Question 1

Which of the following does Paradise Kitchens consider a strength?

Accepted Answer

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

Question 2

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 the business or marketing idea valid?
E)  What are your taxes?F) A) and B)
G) A) and E)

Question 3

The financial data and projections section of the marketing plan for Paradise Kitchens includes two subsections:

Accepted Answer

A)  past sales revenues and current sales revenues.
B)  current sales revenues and revenues projected for the next year.
C)  current sales revenues and revenues projected for the next five years.
D)  past sales revenues and revenues projected for the next five years.
E)  current debt and requested financing.F) A) and E)
G) C) and E)

Question 4

To the company's knowledge, Paradise Kitchens is known for being the only premium-quality frozen __________ sold in U.S. grocery stores.

Accepted Answer

A)  desserts
B)  pizza
C)  chili
D)  sushi
E)  wafflesF) C) and D)
G) C) and E)

Question 5

The marketing program section of a marketing plan consists of

Accepted Answer

A)  the four marketing mix elements.
B)  the five environmental forces.
C)  the financial forecasts for the industry and the company itself.
D)  the target market identification and market segment selection.
E)  the specific steps that will be taken to implement the plan.F) B) and C)
G) A) and D)

Question 6

Which of the following statements about marketing plans is most accurate?

Accepted Answer

A)  A marketing plan has little or no value unless it projects plans at least 10 years into the future.
B)  It is important to use the exact market plan format regardless of the product or industry.
C)  Although sales figures will vary greatly, the marketing plan for a small family-owned food store will be almost identical to the marketing plan of a large supermarket chain, if written correctly.
D)  Although the target audience and purpose affect the design of a marketing plan, the type of industry plays a relatively small, if any, role in its design.
E)  In truth, no single generic marketing plan applies to all organizations and all situations.F) A) and E)
G) A) and D)

Question 7

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.F) C) and D)
G) D) and E)

Question 8

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

Accepted Answer

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

Question 9

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

Accepted Answer

A)  Use different color fonts or paper to represent different sections of your plan.
B)  Use visuals where appropriate.
C)  Do not use a business plan unless you plan to borrow at least $100,000.
D)  Include as an attachment the résumés for all key players in your management team.
E)  To save paper, send the plan in digital (Adobe Acrobat PDF)  format to all potential investors.F) B) and C)
G) B) and E)

Question 10

The implementation plan

Accepted Answer

A)  describes the formation of the marketing program.
B)  displays the projected financial results of the plan.
C)  shows how the company will turn plans into results.
D)  identifies how the firm will select its target markets and position its products.
E)  analyzes its marketing opportunities and threats.F) All of the above
G) A) and B)

Question 11

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

Accepted Answer

A)  marketing plan
B)  mission statement
C)  operation plan
D)  business plan
E)  marketing dashboardF) A) and D)
G) A) and E)

Question 12

The qualitative mission statement focuses the activities of Paradise Kitchens for its

Accepted Answer

A)  brands.
B)  competitors.
C)  regulators.
D)  stakeholders.
E)  ideas.F) None of the above
G) D) and E)

Question 13

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

Question 14

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

Accepted Answer

A)  Do not use a business plan unless you plan to borrow at least $100,000.
B)  Include as attachment the résumés for all key players in your management team.
C)  To save paper, send the plan in digital (Adobe Acrobat PDF)  format to all potential investors.
D)  Use numbers for impact.
E)  Use different color fonts or paper to represent different sections of your plan.F) B) and D)
G) B) and C)

Question 15

The price strategy section 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 E)
G) None of the above

Question 16

Paradise Kitchens uses the following type face/font style choices: Customer Analysis (A-level: bold)  and Customer Characteristics (B-level: bold/italics)  to indicate that

Accepted Answer

A)  Customer Characteristics and Customer Analysis are synonymous and can be used interchangeably.
B)  Customer Analysis is a subcategory of Customer Characteristics.
C)  Customer Analysis is the name of a secondary source and Customer Characteristics refers to internally collected primary data.
D)  Customer Analysis is the formal marketing term and Customer Characteristics is the layman's term.
E)  Customer Characteristics is a subcategory of Customer Analysis.F) None of the above
G) B) and E)

Question 17

In order to launch a start-up firm, Arthur R. Kydd believes that the firm needs to have a real product with

Accepted Answer

A)  a distinctive point of difference that satisfies customer needs.
B)  a prototype to test in the real world.
C)  a list of all the other ideas you have, including this one.
D)  some of your own money to demonstrate your belief that this product is a winner.
E)  friends in the industry that you wish to enter.F) B) and C)
G) C) and E)

Question 18

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.F) None of the above
G) A) and D)

Question 19

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.F) A) and D)
G) None of the above

Question 20

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

Accepted Answer

A)  Use A-level and B-level headings under the numbered section headings.
B)  Do not use a business plan unless you plan to borrow at least $100,000.
C)  Include as attachment the résumés for all key players in your management team.
D)  To save paper, send the plan in digital (Adobe Acrobat PDF)  format to all potential investors.
E)  Use different color fonts or paper to represent different sections of your plan.F) All of the above
G) B) and E)

Exam 24: Building an Effective Marketing Plan

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

Correct AnswerverifiedShow Answer

Which of the following does Paradise Kitchens consider a strength?

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

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

Correct AnswerverifiedShow Answer

In order to launch a start-up firm, Arthur R. Kydd believes that the firm needs to have a real product with

Correct AnswerverifiedShow Answer

The marketing program section of a marketing plan consists of

Correct AnswerverifiedShow Answer

Which of the following statements about marketing plans is most accurate?

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

The financial data and projections section of the marketing plan for Paradise Kitchens includes two subsections:

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

The implementation plan

Correct AnswerverifiedShow Answer

To the company's knowledge, Paradise Kitchens is known for being the only premium-quality frozen __________ sold in U.S. grocery stores.

Correct AnswerverifiedShow Answer

Paradise Kitchens uses the following type face/font style choices: Customer Analysis (A-level: bold) and Customer Characteristics (B-level: bold/italics) to indicate that

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

The qualitative mission statement focuses the activities of Paradise Kitchens for its

Correct AnswerverifiedShow Answer

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

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

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

Correct AnswerverifiedShow Answer

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

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