kitchens analyzed two key trends in its industry, which were

Accepted Answer

A)  frozen foods and microwavable foods. 
B)  Mexican foods and South American foods. 
C)  eating out and take-out. 
D)  frozen foods and Mexican foods. 
E)  larger portion size and vegetarian meals. 
A)  frozen foods and microwavable foods. 
B)  Mexican foods and South American foods. 
C)  eating out and take-out. 
D)  frozen foods and Mexican foods. 
E)  larger portion size and vegetarian meals.

Question 13

According to its marketing plan, Paradise Kitchens is positioning itself in consumers' minds as

Accepted Answer

A)  a moderately priced "homestyle taste of the Southwest" chili. 
B)  a low-cost "Mexican/American meld of flavors" for easy-to-prepare frozen entrees. 
C)  traditional "Taste of Mexico" that uses all organic ingredients in semi-prepared meals. 
D)  very high-quality "gourmet Southwestern/Mexican" frozen entrees and desserts. 
E)  very high-quality "authentic Southwestern/Mexican tasting" chilies that can be prepared easily and quickly. 
A)  a moderately priced "homestyle taste of the Southwest" chili. 
B)  a low-cost "Mexican/American meld of flavors" for easy-to-prepare frozen entrees. 
C)  traditional "Taste of Mexico" that uses all organic ingredients in semi-prepared meals. 
D)  very high-quality "gourmet Southwestern/Mexican" frozen entrees and desserts. 
E)  very high-quality "authentic Southwestern/Mexican tasting" chilies that can be prepared easily and quickly.

Question 14

In which section of a marketing plan would you most likely expect to see a chart with deadlines and assigned responsibilities?

Accepted Answer

A)  strategy 
B)  organization 
C)  implementation 
D)  evaluation 
E)  appendix 
A)  strategy 
B)  organization 
C)  implementation 
D)  evaluation 
E)  appendix

Question 15

To help buyers see the many different uses for Howlin' Coyote Chili, the company has

Accepted Answer

A)  sponsored a recipe contest with the first prize being a trip for two to Mexico. 
B)  used bundle pricing with a chili bowl and a selection of products. 
C)  sponsored a series of short but informative commercials on the Cooking Channel. 
D)  published small, full-color illustrated pamphlets as buyer incentives to its wholesalers. 
E)  printed recipes on the inside of its packaging. 
A)  sponsored a recipe contest with the first prize being a trip for two to Mexico. 
B)  used bundle pricing with a chili bowl and a selection of products. 
C)  sponsored a series of short but informative commercials on the Cooking Channel. 
D)  published small, full-color illustrated pamphlets as buyer incentives to its wholesalers. 
E)  printed recipes on the inside of its packaging.

Question 16

The greatest single factor in a new product's failure is

Accepted Answer

A)  a lack of advertising and promotion. 
B)  attempting to reach a target market that is too small. 
C)  too few competitors. 
D)  insignificant points of difference. 
E)  lack of experienced management. 
A)  a lack of advertising and promotion. 
B)  attempting to reach a target market that is too small. 
C)  too few competitors. 
D)  insignificant points of difference. 
E)  lack of experienced management.

Question 17

The marketing program section of a marketing plan consists of

Accepted Answer

A)  the four marketing mix elements. 
B)  the five environmental forces. 
C)  the financial forecasts for the industry and the company itself. 
D)  the target market identification and market segment selection. 
E)  the specific steps that will be taken to implement the plan. 
A)  the four marketing mix elements. 
B)  the five environmental forces. 
C)  the financial forecasts for the industry and the company itself. 
D)  the target market identification and market segment selection. 
E)  the specific steps that will be taken to implement the plan.

Question 18

Paradise Kitchens proposes entering 17 new metropolitan markets in the next five years. For this reason, the financial plan cannot use simple trend extrapolation. Instead, the forecasting method used was

Accepted Answer

A)  curvilinear trend extrapolation. 
B)  the lost horse technique. 
C)  a survey of buyers' intentions. 
D)  a salesforce survey. 
E)  direct forecasting. 
A)  curvilinear trend extrapolation. 
B)  the lost horse technique. 
C)  a survey of buyers' intentions. 
D)  a salesforce survey. 
E)  direct forecasting.

Question 19

In terms of its marketing and product objectives, which of these statements regarding Paradise Kitchens is most accurate?

Accepted Answer

A)  Paradise Kitchens does not intend to expand its markets; rather, it will choose a market penetration strategy through increasing same-store sales. 
B)  Howlin' Coyote's brand presence will be expanded through the addition of a totally new line of ethnic desserts (flan, churros, sopapillas). 
C)  Paradise Kitchens will gradually phase out its food service division to allow for growth in its new frozen dessert line. 
D)  Howlin' Coyote's brand presence will be expanded through the addition of new products in the frozen foods section. 
E)  By the end of Year 5, Paradise Kitchens will expand its chili, salsa, burrito, and enchilada business to reach small suburban and rural areas in the relatively untapped Midwest market. 
A)  Paradise Kitchens does not intend to expand its markets; rather, it will choose a market penetration strategy through increasing same-store sales. 
B)  Howlin' Coyote's brand presence will be expanded through the addition of a totally new line of ethnic desserts (flan, churros, sopapillas). 
C)  Paradise Kitchens will gradually phase out its food service division to allow for growth in its new frozen dessert line. 
D)  Howlin' Coyote's brand presence will be expanded through the addition of new products in the frozen foods section. 
E)  By the end of Year 5, Paradise Kitchens will expand its chili, salsa, burrito, and enchilada business to reach small suburban and rural areas in the relatively untapped Midwest market.

Question 20

For the benefit of its audience, Paradise Kitchens divided its goals into

Accepted Answer

A)  product and process. 
B)  product and service. 
C)  internal and external. 
D)  employee and customer. 
E)  financial and nonfinancial. 
A)  product and process. 
B)  product and service. 
C)  internal and external. 
D)  employee and customer. 
E)  financial and nonfinancial.

Exam 23: Building an Effective Marketing Plan

Which of these statements regarding marketing and business plans is most accurate?

Which of these statements is written in the best writing style for a business or marketing plan?

Which of these statements about marketing plans is most accurate?

Paradise Kitchens included a detailed figure to highlight its SWOT analysis. However,

The table of contents is usually found

Paradise Kitchens used external secondary data to provide evidence that there is a growing trend in frozen prepared foods. According to its marketing plan, prepared frozen meals accounted for around ________ percent of the total frozen food market.

The SWOT analysis section of a marketing plan identifies a company's

There are no magic one-size-fits-all guidelines for writing successful marketing and business plans. All of the writing and style guidelines below still generally apply except which?

The qualitative mission statement focuses the activities of Paradise Kitchens for its

The three key elements of the product strategy section in the Paradise Kitchens marketing plan are

When appropriate and space permits, the price strategy section of a marketing plan would include a

Paradise Kitchens analyzed two key trends in its industry, which were

According to its marketing plan, Paradise Kitchens is positioning itself in consumers' minds as

In which section of a marketing plan would you most likely expect to see a chart with deadlines and assigned responsibilities?

To help buyers see the many different uses for Howlin' Coyote Chili, the company has

The greatest single factor in a new product's failure is

The marketing program section of a marketing plan consists of

Paradise Kitchens proposes entering 17 new metropolitan markets in the next five years. For this reason, the financial plan cannot use simple trend extrapolation. Instead, the forecasting method used was

In terms of its marketing and product objectives, which of these statements regarding Paradise Kitchens is most accurate?

For the benefit of its audience, Paradise Kitchens divided its goals into

Creating Customer Relationships and Value Through Marketing

Developing Successful Organizational and Marketing Strategies

Scanning the Marketing Environment

Ethical and Social Responsibility for Sustainable Marketing

Understanding Consumer Behavior

Understanding Organizations As Customers

Understanding and Reaching Global Consumers and Markets

Marketing Research: From Customer Insights to Actions

Market Segmentation, Targeting, and Positioning

Developing New Products and Services

Managing Successful Products, Services, and Brands

Services Marketing

Building the Price Foundation

Arriving at the Final Price

Managing Marketing Channels and Supply Chains

Retailing and Wholesaling

Integrated Marketing Communications and Direct Marketing

Advertising, Sales Promotion, and Public Relations

Using Social Media and Mobile Marketing to Connect With Consumers

Personal Selling and Sales Management

Implementing Interactive and Multi-Channel Marketing

Pulling It All Together: the Strategic Marketing Proces

Financial Aspects of Marketing

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