Question 1

Tony is reviewing his team's proposed marketing plan for their company's newest model of computer keyboard. The section he's reading states that the keyboards will be introduced with in-store displays, a giveaway to encourage sales, and a social media campaign, all within the first month of implementing the plan. He must be reading about:

Accepted Answer

A)  the SWOT analysis. 
B)  the marketing strategies. 
C)  the marketing tactics. 
D)  the key performance indicators. C

Question 2

What are the reasons a company should develop a marketing plan?

Accepted Answer

A company should develop a marketing plan to:
- obtain financing as banks and most private investors require a detailed business plan.
- provide direction for the firm's overall business and marketing strategies.
- support the development of long-term and short-term organizational objectives.
- guide employees in achieving these objectives.
- serve as a standard against which the firm's progress can be measured and evaluated.

Question 3

William is the marketing director of a large firm that manufactures and sells gourmet food products across the country. Recently a customer found ground glass in a jar of his company's pesto sauce, and the news coverage went national. Despite a public apology and a recall, sales have plummeted, and the CEO is counting on William to turn things around. He suggests a new ___________ that includes tactics such as issuing coupons, launching a social media campaign, and adding video testimonials to the website.

Accepted Answer

A)  pricing strategy. 
B)  product strategy. 
C)  promotions strategy. 
D)  distribution strategy. C

Question 4

Describe at least three types of information a marketer should collect and detail in the Situation and Competitive Analysis section of a marketing plan.

Accepted Answer

The answer of Describe at least three types of information...

Question 5

Which of the following is used to identify the firm's strengths, weaknesses, opportunities, and threats within the marketing environment?

Accepted Answer

A)  Business portfolio analysis 
B)  Breakeven analysis 
C)  SWOT analysis 
D)  Marginal analysis

Question 6

What is the relationship between a marketing plan and a business plan?

Accepted Answer

The answer of What is the relationship between a marketing...

Question 7

Describe the different components of a business plan.

Accepted Answer

The answer of Describe the different components of a business...

Question 8

Magic Meals is a subscription meal delivery service that delivers healthy, already-prepared ingredients and recipes to its customers. The company wants to increase revenues by focusing on a new target market. Which of the following provides the best growth potential with the least additional investment?

Accepted Answer

A)  Targeting people with special dietary restrictions by developing new low-sodium meals 
B)  Targeting overweight people by developing new low-calorie meals 
C)  Targeting vegetarians and vegans by developing appropriate meals 
D)  Targeting older adults by emphasizing the convenience and quality of existing products

Question 9

Imagine that you're the marketing manager of a small community theater called the Bayside Playhouse. While having dinner at your favorite restaurant one night, the owner suggests that you join forces with him and other local eateries to stage a "Taste of Bayside" event at the playhouse. You recognize this as an excellent:

Accepted Answer

A)  pricing strategy. 
B)  product strategy. 
C)  promotions strategy. 
D)  distribution strategy.

Question 10

Tracy is reviewing a marketing plan, and she is currently looking at the company description, marked "Company Analysis." Which of the following types of information should she NOT look for in this section?

Accepted Answer

A)  A description of the firm's core competencies 
B)  A summary of the company's history and products 
C)  A plan for achieving a sustainable competitive advantage over its rivals 
D)  A list of the key performance indicators for the plan

Question 11

Rick needs to get a small business loan in order to expand his food truck business, so he's writing up a marketing plan that includes specific objectives. Which of the following objectives belongs in the section marked "nonfinancial objectives"?

Accepted Answer

A)  To donate two percent of his profits to the local food bank 
B)  To increase the prices of his menu items by three percent 
C)  To increase revenues by fifteen percent in the next twelve months 
D)  To secure a loan for $40,000

Question 12

Magic Meals is a subscription meal delivery service that promises to deliver all the already-prepared ingredients and recipes you need to make healthy, kid-friendly meals in less than half an hour. Which of the following people is most likely to be a member of Magic Meals' target market?

Accepted Answer

A)  A working mother of two young children 
B)  A single man in his 30s who has no children 
C)  A college-aged, single man who has no children 
D)  A stay-at-home mother of three teenagers

Question 13

As the marketing manager of a small community theater called the Bayside Playhouse, you meet with the other board members once a month. As a group, you decide to attract more families to the playhouse by staging at least one kid-friendly play or musical each year. This is an excellent:

Accepted Answer

A)  pricing strategy. 
B)  product strategy. 
C)  promotions strategy. 
D)  distribution strategy.

Question 14

A firm's marketers must write a marketing plan before formulating an overall marketing strategy.

Accepted Answer

A) True 
 B)False

Question 15

As the marketing manager of a small community theater called the Bayside Playhouse, you meet with the other board members once a month. You all recognize that the playhouse is attracting mostly seniors and that you need to appeal to a younger crowd to keep your playhouse alive. The other board members approve your proposal to offer discounts to teens and college students because they agree it's an excellent:

Accepted Answer

A)  pricing strategy. 
B)  product strategy. 
C)  promotions strategy. 
D)  distribution strategy.

Question 16

Every marketing plan requires a budget, a time schedule for implementation, and a system for monitoring the plan's success or failure.

Accepted Answer

A) True 
 B)False

Question 17

Grace is working on a new marketing plan for her dog accessory business, and she's developing some company objectives. Which of the following objectives belongs in the section marked "financial objectives"?

Accepted Answer

A)  To design new branding, including a new logo, for the company 
B)  To expand distribution across the state of California 
C)  To increase revenue by eight to ten percent in the next six months 
D)  To build out the e-commerce section of her website

Question 18

Imagine that you're the marketing manager of a small community theater called the Bayside Playhouse. Someone on the board of directors has suggested that you start making tickets available for sale at other local businesses, rather than requiring people to come to the box office, which has limited hours. You think this is an excellent:

Accepted Answer

A)  pricing strategy. 
B)  product strategy. 
C)  promotions strategy. 
D)  distribution strategy.

Exam 19: Creating A Marketing Plan

What are the reasons a company should develop a marketing plan?

Describe at least three types of information a marketer should collect and detail in the Situation and Competitive Analysis section of a marketing plan.

Which of the following is used to identify the firm's strengths, weaknesses, opportunities, and threats within the marketing environment?

What is the relationship between a marketing plan and a business plan?

Describe the different components of a business plan.

Tracy is reviewing a marketing plan, and she is currently looking at the company description, marked "Company Analysis." Which of the following types of information should she NOT look for in this section?

Rick needs to get a small business loan in order to expand his food truck business, so he's writing up a marketing plan that includes specific objectives. Which of the following objectives belongs in the section marked "nonfinancial objectives"?

Magic Meals is a subscription meal delivery service that promises to deliver all the already-prepared ingredients and recipes you need to make healthy, kid-friendly meals in less than half an hour. Which of the following people is most likely to be a member of Magic Meals' target market?

As the marketing manager of a small community theater called the Bayside Playhouse, you meet with the other board members once a month. As a group, you decide to attract more families to the playhouse by staging at least one kid-friendly play or musical each year. This is an excellent:

A firm's marketers must write a marketing plan before formulating an overall marketing strategy.

Every marketing plan requires a budget, a time schedule for implementation, and a system for monitoring the plan's success or failure.

Grace is working on a new marketing plan for her dog accessory business, and she's developing some company objectives. Which of the following objectives belongs in the section marked "financial objectives"?