Question 1

There is no single generic marketing plan that can apply to all organizations or all institutions. Rather, the specific format for a marketing plan for an organization depends on which of these?

Accepted Answer

A)   the financial investment needed
B)   the time frame
C)   available resources
D)   the target audience and purpose
E)   the competitionF) All of the above
G) A) and C)

Question 2

Which of these 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)   Who is your competition and what are they doing?
C)   Who will be your key suppliers?
D)   Is there something unique or distinctive about the product?
E)   What much will you pay in taxes?F) A) and D)
G) A) and C)

Question 3

Paradise Kitchens may include in its marketing plan as statement such as, "The speed of the rollout program will increase or decrease depending on Paradise Kitchens' performance in the successive metropolitan markets it enters," for what purpose?

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 goalsF) A) and B)
G) B) and D)

Question 4

________ 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)   A marketing plan
B)   A mission statement
C)   An operation plan
D)   A business plan
E)   A marketing dashboardF) A) and E)
G) All of the above

Question 5

Which of these does Paradise Kitchens consider a strength?

Accepted Answer

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

Question 6

Ideally, each numbered section should start ________ to improve readability.

Accepted Answer

A)   with all capital letters
B)   in a font size at least three points larger than the body of the text
C)   on a new page
D)   either capitalized and bolded or italicized and underlined
E)   with a brief introduction of what will be discussedF) A) and B)
G) A) and C)

Question 7

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 carne)  and vegetarian chili with beans.F) None of the above
G) D) and E)

Question 8

In addition to quality content, a plan's layout and design are also important. Which of the following statements is most accurate?

Accepted Answer

A)   Fonts that are serif type should be used within the body of the plan and sans serif type should be used with charts and graphs.
B)   Fonts that are sans serif are easier to read and should be used in the body of the plan.
C)   A report printed on heavy weight card stock adds professionalism.
D)   The font size should change with the importance of the material. Important material should be at least 14 points and go as small as 10.5 points for less important details.
E)   There should be a different font style for each new section within the plan, provided no more than five distinct fonts are used.F) C) and D)
G) None of the above

Question 9

________ 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)   A marketing dashboard
B)   A strategic plan
C)   An operations plan
D)   A business plan
E)   A marketing metricF) D) and E)
G) C) and E)

Question 10

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.F) A) and D)
G) C) and D)

Question 11

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)   86F) B) and D)
G) A) and B)

Question 12

In the financial data and projections section of the Paradise Kitchens marketing plan, the company chose to use a bar chart to present its past revenues (from 2011 to 2019)  in addition to a numerical table for projected sales revenues (from 2019 to 2024) . Paradise Kitchens used a bar chart because

Accepted Answer

A)   it made the lack of sales for the previous years look less dramatic.
B)   the numerical sales figures were too difficult to interpret.
C)   there was too much information to present in such a small physical space.
D)   it could gloss over inconsistencies and anomalies.
E)   it more clearly shows the company's recent growth.F) A) and E)
G) B) and E)

Question 13

The format for a marketing plan for an organization depends on which of these?

Accepted Answer

A)   the time frame
B)   the competition
C)   the available resources
D)   the kind and complexity of the organization
E)   the financial investment neededF) B) and E)
G) A) and D)

Question 14

To help buyers see the many different uses for Howlin' Coyote Chili, Paradise Kitchens

Accepted Answer

A)   sponsored a recipe contest with the first prize being a trip for two to Mexico.
B)   offered recipes printed on the back of the packages, at in-store demonstrations, and on coupons.
C)   used bundle pricing with a chili bowl and a selection of products.
D)   televised a series of short but informative commercials on The Food Network cable TV channel.
E)   published small, full-color illustrated pamphlets as buyer incentives to its wholesalers.F) A) and D)
G) B) and E)

Question 15

Which of these goals uses parallel construction?

Accepted Answer

A)   Make the best non-battery flashlight possible, make the brand name known in every household in the United States, and make the flashlight the official flashlight of every state-owned hospital in the United States.
B)   To make the finest bicycles in the professional racing field, to attain sponsorship from at least three top Olympic riders, and obtain a return on equity of at least 15 percent.
C)   Enter three major markets in the next three years, maintain a market share above 20 percent, while continuing to provide the best customer service according to industry polls.
D)   To increase market share by at least 10 percent each year for the next five years, reduce employee turnover by 20 percent within the next five years, and to obtain a return on equity of at least 15 percent for each of the next five years.
E)   Generate sales of $100 million, generate ROI of 20 percent, and maintaining selling costs at 10 percent of sales.F) None of the above
G) A) and D)

Question 16

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

Accepted Answer

A)   Use different color fonts or paper to represent different sections of your plan.
B)   Use informal language unless you plan to borrow at least $100,000.
C)   Include as an attachment the résumés for all key players in your management team.
D)   Set a firm date by which you will require an answer from a potential investor, after which you will take your plan somewhere else.
E)   Use bullet points for succinctness and emphasis.F) A) and B)
G) A) and C)

Question 17

Arthur R. Kydd has helped launch more than 60 start-up firms and believes if you have a real product with a distinctive point of difference that satisfies the needs of customers, you may have a winner. The way to demonstrate this to him is to

Accepted Answer

A)   create a prototype and test it in the real world.
B)   submit a quality résumé that demonstrates the likelihood of future success.
C)   develop a well-written marketing or business plan.
D)   make a list of all the other ideas you have, including this one.
E)   ask for an informal interview.F) A) and B)
G) A) and E)

Question 18

While several different groups of stakeholders are likely to read a business or marketing plan, which group is likely to be the most critical of these documents?

Accepted Answer

A)   prospective employees
B)   potential customers
C)   potential suppliers
D)   future distributors, wholesalers, and retailers
E)   possible investors or lendersF) A) and E)
G) A) and D)

Question 19

All of these 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?F) C) and D)
G) A) and E)

Question 20

Which of these statements regarding visuals is most accurate?

Accepted Answer

A)   Visuals should not be used unless they are in black and white; color is not considered professional in a formal business plan.
B)   Visuals should be used sparingly because it is assumed that if you cannot explain an idea in words, you don't have a sufficient grasp of your product.
C)   Visuals such as illustrations, graphs, and charts are acceptable; photos are less professional and should be avoided.
D)   Visuals such as photos, illustrations, graphs, and charts enable massive amounts of information to be presented succinctly.
E)   Visuals should appear in the appendices of the plan, never in the body of the plan itself.F) A) and D)
G) A) and C)

Exam 23: Building an Effective Marketing Plan

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

Correct Answer
verified

There is no single generic marketing plan that can apply to all organizations or all institutions. Rather, the specific format for a marketing plan for an organization depends on which of these?

Correct Answer
verified

To help buyers see the many different uses for Howlin' Coyote Chili, Paradise Kitchens

Correct Answer
verified

Correct Answer
verified

While several different groups of stakeholders are likely to read a business or marketing plan, which group is likely to be the most critical of these documents?

Correct Answer
verified

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

Correct Answer
verified

The format for a marketing plan for an organization depends on which of these?

Correct Answer
verified

Which of these statements regarding visuals is most accurate?

Correct Answer
verified

Paradise Kitchens may include in its marketing plan as statement such as, "The speed of the rollout program will increase or decrease depending on Paradise Kitchens' performance in the successive metropolitan markets it enters," for what purpose?

Correct Answer
verified

Arthur R. Kydd has helped launch more than 60 start-up firms and believes if you have a real product with a distinctive point of difference that satisfies the needs of customers, you may have a winner. The way to demonstrate this to him is to

Correct Answer
verified

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

Correct Answer
verified

Which of these goals uses parallel construction?

Correct Answer
verified

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

Correct Answer
verified

Ideally, each numbered section should start ________ to improve readability.

Correct Answer
verified

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

Correct Answer
verified

Which of these does Paradise Kitchens consider a strength?

Correct Answer
verified

In the financial data and projections section of the Paradise Kitchens marketing plan, the company chose to use a bar chart to present its past revenues (from 2011 to 2019) in addition to a numerical table for projected sales revenues (from 2019 to 2024) . Paradise Kitchens used a bar chart because

Correct Answer
verified

In addition to quality content, a plan's layout and design are also important. Which of the following statements is most accurate?

Correct Answer
verified

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

Correct Answer
verified

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

Correct Answer
verified

Exam 23: Building an Effective Marketing Plan

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

Correct AnswerverifiedShow Answer

There is no single generic marketing plan that can apply to all organizations or all institutions. Rather, the specific format for a marketing plan for an organization depends on which of these?

Correct AnswerverifiedShow Answer

To help buyers see the many different uses for Howlin' Coyote Chili, Paradise Kitchens

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

While several different groups of stakeholders are likely to read a business or marketing plan, which group is likely to be the most critical of these documents?

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

The format for a marketing plan for an organization depends on which of these?

Correct AnswerverifiedShow Answer

Which of these statements regarding visuals is most accurate?

Correct AnswerverifiedShow Answer

Paradise Kitchens may include in its marketing plan as statement such as, "The speed of the rollout program will increase or decrease depending on Paradise Kitchens' performance in the successive metropolitan markets it enters," for what purpose?

Correct AnswerverifiedShow Answer

Arthur R. Kydd has helped launch more than 60 start-up firms and believes if you have a real product with a distinctive point of difference that satisfies the needs of customers, you may have a winner. The way to demonstrate this to him is to

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Which of these goals uses parallel construction?

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Ideally, each numbered section should start ________ to improve readability.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Which of these does Paradise Kitchens consider a strength?

Correct AnswerverifiedShow Answer

In the financial data and projections section of the Paradise Kitchens marketing plan, the company chose to use a bar chart to present its past revenues (from 2011 to 2019) in addition to a numerical table for projected sales revenues (from 2019 to 2024) . Paradise Kitchens used a bar chart because

Correct AnswerverifiedShow Answer

In addition to quality content, a plan's layout and design are also important. Which of the following statements is most accurate?

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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