5.1 Develop the Marketing Plan

All of the processes - planning, pricing, promoting, distributing, and selling - used to determine and satisfy the needs of customers and the company is called _________.

To use the marketing concept, businesses must do all of the following except ________________________.

• identify what will satisfy customers’ needs and wants

• operate profitably

• devote half of its profits toward marketing

• develop products that are better than other choices.

Price and distribution are examples of ______________.

• the competition

• the marketing mix

• the channel of distribution

• market research.

A plan that identifies how business goals will be achieved by addressing product introduction, pricing, distribution, projected profitability, and sales or market share is called a ________________________.

Short-term goals can be stated in terms of _____________________ .

• number of customers

• level of profits

• level of sales

• all of these

__________________ goals describe what you want your business to achieve in two to five years.

• Short-term

• Medium-term

• Long-term

A long-term goal might be to ____________________________.

• expand by adding a second location

• network with local lawyers, accountants, and other business owners to assist you with writing a startup business plan.

• establish a customer base

Establishing short-, medium-, and long-term marketing goals ensures that the marketing you do today fits the vision you have for your business tomorrow.

• True

• False

The marketing concept uses the needs of entrepreneurs as the primary focus during the planning, production, distribution, and promotion of a product or service.

• True

• False

Answer explanation

The marketing concept uses the needs of customers as the primary focus during the planning, production, distribution, and promotion of a product or service.

A marketing plan should do all of the following except ______.

• (a) identify your overall market strategy

• include your specific strategies for price, product

• distribution, and promotion,

• identify the owner’s net worth.

• identify and anticipate change.