Which of the Following Statements Is Incorrect Regarding the Marketing

question 31

Multiple Choice

Which of the following statements is incorrect regarding the marketing plan section of a business plan?

• A) The marketing plan focuses on how the business will market and sell its product or service.
• B) The two most important items to include in a marketing plan are (1) overall marketing strategy and (2) the nuts and bolts of marketing a firm's product in terms of product, price, promotion, and place.
• C) The best way to describe a company's marketing plan is to begin by talking about its competitors.
• D) A firm's marketing strategy refers to its overall approach for marketing its products and services.
• E) A firm's overall approach to marketing typically boils down to how it positions itself in its market and how it differentiates itself from its competitors.

---

Definitions:

Budgeted Cost

An estimated expense for various activities or projects, predetermined during the budgeting process.

Cost of Goods Sold

The direct costs attributable to the production of the goods sold in a company.

Inventory Planning

The process of determining the optimal quantity and timing of inventory for the purpose of aligning it with sales and production capacity.

Budgeted Purchases

The estimated amount of goods or raw materials a company plans to buy over a certain period based on its budget.