Question 1

Describe the steps involved in preparing the marketing plan, as presented in the text

Accepted Answer

The steps involved in preparing the mark

Question 2

As discussed in the text, the most common approach to gathering primary information is __________.

Accepted Answer

A)  observation 
B)  focus groups 
C)  experimentation 
D)  interviewing 
E)  None of the answers apply. 
A)  observation 
B)  focus groups 
C)  experimentation 
D)  interviewing 
E)  None of the answers apply.

Question 3

As described in the Opening Profile to Chapter 5, Spin Master Ltd has been successful breaking into the toy industry primarily by using mass advertising campaigns to reach its target markets.

Accepted Answer

A) True 
 B)False

Question 4

As discussed in the text, once target market(s) have been selected, a comprehensive customer profile should be developed based on __________.

Accepted Answer

A)  what the venture has to offer them 
B)  their needs and buying behaviour 
C)  what the venture's competitors have to offer 
D)  the market opportunity that has been identified 
E)  None of the answers apply. 
A)  what the venture has to offer them 
B)  their needs and buying behaviour 
C)  what the venture's competitors have to offer 
D)  the market opportunity that has been identified 
E)  None of the answers apply.

Question 5

In developing a Web site, an entrepreneur needs to remember that a Web site is a communication vehicle and should address the following questions:

Accepted Answer

A)  Who is the audience? 
B)  What are the objectives for the site? 
C)  What do you want consumers to do upon visiting the site? 
D)  Is the Web site an integral part of the venture's total communication program? 
E)  All of the answers are correct. 
A)  Who is the audience? 
B)  What are the objectives for the site? 
C)  What do you want consumers to do upon visiting the site? 
D)  Is the Web site an integral part of the venture's total communication program? 
E)  All of the answers are correct.

Question 6

An entrepreneur can use which of the following to complete the competitor analysis section of the marketing plan?

Accepted Answer

A)  printed materials such as catalogues, brochures, and flyers 
B)  scanning websites 
C)  newspaper and magazine articles 
D)  personal visits to competitors' facilities 
E)  All of the answers are correct. 
A)  printed materials such as catalogues, brochures, and flyers 
B)  scanning websites 
C)  newspaper and magazine articles 
D)  personal visits to competitors' facilities 
E)  All of the answers are correct.

Question 7

The third 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 8

The primary data collection method that is inexpensive and provides some depth in potential responses, but suffers from less flexibility, being slow and the poorest response rate 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 9

Market segmentation is most simply defined as breaking a marketplace down into categories of buyers who share similar characteristics.

Accepted Answer

A) True 
 B)False

Question 10

The primary data collection method that is fast, inexpensive, flexible, and has a high response rate but provides the least amount of detail possible 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

As described in the Opening Profile to Chapter 5, Spin Master Ltd, with their product Air Hogs; rather than launch a massive retail and marketing campaign, they decided to focus on

Accepted Answer

A)  large budget, mass communications campaigns aimed directly at their target market, children 
B)  ingenuity and a combination of public relations and grassroots marketing 
C)  innovative product development and flexible manufacturing techniques 
D)  selling the product to specialty educational toy stores and through the Sears catalogue 
E)  None of the answers apply. 
A)  large budget, mass communications campaigns aimed directly at their target market, children 
B)  ingenuity and a combination of public relations and grassroots marketing 
C)  innovative product development and flexible manufacturing techniques 
D)  selling the product to specialty educational toy stores and through the Sears catalogue 
E)  None of the answers apply.

Question 12

Primary data collection procedures include which of the following?

Accepted Answer

A)  observation 
B)  experimentation 
C)  interviewing 
D)  focus groups 
E)  All of the answers are correct. 
A)  observation 
B)  experimentation 
C)  interviewing 
D)  focus groups 
E)  All of the answers are correct.

Question 13

Marketing research should begin with __________.

Accepted Answer

A)  definition of objectives or purpose 
B)  gathering data from primary sources 
C)  determining the budget for the research effort 
D)  gathering data from secondary sources 
E)  None of the answers apply. 
A)  definition of objectives or purpose 
B)  gathering data from primary sources 
C)  determining the budget for the research effort 
D)  gathering data from secondary sources 
E)  None of the answers apply.

Question 14

Which of the following would be considered an internal environmental variable?

Accepted Answer

A)  financial resources 
B)  suppliers 
C)  goals and objectives 
D)  management team 
E)  All of the answers are correct. 
A)  financial resources 
B)  suppliers 
C)  goals and objectives 
D)  management team 
E)  All of the answers are correct.

Question 15

The most common approach to gathering market information is the focus group discussion, due to its simplicity.

Accepted Answer

A) True 
 B)False

Question 16

To be useful, a market segmentation strategy must have the following characteristics: meaningful, mutually exclusive, measurable, substantial, and actionable.

Accepted Answer

A) True 
 B)False

Question 17

When segmenting and choosing a target market, entrepreneurs often make the mistake of __________.

Accepted Answer

A)  assuming that the highest revenue-producing segment will be the most profitable for them to serve 
B)  using too many segmentation variables, thus producing very large segments 
C)  assuming that their competition has already chosen another segment to focus on 
D)  using buyer behaviour as the sole criteria for segmentation 
E)  None of the answers apply. 
A)  assuming that the highest revenue-producing segment will be the most profitable for them to serve 
B)  using too many segmentation variables, thus producing very large segments 
C)  assuming that their competition has already chosen another segment to focus on 
D)  using buyer behaviour as the sole criteria for segmentation 
E)  None of the answers apply.

Question 18

Discuss the importance of need segmentation and the five characteristics of a segmentation strategy that make it more effective.

Accepted Answer

Need segmentation refers to looking at m

Question 19

When determining channel strategy, choosing only a small number of channel members based on some set of criteria or requirements is known as __________ distribution.

Accepted Answer

A)  intensive 
B)  selective 
C)  exclusive 
D)  functional 
E)  None of the answers apply. 
A)  intensive 
B)  selective 
C)  exclusive 
D)  functional 
E)  None of the answers apply.

Question 20

The easiest way for an entrepreneur to define the purpose or objectives of conducting marketing research is to __________.

Accepted Answer

A)  look at marketing research studies already completed for similar business ventures 
B)  review the results of the competitor analysis and look for gaps 
C)  think in terms of what information is needed to prepare the marketing plan 
D)  review their marketing strategy for the new venture and look for inconsistencies 
E)  None of the answers apply. 
A)  look at marketing research studies already completed for similar business ventures 
B)  review the results of the competitor analysis and look for gaps 
C)  think in terms of what information is needed to prepare the marketing plan 
D)  review their marketing strategy for the new venture and look for inconsistencies 
E)  None of the answers apply.

Describe the steps involved in preparing the marketing plan, as presented in the text

As discussed in the text, the most common approach to gathering primary information is __________.

As described in the Opening Profile to Chapter 5, Spin Master Ltd has been successful breaking into the toy industry primarily by using mass advertising campaigns to reach its target markets.

As discussed in the text, once target market(s) have been selected, a comprehensive customer profile should be developed based on __________.

In developing a Web site, an entrepreneur needs to remember that a Web site is a communication vehicle and should address the following questions:

An entrepreneur can use which of the following to complete the competitor analysis section of the marketing plan?

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

The primary data collection method that is inexpensive and provides some depth in potential responses, but suffers from less flexibility, being slow and the poorest response rate would be which of the following?

Market segmentation is most simply defined as breaking a marketplace down into categories of buyers who share similar characteristics.

The primary data collection method that is fast, inexpensive, flexible, and has a high response rate but provides the least amount of detail possible would be which of the following?

As described in the Opening Profile to Chapter 5, Spin Master Ltd, with their product Air Hogs; rather than launch a massive retail and marketing campaign, they decided to focus on

Primary data collection procedures include which of the following?

Marketing research should begin with __________.

Which of the following would be considered an internal environmental variable?

The most common approach to gathering market information is the focus group discussion, due to its simplicity.

To be useful, a market segmentation strategy must have the following characteristics: meaningful, mutually exclusive, measurable, substantial, and actionable.

When segmenting and choosing a target market, entrepreneurs often make the mistake of __________.

Discuss the importance of need segmentation and the five characteristics of a segmentation strategy that make it more effective.

When determining channel strategy, choosing only a small number of channel members based on some set of criteria or requirements is known as __________ distribution.

The easiest way for an entrepreneur to define the purpose or objectives of conducting marketing research is to __________.

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

Describe the steps involved in preparing the marketing plan, as presented in the text

As discussed in the text, the most common approach to gathering primary information is __________.

As described in the Opening Profile to Chapter 5, Spin Master Ltd has been successful breaking into the toy industry primarily by using mass advertising campaigns to reach its target markets.

As discussed in the text, once target market(s) have been selected, a comprehensive customer profile should be developed based on __________.

In developing a Web site, an entrepreneur needs to remember that a Web site is a communication vehicle and should address the following questions:

An entrepreneur can use which of the following to complete the competitor analysis section of the marketing plan?

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

The primary data collection method that is inexpensive and provides some depth in potential responses, but suffers from less flexibility, being slow and the poorest response rate would be which of the following?

Market segmentation is most simply defined as breaking a marketplace down into categories of buyers who share similar characteristics.

The primary data collection method that is fast, inexpensive, flexible, and has a high response rate but provides the least amount of detail possible would be which of the following?

As described in the Opening Profile to Chapter 5, Spin Master Ltd, with their product Air Hogs; rather than launch a massive retail and marketing campaign, they decided to focus on

Primary data collection procedures include which of the following?

Marketing research should begin with __________.

Which of the following would be considered an internal environmental variable?

The most common approach to gathering market information is the focus group discussion, due to its simplicity.

To be useful, a market segmentation strategy must have the following characteristics: meaningful, mutually exclusive, measurable, substantial, and actionable.

When segmenting and choosing a target market, entrepreneurs often make the mistake of __________.

Discuss the importance of need segmentation and the five characteristics of a segmentation strategy that make it more effective.

When determining channel strategy, choosing only a small number of channel members based on some set of criteria or requirements is known as __________ distribution.

The easiest way for an entrepreneur to define the purpose or objectives of conducting marketing research is to __________.

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