Question 1

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 2

Paradise Kitchen's strategic focus and plan section of the marketing plan contained three key elements:

Accepted Answer

A) mission, goals, and core competency/sustainable competitive advantage. 
B) mission, goals, and organizational structure. 
C) executive summary, company description, and financial overview. 
D) organizational structure, core competency/sustainable competitive advantage, and forecast of potential profits. 
E) organization's key players, organizational structure, and competency/sustainable competitive advantage.

Question 3

When space permits, the price strategy section of a marketing plan would include a

Accepted Answer

A) SWOT analysis. 
B) situational analysis. 
C) marginal analysis. 
D) diversification analysis. 
E) break-even analysis.

Question 4

The format for a marketing plan for an organization depends on the following: (1) __________, (2) the kind and complexity of the organization, and (3) the industry.

Accepted Answer

A) the time frame 
B) the competition 
C) the available resources 
D) the target audience and purpose 
E) the financial investment needed

Question 5

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 6

Which of the following did Paradise Kitchens considered a weakness?

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 the same economies of scale 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 7

The two key elements of the customer analysis section of the Paradise Kitchens marketing plan are

Accepted Answer

A) customer characteristics plus health and nutrition concerns. 
B) customer characteristics and target market demographics. 
C) consumer demographics and geographical distribution. 
D) consumer demographics and consumer psychographics. 
E) consumer psychographics and consumer life style data.

Question 8

Paradise Kitchens analyzed two key trends in its industry, which were

Accepted Answer

A) frozen foods and microwavable foods. 
B) Mexican foods and South American foods. 
C) eating out and take-out. 
D) frozen foods and Mexican foods. 
E) larger portion size and vegetarian meals.

Question 9

Which of the following did Paradise Kitchens considered 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 10

According to the Paradise Kitchens marketing plan, two-thirds of American households consume Mexican foods. This information is used to infer that there is a more favorable attitude on the part of all Americans toward

Accepted Answer

A) Southwestern flavors and other regional foods in general. 
B) spicy foods that include red chili peppers. 
C) ethnic foods and regional cuisine. 
D) bean products, cheese products, and tortillas. 
E) heartier foods that are simple to prepare.

Question 11

The Paradise Kitchens chart for the organization section of its marketing plan reflects the bare-bones organization structure of successful small businesses. The four key positions that report to the president and CEO are the __________, vice president of marketing, director of finance and administration, and director of sales.

Accepted Answer

A) director of advertising and promotions 
B) director of operations 
C) director of research and development 
D) director of human resources 
E) senior distribution manager

Question 12

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 13

A key difference between a marketing plan and a business plans is that

Accepted Answer

A) a marketing plan is used for consumer products and a business plan is used for industrial products. 
B) a marketing plan contains a greater degree of detail regarding research and development, operations, and manufacturing activities of the organization. 
C) a business plan contains a greater degree of detail regarding research and development, operations, and manufacturing activities of the organization. 
D) a marketing plan covers a greater length of time for its financial projections. 
E) a business plan covers a greater length of time for its financial projections.

Question 14

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 15

There are no magic one-size-fits-all guidelines for writing successful marketing and business plans. Which writing and style guideline below still generally applies?

Accepted Answer

A) Use different color fonts or paper to represent different sections of your plan. 
B) Use a direct, professional writing style. 
C) Do not use a business plan unless you plan to borrow at least $100,000. 
D) Include as an attachment the résumés for all key players in your management team. 
E) To save paper, send the plan in digital (Adobe Acrobat PDF) format to all potential investors.

Question 16

Paradise Kitchens describes its primary target market for Howlin' Coyote products as households with one to three people, where often both adults work, and with individual income typically above __________ per year.

Accepted Answer

A) $25,000 
B) $50,000 
C) $75,000 
D) $100,000 
E) $250,000

Question 17

Which of the following is one of the six questions most lenders and prospective investors expect to be answered in a marketing or business plan?

Accepted Answer

A) Does the prospective product meet all government safety standards? 
B) Is there a clear market for the product or service? 
C) Who is your competition and what are they doing? 
D) Who will be your key suppliers? 
E) What are your taxes?

Question 18

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) management judgment. 
C) survey of buyers' intentions. 
D) salesforce survey. 
E) direct forecasting.

Question 19

It is helpful to use A-level (the first level) and B-level (the second level) headings under the numbered section headings of marketing and business plans. These headings should

Accepted Answer

A) help readers make easy transitions from one topic to another. 
B) only be used in marketing plans and not in business plans. 
C) only be used in business plans and not in marketing plans. 
D) be used sparingly, otherwise they lose their cohesiveness and effectiveness. 
E) continue in traditional outline form all the way through E-level (the fifth level) if needed, but no further.

Question 20

There are no magic one-size-fits-all guidelines for writing successful marketing and business plans. Which writing and style guideline below still generally applies?

Accepted Answer

A) Use bullet points for succinctness and emphasis. 
B) Use different color fonts or paper to represent different sections of your plan. 
C) Include as an attachment the résumés for all key players in your management team. 
D) Do not use a business plan unless you plan to borrow at least $100,000. 
E) To save paper, send the plan in digital (Adobe Acrobat PDF) format to all potential investors.

Exam 24: Building an Effective Marketing Plan

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

Paradise Kitchen's strategic focus and plan section of the marketing plan contained three key elements:

When space permits, the price strategy section of a marketing plan would include a

The format for a marketing plan for an organization depends on the following: (1) __________, (2) the kind and complexity of the organization, and (3) the industry.

Which of the following did Paradise Kitchens considered a weakness?

The two key elements of the customer analysis section of the Paradise Kitchens marketing plan are

Paradise Kitchens analyzed two key trends in its industry, which were

Which of the following did Paradise Kitchens considered a threat?

According to the Paradise Kitchens marketing plan, two-thirds of American households consume Mexican foods. This information is used to infer that there is a more favorable attitude on the part of all Americans toward

A key difference between a marketing plan and a business plans is that

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

There are no magic one-size-fits-all guidelines for writing successful marketing and business plans. Which writing and style guideline below still generally applies?

Paradise Kitchens describes its primary target market for Howlin' Coyote products as households with one to three people, where often both adults work, and with individual income typically above __________ per year.

Which of the following is one of the six questions most lenders and prospective investors expect to be answered in a marketing or business plan?

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

It is helpful to use A-level (the first level) and B-level (the second level) headings under the numbered section headings of marketing and business plans. These headings should

There are no magic one-size-fits-all guidelines for writing successful marketing and business plans. Which writing and style guideline below still generally applies?