Question 1

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.E) C) and D)
F) None of the above

Question 2

Theodore has identified all the buyers in a market's submarkets and then totaled the estimated demand for all the submarkets. Theodore used the:

Accepted Answer

A)   breakdown process
B)   buildup process
C)   chain-ratio method
D)   bottom-up methodE) A) and B)
F) A) and C)

Question 3

Define the term market and explain the key ingredients of that definition.

Accepted Answer

The word market means different things t...

Question 4

Holley is starting a new business and is trying to forecast sales.  She has owned two other businesses, one of which was in the same industry as this new venture.  Discuss the implications for forecasting for the new business.  What could she do to increase her forecasting success?

Accepted Answer

Conditions that will make forecasting ea...

Question 5

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 6

The price of an item should be:

Accepted Answer

A)   based solely on the break-even analysis.
B)   less than what the competition is charging.
C)   what purchasers are willing to pay.
D)   total costs plus a margin of profit.E) A) and B)
F) All of the above

Question 7

Allison is gathering information about other producers in her industry for inclusion in the ______________ section of her marketing plan.

Accepted Answer

A)   market analysis
B)   marketing research
C)   SWOT analysis
D)   competitionE) C) and D)
F) All of the above

Question 8

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.E) A) and B)
F) B) and D)

Question 9

Because of the relatively inconsequential amount of sales conducted by a typical small business, the majority of entrepreneurs need not be concerned with formulating accurate sales forecasts.

Accepted Answer

A) True 
 B)False

Question 10

Marketing research should be viewed as a supplement to, not a replacement for, _____.

Accepted Answer

A)   the observational method.
B)   questionnaires.
C)   mail surveys.
D)   intuitive judgement.E) A) and D)
F) A) and B)

Question 11

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 analysisE) A) and B)
F) All of the above

Question 12

Melinda, an auto insurance agent, would like to forecast the number of 16-year-olds in her county who will be eligible to apply for driver's licenses next year.  Identify three potential sources of information and discuss the advantages and disadvantages of each.

Accepted Answer

Melinda could use the birth data from he...

Question 13

Spira Footwear, Inc. produces running and walking shoes with a patented technology.  Therefore the company's profile should concentrate the most on

Accepted Answer

A)   the features the shoes offer the customer.
B)   the uniqueness of the product.
C)   the benefits to the customers.
D)   All of the above are equally important.E) A) and B)
F) All of the above

Question 14

Joel recently opened a neighborhood grocery.  He chats briefly with each customer, carefully bags or boxes their purchases, and offers to load them into the customers' cars.  Joel has learned that:

Accepted Answer

A)   a business provides a bundle of satisfaction to its customers, not just the product they have bought.
B)   customer relationships are more important than profits.
C)   how his customers feel is just as important as their satisfaction with their purchases.
D)   keeping customers is easier than finding new ones.E) B) and D)
F) A) and B)

Question 15

Small business owners can now buy inexpensive personal computer software that can perform statistical calculations and generate report-quality graphics.

Accepted Answer

A) True 
 B)False

Question 16

A firm's marketing mix consists of ____ activities.

Accepted Answer

A)   pricing, promotion, and distribution
B)   product, pricing, and promotion
C)   product, promotion, and distribution
D)   product, pricing, promotion, and distributionE) B) and D)
F) All of the above

Question 17

Richard is trying to figure out how many units of his product his new business could reasonably expect to sell in its first year.  Richard is working on the:

Accepted Answer

A)   production schedule.
B)   marketing research
C)   inventory policy.
D)   sales forecast.E) B) and D)
F) A) and D)

Question 18

A market is best defined as a geographical area that is of commercial interest to the entrepreneur.

Accepted Answer

A) True 
 B)False

Question 19

The consumer-oriented approach to marketing:

Accepted Answer

A)   is just one more business philosophy.
B)   focuses on "pushing the product".
C)   recognizes first and foremost the need for attaining production efficiency goals.
D)   is the recommended philosophy for all types of businesses.E) B) and D)
F) B) and C)

Question 20

It is best to write a marketing plan before collecting marketing research data.

Accepted Answer

A) True 
 B)False

Exam 7: The Marketing Plan

Holley is starting a new business and is trying to forecast sales. She has owned two other businesses, one of which was in the same industry as this new venture. Discuss the implications for forecasting for the new business. What could she do to increase her forecasting success?

Correct AnswerverifiedConditions that will make forecasting ea...View AnswerShow Answer

The consumer-oriented approach to marketing:

Correct AnswerverifiedShow Answer

Melinda, an auto insurance agent, would like to forecast the number of 16-year-olds in her county who will be eligible to apply for driver's licenses next year. Identify three potential sources of information and discuss the advantages and disadvantages of each.

Correct AnswerverifiedMelinda could use the birth data from he...View AnswerShow Answer

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

Correct AnswerverifiedShow Answer

Joel recently opened a neighborhood grocery. He chats briefly with each customer, carefully bags or boxes their purchases, and offers to load them into the customers' cars. Joel has learned that:

Correct AnswerverifiedShow Answer

Theodore has identified all the buyers in a market's submarkets and then totaled the estimated demand for all the submarkets. Theodore used the:

Correct AnswerverifiedShow Answer

The price of an item should be:

Correct AnswerverifiedShow Answer

Allison is gathering information about other producers in her industry for inclusion in the ______________ section of her marketing plan.

Correct AnswerverifiedShow Answer

Small business owners can now buy inexpensive personal computer software that can perform statistical calculations and generate report-quality graphics.

Correct AnswerverifiedShow Answer

Spira Footwear, Inc. produces running and walking shoes with a patented technology. Therefore the company's profile should concentrate the most on

Correct AnswerverifiedShow Answer

A market is best defined as a geographical area that is of commercial interest to the entrepreneur.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Richard is trying to figure out how many units of his product his new business could reasonably expect to sell in its first year. Richard is working on the:

Correct AnswerverifiedShow Answer

A firm's marketing mix consists of ____ activities.

Correct AnswerverifiedShow Answer

Define the term market and explain the key ingredients of that definition.

Correct AnswerverifiedThe word market means different things t...View AnswerShow Answer

Because of the relatively inconsequential amount of sales conducted by a typical small business, the majority of entrepreneurs need not be concerned with formulating accurate sales forecasts.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Marketing research should be viewed as a supplement to, not a replacement for, _____.

Correct AnswerverifiedShow Answer

It is best to write a marketing plan before collecting marketing research data.

Correct AnswerverifiedShow Answer

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Conditions that will make forecasting ea...
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Melinda could use the birth data from he...
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The word market means different things t...
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