Question 1

As discussed in the text, need-based segmentation must include which of the following characteristics to be useful?

Accepted Answer

A)  meaningful 
B)  mutually exclusive 
C)  measurable 
D)  substantial 
E)  All of the answers are correct. 
A)  meaningful 
B)  mutually exclusive 
C)  measurable 
D)  substantial 
E)  All of the answers are correct.

Question 2

Which of the following would not be a characteristic of need-based segmentation, as discussed in the text?

Accepted Answer

A)  measurable 
B)  actionable 
C)  substantial 
D)  differentiable 
E)  mutually exclusive 
A)  measurable 
B)  actionable 
C)  substantial 
D)  differentiable 
E)  mutually exclusive

Question 3

When comparing survey methods of gathering primary data, the personal interview rates high on flexibility, response rate, and amount of detail but suffers from being the most expensive and time consuming method.

Accepted Answer

A) True 
 B)False

Question 4

An effective marketing plan should be based on facts and valid assumptions, not merely the opinions of the writer.

Accepted Answer

A) True 
 B)False

Question 5

The degree of directness of a distribution channel will vary according to __________.

Accepted Answer

A)  market conditions 
B)  product attributes 
C)  cost benefits 
D)  venture attributes 
E)  All of the answers are correct. 
A)  market conditions 
B)  product attributes 
C)  cost benefits 
D)  venture attributes 
E)  All of the answers are correct.

Question 6

The first step in deciding how to position a new venture in a marketplace is to analyze the strengths, weaknesses, and positioning of key competitors.

Accepted Answer

A) True 
 B)False

Question 7

As discussed in the text, the __________ identifies the major interacting components, both internal and external to the firm, that enables the firm to successfully provide products and/or services to the marketplace.

Accepted Answer

A)  marketing plan 
B)  marketing mix 
C)  marketing system 
D)  marketing structure 
E)  None of the answers apply. 
A)  marketing plan 
B)  marketing mix 
C)  marketing system 
D)  marketing structure 
E)  None of the answers apply.

Question 8

Which of the following would not be considered an external environmental factor?

Accepted Answer

A)  the economy 
B)  competition 
C)  suppliers 
D)  technology 
E)  culture 
A)  the economy 
B)  competition 
C)  suppliers 
D)  technology 
E)  culture

Question 9

The concept of proper relationship marketing is based on __________.

Accepted Answer

A)  appealing to the largest group of customers in the target market 
B)  the law of averages and big numbers 
C)  selective retention of high profile customers who share common characteristics 
D)  the realization that the majority of profits will likely come from a small percentage of the venture's customers 
E)  None of the answers apply. 
A)  appealing to the largest group of customers in the target market 
B)  the law of averages and big numbers 
C)  selective retention of high profile customers who share common characteristics 
D)  the realization that the majority of profits will likely come from a small percentage of the venture's customers 
E)  None of the answers apply.

Question 10

The primary data collection method that is the most flexible, has the most potential for detail and the highest response rate, but suffers from being slow and also the most expensive would be which of the following?

Accepted Answer

A)  telephone 
B)  mail 
C)  personal 
D)  online 
E)  None of the answers apply. 
A)  telephone 
B)  mail 
C)  personal 
D)  online 
E)  None of the answers apply.

Question 11

In comparison to other primary data collection methods, observation is __________.

Accepted Answer

A)  the simplest approach 
B)  the fastest approach to gathering information 
C)  the most comprehensive approach 
D)  the least engaging approach to gathering information 
E)  None of the answers apply. 
A)  the simplest approach 
B)  the fastest approach to gathering information 
C)  the most comprehensive approach 
D)  the least engaging approach to gathering information 
E)  None of the answers apply.

Question 12

The primary focus of the industry analysis section of the marketing plan is to __________.

Accepted Answer

A)  show why the competitive strategy for the new venture makes sense 
B)  provide sufficient knowledge of the environment that can affect marketing strategy decision making 
C)  describe the assumptions that were made when determining product strategy 
D)  compare the marketing strategy of the new venture to its competition 
E)  None of the answers apply. 
A)  show why the competitive strategy for the new venture makes sense 
B)  provide sufficient knowledge of the environment that can affect marketing strategy decision making 
C)  describe the assumptions that were made when determining product strategy 
D)  compare the marketing strategy of the new venture to its competition 
E)  None of the answers apply.

Question 13

The industry analysis section of the business plan should be completed after the marketing plan is written, to avoid duplication of effort.

Accepted Answer

A) True 
 B)False

Question 14

As defined in the text, the combination of product, price, promotion, and distribution and other marketing activities needed to meet marketing objectives are known as __________.

Accepted Answer

A)  the marketing mix 
B)  3 P's and a D 
C)  marketing tactics 
D)  the marketing plan 
E)  None of the answers apply. 
A)  the marketing mix 
B)  3 P's and a D 
C)  marketing tactics 
D)  the marketing plan 
E)  None of the answers apply.

Question 15

The second step in preparing the marketing plan is to __________.

Accepted Answer

A)  define the business situation by conducting a situation analysis 
B)  set marketing objectives that are specific and measurable 
C)  determine marketing strategies and prepare action programs with assigned responsibilities 
D)  match feasibility of programs against available resources 
E)  None of the answers apply. 
A)  define the business situation by conducting a situation analysis 
B)  set marketing objectives that are specific and measurable 
C)  determine marketing strategies and prepare action programs with assigned responsibilities 
D)  match feasibility of programs against available resources 
E)  None of the answers apply.

Question 16

Marketing goals and objectives may be set in terms of __________.

Accepted Answer

A)  market share 
B)  profits 
C)  sales 
D)  All of the answers are correct. 
E)  None of the answers apply. 
A)  market share 
B)  profits 
C)  sales 
D)  All of the answers are correct. 
E)  None of the answers apply.

Question 17

When conducting marketing research, secondary data is collected before primary data for which of the following reasons?

Accepted Answer

A)  Secondary data is cheaper to use than primary data. 
B)  Secondary data can be used to avoid making the same mistakes. 
C)  Secondary data is typically much faster to collect than primary data. 
D)  Secondary data can be used to help shape the collection of primary data. 
E)  All of the answers are correct. 
A)  Secondary data is cheaper to use than primary data. 
B)  Secondary data can be used to avoid making the same mistakes. 
C)  Secondary data is typically much faster to collect than primary data. 
D)  Secondary data can be used to help shape the collection of primary data. 
E)  All of the answers are correct.

Question 18

The primary function of the marketing plan is to __________.

Accepted Answer

A)  establish how the entrepreneur will effectively compete and operate in the marketplace 
B)  show where the money will be spent to generate the desired level of sales revenue 
C)  determine who will be responsible for the sales function within the organization 
D)  determine how the venture will communicate with its target customers 
E)  None of the answers apply. 
A)  establish how the entrepreneur will effectively compete and operate in the marketplace 
B)  show where the money will be spent to generate the desired level of sales revenue 
C)  determine who will be responsible for the sales function within the organization 
D)  determine how the venture will communicate with its target customers 
E)  None of the answers apply.

Question 19

The purpose of conducting a competitor analysis as part of the marketing plan is to __________.

Accepted Answer

A)  decide how to best position the new venture within the existing marketplace 
B)  meet the competition on their own turf 
C)  avoid making the same mistakes 
D)  determine who has the most customers available for stealing 
E)  None of the answers apply. 
A)  decide how to best position the new venture within the existing marketplace 
B)  meet the competition on their own turf 
C)  avoid making the same mistakes 
D)  determine who has the most customers available for stealing 
E)  None of the answers apply.

Question 20

The industry analysis section of the business plan __________.

Accepted Answer

A)  begins with broad-based assessment of environmental and industry trends 
B)  provides insight into competitor strengths and weaknesses 
C)  is used to formulate the market positioning strategy 
D)  All of the answers are correct. 
A)  begins with broad-based assessment of environmental and industry trends 
B)  provides insight into competitor strengths and weaknesses 
C)  is used to formulate the market positioning strategy 
D)  All of the answers are correct.

As discussed in the text, need-based segmentation must include which of the following characteristics to be useful?

Which of the following would not be a characteristic of need-based segmentation, as discussed in the text?

When comparing survey methods of gathering primary data, the personal interview rates high on flexibility, response rate, and amount of detail but suffers from being the most expensive and time consuming method.

An effective marketing plan should be based on facts and valid assumptions, not merely the opinions of the writer.

The degree of directness of a distribution channel will vary according to __________.

The first step in deciding how to position a new venture in a marketplace is to analyze the strengths, weaknesses, and positioning of key competitors.

As discussed in the text, the __________ identifies the major interacting components, both internal and external to the firm, that enables the firm to successfully provide products and/or services to the marketplace.

Which of the following would not be considered an external environmental factor?

The concept of proper relationship marketing is based on __________.

The primary data collection method that is the most flexible, has the most potential for detail and the highest response rate, but suffers from being slow and also the most expensive would be which of the following?

In comparison to other primary data collection methods, observation is __________.

The primary focus of the industry analysis section of the marketing plan is to __________.

The industry analysis section of the business plan should be completed after the marketing plan is written, to avoid duplication of effort.

As defined in the text, the combination of product, price, promotion, and distribution and other marketing activities needed to meet marketing objectives are known as __________.

The second step in preparing the marketing plan is to __________.

Marketing goals and objectives may be set in terms of __________.

When conducting marketing research, secondary data is collected before primary data for which of the following reasons?

The primary function of the marketing plan is to __________.

The purpose of conducting a competitor analysis as part of the marketing plan is to __________.

The industry analysis section of the business plan __________.

The Entrepreneurial Mind-Set

Corporate Entrepreneurship

Generating and Exploring New Entries

Creativity and the Business Idea

Protecting the Idea and Other Legal Issues for the Entrepreneur

The Business Plan: Creating and Starting the Venture

The Marketing Plan

The Organizational Plan

The Financial Plan

Sources of Capital

Informal Risk Capital, Venture Capital, and Going Public

Filters

Exam 5: Identifying and Analyzing Domestic and International Opportunities

As discussed in the text, need-based segmentation must include which of the following characteristics to be useful?

Which of the following would not be a characteristic of need-based segmentation, as discussed in the text?

When comparing survey methods of gathering primary data, the personal interview rates high on flexibility, response rate, and amount of detail but suffers from being the most expensive and time consuming method.

An effective marketing plan should be based on facts and valid assumptions, not merely the opinions of the writer.

The degree of directness of a distribution channel will vary according to __________.

The first step in deciding how to position a new venture in a marketplace is to analyze the strengths, weaknesses, and positioning of key competitors.

As discussed in the text, the __________ identifies the major interacting components, both internal and external to the firm, that enables the firm to successfully provide products and/or services to the marketplace.

Which of the following would not be considered an external environmental factor?

The concept of proper relationship marketing is based on __________.

The primary data collection method that is the most flexible, has the most potential for detail and the highest response rate, but suffers from being slow and also the most expensive would be which of the following?

In comparison to other primary data collection methods, observation is __________.

The primary focus of the industry analysis section of the marketing plan is to __________.

The industry analysis section of the business plan should be completed after the marketing plan is written, to avoid duplication of effort.

As defined in the text, the combination of product, price, promotion, and distribution and other marketing activities needed to meet marketing objectives are known as __________.

The second step in preparing the marketing plan is to __________.

Marketing goals and objectives may be set in terms of __________.

When conducting marketing research, secondary data is collected before primary data for which of the following reasons?

The primary function of the marketing plan is to __________.

The purpose of conducting a competitor analysis as part of the marketing plan is to __________.

The industry analysis section of the business plan __________.

The Entrepreneurial Mind-Set

Corporate Entrepreneurship

Generating and Exploring New Entries

Creativity and the Business Idea

Protecting the Idea and Other Legal Issues for the Entrepreneur

The Business Plan: Creating and Starting the Venture

The Marketing Plan

The Organizational Plan

The Financial Plan

Sources of Capital

Informal Risk Capital, Venture Capital, and Going Public

Filters