Question 1

Marketing consists of those business activities that direct the

Accepted Answer

A)  creation, development, preparation, communication, and delivery of a bundle of satisfaction from the creator to the target market. 
B)  plan for optimal production efficiency. 
C)  identification of alternative technologies. 
D)  establishment of a sales-oriented marketing philosophy. 
A)  creation, development, preparation, communication, and delivery of a bundle of satisfaction from the creator to the target market. 
B)  plan for optimal production efficiency. 
C)  identification of alternative technologies. 
D)  establishment of a sales-oriented marketing philosophy.

Question 2

Entrepreneurs should base their market assessments, production schedules, inventory policies, and personnel decisions on

Accepted Answer

A)  observational techniques. 
B)  qualitative analysis. 
C)  intuition alone. 
D)  the sales forecast. 
A)  observational techniques. 
B)  qualitative analysis. 
C)  intuition alone. 
D)  the sales forecast.

Question 3

Match the term with its definition.
-The combination of product and/or service, pricing, promotion, and distribution (place) activities

Accepted Answer

A) benefit variables 
B) customer acquisition costs 
C) market 
D) market analysis 
E) market segmentation
F)marketing mix
G)marketing research
H)multisegment strategy
I)single-segment strategy
J)unsegmented strategy (mass marketing) 
A) benefit variables 
B) customer acquisition costs 
C) market 
D) market analysis 
E) market segmentation
F)marketing mix
G)marketing research
H)multisegment strategy
I)single-segment strategy
J)unsegmented strategy (mass marketing)

Question 4

Both short-term and long-term sales forecasts are needed for a well-constructed marketing plan.

Accepted Answer

A) True 
 B)False

Question 5

Match the term with its definition.
-The fundamental benefit or solution sought by customers

Accepted Answer

A) actual product/service 
B) augmented product/service 
C) core product/service 
D) customer profile 
E) demographic variables
F)marketing
G)primary data
H)sales forecast
I)secondary data
J)segmentation variables 
A) actual product/service 
B) augmented product/service 
C) core product/service 
D) customer profile 
E) demographic variables
F)marketing
G)primary data
H)sales forecast
I)secondary data
J)segmentation variables

Question 6

In her marketing plan, Candace is describing the laws of a foreign country and providing information about the exchange rate between currencies. It is likely Candace is considering _____ as a method of distribution.

Accepted Answer

A)  importing 
B)  exporting 
C)  Internet marketing 
D)  air transport 
A)  importing 
B)  exporting 
C)  Internet marketing 
D)  air transport

Question 7

The consumer-oriented marketing philosophy

Accepted Answer

A)  utilizes a "build-a-better mousetrap" approach. 
B)  focuses on "pushing the product." 
C)  recognizes first and foremost the need for attaining production efficiency goals. 
D)  believes that everything, including production and sales, centers on the consumer and his or her needs. 
A)  utilizes a "build-a-better mousetrap" approach. 
B)  focuses on "pushing the product." 
C)  recognizes first and foremost the need for attaining production efficiency goals. 
D)  believes that everything, including production and sales, centers on the consumer and his or her needs.

Question 8

The risk of being the lower-cost producer of a product or service is

Accepted Answer

A)  your business will fail more quickly. 
B)  your business will generate excess cash and will incur higher taxes. 
C)  your business will have problems keeping up with demand. 
D)  customers will abandon your business when the competition offers a lower price. 
A)  your business will fail more quickly. 
B)  your business will generate excess cash and will incur higher taxes. 
C)  your business will have problems keeping up with demand. 
D)  customers will abandon your business when the competition offers a lower price.

Question 9

Which of the following statements about conducting marketing research is true?

Accepted Answer

A)  It is recommended that a small business conduct marketing research without the assistance of an expert, as the cost of hiring such help is often not worth it. 
B)  An entrepreneur should be open to using all research techniques, including ones he or she is not familiar with. 
C)  Before committing to research, an entrepreneur should always estimate the projected cost of marketing research and compare it with the benefits expected. 
D)  All of these are correct. 
A)  It is recommended that a small business conduct marketing research without the assistance of an expert, as the cost of hiring such help is often not worth it. 
B)  An entrepreneur should be open to using all research techniques, including ones he or she is not familiar with. 
C)  Before committing to research, an entrepreneur should always estimate the projected cost of marketing research and compare it with the benefits expected. 
D)  All of these are correct.

Question 10

In the case of a pair of shoes, the core product is

Accepted Answer

A)  basic protection for the feet. 
B)  the shoes themselves. 
C)  greater comfort. 
D)  increased running speed. 
A)  basic protection for the feet. 
B)  the shoes themselves. 
C)  greater comfort. 
D)  increased running speed.

Question 11

People of all backgrounds, occupations, and income levels wear watches, but Rolex focuses only on the high-income portion of the market. Rolex uses a(n) _____ strategy.

Accepted Answer

A)  mass marketing 
B)  multisegment 
C)  unsegmented 
D)  single-segment 
A)  mass marketing 
B)  multisegment 
C)  unsegmented 
D)  single-segment

Question 12

A brief discussion of competitor's overall strengths and weaknesses should be part of a firm's marketing plan.

Accepted Answer

A) True 
 B)False

Question 13

It is strongly recommended that all new businesses begin with a(n) _____ orientation.

Accepted Answer

A)  efficiency 
B)  sales 
C)  production 
D)  consumer 
A)  efficiency 
B)  sales 
C)  production 
D)  consumer

Question 14

The _____ strategy is probably the wisest strategy for small businesses to use during initial marketing efforts.

Accepted Answer

A)  unsegmented 
B)  multisegment 
C)  single-segment 
D)  bisegment 
A)  unsegmented 
B)  multisegment 
C)  single-segment 
D)  bisegment

Question 15

Adopting a consumer-oriented marketing philosophy is most consistent with

Accepted Answer

A)  quickly gaining highly profitable market returns. 
B)  achieving long-term success in many areas, not just marketing. 
C)  the revenue stabilizing effect of large market shares. 
D)  focusing on the single most profitable consumer segment. 
A)  quickly gaining highly profitable market returns. 
B)  achieving long-term success in many areas, not just marketing. 
C)  the revenue stabilizing effect of large market shares. 
D)  focusing on the single most profitable consumer segment.

Question 16

The description of potential customers in a target market is commonly called a

Accepted Answer

A)  customer profile. 
B)  demographic detailing. 
C)  Simpkins matrix. 
D)  target picture. 
A)  customer profile. 
B)  demographic detailing. 
C)  Simpkins matrix. 
D)  target picture.

Question 17

Determining market potential is the process of locating and investigating buying units that have both purchasing power and needs that can be satisfied with the product or service that is being offered.

Accepted Answer

A) True 
 B)False

Question 18

Allison is gathering information about competitors in her industry for inclusion in the _____ section of her marketing plan.

Accepted Answer

A)  market analysis 
B)  marketing research 
C)  SWOT analysis 
D)  competition 
A)  market analysis 
B)  marketing research 
C)  SWOT analysis 
D)  competition

Question 19

Because he lacks strong forecasting skills, Stan should

Accepted Answer

A)  become a member of his trade association. 
B)  subscribe to professional forecasting services. 
C)  read magazines focused on small business ownership. 
D)  All of these are correct. 
A)  become a member of his trade association. 
B)  subscribe to professional forecasting services. 
C)  read magazines focused on small business ownership. 
D)  All of these are correct.

Question 20

Researchers typically achieve higher response rates from mail and telephone surveys than from personal interviews.

Accepted Answer

A) True 
 B)False

Exam 7: The Marketing Plan

Marketing consists of those business activities that direct the

Entrepreneurs should base their market assessments, production schedules, inventory policies, and personnel decisions on

Match the term with its definition. -The combination of product and/or service, pricing, promotion, and distribution (place) activities

Both short-term and long-term sales forecasts are needed for a well-constructed marketing plan.

Match the term with its definition. -The fundamental benefit or solution sought by customers

In her marketing plan, Candace is describing the laws of a foreign country and providing information about the exchange rate between currencies. It is likely Candace is considering _____ as a method of distribution.

The consumer-oriented marketing philosophy

The risk of being the lower-cost producer of a product or service is

Which of the following statements about conducting marketing research is true?

In the case of a pair of shoes, the core product is

People of all backgrounds, occupations, and income levels wear watches, but Rolex focuses only on the high-income portion of the market. Rolex uses a(n) _____ strategy.

A brief discussion of competitor's overall strengths and weaknesses should be part of a firm's marketing plan.

It is strongly recommended that all new businesses begin with a(n) _____ orientation.

The _____ strategy is probably the wisest strategy for small businesses to use during initial marketing efforts.

Adopting a consumer-oriented marketing philosophy is most consistent with

The description of potential customers in a target market is commonly called a

Determining market potential is the process of locating and investigating buying units that have both purchasing power and needs that can be satisfied with the product or service that is being offered.

Allison is gathering information about competitors in her industry for inclusion in the _____ section of her marketing plan.

Because he lacks strong forecasting skills, Stan should

Researchers typically achieve higher response rates from mail and telephone surveys than from personal interviews.

The Entrepreneurial Lifethe Entrepreneurial Life

Integrity, Ethics, and Social Entrepreneurship

Starting a Small Business

Franchises and Buyouts

The Family Business

The Business Plan: Visualizing the Dream

The Organizational Plan: Teams, Legal Structures, Alliances, and Directors

The Location Plan

Understanding a Firms Financial Statements

Forecasting Financial Requirements

A Firms Sources of Financing

Planning for the Harvest

Building Customer Relationships

Product Development and Supply Chain Management

Pricing and Credit Decisions

Promotional Planning

Global Opportunities for Small Businesses

Professional Management and the Small Business

Managing Human Resources

Managing Small Business Operations

Managing the Firms Assets

Managing Risk

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