Question 1

The risk of being the lower-cost producer of a good 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 someone else offers a lower price.

Question 2

Small businesses typically conduct less marketing research than big businesses,partly because they lack an understanding of the basic marketing research process.

Accepted Answer

A) True 
 B)False

Question 3

A detailed analysis of competitors is an important part of a firm's formal marketing plan.

Accepted Answer

A) True 
 B)False

Question 4

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 description of potential customers in a target market

Accepted Answer

The answer of 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...

Question 5

A firm's marketing philosophy determines how strategic marketing activities are used to achieve:

Accepted Answer

A) efficiency. 
B) customer response. 
C) desirable thought patterns. 
D) business goals.

Question 6

The ____ marketing philosophy is the preferred approach for all businesses.

Accepted Answer

A) product-oriented 
B) market-oriented 
C) sales-oriented 
D) consumer-oriented

Question 7

If an entrepreneur anticipates several target markets,each individual segment must have its own corresponding customer profile.

Accepted Answer

A) True 
 B)False

Question 8

A ____ estimates how much of a product and/or service will be purchased within a market over a defined period of time.

Accepted Answer

A) market forecast 
B) market analysis 
C) sales forecast 
D) sales analysis

Question 9

The section of the marketing plan which describes the entrepreneur's approach to creating customer awareness of the product or service is the:

Accepted Answer

A) product and/or service section. 
B) promotion section. 
C) distribution section. 
D) pricing section.

Question 10

In order to be appropriately considered a market,a group of customers or potential customers must have

Accepted Answer

A) purchasing power. 
B) market power. 
C) satisfied needs. 
D) correlated needs.

Question 11

Nardella has completed her market research but now feels overwhelmed by the large amount of data.It might be helpful to her to:

Accepted Answer

A) use a program like Excel to help her interpret the data. 
B) use a program like PowerPoint to create a slide show for her investors. 
C) hire a consultant to summarize the data. 
D) work with college students to sort the data.

Question 12

The forecasting process can be characterized by the point at which the process is started and the nature of the predicting variable.

Accepted Answer

A) True 
 B)False

Question 13

When Abigail buys salt,the core product and the actual product are:

Accepted Answer

A) seasoning for her food and the salt itself. 
B) the salt itself and seasoning for her food. 
C) not related. 
D) the same.

Question 14

Forecasting sales for a new venture will be the most difficult when

Accepted Answer

A) the owner is unfamiliar with quantitative analysis. 
B) the owner is unfamiliar with qualitative analysis. 
C) the owner is starting another business in a new industry. 
D) All of the above are equally difficult.

Exam 7: The Marketing Plan

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

Small businesses typically conduct less marketing research than big businesses,partly because they lack an understanding of the basic marketing research process.

A detailed analysis of competitors is an important part of a firm's formal marketing plan.

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 description of potential customers in a target market

A firm's marketing philosophy determines how strategic marketing activities are used to achieve:

The ____ marketing philosophy is the preferred approach for all businesses.

If an entrepreneur anticipates several target markets,each individual segment must have its own corresponding customer profile.

A ____ estimates how much of a product and/or service will be purchased within a market over a defined period of time.

The section of the marketing plan which describes the entrepreneur's approach to creating customer awareness of the product or service is the:

In order to be appropriately considered a market,a group of customers or potential customers must have

Nardella has completed her market research but now feels overwhelmed by the large amount of data.It might be helpful to her to:

The forecasting process can be characterized by the point at which the process is started and the nature of the predicting variable.

When Abigail buys salt,the core product and the actual product are:

Forecasting sales for a new venture will be the most difficult when