Question

1. Your friend is developing a marketing plan for her new business. What should she put in this plan?

A. Where she wants to sell her product
B. The price of her product
C. A description of the people in her target market
D. All of the above
2. Which statement is the best description of Value Proposition?
A. The cost of creating the product.
B. A component of the business plan that identifies the target market for the product.
C. The features and benefits that make the product or business unique.
D. None of the above
3. What is the main purpose of developing business pitch?
A, To tell investors all the important details and goals of your business so they don't need to read the business plan.
B. To provide customers with an in-depth description of how your business was formed.
C. To briefly share the most important information about your business to people in an engaging way.
D. To determine whether your business idea is a business opportunity.
4. Which of the following is probably NOT an important point to include in a business pitch?
A. A detailed description of the meaning behind the company's name.
B. The problems that the product or service solves or the demands it meets.
C. how the product or service is different.
D. Clear reasons why the potential customers and investors should care about the business.
5. Why is it important to conduct market research on your target audience before building your marketing plan?
A. Newspapers and magazines will give you a discount on advertisements if you show them your research.
B. You need to consider who your potential customers are before deciding on marketing strategies.
C. Customers enjoy sharing their opinions, so market research will make your product sell more.
D. It doesn't matter which one you do first.

Answer 1

1. Your friend is developing a marketing plan for her new business. What should she put in this plan?

A. Where she wants to sell her product

B. The price of her product

C. A description of the people in her target market

D. All of the above

A marketing plan serves as an outline or blueprint of what the business wants their advertising and marketing efforts to include for the upcoming year. The marketing plan includes where the product should be sold, how it should be priced and the appropriate market for the product.

2. Which statement is the best description of Value Proposition?

C. The features and benefits that make the product or business unique.

The value proposition shows the features that benefits that will make a product attractive to their customers. The value proposition will attract customers depending on the value customers perceive it to hold.

3. What is the main purpose of developing business pitch?

C. To briefly share the most important information about your business to people in an engaging way.

A pitch is a short spoken synopsis of your work or product to a target audience. When developing your business pitch, it is important to remember to make it short, sweet and engaging to your audience. The more attention you can draw from your pitch the better chances you have of your product selling.

4. Which of the following is probably NOT an important point to include in a business pitch?

A. A detailed description of the meaning behind the company's name.

If you refer to question 3, a pitch is something that is short and sweet but includes the engaging factor of your product. It is important to make sure the pitch is not super detailed.

5. Why is it important to conduct market research on your target audience before building your marketing plan?

B. You need to consider who your potential customers are before deciding on marketing strategies.

Your marketing plan should only contain information that market towards your target market. It is important to make sure you are attracting the right audience because if you are marketing towards an audience that isn’t interested, the product will not sell.

Answer 2

1) D All of the above. A marketing plan should include how you are going to sell the product, where you are going to sell it and who you are going to sell it to. 2) C A value proposition is spelling out the value your product will bring to the world, or the benefits it will provide. 3) C A pitch is a way to get people interested in your business and wanting to learn more. 4) A A pitch should only be the highlights of the business. They do not need to know the origin of the name of the business. 5) B Your potential customer should drive all of the decisions you make about your business.