Question 1

Compare the characteristics of the three different survey methods for gathering primary data.

Accepted Answer

The answer of Compare the characteristics of the three different...

Question 2

Which of the following is not one of the basic questions that a marketing plan should answer, as discussed in the text?

Accepted Answer

A)  Where have we been? 
B)  Where do we want to go? 
C)  How do we get there? 
D)  How do we know when to stop?

Question 3

As described in the text, the essense of guerilla marketing is __________.

Accepted Answer

A)  to get the maximum amount of exposure for a minimum of expenditure 
B)  to steal as many customers from your competition as possible 
C)  using subversive tactics that will be noticed by your target market(s) 
D)  using conventional promotional tactics more effectively 
E)  None of the answers apply.

Question 4

Compare and contrast the different methods of gathering primary data when conducting marketing research.

Accepted Answer

The answer of Compare and contrast the different methods of...

Question 5

When preparing the industry analysis section of the business plan, secondary sources of information should not be needed if the entrepreneur already has experience in the specific industry.

Accepted Answer

A) True 
 B)False

Question 6

Each year, the entrepreneur should prepare an annual marketing plan __________ any decisions are made regarding production or manufacturing, personnel changes, or financial resources needed.

Accepted Answer

A)  before 
B)  in conjunction with 
C)  after 
D)  None of the answers apply.

Question 7

Marketing research involves the gathering of information in order to better understand customer needs, competitors' strengths and weaknesses, and to help make decisions on product, pricing, promotion, and distribution.

Accepted Answer

A) True 
 B)False

Question 8

Marketing research __________.

Accepted Answer

A)  costs may vary significantly 
B)  may be conducted by the entrepreneur or an external supplier 
C)  begins with a definition of objectives or purpose 
D)  All of the answers are correct. 
E)  None of the answers apply.

Question 9

Briefly discuss the four steps in conducting marketing research for a new venture.

Accepted Answer

The answer of Briefly discuss the four steps in conducting...

Question 10

Decisions related to media alternatives, message, budget, role of personal selling, sales promotion, and publicity belong under which of the following marketing mix elements?

Accepted Answer

A)  product 
B)  price 
C)  distribution 
D)  promotion 
E)  None of the answers apply.

Question 11

When conducting marketing research, primary data is information that is new and collected through various methods, such as observation, networking, interviewing, focus groups, or experimentation.

Accepted Answer

A) True 
 B)False

Question 12

An entrepreneur might use which of the following criteria when choosing a target market?

Accepted Answer

A)  the cost of each transaction 
B)  the time involved to serve each customer 
C)  the method of communication necessary 
D)  cost of goods sold 
E)  All of the answers are correct.

Question 13

The first step in conducting marketing research is to define the objectives or purposes of doing it.

Accepted Answer

A) True 
 B)False

Question 14

Decisions related to the use of wholesalers and retailers, how many and what type to use, geographic coverage, inventory, and transportation belong under which of the following marketing mix elements?

Accepted Answer

A)  product 
B)  price 
C)  distribution 
D)  promotion 
E)  None of the answers apply.

Question 15

The purpose of distribution is to create utility for the consumer.

Accepted Answer

A) True 
 B)False

Question 16

As discussed in the text, the problem with traditional approaches to market segmentation is __________.

Accepted Answer

A)  they rely too much on behavioural research of questionable validity 
B)  they are too focused on demographic variables and not enough on psychographics and buyer behaviour 
C)  they produce segments that are too small to be of interest to an entrepreneur 
D)  they are too focused on psychographic variables and not enough on demographic factors 
E)  None of the answers apply.

Question 17

An entrepreneur seeking to research a market will have difficulty gathering information about potential competition as this information is normally kept private and closely guarded.

Accepted Answer

A) True 
 B)False

Question 18

The promotional plan should include which of the following?

Accepted Answer

A)  objectives 
B)  timelines 
C)  budget 
D)  controls 
E)  All of the answers are correct.

Question 19

While PR is sometimes lumped in the same category with guerrilla marketing, it is important to note that they are different. PR is concerned with generating a positive company image and impacting consumer attitudes toward a company, while guerrilla marketing focuses on

Accepted Answer

A)  Generating sales 
B)  a more direct channel of distribution than consumer markets 
C)  to steal as many customers from your competition as possible 
D)  All of the answers are correct.

Question 20

Developing a comprehensive customer profile would take into consideration which of the following?

Accepted Answer

A)  demographic factors 
B)  quantities and frequency of purchase 
C)  why the customer buys the product 
D)  influence of advertising and other forms of promotion 
E)  All of the answers are correct.

Exam 5: Identifying and Analyzing Domestic and International Opportunities

Compare the characteristics of the three different survey methods for gathering primary data.

Which of the following is not one of the basic questions that a marketing plan should answer, as discussed in the text?

As described in the text, the essense of guerilla marketing is __________.

Compare and contrast the different methods of gathering primary data when conducting marketing research.

When preparing the industry analysis section of the business plan, secondary sources of information should not be needed if the entrepreneur already has experience in the specific industry.

Each year, the entrepreneur should prepare an annual marketing plan __________ any decisions are made regarding production or manufacturing, personnel changes, or financial resources needed.

Marketing research involves the gathering of information in order to better understand customer needs, competitors' strengths and weaknesses, and to help make decisions on product, pricing, promotion, and distribution.

Marketing research __________.

Briefly discuss the four steps in conducting marketing research for a new venture.

Decisions related to media alternatives, message, budget, role of personal selling, sales promotion, and publicity belong under which of the following marketing mix elements?

When conducting marketing research, primary data is information that is new and collected through various methods, such as observation, networking, interviewing, focus groups, or experimentation.

An entrepreneur might use which of the following criteria when choosing a target market?

The first step in conducting marketing research is to define the objectives or purposes of doing it.

Decisions related to the use of wholesalers and retailers, how many and what type to use, geographic coverage, inventory, and transportation belong under which of the following marketing mix elements?

The purpose of distribution is to create utility for the consumer.

As discussed in the text, the problem with traditional approaches to market segmentation is __________.

An entrepreneur seeking to research a market will have difficulty gathering information about potential competition as this information is normally kept private and closely guarded.

The promotional plan should include which of the following?

While PR is sometimes lumped in the same category with guerrilla marketing, it is important to note that they are different. PR is concerned with generating a positive company image and impacting consumer attitudes toward a company, while guerrilla marketing focuses on

Developing a comprehensive customer profile would take into consideration which of the following?