Question 1

In order to launch a start-up firm,Arthur R.Kydd believes that the firm needs to have a real product with

Accepted Answer

A) a distinctive point of difference that satisfies customer needs. 
B) a prototype to test in the real world. 
C) a list of all the other ideas you have,including this one. 
D) some of your own money to demonstrate your belief that this product is a winner. 
E) friends in the industry that you wish to enter.

Question 2

Which of the following does Paradise Kitchens consider an opportunity?

Accepted Answer

A) unique,high-quality,high-price products 
B) many lower-quality,lower-price competitors 
C) lack the economies of scale of huge competitors 
D) Consumer income is high and convenience is important to U.S.households. 
E) more households "eating out" and bringing prepared take-out into the home

Question 3

The target markets section of a marketing plan identifies the specific ________ toward which the company's products are directed.

Accepted Answer

A) resellers 
B) competitors 
C) stakeholders 
D) product groupings 
E) niches

Question 4

All of the following are questions most lenders and prospective investors expect to be answered in a marketing or business plan except which?

Accepted Answer

A) Is the business or marketing idea valid? 
B) Who is your competition and what are they doing? 
C) Are the financial projections realistic and healthy? 
D) Are the key management and technical personnel capable,and do they have a track record in the industry within which they must compete? 
E) Is there something unique or distinctive about the product or service that separates it from substitutes and competitors?

Question 5

A(n)________ is a road map for the marketing activities of an organization for a specified future time period,such as one year or five years.

Accepted Answer

A) marketing plan 
B) mission statement 
C) operation plan 
D) business plan 
E) marketing dashboard

Question 6

A(n)________ helps communicate the company's unique points of difference of its products to prospective customers in a simple,clear way.

Accepted Answer

A) positioning strategy 
B) market-product grid strategy 
C) competition analysis 
D) implementation strategy 
E) situational analysis

Question 7

A(n)________ is a road map for the entire organization for a specified future period of time,such as one year or five years.

Accepted Answer

A) marketing dashboard 
B) strategic plan 
C) operation plan 
D) business plan 
E) marketing metric

Question 8

The table of contents is usually found

Accepted Answer

A) as an attachment with the letter of transmittal. 
B) on the cover of the plan. 
C) immediately after the executive summary. 
D) between the executive summary and the company description. 
E) immediately before the executive summary.

Question 9

There are no magic one-size-fits-all guidelines for writing successful marketing and business plans.All of the writing and style guidelines below still generally apply except which?

Accepted Answer

A) Use a direct,professional writing style. 
B) Be positive and specific to convey potential success. 
C) Shoot for a plan that is 15 to 35 pages in length,excluding financial projections and appendixes. 
D) Include as an attachment the résumés for all key players in your management team. 
E) Use bullet points for succinctness and emphasis,along with A-level and B-level headings.

Question 10

Paradise Kitchens included a detailed figure to highlight its SWOT analysis.However,

Accepted Answer

A) there was no further explanation or written summary. 
B) it was complemented by a short,but more in-depth,discussion of important points. 
C) it failed to perform a situation analysis. 
D) it did not include an industry analysis. 
E) it also included a page-long explanation of each of the four factors.

Question 11

As part of its competitor analysis section of its marketing plan,Paradise Kitchens discussed the chili market,which represents over $500 million in annual sales.Chili products fall into two categories,which are

Accepted Answer

A) canned chili and dry chili. 
B) frozen and canned chili. 
C) pre-made and ready-to-make chili kits. 
D) Mexican chili and "Americanized" chili. 
E) chili with meat (con carn
E) and vegetarian chili with beans.

Question 12

The qualitative mission statement focuses the activities of Paradise Kitchens for its

Accepted Answer

A) brands. 
B) competitors. 
C) regulators. 
D) stakeholders. 
E) ideas.

Question 13

Paradise Kitchens proposes entering 17 new metropolitan markets in the next five years.For this reason,the financial plan cannot use simple trend extrapolation.Instead,the forecasting method used was

Accepted Answer

A) curvilinear trend extrapolation. 
B) the lost horse technique. 
C) a survey of buyers' intentions. 
D) a salesforce survey. 
E) direct forecasting.

Question 14

A unique aspect of Paradise Kitchens' packaging is that

Accepted Answer

A) the information is printed in English on one side and Spanish on the other. 
B) the color of the box gets redder as the spices get hotter. 
C) there is a Southwestern motif on the box instead of pictures of the product. 
D) there is a thermometer strip that indicates when the product is properly thawed. 
E) there are hidden figures created by the outlines of the chili beans for people to look at while preparing the meal.

Question 15

If the following statement were included in the evaluation section of the Paradise Kitchens marketing plan,"The speed of the rollout program will increase or decrease depending on Paradise Kitchens' performance in the successive metropolitan markets it enters," what would be the purpose of this statement?

Accepted Answer

A) to act as a contingency plan for alternative actions 
B) to sidestep responsibility if things do not go according to plan 
C) to create an open dialog for additional financial requests 
D) to gloss over possible forecasting ambiguities 
E) to avoid setting specific monetary goals

Question 16

Which of the following statements regarding bullet points in a marketing plan is most accurate?

Accepted Answer

A) Avoid using bullet points whenever possible because they distract the reader. 
B) If possible,change the shape of the bullet point (circle,star,square,etc. )whenever you change topics. 
C) Bullet points should be used with all major headings to help draw attention to them. 
D) Bullet points enable key points to be highlighted effectively in a list form. 
E) Bullet points make it easier to highlight points that require long explanations.

Question 17

Which of the following does Paradise Kitchens consider a threat?

Accepted Answer

A) unique,high-quality,high-price products 
B) many lower-quality,lower-price competitors 
C) Technical breakthroughs enable smaller food producers to achieve many economies available to large competitors. 
D) Consumer income is high and convenience is important to U.S.households. 
E) more households "eating out" and bringing prepared take-out into the home

Question 18

Paradise Kitchens uses external secondary data to reinforce its position that there is a growing trend in the consumption of Mexican foods among U.S.households.According to its marketing plan,Mexican foods,such as burritos,enchiladas,and tacos,are consumed in approximately ________ percent of American households.

Accepted Answer

A) 35 
B) 47 
C) 66 
D) 79 
E) 86

Question 19

The marketing program section of a marketing plan consists of

Accepted Answer

A) the four marketing mix elements. 
B) the five environmental forces. 
C) the financial forecasts for the industry and the company itself. 
D) the target market identification and market segment selection. 
E) the specific steps that will be taken to implement the plan.

Question 20

To translate its core competencies into a sustainable competitive advantage,Paradise Kitchens will work closely with key

Accepted Answer

A) lenders and venture capitalists. 
B) suppliers and distributors. 
C) advertising agencies and public relations firms. 
D) federal and state regulators to import tariff free ingredients. 
E) Hispanic spokespeople to get the word out.

Exam 23: Writing Successful Marketing and Business Plans: Tips and Guidelines