Develop a Marketing Strategy Quiz

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What type of database is recommended for conducting literature searches?

Online Forums

Google Search Engine

Social Media Platforms

PubMed and International Pharmaceutical Abstracts (correct)

What is the first step in developing a business plan?

Conduct Competitor Analysis

Identify an Action Plan

Define the Business or Program (correct)

Develop a Marketing Strategy

When conducting market research and analysis in business planning, what does 'market' usually refer to?

Online platforms

Competitors of the service

Patients only

Customers of the service (correct)

What should be developed after defining the business or service in a business plan?

Develop a Marketing Strategy Signup and view all the answers

What is the purpose of identifying the target market in developing a business plan?

To determine the segment of the market that the business will appeal to Signup and view all the answers

Which step in business planning involves evaluating competitors of the proposed service?

Conduct Competitor Analysis Signup and view all the answers

What is the distinguishing characteristic of business planning?

Focuses on a specific program or business within the organization Signup and view all the answers

Why should a business plan be written with the audience in mind?

To ensure it is user-friendly and understandable Signup and view all the answers

What is a common mistake made by authors of business plans, including pharmacists?

Writing in a technical manner that is too detailed Signup and view all the answers

What is the purpose of conducting a preliminary evaluation in business concept exploration?

To begin with a literature search Signup and view all the answers

What is one important aspect of communicating and implementing a business plan?

Conducting regular reviews and updates Signup and view all the answers

In the context of business planning, what does the term 'audience' refer to?

People who will read and use the business plan Signup and view all the answers

What should the marketing strategy be based on?

Information gathered in the market and competitor analyses Signup and view all the answers

Why is it important to identify the target market in the marketing strategy?

To gain the business of that market Signup and view all the answers

What happens to programs with a negative benefit-to-cost ratio?

They will not be approved Signup and view all the answers

What should be detailed in an action plan?

Start and finish dates Signup and view all the answers

What is the purpose of assessing critical risks and opportunities?

To determine the critical aspects of the proposed program Signup and view all the answers

Why should the marketing strategy include the target market?

To develop a plan for gaining business Signup and view all the answers

What is the purpose of establishing an exit plan for a program?

To determine when and why to terminate the program Signup and view all the answers

In the context of writing the business plan, what is the significance of an executive summary?

It should be short and concise Signup and view all the answers

Why is it essential for a business plan to be easy to read and understand?

To ensure clarity and comprehension by the financial decision maker Signup and view all the answers

What components are crucial for communicating the work accomplished in planning?

Creating a written document and presenting it orally Signup and view all the answers

When is the due date for the Group Project Presentation?

End of the semester (last week) Signup and view all the answers

What type of plan should begin with an executive summary?

Business plan Signup and view all the answers

What is the consequence if students violate the requirement of coming up with their own business plan?

They will get a zero. Signup and view all the answers

How many students should be involved in presenting the project?

At least four students Signup and view all the answers

What is the purpose of presenting a business plan?

To attract others and get them on your side Signup and view all the answers

When should the project presentation be submitted to the instructor?

Not later than 3 days before the presentation day Signup and view all the answers

What does getting a full mark require for the business plan presentation?

Professional work Signup and view all the answers

How will groupmates' scores be affected by individual performance in the group presentation?

Impacted negatively Signup and view all the answers