Chapter 7 BOSS 12

The chief benefit of a marketing plan is: a. To reduce the number of costly errors you make in your marketing. b. To identify all potential customers precisely. c. To raise money for the business. d. To anticipate marketing methods that do not yet exist.

• To reduce the number of costly errors you make in your marketing

• To identify all potential customers precisely

• To raise money for the business

• To anticipate marketing methods that do not yet exist

Which of the following marketing philosophies is likely to lead to success in many areas, not just marketing? a. Consumer-oriented b. Production-oriented c. Profit-oriented d. Sales-oriented

• Consumer-oriented

• Production-oriented

• Profit-oriented

• Sales-oriented

A sales forecast can best be described as: a. A fact-based prediction of the best, worst, and most-likely sales levels of a business. b. A determination of how extreme weather may affect sales levels. c. The level of sales a business needs in order to break even. d. A metric that predicts relative sales levels for all significant competitors in a market.

• A fact-based prediction of the best, worst, and most-likely sales levels of a business

• A determination of how extreme weather may affect sales levels

• The level of sales a business needs in order to break even

• A metric that predicts relative sales levels for all significant competitors in a market

The most effective strategy for a newcomer to use when entering a market is: a. To undercut the competition on price. b. To spread negative rumors about existing products. c. To offer benefits that allow you to charge a premium. d. To overwhelm competitors with mass advertising.

• To undercut the competition on price

• To spread negative rumors about existing products

• To offer benefits that allow you to charge a premium

• To overwhelm competitors with mass advertising

_____________ involves taking the steps necessary to locate and describe potential customers.

A _______________ identifies the characteristics necessary to locate and describe potential customers.

_______________ is the term used to describe specific knowledge and/or abilities that enable a firm to uniquely and exclusively offer a particular benefit to a customer.