Question 1

The marketing mix consists of the following variables: external environmental factors,internal environmental factors,and marketing strategy.

Accepted Answer

A) True 
 B)False  False

Question 2

Before beginning any social media strategy,it is necessary to identify the:

Accepted Answer

A)  target market. 
B)  market mix. 
C)  marketing strategy and action plan. 
D)  pricing structure. 
A)  target market. 
B)  market mix. 
C)  marketing strategy and action plan. 
D)  pricing structure. A

Question 3

Identify,in order,and briefly explain each step of conducting market research giving examples where appropriate.

Accepted Answer

1.Defining purpose or objectives-The most effective way to begin is for the entrepreneur to sit down and make a list of the information that will be needed to prepare the marketing plan.For example,the entrepreneur may think there is a market for his or her product but not be sure who the customers will be or even whether the product is appropriate in its present form.Thus,one objective would be to ask people what they think of the product or service and whether they would buy it,and to collect some background demographics and attitudes of these individuals.Other objectives may be to determine the following:
-How much would potential customers be willing to pay for the product or service
-Where would potential customers prefer to purchase the product or service
-Where would the customer expect to hear about or learn about such a product or service

Question 4

Which survey method is the most expensive

Accepted Answer

A)  Telephone 
B)  Mail 
C)  Personal 
D)  Internet 
A)  Telephone 
B)  Mail 
C)  Personal 
D)  Internet

Question 5

Marketing research may be conducted by the entrepreneur or by an external supplier or consultant.

Accepted Answer

A) True 
 B)False

Question 6

Information for developing the marketing plan may necessitate conducting some marketing research.Give an overview of what marketing research involves and who should conduct marketing research.

Accepted Answer

Marketing research involves the gatherin

Question 7

An effective way to begin defining the purpose of a marketing plan,is to make a list of all the information needed to prepare the marketing plan.

Accepted Answer

A) True 
 B)False

Question 8

Which of the following is an internal environmental variable

Accepted Answer

A)  The economy 
B)  Technology 
C)  Industry demand 
D)  Financial resources 
A)  The economy 
B)  Technology 
C)  Industry demand 
D)  Financial resources

Question 9

Networking can be used as an informal method of gathering primary data.

Accepted Answer

A) True 
 B)False

Question 10

Manufacturer's agents take title to products and resell them.

Accepted Answer

A) True 
 B)False

Question 11

Observation,interviewing,and focus groups are examples of collecting:

Accepted Answer

A)  marketing data. 
B)  primary data. 
C)  secondary data. 
D)  target data. 
A)  marketing data. 
B)  primary data. 
C)  secondary data. 
D)  target data.

Question 12

The marketing plan is designed to answer three basic questions: where have we been,where do we want to go,and how do we get there

Accepted Answer

A) True 
 B)False

Question 13

The ________ element of the marketing mix involves decisions as to what is the most appropriate channel.

Accepted Answer

A)  product 
B)  price 
C)  distribution 
D)  promotion 
A)  product 
B)  price 
C)  distribution 
D)  promotion

Question 14

Which survey method results in the most in-depth information and the best response rate

Accepted Answer

A)  Telephone 
B)  Mail 
C)  Personal 
D)  Internet 
A)  Telephone 
B)  Mail 
C)  Personal 
D)  Internet

Question 15

Use of social media need not be planned as it is not considered part of promotional efforts.

Accepted Answer

A) True 
 B)False

Question 16

The budgeting of marketing action and strategy decision are irrelevant when preparing the financial plan.

Accepted Answer

A) True 
 B)False

Question 17

The final price of a product or service is the sum of total cost plus profit margin.

Accepted Answer

A) True 
 B)False

Question 18

The simplest approach to gathering primary information is:

Accepted Answer

A)  observation. 
B)  focus groups. 
C)  experimentation. 
D)  interviewing. 
A)  observation. 
B)  focus groups. 
C)  experimentation. 
D)  interviewing.

Question 19

When products cannot be easily differentiated:

Accepted Answer

A)  there is little room for price variations from the competition. 
B)  a skimming price strategy is appropriate. 
C)  a higher price can be charged. 
D)  the lowest possible price must be charged. 
A)  there is little room for price variations from the competition. 
B)  a skimming price strategy is appropriate. 
C)  a higher price can be charged. 
D)  the lowest possible price must be charged.

Question 20

Which of the following statements is not true

Accepted Answer

A)  Primary focus of an industry analysis is to provide sufficient knowledge of the environment that can affect marketing strategy decision-making. 
B)  Industry analysis needs to be conducted using only primary research data. 
C)  Industry analysis begins with the broadest-based assessment of environmental and industry trends. 
D)  The information-seeking process of industry analysis is known as an upside-down pyramid. 
A)  Primary focus of an industry analysis is to provide sufficient knowledge of the environment that can affect marketing strategy decision-making. 
B)  Industry analysis needs to be conducted using only primary research data. 
C)  Industry analysis begins with the broadest-based assessment of environmental and industry trends. 
D)  The information-seeking process of industry analysis is known as an upside-down pyramid.

The marketing mix consists of the following variables: external environmental factors,internal environmental factors,and marketing strategy.

Before beginning any social media strategy,it is necessary to identify the:

Identify,in order,and briefly explain each step of conducting market research giving examples where appropriate.

Which survey method is the most expensive

Marketing research may be conducted by the entrepreneur or by an external supplier or consultant.

Information for developing the marketing plan may necessitate conducting some marketing research.Give an overview of what marketing research involves and who should conduct marketing research.

An effective way to begin defining the purpose of a marketing plan,is to make a list of all the information needed to prepare the marketing plan.

Which of the following is an internal environmental variable

Networking can be used as an informal method of gathering primary data.

Manufacturer's agents take title to products and resell them.

Observation,interviewing,and focus groups are examples of collecting:

The marketing plan is designed to answer three basic questions: where have we been,where do we want to go,and how do we get there

The ________ element of the marketing mix involves decisions as to what is the most appropriate channel.

Which survey method results in the most in-depth information and the best response rate

Use of social media need not be planned as it is not considered part of promotional efforts.

The budgeting of marketing action and strategy decision are irrelevant when preparing the financial plan.

The final price of a product or service is the sum of total cost plus profit margin.

The simplest approach to gathering primary information is:

When products cannot be easily differentiated:

Which of the following statements is not true

The Entrepreneurial Mind-Set

Corporate Entrepreneurship

Generating and Exploiting New Entries

Creativity and the Business Idea

Identifying and Analyzing Domestic and International Opportunities

Protecting the Idea and Other Legal Issues for the Entrepreneur

The Business Plan: Creating and Starting the Venture

The Organizational Plan

The Financial Plan

Sources of Capital

Informal Risk Capital, Venture Capital, and Going Public

Strategies for Growth and Managing the Implication of Growth

Accessing Resources for Growth From External Sources

Succession Planning and Strategies for Harvesting and Ending the Venture

Filters

Exam 8: The Marketing Plan

The marketing mix consists of the following variables: external environmental factors,internal environmental factors,and marketing strategy.

Before beginning any social media strategy,it is necessary to identify the:

Identify,in order,and briefly explain each step of conducting market research giving examples where appropriate.

Which survey method is the most expensive

Marketing research may be conducted by the entrepreneur or by an external supplier or consultant.

Information for developing the marketing plan may necessitate conducting some marketing research.Give an overview of what marketing research involves and who should conduct marketing research.

An effective way to begin defining the purpose of a marketing plan,is to make a list of all the information needed to prepare the marketing plan.

Which of the following is an internal environmental variable

Networking can be used as an informal method of gathering primary data.

Manufacturer's agents take title to products and resell them.

Observation,interviewing,and focus groups are examples of collecting:

The marketing plan is designed to answer three basic questions: where have we been,where do we want to go,and how do we get there

The ________ element of the marketing mix involves decisions as to what is the most appropriate channel.

Which survey method results in the most in-depth information and the best response rate

Use of social media need not be planned as it is not considered part of promotional efforts.

The budgeting of marketing action and strategy decision are irrelevant when preparing the financial plan.

The final price of a product or service is the sum of total cost plus profit margin.

The simplest approach to gathering primary information is:

When products cannot be easily differentiated:

Which of the following statements is not true

The Entrepreneurial Mind-Set

Corporate Entrepreneurship

Generating and Exploiting New Entries

Creativity and the Business Idea

Identifying and Analyzing Domestic and International Opportunities

Protecting the Idea and Other Legal Issues for the Entrepreneur

The Business Plan: Creating and Starting the Venture

The Organizational Plan

The Financial Plan

Sources of Capital

Informal Risk Capital, Venture Capital, and Going Public

Strategies for Growth and Managing the Implication of Growth

Accessing Resources for Growth From External Sources

Succession Planning and Strategies for Harvesting and Ending the Venture

Filters