Small Business Management Study Questions - Ch 7 the Marketing Plan

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Small Business Management

Small Business Management

Study Questions

Study Questions

Chapter 7—The Marketing Plan

Chapter 7—The Marketing Plan

TRUE/!"SE TRUE/!"SE

1.

1. SmaSmall bll busiusinesness mas markerketinting ig is bs best est defdefineined ad as ts the phe perferformormancance oe of df dististribributiution on actactiviivitieties ths thatat affect the flow of goods and services from

affect the flow of goods and services from producer to consumer or user.producer to consumer or user. A

ANNSS:: FF

Small business marketing involves numerous activities, many of which occur even before a Small business marketing involves numerous activities, many of which occur even before a  product is created or made ready f

 product is created or made ready for distribution oor distribution or sale.r sale. 

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 NA!:!: -ommunication  /-ommunication  /alue -reationalue -reation $.

$. 0n o0n ordrder ter to aco achihieveve mae markrket set sucuccecessss, a fir, a firm shm shouould cld cononcecentntrarate ote on ein eithther per prorovivididing ang ann ecellent product and2or service or

ecellent product and2or service or devising an insightful marketing strategydevising an insightful marketing strategy.. A

ANNSS:: FF

As suggested by the

As suggested by the consumer*orienconsumer*oriented philosophyted philosophy, a , a firm must also firm must also pursue customer satisfactionpursue customer satisfaction if it is to

if it is to be successful.be successful. 

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 NA!:!: -ommunication  /-ommunication  /alue -reationalue -reation 3.

3. "eg"egardardlesless os of tf the the type ype of of busbusineiness, ss, the the conconsumsumerer*or*orieniented ted marmarketketing ing phiphiloslosophophy iy is ts thehe  best choice among the compe

 best choice among the competing alternativesting alternatives.. A

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 NA!:!: #thics  /#thics  /alue -reationalue -reation 4.

4. A mA mararkeketiting phng phililososopophy thy thahat ort origigininatates wes witith coh consnsumumer neer neededs is mas is markrketet*o*oririenenteted.d. A

ANNSS:: FF 0t is

0t is a consumer*oriented marketing philosophy that begins with customer needs.a consumer*oriented marketing philosophy that begins with customer needs. 

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 NA!:!: #thics  /#thics  /alue -reationalue -reation 5.

5. 0n 0n a sa smalmall bl busiusinesness, s, ththe ee entrntreprepreneeneur6ur6s ms markarketieting ng phiphiloslosophophy ty typiypicalcally ly shashapes pes ththe fe firmirm6s6s marketing activities.

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A

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 NA!:!: #thics  /#thics  /alue -reationalue -reation 7.

7. -u-uststomomer ser satatisisfafactctioion is n is nonot tht the mee meanans to as to achchieieviving ng a cea certrtaiain gon goalal8i8it is t is ththe goe goalal.. A

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 NA!:!: -ommunication  /-ommunication  /alue -reationalue -reation ).

). 'ec'ecausause me many any smasmall ll busbusineiness ss owownerners hs have ave strstrong ong proproducductiotion sn skilkills, ls, thethey y oftoften en attattendend mostly to the marketing side of the

mostly to the marketing side of the business to compensate.business to compensate. A

ANNSS:: FF

9any small business owners have

9any small business owners have strong production skills and are strong production skills and are weak in marketing ability, andweak in marketing ability, and therefore they attend primarily to

therefore they attend primarily to production considerationsproduction considerations.. 

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 NA!:!: -ommunication  ynami-ommunication  ynamicscs .

. A A detdetailailed aed analnalysiysis of s of cocompempetittitors ors is is an ian impomportartant nt parpart ot of a ff a firmirm6s 6s forformal mal marmarketketing ing plaplan.n. A

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 NA!:!: -ommunication  /-ommunication  /alue -reationalue -reation ;.

;. 'ec'ecausause oe of thf the coe costs sts invinvololvedved, it , it is is typtypicaical fol for a br a busiusinesness ts to fo formormululate ate onlonly a y a sisinglngle sae salesles forecast.

forecast. A

ANNSS:: FF !

!ypicallyypically, the , the sales forecast is a sales forecast is a composite of several sales composite of several sales forecasts that are forecasts that are merged togethermerged together.. 

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 NA!:!: -ommunication  Finance-ommunication  Finance 1%.

1%. 0f an e0f an entrntreprepreneeneur anur anticticipaipates stes seveeveral tral tararget mget markarketsets, eac, each indh indiviividuadual segl segmenment must must havt havee its own corresponding customer profile.

its own corresponding customer profile. A

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 NA!:!: -ommunication  /-ommunication  /alue -reationalue -reation 11

11.. !he !he marmarketketing ing strstrateategy sgy sectection ion proprovidvides tes the mohe most dst detaetaileiled ind inforformatmation ion in a fin a formormalal marketing plan.

marketing plan. A

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 NA!:!: -ommunication  /-ommunication  /alue -reationalue -reation 1$.

1$. "es"esearearchechers tyrs typicpicallally achy achievieve hige higheher resr responponse rase rates ftes from mrom mail aail and tend teleplephonhone sure surveyveys ths thanan from personal interviews.

from personal interviews. A

ANNSS:: FF

ersonal interviews and telephone surveys typically achieve higher

ersonal interviews and telephone surveys typically achieve higher response rates than mailresponse rates than mail surveys.

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 NA!:!: -ommunication  /-ommunication  /alue -reationalue -reation 13.

13. 0f a0f an enn entretreprepreneuneur is r is usiusing tng theiheir lar last nst name ame in tin the che compompanyany<<s nas name, me, thethey do y do nonot net needed register the name with local, state and

register the name with local, state and federal agencies.federal agencies. A

ANNSS:: FF

-ompany names should always be registered with the appropriate agencies for protection from -ompany names should always be registered with the appropriate agencies for protection from use by another company.

use by another company. 

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 NA!:!: -ommunication  #thical -ommunication  #thical and =egaland =egal 14.

14.  Micros Microsoft’oft’ss programming that ope programming that operatesrates WindowsWindows would be considered would be considered intellectualintellectual  property

 property.. A

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 NA!:!: -ommunication  #thical -ommunication  #thical and =egaland =egal 15.

15. 9ar9arketketing ing resresearcearch is ah is an efn effecfectivtive supe supplplemeementnt, but n, but not a reot a replaplacemcementent, for t, for the inhe intuituitivtivee  >udgment of entrepreneu

 >udgment of entrepreneurs.rs. A

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 NA!:!: -ommunication  /-ommunication  /alue -reationalue -reation 17.

17. 9ar9arketketing ing resresearcearch is dh is defiefined aned as the gs the gathatheriering, png, procrocessessinging, rep, reportortinging, and i, and intenterprrpretieting ofng of marketing information.

marketing information. A

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 NA!:!: -ommunication  /-ommunication  /alue -reationalue -reation 1).

1). SmaSmall bull businsinessesses tyes typicpicallally cony conducduct lest less mars marketketing ring reseesearcarch thh than bian big busg busineinessesses, pas, partlrtlyy  because they lack an unde

 because they lack an understanding of the basic markrstanding of the basic marketing research process.eting research process. A

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 NA!:!: -ommunication  /-ommunication  /alue -reationalue -reation 1.

1. 'ec'ecausause of the of the cone considsideraerablble cose cost, tit, time, ame, and efnd efforfort, prt, pre*te*testesting iing is gens generaerally clly consonsididereeredd necessary only in the case of

necessary only in the case of etensive, comple ?uestionnetensive, comple ?uestionnaires.aires. A

ANNSS:: FF A ?uestionn

A ?uestionnaire should be pre*tested by administering it to a small, aire should be pre*tested by administering it to a small, but representative, sample ofbut representative, sample of respondents.

respondents. 

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 NA!:!: -ommunication  ata -ommunication  ata AnalysisAnalysis 1;.

1;. erersonsonal ial intentervirview suew surverveys arys are atte attracractivtive as a mae as a markerketinting resg researearch mech methothod becd becausause thee thesese are inepensive to conduct.

are inepensive to conduct. A

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ersonal interview surveys are epensive, especially compared to alternatives such as mail and ersonal interview surveys are epensive, especially compared to alternatives such as mail and telephone surveys.

telephone surveys. 

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 NA!:!: -ommunication  ata -ommunication  ata AnalysisAnalysis $%.

$%. SmaSmall bull businsiness ess ownowners cers can nan now bow buy iuy inenepenpensivsive pee persorsonal cnal compomputeuter sor softwftware tare that hat cancan  perform statistical cal

 perform statistical calculations and generatculations and generate report*?uality graphe report*?uality graphics.ics. A

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 NA!:!: !!echnology  ata echnology  ata AnalysisAnalysis $1.

$1. 0t i0t is bes best tst to wro write ite a maa markerketinting plg plan ban befoefore core collellecticting mng markarketieting rng reseesearcarch dah data.ta. A

ANNSS:: FF

A marketing plan is stronger with

A marketing plan is stronger with marketing research as a marketing research as a foundation.foundation. 

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$$. A A marmarket ket is bis best est defdefineined as d as a geoa geogragraphiphical acal area trea thahat is ot is of comf commermerciacial inl interterest est to tto thehe entrepreneur.

entrepreneur. A

ANNSS:: FF

A market is a group of customers or

A market is a group of customers or potential customers who have purchasing power andpotential customers who have purchasing power and unsatisfied needs.

unsatisfied needs. 

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 NA!:!: -ommunication  #conom-ommunication  #conomic #nvironmentsic #nvironments $3.

$3. etetermerminining ming markarket poet potententiatial is thl is the proe procescess of los of locatcating aing and innd invevestistigagatinting buyg buying uing uninitsts that have purchasing power and needs that can

that have purchasing power and needs that can be satisfied with the product and2or service beingbe satisfied with the product and2or service being offered.

offered. A

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 NA!:!: -ommunication  ata -ommunication  ata AnalysisAnalysis $4.

$4. @he@hen a stn a stratrategiegist dst diviivides des the tthe totaotal marl markeket for t for a proa producduct andt and2or 2or serservivice ince into gto grouroups wps withith similar needs, so that each group is

similar needs, so that each group is likely to respond to the same marketing strategy, he or she islikely to respond to the same marketing strategy, he or she is engaging in a practice called market segmentation.

engaging in a practice called market segmentation. A

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 NA!:!: -ommunication  /-ommunication  /alue -reationalue -reation $5.

$5. A bA buiuilduldup prop procescess re?s re?uiuires a sres a smalmall bul businsiness tess to ido idententify aify all poll potententiatial buyl buyers iers in a tarn a targetget market6s submarkets and then combine these estimates to determine the calculated demand. market6s submarkets and then combine these estimates to determine the calculated demand. A

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$7.

$7. 'ec'ecausause of te of the rhe relaelatitivelvely iny inconconsese?ue?uentntial aial amoumount ont of saf sales les conconducducted ted by a tby a typiypical cal smasmallll  business, the ma>ority

 business, the ma>ority of entrepreneurs need not of entrepreneurs need not be concerned with formulbe concerned with formulating accurate salesating accurate sales forecasts.

forecasts. A

ANNSS:: FF

A sales forecast is a

A sales forecast is a critical component of the critical component of the business plan: therefore, entrepreneurs shouldbusiness plan: therefore, entrepreneurs should engage in forecasting and do so with great

engage in forecasting and do so with great care.care. 

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$). A A smasmall bll busiusinesness cas can den deterterminmine whe whethether a mer a markarket is et is adeade?ua?uate fote for itr its pls plans bans by chy checkeckinging the sales forecast.

the sales forecast. A

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$.. SaSaleles fos forerecacaststs ars are tye typipicacalllly ey eprpresessesed in d in dodollllarars or s or ununitits.s. A

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$;. 'ec'ecausause sae sales les forforecaecasts sts revrevololve arve arounound spd speciecific tfic tararget get marmarketkets, ts, the mahe markerket sht shoulould bed be defined as precisely as possible.

defined as precisely as possible. A

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 NA!:!: -ommunication  ata -ommunication  ata AnalysisAnalysis 3%.

3%. !he !he forforecaecastisting png procrocess cess can ban be chae characracterterieied by td by the phe poinoint at wt at whichich thh the pre proceocess iss is sts startarteded and the nature of the

and the nature of the predicting variable.predicting variable. A

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 NA!:!: -ommunication  ata -ommunication  ata AnalysisAnalysis 31.

31. A cA chaihain*rn*ratiatio meto method ohod of salf sales foes forecrecastastinging, or a bu, or a buildildup prup proceocess, iss, is fres fre?ue?uentlntly usey used fod forr consumer products forecasting.

consumer products forecasting. A

ANNSS:: FF

Another term for the chain*ratio method of sales

Another term for the chain*ratio method of sales forecasting is the breakdown process, not theforecasting is the breakdown process, not the  buildup process.

 buildup process. 

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 NA!:!: -ommunication  ata -ommunication  ata AnalysisAnalysis MU"T#P"E C$%#CE

MU"T#P"E C$%#CE 1.

1. SmSmalall bl bususininesess ms mararkeketiting ng ininvovolvlves es a na numumbeber or of acf actitivivititieses, i, incncluludidingng a.

a. creatcreating, deving, developeloping, preping, preparingaring, communi, communicatincating, and delig, and deliverinvering a bundle of satig a bundle of satisfactsfaction toion to a target market.

a target market.  b.

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c.

c. ideidentntifyifying aling alterternanativtive teche technolnologogiesies.. d.

d. estabestablishlishing a sing a salesales*orie*oriented mnted marketarketing phing philosilosophyophy.. A

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$.. A A ffiirmrm66s s mmaarrkkeettiinng g mimi  ccoonnssiisstts s ooff BBBB  BBBB  activities. activities. a.

a. pripricincing, pg, promromotiotion, aon, and dnd dististribributiutionon  b.

 b. product, pricing, and proproduct, pricing, and promotionmotion c.

c. proproducduct, prt, promoomotiotion, ann, and did distrstribuibutiotionn d.

d. prodproduct, uct, pricipricing, ng, promopromotiontion, an, and dd distriistributibutionon A

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 NA!:!: -ommunication  /-ommunication  /alue -reationalue -reation 3.

3. !!raradidititiononalallyly, m, mararkeketiting ng phphililososopophihies es hahave ve bebeen en cacatetegogoririeed ad ass a.

a. conconsumsumerer*or*orieniented anted and markd market*et*oriorientented.ed.  b.

 b. consumer*orienconsumer*oriented, product*orientedted, product*oriented, market*oriented, and volume, market*oriented, and volume*oriented.*oriented. c.

c. consconsumerumer*orie*orientednted, market*o, market*orienriented, salested, sales*orie*orientednted, and process*, and process*orieoriented.nted. d.

d. consconsumerumer*orie*orientednted, produc, productiontion*orie*orientednted, and sales, and sales*orie*orientednted.. A

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 NA!:!: #thics  /#thics  /alue -reationalue -reation 4.

4. C.C.S. bS. bususininesesseses hs havave ree rececentntly ly shshififteted td theheir fir fococus us totowaward ard a BBBB  BBBB  orientation. orientation. aa.. mmaarrkkeett

 b.  b. consumer consumer  cc.. pprroodduuccttiioonn d d.. ssaalleess A ANNSS: ': ' !!SS:: 11 ""##FF:: pp. . $%$%11 &&''((:: ))**1 1 !!++##: : - - NA

 NA!:!: -ommunication  #conom-ommunication  #conomic #nvironmentsic #nvironments 5.

5. A A firfirm6s m6s marmarketketing ing phiphiloslosophophy dey deterterminmines es how how strstrateategic gic marmarketketing ing actactiviivitieties as are ure used sed toto achieve

achieve

aa.. eeffffiicciieennccyy..  b.

 b. customer response.customer response. c.

c. dedesisirabrable thle thououghght patt patteternrns.s. d.

d. bubusisineness ss gogoalals.s. A

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 NA!:!: #thics  /#thics  /alue -reationalue -reation 7.

7. 0n 0n rerececent nt yeyearars, s, ththe ee empmphahasisis is in Cn C.S.S. bu. busisinenesssses es hahas bs beeeen on onn aa.. ccoonnssuummeerrss..

 b.

 b. production.production. cc.. ssaalleess.. d.

d. titimeme*h*hononorored ed vavalulueses.. A

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a.

a. prprododucuct*t*ooririenentetedd  b.

 b. market*orientedmarket*oriented c.

c. ssalaleses*o*oririenentetedd d.

d. coconnsusumemerr*o*oririenentetedd A

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 NA!:!: #thics  /#thics  /alue -reationalue -reation 

.. ##vveerry y ddaayy, , aassssoocciiaattees s ooff Sewell Motors,Sewell Motors, a allas*based auto retailer, strive to eceed the a allas*based auto retailer, strive to eceed the company6s epectations of treating the customer

company6s epectations of treating the customer as its number as its number one priorityone priority. #very action, . #very action, policypolicy,, and ultimate sale is

and ultimate sale is conducted professionallyconducted professionally, with consumers6 needs , with consumers6 needs in mind.in mind. Sewell MotorsSewell Motors subscribes to the

subscribes to the BBBB  BBBB  marketing philosophy. marketing philosophy. a.

a. coconnsusumemerr*o*oririenentetedd  b.

 b. market*orientedmarket*oriented c.

c. ssalaleses*o*oririenentetedd d.

d. prprododucuct*t*ooririenentetedd A

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 NA!:!: -ommunication  /-ommunication  /alue -reationalue -reation ;.

;. Creators PlusCreators Plus, a modest*sie manufacturer of ?uality crafts, epends considerable, a modest*sie manufacturer of ?uality crafts, epends considerable resources to ensure that

resources to ensure that its products are created its products are created in the most in the most efficient mannerefficient manner. According to the. According to the owner, distributio

owner, distribution and promotion are n and promotion are secondary considerations to managing an epedientsecondary considerations to managing an epedient  production process

 production process.. Creators PlusCreators Plus subscribes to the subscribes to the BBBB  BBBB  marketing philosophy. marketing philosophy. a.

a. prprococesess*s*ororieientnteded  b.

 b. market*orientedmarket*oriented c.

c. ssalaleses*o*oririenentetedd d.

d. prprododucuctitionon*o*oririenentetedd A

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 NA!:!: -ommunication  /-ommunication  /alue -reationalue -reation 1%

1%.. !h!he coe consnsumumerer*o*oririenenteted apd apprproaoach tch to mao markrketetiningg a.

a. is >uis >ust onst one more more buse busineiness phss philoilosopsophyhy..  b.

 b. focuses on Dpushinfocuses on Dpushing the productE.g the productE. c.

c. recogrecognienies first ans first and foremod foremost the neest the need for attad for attaininining produg production efction efficieficiency goancy goals.ls. d.

d. is this the recome recommended mended philphilosoposophy for ahy for all typll types of bes of businusinessesesses.. A

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 NA!:!: #thics  /#thics  /alue -reationalue -reation 11

11.. !he !he decdecisiision ton to pro produoduce fce flavlavoreored spd sprinring wag water iter ice cuce cubes bes in rin respespononse tse to re?o re?uesuests fts from irom itsts customers reflects

customers reflects Norway Ice Company’ Norway Ice Company’ss BBBB  BBBB  marketing philosophy. marketing philosophy. a.

a. prprododucuctitionon*o*oririenentetedd  b.

 b. sales*orientedsales*oriented c.

c. coconnsusumemerr*o*oririenentetedd d.

d. rerespspononsese*o*oririenentetedd A

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 NA!:!: #thics  /#thics  /alue -reationalue -reation 1$.

1$.  Koldpak Koldpak has focused principally on the development of revolutionary new ways ofhas focused principally on the development of revolutionary new ways of containeriing fresh produce for grocery

(8)

a.

a. coconnsusumemerr*o*oririenenteted.d.  b.

 b. market*oriented.market*oriented. c.

c. prprododucuctitionon*o*oririenenteted.d. d.

d. sasaleles*s*ororieientnteded.. A

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 NA!:!: #thics  /#thics  /alue -reationalue -reation 13.

13. AdAdoptopting ing a coa consunsumermer*or*orieniented ted marmarketketing ing phiphiloslosophophy is y is mosmost cot consinsistestent wnt withith a.

a. ?uic?uickly kly gaingaining ing highhighly ly profiprofitabltable mae market rket retureturns.rns.  b.

 b. eventually achieveventually achieving long*term market succing long*term market success.ess. c.

c. the rthe revenuevenue stabe stabiliiliing eing effecffect of t of larglarge marke market shet shares.ares. d.

d. focusfocusing on ing on the sthe singlingle most e most profiprofitable table consconsumer seumer segmengment.t. A

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 NA!:!: #thics  /#thics  /alue -reationalue -reation 14.

14. 0n pr0n prepaeparinring a salg a sales foes forecrecastast, it is d, it is desiesirabrable to hle to have fave foreorecascasts cots coververing ting the Dmhe Dmost ost liklikelyelyE,E, Dbest caseE a

Dbest caseE and DBBBBB nd DBBBBB caseE scenarioscaseE scenarios.. a.

a. rarapipidldly y shshififtitingng  b.

 b. pessimisticpessimistic cc.. pprreeddoommiinnaanntt d

d.. wwoorrssee A

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 NA!:!: -ommunication  ata -ommunication  ata AnalysisAnalysis 15.

15. 0re0rene, one, ownewner of a sr of a smalmall rel retaitail shl shop, iop, is evs evalualuatiating hng her cuer custostomer pmer profrofileile. @h. @hich iich item item is ths thee most critical for her for

most critical for her for her customer profileher customer profile a.

a. the fithe financnancial raial ratios ttios to see ho see how mucow much her ph her producroduct costt costs the cs the custoustomer mer   b.

 b. whether the marketing rewhether the marketing research was completed wisearch was completed with primary or secondary inth primary or secondary informationformation c.

c. the cuthe customestomer benefr benefits to vits to verify terify they are chey are consionsistenstent with tt with the cushe customer ntomer needseeds d.

d. the the custocustomer dmer demogremographicaphics to s to detedetermine rmine new new custocustomersmers A

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 NA!:!: -ommunication  /-ommunication  /alue -reationalue -reation 17

17.. 0n t0n the ahe ananalylysisis of a s of a mamarkrketet, th, the cue custstomomer per prorofifile sle shohoululd ind inclcludude ae a a.

a. desdescricriptption ion of cof consonsumeumer wer weaknaknessesses.es.  b.

 b. summary of production summary of production plans.plans. c.

c. a detaia detailed disled discusscussion of ma>ion of ma>or custor customer benomer benefits pefits providrovided by the proed by the product anduct and2or sed2or servicervice.. d.

d. a proa profilfile of mae of ma>or m>or markarkets nets not taot targrgeteeted.d. A

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 NA!:!: -ommunication  /-ommunication  /alue -reationalue -reation 1)

1).. !h!he mae markrket aet ananalylysisis ses sectctioion of tn of the mhe mararkeketiting png plalan shn shouould ild incncluludede a.

a. ssalales es opoptitionons.s.  b.

 b. a customer profile.a customer profile. c.

c. a sta stateatemenment of t of marmarketketing ing tentendendenciecies.s. d.

d. a sua summammary ory of maf markerket pht philoilosopsophiehies.s. A

(9)

 NA

 NA!:!: -ommunication  /-ommunication  /alue -reationalue -reation 1.

1. Spira Footwear, Inc. produces running anSpira Footwear, Inc. produces running and walking shoes wd walking shoes with a patented technoith a patented technologylogy.. !herefore the company<s profile should concentrate the most on

!herefore the company<s profile should concentrate the most on a.

a. the fthe feateatureures the ss the shoehoes offs offer ther the cuse custotomermer..  b.

 b. the uni?ueness of ththe uni?ueness of the product.e product. c.

c. the the benbenefiefits ts to to the the cuscustomtomersers.. d.

d. All oAll of the af the abovbove are ee are e?ua?ually illy impomportartantnt.. A

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 NA!:!: -ommunication  /-ommunication  /alue -reationalue -reation 1

1;;.. @@hhiicch h ddiissccuussssiioon n sshhoouulldd notnot be included in the  be included in the competitor analysis ocompetitor analysis of a marketing planf a marketing plan a.

a. comcompetpetitoitor6s sr6s stretrengtngths anhs and wead weakneknessessess  b.

 b. a list of related produa list of related products currently being markcts currently being marketed or tested by competeted or tested by competitorsitors c.

c. the lithe likelihkelihood thood that compat competitoetitors wilrs will enter tl enter the firhe firm6s tarm6s target maget marketrket d.

d. the cothe competimpetitivetiveness of pness of plans slans such as wuch as warranarranty and rety and repair ppair policiolicieses A

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 NA!:!: -ommunication  /-ommunication  /alue -reationalue -reation $%.

$%. !he !he mosmost dt detaetaileiled ad and nd scrscrutiutininied sed sectection ion of of a foa formarmal mal markerketinting pg plan lan is is thethe a.

a. cocompmpetetititor or ananalalysysisis..  b.

 b. marketing strategymarketing strategy.. c.

c. mamarkrkeet ant analalyyssisis.. d.

d. coconnsusumemer anr analalysysisis.. A

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 NA!:!: -ommunication  /-ommunication  /alue -reationalue -reation $1.

$1. !he !he areareas oas of marf marketketing ing strstrateategy tgy that hat shoshould uld be abe addrddressessed wed withithin tin the mahe markrketieting png plan alan arere a.

a. promopromotiontional, prical, pricing, diing, distribstributioution, and pn, and producroduct and2ot and2or servir service plance plans.s.  b.

 b. promotional and pripromotional and pricing plans.cing plans. c.

c. propromotmotionional anal and did distrstribuibutiotion pln plansans.. d.

d. promopromotiontional, pal, pricinricing, ag, and dnd distristributibution ion planplans.s. A

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 NA!:!: -ommunication  /-ommunication  /alue -reationalue -reation $$.

$$. (oh(ohn, a cn, a car rear repaipair shr shop oop ownewner, r, is dis deveeveloploping ing the wthe warrarrantanty any and repd repair air polpoliciicies foes for hir hiss  business. @ha

 business. @hat area of the marketing strategy t area of the marketing strategy is he addressingis he addressing a.

a. rroomomottioionanal pll planan  b.

 b. roduct and2or Service product and2or Service planlan c.

c. iiststriribubutition on plplanan d

d.. rriicciinng pg pllaann A

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 NA!:!: -ommunication  /-ommunication  /alue -reationalue -reation $3.

$3. !he !he desdescricriptption ion of pof poteotentintial cal custustomeomers irs in a tn a tararget get marmarket ket is cis commommonlonly cay callelled ad a a.

a. cucuststomomer er prprofofilile.e.  b.

 b. demographic detailindemographic detailing.g. c.

(10)

d.

d. tatargrget et pipictctuurere.. A

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 NA!:!: -ommunication  /-ommunication  /alue -reationalue -reation $4.

$4. 0n c0n consonsideiderinring itg its mars marketketing ing strstrateategy a ngy a new vew vententure wure will ill typtypicaicalllly cony concencentratrate ote onn a.

a. mamasss s mamarkrketetiningg  b.

 b. a multi*segmented marketa multi*segmented market c.

c. a sea seleclect fet few tw targarget met markarkets ets or >or >ust ust oneone d

d.. tthe he 0n0nteternrnetet.. A

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 NA!:!: -ommunication  /-ommunication  /alue -reationalue -reation $5

$5.. At At mimininimumum, tm, the phe pririce oce of a pf a proroduduct ct anand2d2or sor serervivicece a.

a. musmust covt cover ther the cose cost of brt of bringinging iing it to mat to markerket.t.  b.

 b. must demonstrate a subsmust demonstrate a substantial profit.tantial profit. c.

c. musmust be t be at oat or ber below low ththe coe compempetittitionion.. d.

d. must must be babe based esed ecluclusivelsively on a y on a breakbreak*even *even analyanalysis.sis. A

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 NA!:!: -ommunication  /-ommunication  /alue -reationalue -reation $7.

$7. !he !he secsectiotion of tn of the mahe markerketinting plg plan wan whichich desh descricribes bes the ethe entntrepreprenreneur<eur<s aps approproach ach toto creating customer awareness of the product or service is

creating customer awareness of the product or service is thethe a.

a. proproducduct t andand2or 2or serservicvice se sectectionion..  b.

 b. promotion sectiopromotion section.n. c.

c. didiststriribubutition on sesectctioion.n. d.

d. prpricicining g sesectctioion.n. A

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 NA!:!: -ommunication  /-ommunication  /alue -reationalue -reation $).

$). 0f a f0f a firmirms mes methothod of pd of prodroduct uct deldelivivery iery is es eporportattationion, whi, which tch topiopic is nc is not aot an imn imporportantant art areaea to discuss in the distribution section of the marketing strategy

to discuss in the distribution section of the marketing strategy a.

a. "el"elevaevant lnt laws aws conconcercerninning eg eporportattationion  b.

 b. roduct presentatioroduct presentationn c.

c. GnoGnowlewledge of edge of echachange range rates betes betwetween curen currenrencieciess d.

d. "elev"elevant ant reguregulatiolations ns conceconcerninrning g epoeportatirtationon A

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 NA!:!: -ommunication  #conom-ommunication  #conomic #nvironmentsic #nvironments $

$.. !h!he ie ininititial al ststep ep in in ththe me mararkeketiting ng rereseseararch ch prprococesess is is ts too a.

a. selselect ect a da data ata cocollellectiction on metmethodhod..  b.

 b. identify consumer2bidentify consumer2business segments ousiness segments of interest.f interest. c.

c. ideidentntify ify ininforformatmationional al neeneedsds.. d.

d. conconducduct a prelit a preliminminary inary inforformatmation seion searcarch.h. A

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(11)

$;

$;.. !!o deo detetermrminine cre crededit it cacard ard aveverarage ge pupurcrchahaseses, ms, mananagagerers ofs of Component City Stereo andComponent City Stereo and  ppliances

 ppliances reviewed credit card sales receipts from  reviewed credit card sales receipts from the previous three months. 9anagers arethe previous three months. 9anagers are conducting marketing research by collecting and

conducting marketing research by collecting and analyinganalying aa.. pprriimmaarry dy daattaa..

 b.

 b. observational daobservational data.ta. c.

c. ?u?uesestitiononining dg datata.a. d.

d. sesecocondndarary y dadatata.. A

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 NA!:!: -ommunication  ata -ommunication  ata AnalysisAnalysis 3%.

3%. @hi@hich och obsebservarvatiotional nal metmethod hod has has gaigained ned incincreareased sed use use wiwith sth smalmall bul businsiness ess owownernerss recently

recently

aa.. @@eeb b ssuurrvveeyyss  b.

 b. !!witter witter  c.

c. 9y9yststerery Shy Shooppppererss d

d.. --oonnssuullttaannttss A

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 NA!:!: -ommunication  ata -ommunication  ata AnalysisAnalysis 31.

31. @hi@hich ch sousource rce of of datdata wa woulould bd be te the he lealeast st hehelpflpful ul for for secsecondondary ary datdate ue usese a.

a. liblibrarraries ies of of highigher her ededucaucatiotionn  b.

 b. the Small 'usiness the Small 'usiness AdministrationAdministration c.

c. pepersrsononal ial intntererviviewewss d

d.. tthhe 0e 0nntteerrnneett A

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 NA!:!: -ommunication  ata -ommunication  ata AnalysisAnalysis 3$

3$.. rroboblelems tms typypicicalally aly assssocociaiateted wid with tth the uhe use ose of sef secocondndarary day data dta doo notnot includeinclude a.

a. ououtdtdatated ed mamateteririalal..  b.

 b. inconsistent uninconsistent units of measure.its of measure. c.

c. lalack ck of of crcrededibibililitityy.. d.

d. limlimiteited nd numbumber oer of daf data ta sousourcesrces.. A

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 NA!:!: -ommunication  ata -ommunication  ata AnalysisAnalysis 33

33.. !!ecechnhni?i?ueues uss used ted to coo collllecect prt primimarary day data arta are ofe ofteten cln clasassisifified aed ass  BBBB  BBBB  and and BBBB  BBBB  methods. methods. a.

a. ininteternrnalal2e2etterernanall  b.

 b. observational2?observational2?uestioninguestioning c.

c. eeplplororatatorory2y2dedescscririptptivivee d.

d. fofocucus2s2cocompmprerehehensnsivivee A

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344.. 99aarryy, , oowwnneer r ooff !elany Salsas !elany Salsas, is curious to know whether the new , is curious to know whether the new packaging for her linepackaging for her line of salsas is

of salsas is being noticed by supermarket consumers. !o collect information, she passivelybeing noticed by supermarket consumers. !o collect information, she passively watches shopper reactions as they pass by the

watches shopper reactions as they pass by the  !elany Salsas !elany Salsas display. 9ary is collecting display. 9ary is collecting BBBB  BBBB  data data through

through BBBB  BBBB  methods. methods. a.

(12)

 b.

 b. primary2?uestionprimary2?uestioninging c.

c. prprimimarary2y2obobseservrvatatioionanall d.

d. sesecocondndarary2y2?u?uesestitiononiningg A

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 NA!:!: -ommunication  ata -ommunication  ata AnalysisAnalysis 35

35.. @h@hicich h ststatatememenent t ababouout t obobseservrvatatioionanal l memeththodods s isis not not  true true a.

a. !h!hey cey can ban be vee very ery ecocononomimicacal.l.  b.

 b. !hey avoid poten!hey avoid potential biases.tial biases. c.

c. !hey !hey can bcan be conde conducteucted by d by a huma human or an or by mecby mechanihanical dcal devicevices.es. d.

d. !he!hey are a foy are a form of serm of seconcondadary dary data colta colleclectition.on. A

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 NA!:!: -ommunication  ata -ommunication  ata AnalysisAnalysis 37.

37. !he !he basbasic iic instnstrumrument uent used tsed to guo guide tide the rhe reseesearcarcher aher and tnd the rhe respespondondent ent whewhen sun surverveys ays arere taken is known as a

taken is known as a a.

a. ?u?uesestitioonnnnaiairere..  b.

 b. ?uestioning form?uestioning form.. c.

c. inintetervrvieiew ow oututlilinene.. d

d.. gguuiidde e ffoormrm.. A

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 NA!:!: -ommunication  ata -ommunication  ata AnalysisAnalysis 3).

3). @ha@hat it is ts the he proproper per ordorder er of of the the stesteps ps in in ththe te typiypical cal resresearearch ch proprocescesss 1. 0nterpreting the data gathered

1. 0nterpreting the data gathered $. 0dentifying the informational need $. 0dentifying the informational need 3. -ollecting primary data

3. -ollecting primary data 4. Searching for secondary data 4. Searching for secondary data aa.. 33,,44,,$$,,11  b.  b. 1,3,4,$1,3,4,$ cc.. 11,,$$,,33,,44 d d.. $$,,44,,33,,11 A ANNSS: :  !!SS:: 11 ""##FF:: pp. . $1$111 &&''((:: ))**3 3 !!++##: : - - NA

 NA!:!: -ommunication  ata -ommunication  ata AnalysisAnalysis 3.

3. 9ar9arketketing ing resresearcearch shh shoulould be vd be viewiewed as ed as a sua supppplemlement ent to, nto, not a rot a repleplaceacemenment fot for BBBr BBBBBBB.. a.

a. ththe obe obseservrvatatioionanal mel meththodod..  b.

 b. ?uestionnaires?uestionnaires.. cc.. mmaaiil sl suurrvveeyyss.. d.

d. inintutuititivive e >u>udgdgememenent.t. A

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 NA!:!: -ommunication  /-ommunication  /alue -reationalue -reation 3;.

3;. !he !he BBBBBBBB BB metmethod hod is is proprobabbably ly the the oldoldest est forform of m of resresearearch ch in in eieistestencence.. aa.. ??uueessttiioonniinngg

 b.

 b. secondary researchsecondary research c.

c. obobsserervavattioionanall d

(13)

A

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 NA!:!: -ommunication  ata -ommunication  ata AnalysisAnalysis 4

4%%.. AA BBBB  BBBB  is defined as a group of customers or potential customers who have purchasing is defined as a group of customers or potential customers who have purchasing  power and unsatisfied

 power and unsatisfied needs.needs. a.

a. coconnsusumemer ser seggmemenntt  b.

 b. target markettarget market cc.. mmaarrkkeett d

d.. coconnsusumemer mar markrketet A

ANNSS: -: - !!SS:: 11 ""##FF:: pp. . $1$177 &&''((:: ))**4 4 !!++##: :   NA

 NA!:!: -ommunication  #conom-ommunication  #conomic #nvironmentsic #nvironments 41.

41. 0n o0n orderder to r to be abe apprppropropriatiately ely conconsidsidereered a md a markarket, et, a gra group oup of cof cusustomtomers ers or por pototententialial customers must have

customers must have a.

a. pupurcrchahasising ng popowewerr..  b.

 b. market powermarket power.. c.

c. sasatitisfsfieied d neneededs.s. d.

d. cocorrrrelelatated ed neneededs.s. A

ANNSS: A: A !!SS:: 11 ""##FF:: pp. . $1$177 &&''((:: ))**4 4 !!++##: :   NA

 NA!:!: -ommunication  #conom-ommunication  #conomic #nvironmentsic #nvironments 4$

4$.. @@hahat ct cauaussed ed !!ananyya Fa Fininneneyy, ow, ownener or off C"an#es $"erapeuticC"an#es $"erapeutic, to change her strategy, to change her strategy a.

a. She reaShe realied slied she couhe could makld make more mone more money purey pursuinsuing an unsg an unsegmenegmented stted strategrategyy..  b.

 b. She realied the company hShe realied the company had a competitive advantad a competitive advantage in a single*segment.age in a single*segment. c.

c. &ver ti&ver time, she reame, she realied tlied the compahe company had diny had differefferent tarnt targets wigets with difth differenferent needs ant needs andd selected a

selected a multi*segment strategymulti*segment strategy.. d.

d. 'ecau'ecause of the compase of the company<ny<s change in mans change in managemenagement, she chose tht, she chose the multi*e multi*segmesegment stratnt strategyegy to utilied those strengths.

to utilied those strengths. A

ANNSS: ': ' !!SS:: 11 ""##FF:: pp. . $1$1 &&''((:: ))**4 4 !!++##: : AA  NA

 NA!:!: -ommunication  /-ommunication  /alue -reationalue -reation 43.

43. 9er9erediedith th is is opeopeninning a g a highigh eh end snd shohoe ste store ore spespeciacialiliing ing in in desdesignigner ser shoehoes. s. @hi@hichch approach is probably the wisest strategy for the marketing efforts of this company

approach is probably the wisest strategy for the marketing efforts of this company a.

a. CnsegCnsegmented mented stratstrategy egy sincsince eve everyoneryone we wears ears shoesshoes..  b.

 b. 9ulti*segment strate9ulti*segment strategy since she could congy since she could concentrate on persons wcentrate on persons wanting shoes for difanting shoes for differentferent reasons.

reasons. c.

c. SingSingle*sele*segment sgment stratetrategy sincgy since only woe only women witmen with high dih high disposasposable inble incomes wocomes would be auld be a  prospective custo

 prospective customer.mer. d.

d. 'i*se'i*segment Sgment Stratetrategy sincgy since the compe the company wonany won<t be abl<t be able to sell to >e to sell to >ust one seust one segmengment tot to survive.

survive. A

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 NA!:!: -ommunication  /-ommunication  /alue -reationalue -reation 44.

44. All All of of ththe fe follollowiowing ng varvariabiables les wouwould ld be be claclassissifiefied d as as demdemogrographaphicic e%cept e%cept  for for a.

a. mamacrcroeoecocononomimic c clclimimatate.e.  b.

 b. age.age. cc.. iinnccoommee.. d

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A

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 NA!:!: -ommunication  /-ommunication  /alue -reationalue -reation 45

45.. AlAll of tl of the fhe folollolowiwing vng varariaiablbles wes wouould bld be cle clasassisifified aed as bes benenefifitt e%cept e%cept  for for aa.. ooccccuuppaattiioonn..

 b.

 b. physical fitnessphysical fitness.. c.

c. inintetererest st in in fofoodod.. d.

d. lalangnguauage fge fluluenencycy.. A

ANNSS: A: A !!SS:: 11 ""##FF:: pp. . $1$1)) &&''((:: ))**4 4 !!++##: : - - NA

 NA!:!: -ommunication  /-ommunication  /alue -reationalue -reation 47.

47. #nt#ntrepreprenreneureurs shos should buld base tase theiheir marr market aket assessessmssmentents, prs, produoductiction scon schedheduleules, ins, invenventortoryy  policies, and personnel

 policies, and personnel decisions ondecisions on a.

a. tetechchnini?u?ues oes of obsf obserervavatitionon..  b.

 b. ?ualitative analy?ualitative analysis.sis. c.

c. inintutuititioion n alalonone.e. d.

d. ththe se salales fes fororececasast.t. A

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 NA!:!: -ommunication  ata -ommunication  ata AnalysisAnalysis 4).

4). ForForecaecastisting ng salsales es for for a na new ew venventurture we will ill be be the the mosmost dt dififficficult ult whwhenen a.

a. the the owner owner is uis unfaminfamiliar liar with with ?uan?uantitatitative tive analyanalysis.sis.  b.

 b. the owner is unfamilithe owner is unfamiliar with ?ualitativar with ?ualitative analysis.e analysis. c.

c. the owthe owner is ner is startstarting aning another other busibusiness iness in a new in a new indusndustrytry.. d.

d. All oAll of the af the abovbove are ee are e?ua?ually dlly dififficficulult.t. A

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 NA!:!: -ommunication  ata -ommunication  ata AnalysisAnalysis 4

4.. @@hhiicch h iitteem m iiss notnot a limitation encountered by small a limitation encountered by small businesses when they forecast salesbusinesses when they forecast sales a.

a. #nt#ntrepreprenreneureurial ial ineinepeperieriencence  b.

 b. =imited familiarity w=imited familiarity with the forecasting proith the forecasting processcess c.

c. efeficiicient ?ent ?uanuantittitatiative anve analyalysis ssis skilkillsls d.

d. =ack o=ack of sourf sources of ces of currecurrent innt informatformation abion about bout businusiness tress trendsends A

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 NA!:!: -ommunication  ata -ommunication  ata AnalysisAnalysis 4

4;;.. AA BBBB  BBBB  estimates how much of  estimates how much of a product and2or service will be purchased within aa product and2or service will be purchased within a market over a defined period of

market over a defined period of time.time. a.

a. mamarkrkeet ft foorerecacasstt  b.

 b. market analysismarket analysis c.

c. ssalales es foforerecacasstt d

d.. ssalales es ananaalylyssisis A

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 NA!:!: -ommunication  ata -ommunication  ata AnalysisAnalysis 5%.

5%. !he !he salsales foes forecrecastasting ping procroceduedure in re in whwhich tich the fohe forecrecastaster ber begiegins wns with ith a vaa variariable ble thathat has t has aa very large scope and then systematically works down to the sales forecast is

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a.

a. brbreaeakdkdowown pn prorocecessss..  b.

 b. buildup processbuildup process.. c.

c. chchaiain*n*lilinknkagage e memeththodod.. d.

d. bobottttomom*u*up mep meththodod.. A

ANNSS: A: A !!SS:: 11 ""##FF:: pp. . $$$$33 &&''((:: ))**5 5 !!++##: :   NA

 NA!:!: -ommunication  ata -ommunication  ata AnalysisAnalysis 51.

51. 0de0dentintifyifying ang all bll buyeuyers irs in a man a markerket6s t6s subsubmarmarketkets and s and thethen adn addiding up ng up the the estestimaimated dted demaemandnd is known as the BBBBB sales forecasting approach.

is known as the BBBBB sales forecasting approach. a.

a. brbreaeakdkdowown n prprococesesss  b.

 b. buildup processbuildup process c.

c. chchaiain*n*raratitio mo metethohodd d

d.. bboottttoomm**uupp A

ANNSS: ': ' !!SS:: 11 ""##FF:: pp. . $$$$33 &&''((:: ))**5 5 !!++##: :   NA

 NA!:!: -ommunication  ata -ommunication  ata AnalysisAnalysis 5$.

5$.  Ideas &nlimited  Ideas &nlimited  is a  is a consulting firm that provided retailers with information aboutconsulting firm that provided retailers with information about regional sales trends. !

regional sales trends. !o estimate demand in the market o estimate demand in the market for its services, the firm6s marketingfor its services, the firm6s marketing department identifies all buyers in each category of retailers and determines how m

department identifies all buyers in each category of retailers and determines how m uch businessuch business is possible.

is possible. !he market demand estimate is b!he market demand estimate is based on theased on the a.

a. aggaggregregate ate forforecaecastisting ng proprocescess.s.  b.

 b. breakdown forecastinbreakdown forecasting process.g process. c.

c. buibuilduldup p forforecaecaststing ing proprocescess.s. d.

d. indindireirect ct forforecaecastisting ng proprocescess.s. A

ANNSS: -: - !!SS:: 11 ""##FF:: pp. . $$$$33 &&''((:: ))**5 5 !!++##: : AA  NA

 NA!:!: -ommunication  ata -ommunication  ata AnalysisAnalysis 53.

53. @ha@hat det deterterminmines wes whethether her the the salsales fes foreorecascastinting prg proceocess iss is dis direcrect or t or indindireirectct a.

a. the the indindustustry ory orierientantatiotion of n of the the firfirmm  b.

 b. the nature of the predictthe nature of the predicting variableing variable c.

c. the the ultultimaimate gte goal oal of tof the ehe entrntreprepreneeneur ur  d.

d. the mthe markarketieting png philhilosoosophy ophy of the cf the compompanyany A

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 NA!:!: -ommunication  ata -ommunication  ata AnalysisAnalysis 54.

54. CsiCsing tng the nuhe numbember of br of birtirths ihs in a hin a histostoricrical ral recoecord trd to pro prediedict tct the nhe numbumber oer of drf driveiver lir licencensesses issued in subse?uent years is an eample of

issued in subse?uent years is an eample of the use of aHnIthe use of aHnI  BBBB  BBBB  variable in  variable in forecasting.forecasting. a.

a. apappproroiimamattiningg  b.

 b. indirectindirect cc.. ssuurrrrooggaattee d

d.. tteerrmmiinnaattiinngg A

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 NA!:!: -ommunication  ata -ommunication  ata AnalysisAnalysis ESS!&

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1.

1. AftAfter er ideidentintifyifying ng the the ththree ree levlevels els of of a pa prodroduct uct andand2or 2or serservivice<ce<s bs beneenefitfit, p, provrovide ide anan eample for the

eample for the &S Postal Ser'ice.&S Postal Ser'ice. ANS:

ANS: Csing the

Csing the &S Postal Ser'ice,&S Postal Ser'ice, an eample of  an eample of the three levels would be as follows.the three levels would be as follows. 1.

1. !he core product2service Hfundamental benefit or !he core product2service Hfundamental benefit or solution sought by customersI is thesolution sought by customersI is the delivery of information.

delivery of information. $.

$. !he actual product2service Hbasic physical product and2or service !he actual product2service Hbasic physical product and2or service that delivers thosethat delivers those  benefitsI is the actua

 benefitsI is the actual placing that informatl placing that information into a mailbo.ion into a mailbo. 3.

3. !he augmented product2service Hthe basic product and2or service plus any etra or!he augmented product2service Hthe basic product and2or service plus any etra or unsolicited benefitsI is the convenience of that

unsolicited benefitsI is the convenience of that information being at a information being at a person<person<s homes home mailbo or at a bo

mailbo or at a bo close to them.close to them. 

!!SS:: 11 ""##FF:: pp. . $$%%%% &&''((:: ))**1 1 !!++##: : AA  NA

 NA!:!: -ommunication  /-ommunication  /alue -reationalue -reation $.

$. -o-ompmparare ane and cod contntrarast tst the the thrhree mee mararkeketiting png phihilolososophphieies dis discscusussesed in d in ththe tee tett. . JiJiveve supporting evidence on why one method is stronger than the others.

supporting evidence on why one method is stronger than the others. ANS:

ANS: !he t

!he three marketing perspectives are hree marketing perspectives are the production*oriented, sales*orientedthe production*oriented, sales*oriented, and , and consumer*consumer* oriented philosophies.

oriented philosophies. KA production*ori

KA production*oriented philosophy emphasies the ented philosophy emphasies the product and concentrates resources product and concentrates resources onon

developing the product or service in the most efficient manner, even if other marketing activities developing the product or service in the most efficient manner, even if other marketing activities are not treated e?ually

are not treated e?ually. . 0t is used most often by entrepreneurs who have a manufacturing or0t is used most often by entrepreneurs who have a manufacturing or technology epertise.

technology epertise. KA sales*orien

KA sales*oriented philosophy is know for ted philosophy is know for pushing a product with achieving sales pushing a product with achieving sales goals as a goals as a ma>orma>or ob>ective for t

ob>ective for the companyhe company. . 0t reemphasies pro0t reemphasies production and cuduction and customer preferences. stomer preferences. !his approach!his approach is often used by new owners with

is often used by new owners with a high knowledge of sales.a high knowledge of sales. K A consumer

K A consumer*oriented philosophy believes that all aspects of *oriented philosophy believes that all aspects of the marketing and company the marketing and company shouldshould concentrate on the consumer<s needs

concentrate on the consumer<s needs. . !his approach is be used by more companies who realie!his approach is be used by more companies who realie the customer is critical to the companies long*term success.

the customer is critical to the companies long*term success. 

!!SS:: 11 ""##FF:: pp. . $$%%11 &&''((:: ))**1 1 !!++##: : - - NA

 NA!:!: "eflective !hink"eflective !hinking  /ing  /alue -reationalue -reation 3.

3. 0de0dentintify fy and and disdiscuscuss ts the he thrthree ee comcomponponentents os of tf the he markmarketieting ng plplan aan and nd the the ththree ree marmarketketinging activities used to generate informatio

activities used to generate information for the marketing plan. n for the marketing plan. 'ased on the book<'ased on the book<s chapters chapter spotlight,

spotlight, Mayan Pi#ments Mayan Pi#ments, analye what the company completed for , analye what the company completed for each component andeach component and supporting activity..

supporting activity.. ANS:

ANS:

 Mayan Pi#ments

 Mayan Pi#ments completed the following items for their marketing plan. completed the following items for their marketing plan. Marketing Plan

Marketing Plan K

Kmarket analysismarket analysis Hlocating and describing pot Hlocating and describing potential customersI: ential customersI: 0nitially industr0nitially industrialial manufacturers.

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K

K'ompetition'ompetitionHother companies in the marketI:0nitialHother companies in the marketI:0nitially larger more established custoly larger more established customers. mers. @ith@ith move to being

move to being a supplier, competition became much smaller.a supplier, competition became much smaller. K

Kmarketing strategymarketing strategy Hroduct2Service, istr Hroduct2Service, istribution, romotion, ricinibution, romotion, ricingI: gI: &btained patents on&btained patents on  pigments to protect th

 pigments to protect their competitive advaneir competitive advantage of product. Csed webstage of product. Csed website as an effectiveite as an effective  promotional tool

 promotional tool Supporting !'ti(ities Supporting !'ti(ities K

Kmarketing resear'hmarketing resear'hHgathering informationI: id research on pigment colors Hgathering informationI: id research on pigment colors and stabilityand stability.. Jathered information on competition and their market share

Jathered information on competition and their market share K

Kmarket segmentationmarket segmentation Hselection of market groupsI: 0nitially had Hselection of market groupsI: 0nitially had segments of printing inks,segments of printing inks,  paints, coatings, plas

 paints, coatings, plastics, tetiles, leathtics, tetiles, leathers, paper, paperboers, paper, paperboard. =ater moved to customers ward. =ater moved to customers with aith a  benefit variable of Dnatu

 benefit variable of Dnatural and greenE and more niche sral and greenE and more niche segments.egments. K

Ksales )ore'astingsales )ore'asting Hpredicting salesI: Hpredicting salesI: 0nitially used se0nitially used secondary data for global and condary data for global and domesticdomestic markets.

markets. @ith move to -lementin@ith move to -lementine Art, thoughe Art, thought sales might be smaller but increased due tot sales might be smaller but increased due to international growth.

international growth. 

!!SS:: 11 ""##FF:: pp. . $$%%$$ &&''((:: ))**$ $ !!++##: : AA  NA

 NA!:!: Analytic  /Analytic  /alue -reationalue -reation 4.

4. @h@hat at arare pre proboblelems wms witith seh secocondndarary dy datata ua usese  LoLow caw can a nn a new eew entntrereprpreneneueur ner neututraraliliee these problems these problems ANS: ANS: roblems include: roblems include: K

K SeSecocondndarary dy datata ca can an ?u?uicicklkly by bececomome de datated ed anand td theherereby by leless ss ususefefulul.. K

K !h!he une unitits os of mef measasurure ue usesed id in thn the ree reseseararch mch may nay not ot mamatctch th the a he a nenew enw entrtrepeprereneneur nur neeeedsds.. For eample, sales reported in dollars may

For eample, sales reported in dollars may need to be stated in units or need to be stated in units or in euros.in euros. K

K SoSome me sosoururceces os of sf sececonondadary ry dadata ta arare le lesess ts truruststwowortrthy hy ththan an otothehersrs.. A new entrepreneur should:

A new entrepreneur should: K

K -o-ompmparare mae many dny dififfefererent snt sececonondadary sry souourcrces tes to seo see if e if ththe soe soururceces ars are ree repoportrtining sig simimilalarr results.

results. K

K -o-oncncenentrtratate oe on sn souourcrces es ththat at hahave ve a sa sololid id rerepuputatatition on susuch ch as as ththe Se S'A 'A or or acacadadememicic organiations.

organiations. K

K --hheecck k tthhe e iiddeennttiiffy y oof f aalll l ssoouurrcceess.. 

!!SS:: 11 ""##FF:: pp. . $$1133**$$1144 &&''((:: ))**3 3 !!++##: : - - NA

 NA!:!: -ommunication  /-ommunication  /alue -reationalue -reation 5.

5. @ha@hat at are sre some ome of of the the guguideidelinlines es thathat st shouhould ld be be folfollowlowed ed in in devdeveloelopinping a g a ?u?uestestionionnainairere ANS:

ANS:

·

· Ask ?uestions that relate to Ask ?uestions that relate to the issue under consideration.the issue under consideration. ·

· Select the form of ?uestion that is appropriate for Select the form of ?uestion that is appropriate for the sub>ect and the conditions of thethe sub>ect and the conditions of the

surveyM open*ended and multiple*choice forms are two

surveyM open*ended and multiple*choice forms are two popular options.popular options.

·

· -onsider the order of the ?uestions carefully to reduce biases.-onsider the order of the ?uestions carefully to reduce biases. ·

· Ask the more sensitive ?uestions near the end of the Ask the more sensitive ?uestions near the end of the ?uestionnaire?uestionnaire.. ·

· Select the words of each ?uestion carefullySelect the words of each ?uestion carefully. !hey should be . !hey should be as simple, clear, and ob>ectiveas simple, clear, and ob>ective

as possible. as possible.

·

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 NA!:!: -ommunication  /-ommunication  /alue -reationalue -reation 7.

7. @ha@hat tt techechni?ni?ues ues useused id in cn cololleclectinting pg primrimary ary datdata a JivJive ee eamamplples es to to supsupporport tt the he ansanswerwer.. ANS:

ANS:

K&bservational 9ethods: =earning by observing while avoiding interpersonal contact between K&bservational 9ethods: =earning by observing while avoiding interpersonal contact between respondents and researcher. #amples include counting customers in a

respondents and researcher. #amples include counting customers in a store or observingstore or observing reactions to products

reactions to products

Kuestioning 9ethods: =earning by conducting surveys or performing eperiments which Kuestioning 9ethods: =earning by conducting surveys or performing eperiments which involve interaction between the respondents and researcher. #amples include mail, 0

involve interaction between the respondents and researcher. #amples include mail, 0 nternet ornternet or telephone surveys or personal interviews.

telephone surveys or personal interviews. 

!!SS:: 11 ""##FF:: pp. . 1177 &&''((:: ))**3 3 !!++##: : - - NA

 NA!:!: -ommunication  /-ommunication  /alue -reationalue -reation ).

). eefifine ne ththe te tererm mam markrket aet and nd eeplplaiain tn the khe key ey iningrgrededieientnts os of thf that at dedefifininititionon.. ANS:

ANS:

!he word market

!he word market means different things to different people. Lowever, the tetbook defines means different things to different people. Lowever, the tetbook defines thisthis term as Oa

term as Oa group of customers or potential customers who have purchasing power and unsatisfiedgroup of customers or potential customers who have purchasing power and unsatisfied needs.O !he specifics of

needs.O !he specifics of this definition include three key ingredients:this definition include three key ingredients:

·

· !he market must have buying units or customersM thus it is !he market must have buying units or customersM thus it is more than a geographicmore than a geographic

area. area.

·

· -ustomers in a market must have -ustomers in a market must have purchasing powerpurchasing power, since no transaction can occur, since no transaction can occur

without it. without it.

·

· Cnsatisfied needs provide the buyer with the motivation to complete a purchase.Cnsatisfied needs provide the buyer with the motivation to complete a purchase.

!!SS:: 11 ""##FF:: pp. . $$1177 &&''((:: ))**4 4 !!++##: : - - NA

 NA!:!: -ommunication  #conom-ommunication  #conomic #nvironmentsic #nvironments .

. LoLollelley y is is ststartarting ing a na new ew busbusineiness ss and and is is trytrying ing to to forforecaecast st salsales. es. She She hahas os ownewned d two two othother er   businesses, one of wh

 businesses, one of which was in the same indusich was in the same industry as this new venturtry as this new venture. e. iscuss the implicaiscuss the implicationstions for forecasting for the new business.

for forecasting for the new business. @hat could she do to increase her forecasting success@hat could she do to increase her forecasting success ANS:

ANS:

-onditions that will make forecasting easier include her past eperience and should be familiar -onditions that will make forecasting easier include her past eperience and should be familiar with forecasting techni?ues since she has owned a business in the same

with forecasting techni?ues since she has owned a business in the same industry before thisindustry before this  proposed operation

 proposed operation. . LoweverLowever, forecasting could be more di, forecasting could be more difficult because thfficult because the operation is newe operation is new.. (oining the trade association of her indus

(oining the trade association of her industry might provide her current information. try might provide her current information. AlsoAlso subscribing to a professional forecasting service would

subscribing to a professional forecasting service would be an option for be an option for general businessgeneral business knowledge,

knowledge, 

!!SS:: 11 ""##FF:: pp. . $$$$11 &&''((:: ))**5 5 !!++##: : AA  NA

(19)

Figure

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References

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