Question 1

Which of the following is one of the top six questions most lenders and prospective investors expect to be included in the marketing plan?

Accepted Answer

A)  Who is your competition and what are they doing?
B)  Who will be your key suppliers?
C)  Does the plan clearly describe how those providing capital will get their money back and make a profit?
D)  How will you calculate your profit margins?
E)  Does the prospective product meet all government safety standards?F) A) and B)
G) A) and C)

Question 2

The following statement was included in the Evaluation and Control section of the Paradise Kitchens Inc.'s marketing plan: "The speed of the roll-out program will increase or decrease, depending on Paradise Kitchens' performance in the successive metropolitan markets it enters." The purpose of this statement is to

Accepted Answer

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

Question 3

The single most important element (usually only two pages long)  of the plan that "sells" the plan to readers and is called

Accepted Answer

A)  the executive summary.
B)  the strategic plan.
C)  the vision statement.
D)  the bonding statement.
E)  the market-product summary.F) All of the above
G) None of the above

Question 4

Despite the fact that there is not "one" format for writing successful marketing and business plans, there are general guidelines: (1)  Use a direct, professional writing style, (2)  Use care in layout, design, and presentation.(3)  Use bullet points for succinctness and emphasis.(4)  Use A level (the first level)  and B-level (the second level)  headings under the numbered section headings to help readers make easy transitions from one topic to another.(5)  Use visuals where appropriate.(6)  Shoot for a plan 15 to 35 pages in length, not including financial projections and appendixes.(7)

Accepted Answer

A)  Use different color fonts or paper to represent different sections of your plan.
B)  Do not use a business plan unless you are borrowing at least $100,000.
C)  Be positive and specific to convey potential success.
D)  Include as an attachment formal resumes for all key players in your management team.
E)  Set a firm date by which you will require an answer from a potential investor, after which you will take your plan somewhere else.F) D) and E)
G) A) and B)

Question 5

The Paradise Kitchens Inc.'s model for its Organization section reflects the bare-bones organization structure of successful small businesses.The four key positions below the president and CEO, include Director of Operations, Director of Finance and Administration, Director of Sales, and __________.

Accepted Answer

A)  Director of Advertising and Promotions
B)  Director of Research and Development
C)  Vice President of Marketing
D)  Director of Human Resources
E)  Senior Distribution ManagerF) B) and C)
G) A) and C)

Question 6

For the benefit of their audience, Paradise Kitchens Inc.divided their goals by

Accepted Answer

A)  product and process.
B)  product and service.
C)  internal and external.
D)  employee and customer.
E)  financial and nonfinancial.F) B) and D)
G) A) and B)

Question 7

For readability and clarity, the Paradise Kitchens Inc.presented its SWOT analysis in figure form.It was clearly divided into two distinct sections:

Accepted Answer

A)  Internal Factors and Strengths; External Factors and Weaknesses.
B)  Internal Factors both Strengths and Weakness; External Factors both Strengths and Weaknesses.
C)  Internal Factors both Strengths and Weaknesses; External Factors both Opportunities and Threats.
D)  Financial Factors; Nonfinancial Factors.
E)  Domestic Issues; Global Issues.F) C) and D)
G) A) and C)

Question 8

Which of the following statements regarding business or market plan length is most accurate?

Accepted Answer

A)  As a quick rule of thumb, there should be one page for every $10,000 required in the projected budget.
B)  The length of a business plan should never be less than 30 pages or greater than 35 pages in length.
C)  The length of the body of the plan should be between 15 and 30 pages including financial projections and appendixes.
D)  For every page in the body of the work there should be at least one additional page in the appendix to complement it.
E)  Although general guidelines suggest a length of 15 to 35 pages, the length of the plan should reflect the complexity of the product or service.F) A) and E)
G) A) and C)

Question 9

The effectiveness of a table is determined by its ability to

Accepted Answer

A)  include every possible piece of information available.
B)  catch the reader's attention with its design and sophistication.
C)  create a visual metaphor.
D)  summarize a large amount of information in a short amount of space.
E)  clarify difficult financial information or calculations.F) B) and E)
G) A) and B)

Question 10

The Target Market section of a marketing plan identifies the specific niches or __________ toward which the company's products are directed.When appropriate or when space permits, this section may also include a __________.

Accepted Answer

A)  target markets; market-product grid
B)  market segment; situational analysis
C)  customer base; growth-share matrix
D)  market segment; growth-share matrix
E)  target markets; situational analysisF) A) and E)
G) C) and E)

Question 11

The chances of success for a new product are significantly increased if

Accepted Answer

A)  the company sets goals that are both flexible and adaptable.
B)  objectives are set for the product, and target market segments are identified for it.
C)  at least 25% of the initial budget includes advertising and promotional expenditures.
D)  all initial production, distribution, and promotion is done in-house where management can exert the greatest quality control.
E)  the firm outsources those elements of production, distribution, or promotion in which they have the least expertise.F) A) and D)
G) A) and C)

Question 12

It can be inferred from the Paradise Kitchens mission statement that they will most likely use a __________ strategy.

Accepted Answer

A)  penetration pricing
B)  skimming pricing
C)  prestige pricing
D)  specialty product pricing
E)  demand-backward pricingF) B) and D)
G) C) and D)

Question 13

Which of the following did Paradise Kitchens Inc.considered a strength?

Accepted Answer

A)  unique, high-quality, high-price products
B)  many lower-quality, lower-price competitors
C)  fewer economies of scale than 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 homeF) C) and D)
G) B) and D)

Question 14

The table of contents is usually found

Accepted Answer

A)  as soon as you open the cover.
B)  on the cover of the plan.
C)  immediately before the executive summary.
D)  immediately after the executive summary.
E)  between the executive summary and the company description.F) B) and D)
G) C) and D)

Question 15

Elements in a marketing plan depend on who the audience is and what the purpose is.For example, the marketing plan for an internal audience would point the direction for future marketing while the marketing plan for an external audience, the marketing plan would

Accepted Answer

A)  give a broad general overview.
B)  function as a sales document.
C)  be more informally written.
D)  be directed to the people who would be affected by it.
E)  be directed to the people who must implement the plan.F) B) and C)
G) A) and E)

Question 16

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 the following: the industry, the target audience and purpose, and

Accepted Answer

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

Question 17

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 the following: the target audience and purpose, the kind and complexity of the organization, and

Accepted Answer

A)  the financial investment needed.
B)  the time frame.
C)  available resources.
D)  the industry.
E)  the competition.F) D) and E)
G) C) and D)

Question 18

The Paradise Kitchens Inc.'s model for its Organization section reflects the bare-bones organization structure of successful small businesses.The four key positions below the president and CEO, include Director of Finance and Administration, Director of Sales, Vice President of Marketing, and __________.

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 ManagerF) C) and D)
G) A) and B)

Question 19

Paradise Kitchens Inc.uses external secondary data to reinforce its position that there is a growing trend in Mexican foods as demonstrated by the significant portion of the American population incorporating burritos, enchiladas, and tacos into their regular diets.This information is also 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 and chili peppers.
C)  ethnic foods and regional cuisine.
D)  bean products, cheese products, and tortillas.
E)  heartier foods that are simple to prepare.F) All of the above
G) A) and B)

Question 20

The Pricing Strategy articulates the specific product price and the product's price position relative to __________.When space permits, this section would include a __________.

Accepted Answer

A)  potential substitutes; break-even analysis
B)  the closest competition; situational analysis
C)  industry standards; marginal analysis
D)  the closest competition; diversification analysis
E)  industry standards; break-even analysisF) A) and D)
G) A) and C)

Exam 18: Building an Effective Marketing Plan

Which of the following is one of the top six questions most lenders and prospective investors expect to be included in the marketing plan?

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 the following: the target audience and purpose, the kind and complexity of the organization, and

Correct Answer
verified

The chances of success for a new product are significantly increased if

Correct Answer
verified

The effectiveness of a table is determined by its ability to

Correct Answer
verified

Which of the following statements regarding business or market plan length is most accurate?

Correct Answer
verified

Correct Answer
verified

The Paradise Kitchens Inc.'s model for its Organization section reflects the bare-bones organization structure of successful small businesses.The four key positions below the president and CEO, include Director of Operations, Director of Finance and Administration, Director of Sales, and __________.

Correct Answer
verified

The table of contents is usually found

Correct Answer
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Which of the following did Paradise Kitchens Inc.considered a strength?

Correct Answer
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Correct Answer
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The Pricing Strategy articulates the specific product price and the product's price position relative to .When space permits, this section would include a .

Correct Answer
verified

For the benefit of their audience, Paradise Kitchens Inc.divided their goals by

Correct Answer
verified

For readability and clarity, the Paradise Kitchens Inc.presented its SWOT analysis in figure form.It was clearly divided into two distinct sections:

Correct Answer
verified

Correct Answer
verified

It can be inferred from the Paradise Kitchens mission statement that they will most likely use a __________ strategy.

Correct Answer
verified

Elements in a marketing plan depend on who the audience is and what the purpose is.For example, the marketing plan for an internal audience would point the direction for future marketing while the marketing plan for an external audience, the marketing plan would

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 the following: the industry, the target audience and purpose, and

Correct Answer
verified

The Target Market section of a marketing plan identifies the specific niches or toward which the company's products are directed.When appropriate or when space permits, this section may also include a .

Correct Answer
verified

Correct Answer
verified

The single most important element (usually only two pages long) of the plan that "sells" the plan to readers and is called

Correct Answer
verified

Exam 18: Building an Effective Marketing Plan

Which of the following is one of the top six questions most lenders and prospective investors expect to be included in the marketing plan?

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 the following: the target audience and purpose, the kind and complexity of the organization, and

Correct AnswerverifiedShow Answer

The chances of success for a new product are significantly increased if

Correct AnswerverifiedShow Answer

The effectiveness of a table is determined by its ability to

Correct AnswerverifiedShow Answer

Which of the following statements regarding business or market plan length is most accurate?

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

The table of contents is usually found

Correct AnswerverifiedShow Answer

Which of the following did Paradise Kitchens Inc.considered a strength?

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

The Pricing Strategy articulates the specific product price and the product's price position relative to __________.When space permits, this section would include a __________.

Correct AnswerverifiedShow Answer

For the benefit of their audience, Paradise Kitchens Inc.divided their goals by

Correct AnswerverifiedShow Answer

For readability and clarity, the Paradise Kitchens Inc.presented its SWOT analysis in figure form.It was clearly divided into two distinct sections:

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

It can be inferred from the Paradise Kitchens mission statement that they will most likely use a __________ strategy.

Correct AnswerverifiedShow Answer

Elements in a marketing plan depend on who the audience is and what the purpose is.For example, the marketing plan for an internal audience would point the direction for future marketing while the marketing plan for an external audience, the marketing plan would

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 the following: the industry, the target audience and purpose, and

Correct AnswerverifiedShow Answer

The Target Market section of a marketing plan identifies the specific niches or __________ toward which the company's products are directed.When appropriate or when space permits, this section may also include a __________.

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

The single most important element (usually only two pages long) of the plan that "sells" the plan to readers and is called

Correct AnswerverifiedShow Answer

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
verified

The Pricing Strategy articulates the specific product price and the product's price position relative to .When space permits, this section would include a .

Correct Answer
verified

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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The Target Market section of a marketing plan identifies the specific niches or toward which the company's products are directed.When appropriate or when space permits, this section may also include a .

Correct Answer
verified

Correct Answer
verified

Correct Answer
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