Question 1

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.

Question 2

Which of the following statements is written in the best writing style for a business or marketing plan?

Accepted Answer

A)  We have found three different groups that could benefit from our new software.
B)  Being that teachers,social workers,and nurses can use this software,it will offer great opportunities.
C)  There are three potential target markets for this software: teachers,social workers,and nurses.
D)  There is a target market of teachers;there is a target market of social workers;and there is a target market of nurses as well,who might benefit if we get the opportunity to bring this product to the public.
E)  The fact that there are three different "money makers" to shoot for should be a selling point.

Question 3

Which of the following statements regarding the use of photos in the body of a marketing plan is most accurate?

Accepted Answer

A)  Photos should always appear in black and white or they lose their effectiveness.
B)  Photos should always appear in color,regardless of the additional cost,since the overall effect is more professional that simply black-and-white images.
C)  Photos should include a brief caption that ties them to the text and highlights the reason for being included.
D)  If a photo is important enough to be included in the body of a marketing plan,it should require no further information.
E)  Photos should never take up more than one-eighth of the page if they are used in the body of a marketing plan rather than in an appendix.

Question 4

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 5

In response to current trends regarding health and nutrition,competitors such as Don Miguel,Mission Foods,El Monterey,and José Olé plan to offer or recently have offered more "carb-friendly" and "fat-friendly" products.Paradise Kitchens' response to this trend will be to

Accepted Answer

A)  change its recipes to be even lower in carbs,fats,and salt than competitors' products.
B)  emphasize its products' taste and authenticity rather than their nutritional characteristics.
C)  emphasize the already healthy product characteristics as well as the product's taste,convenience,and flexibility.
D)  emphasize the research findings that indicate that Americans are actually getting too little fat in their diets,which makes them overeat in order to feel satisfied.
E)  capitalize on the fact that its products have always been healthier than competitors' products and its plan to make meals even healthier.

Question 6

The three key elements of the product strategy section in the Paradise Kitchens marketing plan are

Accepted Answer

A)  product benefits,product line,and product packaging.
B)  product characteristics,branding strategies,and packaging.
C)  unique product quality,product line,and branding strategies.
D)  product line,unique product quality,and packaging.
E)  product line,product brand,and product packaging.

Question 7

For the benefit of its audience,Paradise Kitchens divided its goals into

Accepted Answer

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

Question 8

The company analysis section of a marketing plan provides details of the company's strengths and marketing strategies that will enable it to achieve its mission and goals.Paradise Kitchens lists a major strength as

Accepted Answer

A)  a stable financial base.
B)  strong connections to the Hispanic community.
C)  co-ownership in a chain of small grocery stores.
D)  the professional food industry experience of the co-founders.
E)  national "chili cook-off" titles.

Question 9

The price strategy section articulates the specific product price and the product's price position relative to ________.When appropriate,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 analysis.

Question 10

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 target audience and purpose
E)  the financial investment needed

Question 11

In terms of its marketing and product objectives,which of the following statements regarding Paradise Kitchens is most accurate?

Accepted Answer

A)  Paradise Kitchens does not intend to expand its markets;rather,it will choose a market penetration strategy through increasing same-store sales.
B)  Howlin' Coyote's brand presence will be expanded through the addition of a totally new line of ethnic desserts (flan,churros,sopapillas) .
C)  Paradise Kitchens will gradually phase out its food service division to allow for growth in its new frozen dessert line.
D)  Howlin' Coyote's brand presence will be expanded through the addition of new products in the frozen foods section.
E)  By the end of Year 5,Paradise Kitchens will expand its chili,salsa,burrito,and enchilada business to reach small suburban and rural areas in the relatively untapped Midwest market.

Question 12

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 13

Charts are often used in the implementation section of a marketing plan to

Accepted Answer

A)  prioritize marketing activities and set deadlines.
B)  assign tactical marketing decisions and specify target markets.
C)  prioritize marketing activities and assign resources.
D)  specify target markets and assign resources.
E)  set deadlines and assign responsibilities for tactical marketing decisions.

Question 14

Elements in a marketing plan depend on who the audience is and what the purpose is.For example,the marketing plan for an external audience 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.

Question 15

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 16

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 17

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

Accepted Answer

A)  executive summary.
B)  strategic plan.
C)  vision statement.
D)  overview of financial projections.
E)  synopsis.

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 lenders

Question 19

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)  Who is your competition and what are they doing?
C)  Who will be your key suppliers?
D)  Is there a clear market for the product or service?
E)  What are your taxes?

Question 20

When appropriate and 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.

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

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?

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

For the benefit of its audience,Paradise Kitchens divided its goals into

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Which of the following statements regarding the use of photos in the body of a marketing plan is most accurate?

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 external audience would

Correct AnswerverifiedShow Answer

The price strategy section articulates the specific product price and the product's price position relative to ________.When appropriate,this section would include a

Correct AnswerverifiedShow Answer

In response to current trends regarding health and nutrition,competitors such as Don Miguel,Mission Foods,El Monterey,and José Olé plan to offer or recently have offered more "carb-friendly" and "fat-friendly" products.Paradise Kitchens' response to this trend will be to

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Charts are often used in the implementation section of a marketing plan to

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

The three key elements of the product strategy section in the Paradise Kitchens marketing plan are

Correct AnswerverifiedShow Answer

The company analysis section of a marketing plan provides details of the company's strengths and marketing strategies that will enable it to achieve its mission and goals.Paradise Kitchens lists a major strength as

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Which of the following statements is written in the best writing style for a business or marketing plan?

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

In terms of its marketing and product objectives,which of the following statements regarding Paradise Kitchens is most accurate?

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

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified