Question 1

In terms of its Marketing and Product Objectives,which of the following statements regarding Paradise Kitchens is MOST ACCURATE?

Accepted Answer

A)  Paradise Kitchens does not intend to expand its markets;rather,it will choose a market penetration strategy through increasing same-store sales.
B)  Howlin' Coyote's brand presence will be expanded through the addition of a totally new line of ethnic desserts (flan,churros,sopapillas) .
C)  Paradise Kitchens will gradually phase out its Food Service division to allow for growth in its new frozen dessert line.
D)  Howlin' Coyote's brand presence will be expanded through addition of new products in the frozen-foods section.
E)  By the end of Year 5,Paradise Kitchens will expand its chili,salsa,burrito,and enchilada business to reach small suburban and rural areas in the relatively untapped Midwest market.F) D) and E)
G) A) and C)

Question 2

The Situation Analysis section of a marketing plan is a snapshot to answer the question,

Accepted Answer

A)  "Where are we now?"
B)  "What is the competition doing?"
C)  "How will our organization change?"
D)  "What is happening in the industry?"
E)  "Where are we going?"F) A) and E)
G) None of the above

Question 3

In response to current trends regarding health and nutrition,competitors such as Don Miguel,Mission Foods,El Monterey,and José Olé plan to offer or recently have offered more "carb- friendly" and "fat-friendly" products.Paradise Kitchens' response to this trend will be to

Accepted Answer

A)  change its recipes to be even lower in carbs,fats,and salt than competitors' products.
B)  emphasize its products' taste and authenticity rather than their nutritional characteristics.
C)  emphasize the already healthy product characteristics as well as the product's taste,convenience,and flexibility.
D)  emphasize the research findings that indicate that Americans are actually getting too little fat in their diets,which makes them overeat in order to feel satisfied.
E)  capitalize on the fact that its products have always been healthier than competitors' products and plan to make meals even healthier.F) C) and D)
G) B) and D)

Question 4

Which of the following did Paradise Kitchens considered an Opportunity?

Accepted Answer

A)  unique,high-quality,high-price products
B)  many lower-quality,lower-price competitors
C)  lack the economies of scale of huge competitors
D)  consumer income is high and convenience is important to U.S.households
E)  more households "eating out" and bringing prepared take-out into the homeF) B) and E)
G) B) and D)

Question 5

Which of the following is one of the six questions most lenders and prospective investors expect to be answered in a marketing or business plan?

Accepted Answer

A)  Does the prospective product meet all government safety standards?
B)  Who is your competition and what are they doing?
C)  Who will be your key suppliers?
D)  Is the business or marketing idea valid?
E)  What are your taxes?F) All of the above
G) B) and C)

Question 6

Which of the following did Paradise Kitchens considered a Threat?

Accepted Answer

A)  unique,high-quality,high-price products
B)  many lower-quality,lower-price competitors
C)  technical breakthroughs enable smaller food producers to achieve many economies available to large competitors
D)  consumer income is high and convenience is important to U.S.households
E)  more households "eating out" and bringing prepared take-out into the homeF) A) and B)
G) A) and C)

Question 7

The three key elements of the Product Strategy section in the Paradise Kitchens marketing plan include

Accepted Answer

A)  product benefits,product line,and product packaging.
B)  product characteristics,branding strategies,and packaging.
C)  unique product quality,product line,and branding strategies.
D)  product line,unique product quality,and packaging.
E)  product line,product brand,and product packaging.F) B) and D)
G) B) and E)

Question 8

Paradise Kitchens analyzed two key trends in its industry,which were

Accepted Answer

A)  frozen foods and microwavable foods.
B)  Mexican foods and South American foods.
C)  eating out and take-out.
D)  frozen foods and Mexican foods.
E)  larger portion size and vegetarian meals.F) B) and E)
G) A) and B)

Question 9

Which of the following statements regarding the appendices section of a marketing plan is MOST ACCURATE?

Accepted Answer

A)  An appendix is not necessary if the body of the marketing plan was properly written.
B)  An appendix should never have more than one page for every seven in the marketing plan.
C)  The nature and number of pages in an appendix should directly relate to the audience and its purpose.
D)  It is best to include a variety of representations (graphs,tables,photographs,diagrams,etc. ) rather than one single type (all graphs,all tables,etc. ) .
E)  There is no need to label Appendices A,B,C,etc.unless each appendix represents an entirely different product,product line,or division.F) A) and B)
G) B) and E)

Question 10

The chances of success for a new product are significantly increased if

Accepted Answer

A)  the company sets goals are set that both flexible and adaptable.
B)  objectives are set for the product itself and target market segments are identified for it.
C)  at least 25% of the initial budget includes advertising and promotional expenditures.
D)  all initial production,distribution,and promotion are done in-house where management can exert the greatest quality control.
E)  the firm outsources those elements of production,distribution,or promotion in which it has the least expertise.F) A) and C)
G) B) and C)

Question 11

The qualitative mission statement focuses the activities of Paradise Kitchens for its __________.

Accepted Answer

A)  brands
B)  competitors
C)  regulators
D)  stakeholders
E)  ideasF) D) and E)
G) A) and E)

Question 12

According to the Paradise Kitchens marketing plan,two-thirds of American households consume Mexican foods.This information is used to infer that there is a more favorable attitude on the part of all Americans toward

Accepted Answer

A)  Southwestern flavors and other regional foods in general.
B)  spicy foods that include red chili peppers.
C)  ethnic foods and regional cuisine.
D)  bean products,cheese products,and tortillas.
E)  heartier foods that are simple to prepare.F) A) and C)
G) C) and D)

Question 13

According to Arthur R.Kydd,CEO of St.Croix Venture Partners,what sets apart a potential successful idea,product,or technology from all the rest is __________ and __________.

Accepted Answer

A)  time;money
B)  markets;marketing
C)  creativity;hard work
D)  originality;financial backing
E)  R&D;productsF) C) and D)
G) B) and E)

Question 14

Paradise Kitchens proposes entering 17 new metropolitan markets in the next five years.For this reason,the financial plan cannot use simple trend extrapolation.Instead,the forecasting method used was

Accepted Answer

A)  curvilinear trend extrapolation.
B)  management judgment.
C)  survey of buyers' intentions.
D)  sales force survey.
E)  direct forecasting.F) A) and E)
G) D) and E)

Question 15

According to its marketing plan,Paradise Kitchens is positioning itself in consumers' minds as

Accepted Answer

A)  a moderately priced "Home style taste of the Southwest" chili.
B)  a low-cost "Mexican /American meld of flavors" for easy-to-prepare frozen entrees.
C)  traditional "Taste of Mexico" that uses all organic ingredients in semi-prepared meals.
D)  very high-quality "gourmet Southwestern/Mexican" frozen entrees and desserts.
E)  very high-quality "authentic Southwestern/Mexican tasting" chilies that can be prepared easily and quickly.F) A) and D)
G) A) and C)

Question 16

The greatest single factor in a new product's failure is

Accepted Answer

A)  a lack of advertising and promotion.
B)  attempting to reach a target market that is too small.
C)  too few competitors.
D)  insignificant points of difference.
E)  lack of experienced management.F) C) and D)
G) A) and B)

Question 17

The single most important section of the marketing plan (usually only two pages long) that "sells" the plan to readers is called the __________.

Accepted Answer

A)  executive summary
B)  strategic plan
C)  vision statement
D)  overview of financial projections
E)  synopsisF) D) and E)
G) All of the above

Question 18

The SWOT analysis section of a marketing plan identifies a company's

Accepted Answer

A)  new technological innovations.
B)  strengths,weaknesses,opportunities,and threats.
C)  marketing program.
D)  barriers to entry.
E)  sustainable competitive advantages.F) A) and D)
G) A) and C)

Question 19

The Place/Distribution Strategy section in the Paradise Kitchens marketing plan specified that Howlin' Coyote chili will INITIALLY be sold

Accepted Answer

A)  to restaurants specializing in American cuisine.
B)  through company-owned stores at outlet malls.
C)  exclusively to mass merchandisers such as Walmart and Target.
D)  through a food distributor,which in turn will sell directly to grocery stores.
E)  online to consumers to bypass "the middleman;" the product will be shipped using packed dry ice containers to keep it frozen during transportation.F) A) and B)
G) B) and C)

Question 20

As part of its Competitor Analysis section of its marketing plan,Paradise Kitchens discussed the chili market,which represents over $500 million in annual sales.Chili products fall into two categories,which are

Accepted Answer

A)  canned chili and dry chili.
B)  frozen and canned chili.
C)  pre-made and ready-to-make chili kits.
D)  Mexican chili and "Americanized" chili.
E)  chili with meat (con carne) and vegetarian chili with beans.F) A) and B)
G) All of the above

Exam 23: Building an Effective Marketing Plan

Paradise Kitchens proposes entering 17 new metropolitan markets in the next five years.For this reason,the financial plan cannot use simple trend extrapolation.Instead,the forecasting method used was

Correct AnswerverifiedShow Answer

The Situation Analysis section of a marketing plan is a snapshot to answer the question,

Correct AnswerverifiedShow Answer

The qualitative mission statement focuses the activities of Paradise Kitchens for its __________.

Correct AnswerverifiedShow Answer

The chances of success for a new product are significantly increased if

Correct AnswerverifiedShow Answer

Which of the following is one of the six questions most lenders and prospective investors expect to be answered in a marketing or business plan?

Correct AnswerverifiedShow Answer

The Place/Distribution Strategy section in the Paradise Kitchens marketing plan specified that Howlin' Coyote chili will INITIALLY be sold

Correct AnswerverifiedShow Answer

Which of the following did Paradise Kitchens considered an Opportunity?

Correct AnswerverifiedShow Answer

Which of the following did Paradise Kitchens considered a Threat?

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The SWOT analysis section of a marketing plan identifies a company's

Correct AnswerverifiedShow Answer

Which of the following statements regarding the appendices section of a marketing plan is MOST ACCURATE?

Correct AnswerverifiedShow Answer

According to Arthur R.Kydd,CEO of St.Croix Venture Partners,what sets apart a potential successful idea,product,or technology from all the rest is __________ and __________.

Correct AnswerverifiedShow Answer

As part of its Competitor Analysis section of its marketing plan,Paradise Kitchens discussed the chili market,which represents over $500 million in annual sales.Chili products fall into two categories,which are

Correct AnswerverifiedShow Answer

The greatest single factor in a new product's failure is

Correct AnswerverifiedShow Answer

According to its marketing plan,Paradise Kitchens is positioning itself in consumers' minds as

Correct AnswerverifiedShow Answer

In terms of its Marketing and Product Objectives,which of the following statements regarding Paradise Kitchens is MOST ACCURATE?

Correct AnswerverifiedShow Answer

According to the Paradise Kitchens marketing plan,two-thirds of American households consume Mexican foods.This information is used to infer that there is a more favorable attitude on the part of all Americans toward

Correct AnswerverifiedShow Answer

The single most important section of the marketing plan (usually only two pages long) that "sells" the plan to readers is called the __________.

Correct AnswerverifiedShow Answer

The three key elements of the Product Strategy section in the Paradise Kitchens marketing plan include

Correct AnswerverifiedShow Answer

In response to current trends regarding health and nutrition,competitors such as Don Miguel,Mission Foods,El Monterey,and José Olé plan to offer or recently have offered more "carb- friendly" and "fat-friendly" products.Paradise Kitchens' response to this trend will be to

Correct AnswerverifiedShow Answer

Paradise Kitchens analyzed two key trends in its industry,which were

Correct AnswerverifiedShow Answer

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According to Arthur R.Kydd,CEO of St.Croix Venture Partners,what sets apart a potential successful idea,product,or technology from all the rest is and .

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In terms of its Marketing and Product Objectives,which of the following statements regarding Paradise Kitchensis MOST ACCURATE?

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