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20.The most detailed and scrutinized section of a formal marketing plan is thea.competitor analysis.b.marketing strategy.c.market analysis.d.consumer analysis.ANS:BPTS:1REF:p. 180OBJ:7-2 TYPE: C21.The areas of marketing strategy that should be addressed within the marketing plan arePTS:1REF:p. 181OBJ:7-2 TYPE: C22.John Smith, a car repair shop owner, is developing the warranty and repair policies for his business. What area of the marketing strategy is he addressing?PTS:1REF:p. 181OBJ:7-2 TYPE: A
23.The description of potential customers in a target market is commonly called aPTS:1REF:p. 179OBJ:7-2 TYPE: A24.In considering its marketing strategy a new venture will typically concentrate ona.mass marketingb.a multi-segmented marketc.a select few target markets or just oned.the internetANS:CPTS:1REF:p. 179OBJ:7-2 TYPE: A25.Holly Fields, when developing a marketing plan for Spira, focused onPTS:1REF:p. 182OBJ:7-2 TYPE: D26.The initial step in the marketing research process is toPTS:1REF:p. 185OBJ:7-3 TYPE: C27.In an effort to ascertain the average dollar amount of credit card purchases at their store, managers of Component City, a stereo and appliance dealer, reviewed in-store copies of credit card sales receipts from the previous three months to evaluate the store's credit card acceptance policies. Component City's managers are conducting marketing research by collecting and analyzingPTS:1REF:p. 185OBJ:7-3 TYPE: A28.Primary data collection methods are often classified asa.expensive or inexpensive.b.observational or questioning.c.broad or comprehensive.d.issue-related or concept-related.ANS:BPTS:1REF:p. 186OBJ:7-3 TYPE: C