Exam 7: The Marketing Plan

Holley is starting a new business and is trying to forecast sales.She has owned two other businesses,one of which was in the same industry as this new venture.Discuss the implications for forecasting for the new business.What could she do to increase her forecasting success?

Small business marketing involves a number of activities,including:

Match the term with its definition.Not all terms will be used. a.chain-ratio method b.customer-oriented philosophy c.intellectual property d.production-oriented philosophy e.segmentation variables f.single-segment strategy g.small business marketing h.unsegmented strategy -Emphasizing the product as the single most important part of the business

It is best to write a marketing plan before collecting marketing research data.

A market is best defined as a geographical area that is of commercial interest to the entrepreneur.

When a strategist divides the total market for a product and/or service into groups with similar needs,so that each group is likely to respond to the same marketing strategy,he or she is engaging in a practice called market segmentation.

Match: a.actual product/service b.augmented product/service c.benefit variables d.breakdown process e.buildup process f.core product/service g.customer-oriented philosophy h.customer profile -The basic product and/or service that delivers customer benefits

Meredith is opening a high end shoe store specializing in designer shoes.Which approach is probably the wisest strategy for the marketing efforts of this company?

Match the term with its definition.Not all terms will be used. a.marketing research b.market segmentation c.multi-segment strategy d.primary data e.production-oriented philosophy f.sales forecast g.sales-oriented philosophy h.secondary data -The division of a market into several smaller groups with similar needs

Bennett left his job as production manager and launched his own company because he was sure his methods of making the same type of product would be more profitable and efficient.Bennett is likely to employ the __________ marketing philosophy.

Wilson is so confident of the benefits of his product,he is sure people will line up to buy it if only they knew about it.Wilson will most likely subscribe to the _______________ marketing philosophy.

Personal interview surveys are attractive as a marketing research method because these are inexpensive to conduct.

Match the term with its definition.Not all terms will be used. a.marketing research b.market segmentation c.multi-segment strategy d.primary data e.production-oriented philosophy f.sales forecast g.sales-oriented philosophy h.secondary data -A strategy that recognizes different preferences of individual market segments and develops a unique marketing mix for each

The _____ method is probably the oldest form of research in existence.

Define the term market and explain the key ingredients of that definition.

When prior sales information is available,indirect forecasting is the best method to predict future sales.

Ned was just about ready to begin his market research when an unknown rival launched a similar product in the market.Ned's best course of action would be:

Match the term with its definition.Not all terms will be used. a.chain-ratio method b.customer-oriented philosophy c.intellectual property d.production-oriented philosophy e.segmentation variables f.single-segment strategy g.small business marketing h.unsegmented strategy -A strategy that recognizes the existence of several distinct market segments but focuses on only the most profitable segment

Match: a.actual product/service b.augmented product/service c.benefit variables d.breakdown process e.buildup process f.core product/service g.customer-oriented philosophy h.customer profile -A forecasting method in which all potential buyers in a target market's submarkets are identified and the estimated demand is added up

Mary,owner of Delany Salsas,is curious to know whether the new packaging for her line of salsas is being noticed by supermarket consumers.To collect information,she passively watches shopper reactions as they pass by the Delany Salsas display.Mary is collecting ____ data through ____ methods.