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Small business ManagementStudy QuestionsChapter 7—The Marketing PlanTRUE/FALSE1.Small organization marketing is finest defined together the performance of distribution tasks thataffect the flow of goods and also services indigenous producer to customer or user.ANS: FSmall business marketing involves plenty of activities, plenty of of which take place even prior to aproduct is created or made prepared for circulation or sale.PTS: 1REF: p. 200NAT: communication | value CreationOBJ: 7-1 TYPE: D2.In order to accomplish market success, a firm must concentrate on either providing anexcellent product and/or company or devising one insightful marketing strategy.ANS: FAs argued by the consumer-oriented philosophy, a firm must additionally pursue client satisfactionif that is to it is in successful.PTS: 1REF: p. 201NAT: interaction | value CreationOBJ: 7-1 TYPE: C3.Regardless of the form of business, the consumer-oriented marketing ideology is thebest choice among the completing alternatives.ANS: TPTS: 1NAT: principles | worth Creation4.REF: p. 201OBJ: 7-1 TYPE: CA marketing philosophy that originates with consumer needs is market-oriented.ANS: fit is a consumer-oriented marketing philosophy that begins with client needs.PTS: 1REF: p. 201NAT: principles | value CreationOBJ: 7-1 TYPE: D5.In a tiny business, the entrepreneur"s marketing philosophy frequently shapes the firm"smarketing activities.ANS: TPTS: 1NAT: ethics | value Creation6.REF: p. 201OBJ: 7-1 TYPE: CCustomer satisfaction is not the means to achieve a particular goal—it is the goal.ANS: TPTS: 1REF: p. 202OBJ: 7-1 TYPE: C NAT: communication | value Creation7.Because many little business owner have solid production skills, they often attendmostly come the marketing side of the service to compensate.ANS: FMany small business owners have strong production an abilities and space weak in marketing ability, andtherefore lock attend mostly to manufacturing considerations.PTS: 1REF: p. 201NAT: interaction | Dynamics8.OBJ: 7-1 TYPE: CA detailed analysis of rivals is an essential part of a firm"s officially marketing plan.ANS: TPTS: 1NAT: interaction | value CreationREF: p. 203OBJ: 7-2 TYPE: C9.Because that the expenses involved, it is common for a organization to formulate just a single salesforecast.ANS: FTypically, the sales forecast is a composite of several sales forecasts that are an unified together.PTS: 1REF: p. 204NAT: interaction | FinanceOBJ: 7-2 TYPE: C10.If an entrepreneur anticipates several target markets, each individual segment should haveits own matching customer profile.ANS: TPTS: 1NAT: interaction | worth CreationREF: p. 203OBJ: 7-2 TYPE: C11.The marketing strategy section gives the most in-depth information in a formalmarketing plan.ANS: TPTS: 1NAT: communication | worth CreationREF: p. 205-206OBJ: 7-2 TYPE: C12.Researchers commonly achieve higher response prices from mail and also telephone surveys thanfrom personal interviews.ANS: FPersonal interviews and also telephone surveys typically achieve higher response rates than mailsurveys.PTS: 1REF: p. 214NAT: interaction | worth CreationOBJ: 7-2 TYPE: C13.If an businessman is utilizing their last surname in the company’s name, they perform not needregister the name with local, state and also federal agencies.ANS: FCompany name should always be registered v the proper agencies for security fromuse by one more company.PTS: 1REF: p. 207OBJ: 7-2 TYPE: C PTS: 1REF: p. 209NAT: communication | Data AnalysisOBJ: 7-3 TYPE: C22.A market is best defined as a geography area that is of commercial attention to theentrepreneur.ANS: FA market is a group of customers or potential customers who have purchasing strength andunsatisfied needs.PTS: 1REF: p. 216OBJ: 7-4 TYPE: DNAT: communication | economic Environments23.Determining industry potential is the procedure of locating and also investigating buying unitsthat have purchasing power and needs that have the right to be satisfied v the product and/or company beingoffered.ANS: TPTS: 1NAT: interaction | Data AnalysisREF: p. 217OBJ: 7-4 TYPE: C24.When a strategist divides the total market because that a product and/or company into groups withsimilar needs, so the each group is most likely to respond come the same marketing strategy, that or she isengaging in a practice referred to as market segmentation.ANS: TPTS: 1NAT: communication | value CreationREF: p. 217OBJ: 7-4 TYPE: D25.A buildup procedure requires a little business to determine all potential buyers in a targetmarket"s submarkets and then incorporate these estimates to identify the calculated demand.ANS: TPTS: 1NAT: interaction | Data AnalysisREF: p. 223OBJ: 7-4 TYPE: C26.Because the the relatively inconsequential lot of sales carried out by a common smallbusiness, the bulk of entrepreneurs need not be concerned with formulating accurate salesforecasts.ANS: FA sales projection is a vital component the the business plan: therefore, businessman shouldengage in forecasting and do so with great care.PTS: 1REF: p. 221NAT: interaction | Data AnalysisOBJ: 7-5 TYPE: C27.A small business have the right to determine even if it is a industry is adequate for its to plan by checkingthe sales forecast.ANS: TPTS: 1NAT: communication | Data Analysis28.REF: p. 221OBJ: 7-5 TYPE: CSales forecast are generally expressed in dollars or units.ANS: TPTS: 1NAT: communication | Data AnalysisREF: p. 221OBJ: 7-5 TYPE: C 29.Because sales forecasts revolve around specific target markets, the sector should bedefined as precisely as possible.ANS: TPTS: 1NAT: communication | Data AnalysisREF: p. 221OBJ: 7-5 TYPE: C30.The forecasting process can be identified by the allude at i beg your pardon the process is startedand the nature of the predicting variable.ANS: TPTS: 1NAT: interaction | Data AnalysisREF: p. 223OBJ: 7-5 TYPE: C31.A chain-ratio method of sales forecasting, or a buildup process, is generally used forconsumer products forecasting.ANS: FAnother term because that the chain-ratio method of sales forecasting is the breakdown process, not thebuildup process.PTS: 1REF: p. 223NAT: communication | Data AnalysisOBJ: 7-5 TYPE: CMULTIPLE CHOICE1.Small service marketing entails a number of activities, includinga. Creating, developing, preparing, communicating, and delivering a bundle of satisfaction toa target market.b. Planning because that optimal manufacturing efficiency.c. Identifying alternative technologies.d. Creating a sales-oriented marketing philosophy.ANS: APTS: 1NAT: communication | worth Creation2.a.b.c.d.REF: p. 202OBJ: 7-1 TYPE: DTraditionally, marketing philosophies have been categorized asconsumer-oriented and also market-oriented.consumer-oriented, product-oriented, market-oriented, and volume-oriented.consumer-oriented, market-oriented, sales-oriented, and process-oriented.consumer-oriented, production-oriented, and also sales-oriented.ANS: DPTS: 1NAT: ethics | worth Creation4.a.b.c.d.OBJ: 7-1 TYPE: CA firm"s marketing mix consists of ____ activities.pricing, promotion, and distributionproduct, pricing, and also promotionproduct, promotion, and also distributionproduct, pricing, promotion, and also distributionANS: DPTS: 1NAT: interaction | value Creation3.a.b.c.d.REF: p. 200REF: p. 201OBJ: 7-1 TYPE: CU.S. Businesses have recently change their focus toward a ____ orientation.marketconsumerproductionsales c. Recognizes an initial and foremost the require for attaining production performance goals.d. Is the recommended philosophy for all species of businesses.ANS: DPTS: 1NAT: principles | worth CreationREF: p. 201OBJ: 7-1 TYPE: C11.The decision to develop flavored feather water ice cream cubes in solution to requests native itscustomers mirrors Norway ice cream Company’s ____ marketing philosophy.a. Production-orientedb. Sales-orientedc. Consumer-orientedd. Response-orientedANS: CPTS: 1NAT: ethics | worth CreationREF: p. 201OBJ: 7-1 TYPE: A12.Koldpak has concentrated principally ~ above the advancement of revolutionary new ways ofcontainerizing fresh produce for grocery stores. The that company marketing viewpoint isa. Consumer-oriented.b. Market-oriented.c. Production-oriented.d. Sales-oriented.ANS: CPTS: 1NAT: principles | value Creation13.a.b.c.d.REF: p. 201OBJ: 7-1 TYPE: AAdopting a consumer-oriented marketing viewpoint is most consistent withquickly getting highly financially rewarding market returns.eventually achieving long-term industry success.the revenue stabilizing impact of huge market shares.focusing top top the solitary most lucrative consumer segment.ANS: BPTS: 1NAT: values | value CreationREF: p. 201-202OBJ: 7-1 TYPE: C14.In preparing a sales forecast, that is desirable to have forecasts extending the “most likely”,“best case” and “_____ case” scenarios.a. Promptly shiftingb. Pessimisticc. Predominantd. WorseANS: DPTS: 1NAT: communication | Data AnalysisREF: p. 204OBJ: 7-2 TYPE: C15.Irene, owner the a small retail shop, is analyzing her customer profile. Which article is themost an important for she for her customer profile?a. The gaue won ratios to see just how much she product expenses the customerb. Even if it is the marketing study was perfect with primary or second informationc. The customer services to verify lock are constant with the client needsd. The client demographics come determine brand-new customersANS: CPTS: 1NAT: interaction | value CreationREF: p. 203OBJ: 7-2 TYPE: A16.In the analysis of a market, the customer profile should encompass aa. Description of customer weaknesses.b. Summary of manufacturing plans.c. A in-depth discussion of major customer benefits noted by the product and/or service. D. A profile of significant markets not targeted.ANS: CPTS: 1NAT: interaction | worth Creation17.a.b.c.d.REF: p. 203OBJ: 7-2 TYPE: CThe market evaluation section the the marketing setup should includesales options.a customer profile.a explain of marketing tendencies.a an overview of sector philosophies.ANS: BPTS: 1NAT: interaction | worth CreationREF: p. 203OBJ: 7-2 TYPE: D18.Spira Footwear, Inc. To produce running and walking shoes with a patented technology.Therefore the that company profile should concentrate the many ona. The features the shoes offer the customer.b. The uniqueness of the product.c. The services to the customers.d. Every one of the above are same important.ANS: CPTS: 1NAT: interaction | worth Creation19.a.b.c.d.REF: p. 205OBJ: 7-2 TYPE: CThe most detailed and scrutinized ar of a official marketing plan is thecompetitor analysis.consumer analysis.ANS: BPTS: 1NAT: communication | value Creation21.a.b.c.d.OBJ: 7-2 TYPE: AWhich discussion should no be contained in the competitor analysis of a marketing plan?competitor"s strengths and weaknessesa perform of related products right now being marketed or experiment by competitorsthe likelihood that rivals will get in the firm"s target marketthe competitiveness of plan such as warranty and also repair policiesANS: DPTS: 1NAT: communication | worth Creation20.a.b.c.d.REF: p. 203REF: p. 206OBJ: 7-2 TYPE: CThe locations of marketing strategy that must be addressed in ~ the marketing plan arepromotional, pricing, distribution, and also product and/or organization plans.promotional and pricing plans.promotional and also distribution plans.promotional, pricing, and distribution plans.ANS: APTS: 1NAT: communication | worth CreationREF: p. 206OBJ: 7-2 TYPE: C22.John, a vehicle repair shop owner, is arising the warranty and also repair plans for hisbusiness. What area that the marketing strategy is that addressing?a. Advancement planb. Product and/or business planc. Distribution pland. Pricing planANS: BPTS: 1REF: p. 207OBJ: 7-2 TYPE: A 29.To determine credit card typical purchases, supervisors of component City stereo andAppliances reviewed credit transaction card sales receipts indigenous the previous three months. Supervisors areconducting marketing research by collecting and also analyzinga. Main data.b. Observational data.c. Questioning data.d. Second data.ANS: DPTS: 1NAT: communication | Data AnalysisREF: p. 213OBJ: 7-3 TYPE: A30.Which observational an approach has obtained increased use with small business ownersrecently?a. Net surveysb. Twitterc. An enig Shoppersd. ConsultantsANS: BPTS: 1NAT: interaction | Data Analysis31.a.b.c.d.REF: p. 213OBJ: 7-3 TYPE: CProblems typically associated with the usage of second data perform not includeoutdated material.inconsistent devices of measure.lack that variety of data sources.ANS: DPTS: 1NAT: communication | Data Analysis33.a.b.c.d.OBJ: 7-3 TYPE: CWhich resource of data would be the least helpful for an additional date use?libraries of higher educationthe tiny Business Administrationpersonal interviewsthe InternetANS: CPTS: 1NAT: communication | Data Analysis32.a.b.c.d.REF: p. 214REF: p. 213OBJ: 7-3 TYPE: CTechniques provided to collect main data are regularly classified as ____ and also ____ methods.internal/externalobservational/questioningexploratory/descriptivefocus/comprehensiveANS: BPTS: 1NAT: communication | Data AnalysisREF: p. 214OBJ: 7-3 TYPE: C34.Mary, owner that Delany Salsas, is curious to recognize whether the brand-new packaging for her lineof salsas is being noticed by supermarket consumers. To collection information, she passivelywatches shopper reactions as they pass by the Delany sal display. Mar is collecting ____ datathrough ____ methods.a. Secondary/observationalb. Primary/questioningc. Primary/observationald. Secondary/questioningANS: CPTS: 1NAT: communication | Data AnalysisREF: p. 214OBJ: 7-3 TYPE: A 35.a.b.c.d.Which statement around observational techniques is no true?They can be an extremely economical.They protect against potential biases.They can be performed by a human or by mechanically devices.They space a type of second data collection.ANS: DPTS: 1NAT: interaction | Data AnalysisREF: p. 214OBJ: 7-3 TYPE: C36.The basic instrument provided to overview the researcher and the respondent as soon as surveys aretaken is known as aa. Questionnaire.b. Questioning form.c. Interview outline.d. Overview form.ANS: APTS: 1NAT: interaction | Data AnalysisREF: p. 215OBJ: 7-3 TYPE: D37.What is the proper order of the actions in the usual research process?1. Interpreting the data gathered2. Identifying the informational need3. Collecting major data4. Browsing for second dataa. 3,4,2,1b. 1,3,4,2c. 1,2,3,4d. 2,4,3,1ANS: DPTS: 1NAT: communication | Data Analysis38.a.b.c.d.OBJ: 7-3 TYPE: CMarketing research must be viewed as a supplement to, no a replacement for _____.the observational method.questionnaires.mail surveys.intuitive judgement.ANS: DPTS: 1NAT: communication | worth Creation39.a.b.c.d.REF: p. 211REF: p. 216OBJ: 7-3 TYPE: AThe _____ method is probably the oldest form of study in existence.questioningsecondary researchobservationalinterpretiveANS: CPTS: 1NAT: interaction | Data AnalysisREF: p. 214OBJ: 7-3 TYPE: C40.A ____ is characterized as a team of client or potential customers who have purchasingpower and unsatisfied needs.a. Consumer segmentb. Target marketc. Marketd. Consumer marketANS: CPTS: 1REF: p. 216OBJ: 7-4 TYPE: D c. Intuition alone.d. The sales forecast.ANS: DPTS: 1NAT: communication | Data Analysis47.a.b.c.d.OBJ: 7-5 TYPE: CForecasting sales for a new venture will be the most difficult whenthe owner is unfamiliar through quantitative analysis.the owner is unfamiliar with qualitative analysis.the owner is starting another business in a brand-new industry.All of the above are same difficult.ANS: APTS: 1NAT: communication | Data Analysis48.a.b.c.d.REF: p. 221REF: p. 221OBJ: 7-5 TYPE: CWhich items is no a limitation encountered by tiny businesses as soon as they projection sales?Entrepreneurial inexperienceLimited familiarity through the forecasting processDeficient quantitative analysis skillsLack of sources of current information about business trendsANS: DPTS: 1NAT: interaction | Data AnalysisREF: p. 221OBJ: 7-5 TYPE: C49.A ____ estimates how much of a product and/or organization will it is in purchased in ~ amarket over a defined duration of time.a. Sector forecastb. Industry analysisc. Sales forecastd. Sales analysisANS: CPTS: 1NAT: interaction | Data AnalysisREF: p. 221OBJ: 7-5 TYPE: D50.The sales forecasting procedure in i beg your pardon the forecaster begins with a change that has avery big scope and also then systematically works down to the sales forecast is recognized as thea. Failure process.b. Buildup process.c. Chain-linkage method.d. Bottom-up method.ANS: APTS: 1NAT: communication | Data AnalysisREF: p. 223OBJ: 7-5 TYPE: D51.Identifying all buyers in a market"s submarkets and then adding up the estimated demandis well-known as the _____ sales forecasting approach.a. Breakdown processb. Buildup processc. Chain-ratio methodd. Bottom-upANS: BPTS: 1NAT: interaction | Data AnalysisREF: p. 223OBJ: 7-5 TYPE: D52.Ideas endless is a consulting for sure that provided retailers with information aboutregional sales trends. Come estimate need in the market for that services, the firm"s marketingdepartment identifies every buyers in each category of retailers and determines how much businessis possible. The market demand estimate is based upon thea. Accumulation forecasting process. B. Breakdown forecasting process.c. Buildup forecasting process.d. Indirect forecasting process.ANS: CPTS: 1NAT: communication | Data Analysis53.a.b.c.d.REF: p. 223OBJ: 7-5 TYPE: AWhat determines whether the sales forecasting procedure is straight or indirect?the market orientation the the firmthe nature of the predicting variablethe ultimate score of the entrepreneurthe marketing viewpoint of the companyANS: BPTS: 1NAT: interaction | Data AnalysisREF: p. 224OBJ: 7-5 TYPE: C54.Using the variety of births in a historic record come predict the variety of driver licensesissued in succeeding years is an instance of the use of a(n) ____ change in forecasting.a. Approximatingb. Indirectc. Surrogated. TerminatingANS: CPTS: 1NAT: communication | Data AnalysisREF: p. 224OBJ: 7-5 TYPE: CESSAY1.After identifying the 3 levels the a product and/or service’s benefit, carry out anexample because that the united state Postal Service.ANS:Using the united state Postal Service, an instance of the 3 levels would be as follows.1.The main point product/service (fundamental benefit or solution sought through customers) is thedelivery the information.2.The actual product/service (basic physics product and/or business that it is provided thosebenefits) is the actual placing that information into a mailbox.3.The augmented product/service (the an easy product and/or business plus any type of extra orunsolicited benefits) is the convenience the that details being at a person’s homemailbox or at a crate close come them.PTS: 1REF: p. 200NAT: communication | worth CreationOBJ: 7-1 TYPE: A2.Compare and also contrast the three marketing philosophies debated in the text. Givesupporting proof on why one technique is more powerful than the others.ANS:The 3 marketing perspectives are the production-oriented, sales-oriented, and also consumeroriented philosophies.*A production-oriented ideology emphasizes the product and concentrates sources ondeveloping the product or company in the most efficient manner, even if various other marketing activitiesare not treated equally. That is supplied most frequently by business man who have actually a production ortechnology expertise. PTS: 1REF: p. 213-214NAT: interaction | worth Creation5.OBJ: 7-3 TYPE: CWhat are some of the guidelines that have to be adhered to in developing a questionnaire?ANS: Ask concerns that relate come the problem under consideration. select the form of question that is suitable for the subject and also the conditions of thesurvey; open-ended and also multiple-choice creates are two famous options. think about the order of the questions very closely to reduce biases. questioning the an ext sensitive questions near the end of the questionnaire. choose the indigenous of each concern carefully. They need to be as simple, clear, and also objectiveas possible. Pre-test the questionnaire making use of a little representative sample that respondents.PTS: 1REF: p. 215NAT: interaction | value Creation6.OBJ: 7-3 TYPE: CWhat approaches used in collecting primary data? Give examples to assistance the answer.ANS:*Observational Methods: discovering by observing while staying clear of interpersonal call betweenrespondents and also researcher. Examples include counting customers in a store or observingreactions come products*Questioning Methods: learning by conducting surveys or performing experiments whichinvolve interaction in between the respondents and also researcher. Examples incorporate mail, internet ortelephone surveys or an individual interviews.PTS: 1REF: p. 186NAT: communication | value Creation7.OBJ: 7-3 TYPE: CDefine the ax market and also explain the key ingredients of that definition.ANS:The indigenous market method different points to different people. However, the textbook specifies thisterm as "a team of customers or potential client who have purchasing power and also unsatisfiedneeds." The specifics of this definition include three key ingredients: The industry must have actually buying systems or customers; therefore it is an ext than a geographicarea. customers in a industry must have actually purchasing power, due to the fact that no transaction deserve to occurwithout it. Unsatisfied needs provide the buyer with the motivation to finish a purchase.PTS: 1REF: p. 216OBJ: 7-4 TYPE: CNAT: interaction | financial Environments8.Holley is beginning a brand-new business and is make the efforts to estimate sales. She has owned 2 otherbusinesses, one of which was in the same market as this new venture. Comment on the implicationsfor forecasting because that the new business. What can she execute to increase her forecasting success?ANS: Conditions that will certainly make forecasting much easier include her past experience and should be familiarwith forecasting techniques since she has actually owned a company in the same industry before thisproposed operation. However, forecasting might be more challenging because the operation is new.Joining the trade association that her sector might provide her current information.

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Alsosubscribing to a experienced forecasting organization would it is in an choice for basic businessknowledge,PTS: 1REF: p. 221NAT: interaction | worth CreationOBJ: 7-5 TYPE: A