Marketing Plan

What is the purpose of a well-prepared marketing plan for entrepreneurs?

• To evaluate market acceptance and develop marketing strategies

• To estimate market financial requirements and identify required resources

• To forecast sales and assess competition

• To determine product or service needs and wants

How many steps are involved in preparing a marketing plan?

• 5

• 7

• 11

• 9

Which of the following is NOT an example of setting Marketing Objectives for Existing business?

• Inform market of product improvement

• Increase sales of existing products

• Regain market for existing product

• Estimate market acceptance and sales

Which of the following is NOT a component of a marketing plan?

• Place Strategy

• Product Strategy

• Financial Strategy

• Promotion Strategy

What is the main purpose of determining the target market in a marketing plan?

• To understand consumer needs and characteristics

• To identify competitors

• To analyze market trends

• To assess competition

Which marketing strategy targets a large share of one or a few segments or niches?

• Mass-Marketing

• Micromarketing

• Niche Marketing

• Segmented Marketing

What does market size refer to in a marketing plan?

• Market potential in terms of RM value

• Customer profiles of relevant market segments

• Growing, remain the same or shrinking market

• Total potential purchase of target market

What is the purpose of assessing competition in a marketing plan?

• To identify competitors and assess their market positions

• To analyze market trends and market size

• To forecast sales and develop marketing strategies

• To determine product or service needs and wants

Which pricing method is based on competition in the market?

• Based on Competition

• Based on Perceived Value

• Based on Demand and Supply

• Based on Cost

What is the main focus of the Place or Distribution Strategy in a marketing plan?

• Pricing and value exchange

• Product location and choice

• Channel of distribution and network development

• Promotion and advertising efforts