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Test Bank Marketing The Core 7th Edition
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Marketing The Core 7th Edition By Kerin - Test Bank Complete Test Bank with Questions Answers
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, Appendix ATest Bank
1. In order to launch a start-up firm, Arthur K. Kydd believes that the firm needs to have a real product with
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.
AACSB: Analytical Thinking
Accessibility: Keyboard Navigation
Blooms: Remember
Difficulty: 1 Easy
Feedback: "If you have a real product with a distinctive point of difference that satisfies the needs of customers, you may have a winner," says Arthur
R. Kydd, who has helped launch more than 60 start-up firms.
2. Arthur R. Kydd has helped launch more than 60 start-up firms and believes if you have a real product with a distinctive point of difference that
satisfies the needs of customers, you may have a winner. The way to demonstrate this to him is to
A. create a prototype and test it in the real world.
B. submit a quality résumé that demonstrates the likelihood of future success.
C. develop a well-written marketing or business plan.
D. make a list of all the other ideas you have, including this one.
E. ask for an informal interview.
AACSB: Analytical Thinking
Accessibility: Keyboard Navigation
Blooms: Understand
Difficulty: 2 Medium
Feedback: If you have a real product with a distinctive point of difference that satisfies the needs of customers, you may have a winner. And you get
a real feel for this in a well-written marketing or business plan.
3. 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.
A. marketing plan
B. mission statement
C. operation plan
D. business plan
E. marketing dashboard
AACSB: Analytical Thinking
Accessibility: Keyboard Navigation
Blooms: Remember
Difficulty: 1 Easy
Feedback: Key term definition—marketing plan.
4. There is no single generic marketing plan that can apply to all organizations or all institutions. Rather, the specific format for a marketing plan for
an organization depends on the following: the target audience and purpose, the kind and complexity of the organization, and
A. the financial investment needed.
B. the time frame.
C. available resources.
D. the industry.
E. the competition.
AACSB: Analytical Thinking
Accessibility: Keyboard Navigation
Blooms: Understand
Difficulty: 2 Medium
Feedback: No single generic marketing plan applies to all organizations and all situations. Rather, the specific format for a marketing plan for an
organization depends on the following: the target audience and purpose, the kind and complexity of the organization, and the industry.
5. Which of the following statements about marketing plans is most accurate?
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.
A-1
Copyright © 2018 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of
McGraw-Hill Education.
,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. No single generic marketing plan applies to all organizations and all situations.
AACSB: Analytical Thinking
Accessibility: Keyboard Navigation
Blooms: Understand
Difficulty: 2 Medium
Feedback: No single generic marketing plan applies to all organizations and all situations. Rather, the specific format for a marketing plan for an
organization depends on the following: the target audience and purpose, the kind and complexity of the organization, and the industry.
6. The format for a marketing plan for an organization depends on which of these?
A. the time frame
B. the competition
C. the available resources
D. the target audience and purpose
E. the financial investment needed
AACSB: Analytical Thinking
Accessibility: Keyboard Navigation
Blooms: Understand
Difficulty: 2 Medium
Feedback: The specific format for a marketing plan for an organization depends on the following: the target audience and purpose, the kind and
complexity of the organization, and the industry.
7. Elements in a marketing plan depend on who the audience is and what its purpose is. For example, the marketing plan for an internal audience
would
A. be informally written.
B. contain specific financial details.
C. point the direction for future marketing activities.
D. explain organization and structure.
E. provide biographical information of key players.
AACSB: Analytical Thinking
Accessibility: Keyboard Navigation
Blooms: Understand
Difficulty: 2 Medium
Feedback: Elements included in a particular marketing plan depend heavily on (1) who the audience is and (2) what its purpose is. A marketing plan
for an internal audience seeks to point the direction for future marketing activities and is sent to all individuals in the organization who must
implement the plan or who will be affected by it. See Figure A-1.
8. Elements in a marketing plan depend on who the audience is and what the purpose is. For example, the marketing plan for an external audience
would
A. give a broad general overview.
B. function as a sales document.
C. be more informally written.
D. be directed to the people who would be affected by it.
E. be directed to the people who must implement the plan.
AACSB: Analytical Thinking
Accessibility: Keyboard Navigation
Blooms: Understand
Difficulty: 2 Medium
Feedback: Elements included in a particular marketing plan depend heavily on (1) who the audience is and (2) what its purpose is. A marketing plan
for an external audience, such as friends, banks, venture capitalists, or potential investors for the purpose of raising capital, has the additional function
of being an important sales document. See Figure A-1.
9. The target audience and purpose affect the format of a business or marketing plan. For example, an element such as the level of detail should
reflect
A. the kind and complexity of the organization.
B. the educational background of the key personnel.
C. the investment potential of the investors.
A-2
Copyright © 2018 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of
McGraw-Hill Education.
, D. how well you know your audience.
E. whether the plan is for a product or service.
AACSB: Analytical Thinking
Accessibility: Keyboard Navigation
Blooms: Understand
Difficulty: 2 Medium
Feedback: A neighborhood restaurant has a less detailed marketing plan than Apple, which serves international markets. The restaurant's plan would
be relatively simple and directed at serving customers in a local market. In Apple's case, because there is a hierarchy of marketing plans, various
levels of detail would be used—such as the entire organization, the strategic business unit, or the product/product line. Elements included in a
particular marketing plan depend heavily on the kind and complexity of the organization.
10. The industry within which a product will compete should affect the format of an organization's business or marketing plan. However, since the
complexities of products can differ greatly,
A. the size of the potential workforce included in their plans differs.
B. the investment potential of investors included in their plans differs.
C. the experience of the key personnel demonstrated in their plans differs.
D. the time periods likely to be covered by their plans differ.
E. the knowledge of technical language used in their plans differs.
AACSB: Analytical Thinking
Accessibility: Keyboard Navigation
Blooms: Understand
Difficulty: 2 Medium
Feedback: Both the restaurant serving a local market and Apple, selling electronic devices globally, analyze elements of their industry. However,
their geographic scopes are far different, as are the complexities of their offerings and, hence, the time periods likely to be covered by their plans. A
one-year marketing plan may be adequate for the restaurant, but Apple may need a five-year planning horizon because product development cycles
for complex, new electronic devices may be many years.
11. A(n) __________ is a road map for the entire organization for a specified future period of time, such as one year or five years.
A. marketing dashboard
B. strategic plan
C. operation plan
D. business plan
E. marketing metric
AACSB: Analytical Thinking
Accessibility: Keyboard Navigation
Blooms: Remember
Difficulty: 1 Easy
Feedback: Key term definition—business plan.
12. A key difference between a marketing plan and a business plans is that
A. a marketing plan is used for consumer products and a business plan is used for industrial products.
B. a marketing plan contains a greater degree of detail regarding research and development, operations, and manufacturing activities of the
organization.
C. a business plan contains a greater degree of detail regarding research and development, operations, and manufacturing activities of the
organization.
D. a marketing plan covers a greater length of time for its financial projections.
E. a business plan covers a greater length of time for its financial projections.
AACSB: Analytical Thinking
Accessibility: Keyboard Navigation
Blooms: Understand
Difficulty: 2 Medium
Feedback: A key difference between a marketing plan and a business plan is that the business plan contains details on the research and development
(R&D)/operations/manufacturing activities of the organization.
13. Which of the following statements regarding marketing and business plans is most accurate?
A. In contrast to a marketing plan, a business plan is a road map for the entire organization for a specified future period of time, such as one year or
five years.
B. In contrast to a business plan, a marketing plan is a road map for the entire organization for a specified future period of time, such as one year or
five years.
C. A marketing plan contains a greater degree of detail regarding research and development, operations, and manufacturing activities of the
A-3
Copyright © 2018 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of
McGraw-Hill Education.
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