MGT 386 Exam 3

A marketing plan focuses on ___________ and ____________ customers. A) winning, keeping B) winning, trailing C) deceiving, losing D) All of the above

A) winning, keeping

In the business model canvas, the Key Resources might include which of the following? A) Physical B) Financial C) Intellectual D) All of the Above

D) All of the Above

A branding strategy is a written plan for how you'll apply your brand and should: A) List one or two of the most important elements of your product or service B) Describe your company's ultimate purpose C) Define your target market D) All of the above

D) All of the above

When developing a positioning statement, it requires two steps including which of the following? A) A description of the type of buyer most likely to purchase the product B) SWUT analysis C) marketing goals D) None of the above

A) A description of the type of buyer most likely to purchase the product

In the business model canvas, the Customer Segments Building Block defines the different groups of ____________ A) People or Organizations. B) Fear. C) Innovation. D) Debt.

A) People or Organizations.

________________ is a broad category, spanning everything from press releases and networking to sponsoring contests or holding gala special events. A) Public Relations B) Promissory Notes C) Advertising Effectiveness D) None of the above

A) Public Relations

Individuals with no previous exposure to your business are known as __________. A) cold prospects B) warm prospects C) hot prospects D) all of the above

A) cold prospects

In the business model canvas, the Cost Structure is the _________ associated with the other 8 pieces of the business model. A) costs B) problems C) alliances D) Both A and B

A) costs

In the business model canvas, the Customer Relationships Building Block describes the types of ______________ a company establishes with specific customer segments. A) relationships B) sales C) problems D) contracts

A) relationships

A SWOT analysis is key to a marketing plan and includes the company's ________________. A) strengths, weaknesses, opportunities, threats B) sales, weaknesses, opportunities, threats C) strengths, weaknesses, obstacles, threats D) sales, weeks, obstacles, threats

A) strengths, weaknesses, opportunities, threats

____________ is the dollar value your brand generates over decades in terms of the demand it drives and the customer loyalty it creates. A) Brand Allowance B) Brand Equity C) Brand Audit D) All of the Above

B) Brand Equity

In unbundled business models there are three types of businesses. Which of the following is one of those? A) Sole Professional B) Customer Relationships C) Limited Liaison D) All of the above

B) Customer Relationships

A _________________ is as vital as a business plan. A) SWUT analysis B) Marketing plan C) Exit plan D) None of the above

B) Marketing plan

A well thought out public relations campaign will include which of the following steps? A) The long hours and challenging work involved B) Your positioning statement C) Your competitors target product D) The uncertainty of your bounded rationale

B) Your positioning statement

In the business model canvas, the Key Activities refers to ___________ a company must take to be successful. A) oppositions B) actions C) problems D) brands

B) actions

In the business model canvas, the Channel's Building block describes how a company communicates with and reaches its _______________ to deliver a value proposition. A) employees B) customer segments C) internet provider D) investors

B) customer segments

When creating a branding strategy, a company should be sure to A) copy another company's strategy B) develop a personality C) keep it a secret D) All of the above

B) develop a personality

The key for securing publicity coverage is _________________. A) capital B) follow up C) due diligence. D) suppliers

B) follow up

The heart and soul of the marketing plan is the ____________________. A) marketing computers and data. B) marketing communications strategies and tactics C) product's features D) all of the above

B) marketing communications strategies and tactics

The first component of a marketing plan is a _____________________. A) disruption of the target market B) situation analysis C) marketing goals D) marketing budget

B) situation analysis

The key to securing publicity is identifying your _____________ and developing a well thought out public relations campaign. A) marketing budget B) target market C) SWUT analysis D) none of the above

B) target market

The rule of thumb for a marketing budget for most businesses is ______________ of gross sales. A) 75-80% B) 20-30% C) 6-12% D) 2-3%

C) 6-12%

A____________ is a strategic look at how your product or service is marketed and branded and analyzing your brand positioning. A) Brand Allowance B) Brand Equity C) Brand Audit D) All of the Above

C) Brand Audit

In the business model canvas, the Key Partnerships refers to ___________ to optimize business models, reduce risk, or acquire resources. A) allowances B) allocations C) alliances D) all of the above

C) alliances

Your ________ must live and breathe your branding strategy. A) competitors B) family C) employees D) All of the Above

C) employees

Branding is the company's ________________ and should include the company's reason for being. A) nemesis B) least important task C) foundation D) none of the above

C) foundation

Tom was a financial consultant who liked to work with his hands, especially in making furniture. He quit his rat race financial job to start a small custom furniture business. After struggling for several years, he closed it and went back to financial services. Tom discovered that there was a big difference between making furniture for himself and running a customer furniture manufacturing business. Tom's business failed because of: A) uncontrolled growth. B) poor financial control. C) his lack of self-awareness of his strengths and weaknesses. D) an inability to access start-up capital.

C) his lack of self-awareness of his strengths and weaknesses.

A creative way to create publicity might include ____________________. A) a lack of communication B) taking a class at a college C) holding a special event D) None of the above.

C) holding a special event

Individuals exposed to your sales and marketing and ready to close a sale are known as _________________. A) cold prospects B) warm prospects C) hot prospects D) all of the above

C) hot prospects

The third step in creating a marketing plan is to list your marketing goals. It is important the goals be ________________. A) small B) easy to achieve C) measurable D) None of the above

C) measurable

When setting a marketing budget, an entrepreneur should devote a _____________ of projected gross sales. A) majority B) persona C) percentage D) All of the Above

C) percentage

A ___________________ is one or town sentences describing what distinguishes you from your competitors. A) professional statement B) professional position C) positioning statement D) SWOT analysis

C) positioning statement

In the business model canvas, the Value Propositions Building Block describes the bundle of products and services that create ______________ for a specific customer segment. A) debt B) responsibility C) value D) problems

C) value

General categories of special events include which of the following? A) Grand openings B) Holidays and seasonal events C) Celebrity appearances D) All of the Above

D) All of the Above

Publicity is far more effective than advertising for several reasons including which of the following? A) More cost effective B) Greater longevity C) Far wider audience D) All of the above

D) All of the above

To help your employees buy into your branding strategy, you should do which of the following? A) Hire based upon your branding strategy B) Set expectations C) Communicate, then communicate some more D) All of the above

D) All of the above

The second step in developing a marketing plan is _____________. A) Describe marketing budget B) Define financial statements C) Ignore annoying customers D) Describe target audience

D) Describe target audience

In the business model canvas, the __________ Streams come from transactions from one off customers and ongoing payments. A) Customer Segments B) Key Activities C) Partnerships D) Revenue

D) Revenue

An entrepreneur cannot lose site of the sales cycle which includes ______________. A) cold prospects B) warm prospects C) hot prospects D) all of the above

D) all of the above

A long tail business model is about selling __________of more. A) nothing B) more C) a variety D) less

D) less