Exam 8: The Marketing Plan

2. Gather data from secondary sources-The most important purpose of reviewing secondary sources is to obtain information that will assist the entrepreneur in making the best decisions regarding the marketing of a product or service. Some examples include trade magazines, newspaper articles, libraries, government agencies, and the Internet can provide much information on the industry market and competitors. The Internet can even be used to gather informal primary data by reviewing social media and blogs. Before considering either primary sources or commercial sources of information, the entrepreneur should exhaust all free secondary sources. Other specific source examples may come from table 8.2. 3. Gather data from primary sources-Information that is new is primary data. Gathering primary data involves a data collection procedure-such as observation, networking, interviewing, focus groups, or experimentation-and usually a data collection instrument, such as a questionnaire. Interviewing or surveying is the most common approach used to gather market information. It is more expensive than observation but is more likely to generate more meaningful information. 4. Analyzing and interpreting results-Depending on the size of the sample, the entrepreneur can hand-tabulate the results or enter them on a computer. In either case, the results should be evaluated and interpreted in response to the research objectives that were specified in the first step of the research process. Often, summarizing the answers to questions will give some preliminary insights. Then data can be cross-tabulated to provide more focused results. For example, the entrepreneur may want to compare the results to questions by different age groups, sex, occupation, location, and so on. -Prior to the preparation of the marketing plan,the entrepreneur will need to complete the industry analysis section of the business plan.Briefly discuss industry analysis and competitor analysis.

Which stage of marketing research is considered to be the most difficult for an entrepreneur due to lack of knowledge or experience in marketing  

Which of the following statements is not true of a social media plan

The ________ is the specific group of potential customers toward which a venture aims its marketing plan. 

The four variables that affect short-term marketing decisions are referred to as the: 

The Internet is a good source for primary information but does not provide many secondary sources. 

When preparing the industry analysis section of the business plan,using secondary sources is not appropriate. 

Once the marketing goals and objectives have been established,the entrepreneur can begin to develop the ________ and ________ to achieve them. 

Telephone surveys have the poorest response rate. 

The marketing mix consists of: 

One of the pitfalls of a social media plan is when companies use every post to promote their brand. 

Defining the purpose or objectives of marketing research is often the most difficult stage for an entrepreneur. 

Which is the first step in preparing a marketing plan  

Describe the steps in the marketing plan flowchart. 

The first step in conducting a competitive analysis is to document the pricing strategy of each competitor. 

Manufacturer's representatives are marketing middlemen that: 

Which survey method is the fastest method for obtaining data  

Which of the following is true of budgeting the marketing strategy  

The most common approach to gathering primary information is: 

Which form of promotion is too expensive for most entrepreneurs to use