Entrepreneurship 3.00 test – Flashcards
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Which of the following is a consideration in the place element of marketing: a. offering warranties or guarantees b.choosing distribution channels c. using sales promotion d. extending credit to customers
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b. choosing distribution channels
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Marketing strategies are designed and implemented for the overall purpose of: a. changing the image of the business b. improving management techniques c. achieving planned goals d. increasing business profits immediately
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c. achieving planned goals
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When sellers offer one size fits all products that will appeal to most buyers, they are using: a. market segmentation b. mass marketing c. mass production d. demographic segmentation
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b. mass marketing
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Proctor and Gamble's decision to offer different types of soaps in a wide range of prices is an example of: a. direct marketing b. market segmentation c. geographic segmentation d. industrial marketing
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b. market segmentation
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Companies have been forced to pay more attention to the specific needs of consumers bc of: a. merchandising b. advertising c. automation d.competition
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d. competition
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Which of the following items might be included in a marketing plan's appendix: a. the organization's mission statement b. a list of marketing objectives c. a product photo d. a SWOT analysis chart
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c. a product photo
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What section of the marketing plan includes info about expected results: a. appendix b. performance and implementation c. situation analysis d. desired target market
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b. performance and implementation
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Which of the following is often included in a marketing plan's situation analysis: a. a SWOT analysis chart b. performance standards for implementing the plan c. a list of the proposed strategies and programs d. a list of the company's marketing objectives
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a. a SWOT analysis chart
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Which of the following is an external threat that a company might identify while conducting a situation analysis: a. declining unemployment b. failing interest rates c. increasing GDP d. rising inflation rates
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d. rising inflation rates
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Which of the following should be included in a marketing plan's executive summary: a. the organization's mission statement b. a description of the target market c. the names and numbers of marketing team members d. a SWOT analysis chart
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a. the organization's mission statement
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Which of the following situation presents a business threat to a company: a. a competitor obtains a bank loan for expansion b. a competitor recalls a defective product c. the government reduces interest rates d. sales for a specific product increase
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a. a competitor obtains a bank loan for expansion
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Which is a question that a business should answer about its target market while conducting a situational analysis: a. how are our financing methods affecting our company's growth? b. what are our customers buying? c. are we operating at peak efficiency? d. which shipping companies are we using?
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b. what are our customers buying?
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Where in a marketing plan would a business discuss how it plans to communicate with its customers: a. marketing objectives b. marketing strategies and programs c. situation analysis d. executive summary
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b. marketing strategies and programs
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Which of the following is an important benefit of marketing plans: a. they ensure a yearly profit b. they develop exciting products c. they help recruit quality employees d. they can help obtain funding
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d. they can help obtain funding
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A marketing plan should outline the specific activities that the business will use to: a. evaluate its sales policies b. increase its buying power c. meet the needs of its employees d. achieve its marketing objectives
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d. achieve its marketing objectives
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When the Green company selected its target market, it decided to ignore the segment differences and generate appeal with one offer. The company is using ________ marketing. a. isolated b. niche c. individual d. mass
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d. mass
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Selecting a target market based on very specific criteria that limit the audience to a well-defined segment is an example of: a. target auditing b. market planning c. income segmenting d. niche marketing
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d. niche marketing
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When a business selects a target market, the most useful or desirable market segments to the business are those that are measurable and: a. accessible b. undifferentiated c. concentrated d. inflexible
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a. accessible
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Identifying market segments helps a business to develop appropriate: a. marketing strategies b. economic forecasts c. organizational records d. leadership styles
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a. marketing strategies
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Businesses that segment the market based on psychographics are grouping people according to their: a. education b. lifestyles c. marital status d. occupation
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b. lifestyles
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A business identifies a market that shares common characteristics on the basis of where people lice and work, which is an example of market identification by ________ segmentation: a. demographic b. geographic c. ethnicity d. values
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b. geographic
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One way that a business can learn about its competitors' activities is by: a. developing product specifications b. evaluation intranet efficiencies c. reviewing secondary data d. identifying communication barriers
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c. reviewing secondary data
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Which of the following is an activity that a business performs when conducting a competitive analysis: a. sets productivity b. monitors rivals' marketing strategies c. calculates income data d. develops selling procedures
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b. monitors rivals' marketing strategies
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One reason why it is often important for businesses to conduct a competitive analysis is to identify: a. external threats b. potential vendors c. economic conditions d. future employees
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a. external threats
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Which of the following is a question that a business might ask when it wants to evaluate its weaknesses: a. what resources do we lack? b. what is our competition doing? c. what markets have our competitors missed? d. what obstacles do we face?
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a. what resources do we lack?
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Which question is it important to ask to determine the business's strengths when conducting a SWOT analysis: a. what economic trends are beneficial to us? b. what is our competition doing? c. where are we making money? d. what obstacles do we face?
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c. where are we making money?
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What is a potential threat a manager might identify in a SWOT analysis: a. growing government regulations b. economy rebounding c. weak market image d. cost advantages
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a. growing government regulation
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When a business conducts a customer analysis and identifies territories, determines the possible buyers in the territories, and estimates the buyers' purchases, it is evaluating the: a. segment's psychographics b. area's market potential c. potential media exposure d. competitors' market share
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b. area's market potential
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One of the purposes of conducting a market analysis is to develop a(n): a. operating budget b. distribution plan c. customer profile d. management team
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c. customer profile
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Which of the following is a factor that businesses often consider when conducting a market analysis: a. location of test market b. size of the market next year c. safety of the research process d. design of the questionnaire
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b. size of the market next year
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A disadvantage of a general partnership is that each partner: a. is liable for the business's losses b. invests the same amount of capital c. performs limited management duties d. has responsibility for preparing the annual report
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a. is liable for the business's losses
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The form of business ownership that can raise money easily is the: a. partnership b. corporation c. sole proprietorship d. limited partnership
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b. corportation
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A major advantage of a sole proprietorship is: a. availability of capital b. ease of start-up c. probability of success d. sharing of decision making
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b. ease of start-up
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The primary reason that governments regulate business activities is to: a. encourage businesses to expand their operations b. limit the level of competition in the marketplace c. protect the well-being of individuals and businesses d. change international trade initiatives
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c. protect the well-being of individuals and businesses
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Which of the following types of laws protects a business's inventions or written works from the unauthorized use by others: a. income tax b. intellectual property c. consumer protection d. product liability
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b. intellectual property
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A business that fails to protect its employees from unnecessary risk or health hazards on the job may be sued for: a. incompetence b. misrepresentation c. libel d. negligence
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d. negligence
