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3.00 Unit Review
3.00 Unit Review
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Entrepreneurship I Honors
Flashcards
44 cards
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Questions
44
Answers
1
In a marketing plan where would a business discuss how it plans to communicate with a customer
Executive summary
Marketing strategies and programs
Marketing objectives
Situation analysis
2
Which of the following is an important benefit of marketing plans:
They ensure a yearly profit
They help recruit quality employees
They develop exciting products.
They can help obtain funding.
3
A business that identifies a market based on where people live and work it's ___ segmentation
demographic
ethnicity
values
geographic
4
The primary reason that governments regulate business activities is to
protect the well-being of individuals and businesses.
encourage businesses to expand their operations
change international trade initiatives
limit the level of competition in the marketplace
5
Which should a business answer about its target market when doing a situational analysis:
How are our financing methods affecting our business?
Are we operating at peak efficiency?
What are our customers buying?
Which shipping companies are we using?
6
What is a potential threat a manager might identify in a SWOT analysis?
Cost advantages
Economy rebounding
Growing government regulation
Weak market image
7
Before producing and selling a product, which of the following should marketers do first:
Identify the market for the product
Determine the product's price
Select a channel of distribution
Set up a promotional plan
8
A business that fails to protect its employees for unnecessary risk on the job may be sued for
libel
incompetence
negligence
misrepresentation
9
If a company selects a target market and ignores segment difference is it using __ marketing
mass
niche
individual
isolated
10
Which is an external threat that a company might identify while conducting a situationanalysis:
Raising inflation rates
Failing interest rates
Increasing GDP
Declining unemployment
11
Which of the following items might be included in a marketing plan's appendix:
The organization's mission statement
A product photograph
A product photograph
A list of marketing objectives
12
Selecting a target market based on very specific criteria that limits the audience to is
target auditing
niche marketing.
income segmenting
market planning
13
Why do businesses with excessive debts often file Chapter 7 bankruptcy?
To refinance
To liquidate
To reorganize
To consolidate
14
A disadvantage of a general partnership is that each partner
invests the same amount of capital.
is liable for the business's losses.
has responsibility for preparing the annual report.
performs limited management duties.
15
Identifying market segments helps a business to develop appropriate
marketing strategies
organizational records.
economic forecasts
leadership styles.
16
One way that a business can learn about its competitors' activities is by
developing product specifications.
reviewing secondary data.
evaluation intranet efficiencies
identifying communication barriers.
17
Which of the following situations presents a business threat to a company:
Sales for a specific product increase.
A competitor recalls a defective product.
A competitor obtains a bank loan for expansion.
The government reduces interest rates.
18
A question that is important to ask to find the business's strengths when doing a SWOT analysis
Where are we making money?
What obstacles do we face?
What economic trends are beneficial to us?
What are our competitors doing?
19
Which types of laws protects a business's inventions or written works from being used by others
Product Liability
Consumer Protection
Income tax
Intellectual Property
20
Marketing strategies are designed and implemented for the overall purpose of
improving management techniques.
increasing business profits immediately.
achieving planned goals
changing the image of the business.
21
A disadvantage of a general partnership is that each partner
is liable for the business's losses.
has responsibility for preparing the annual report.
invests the same amount of capital
performs limited management duties.
22
A major advantage of a sole proprietorship is
ease of start-up.
availability of capital.
sharing of decision making.
probability of success
23
What section of the marketing plan includes information about expected results?
Appendix
Situation analysis
Desired target market
Performance and implementation
24
Proctor and Gamble's decision to offer different types of soaps in a range of prices shows
geographic segmentation.
market segmentation
direct marketing.
industrial marketing.
25
Which activity is one that a business performs when conducting a competitive analysis:
Calculates income data
Develops selling procedures
Sets productivity goals
Monitors rivals' marketing strategies
26
why it is often important for businesses to conduct a competitive analysis is to identify
external threats.
economic conditions.
future employees.
potential vendors.
27
Businesses that segment the market based on psychographics are grouping people according to
education.
lifestyles.
marital status.
occupation.
28
Which of the following should be included in a marketing plan's executive summary:
The names and numbers of marketing team members
A description of the target market(s)
A SWOT analysis chart
The organization's mission statement
29
The form of business ownership that can raise money easily is the
limited partnership
corporation
partnership
sole proprietorship
30
A marketing plan should outline the specific activities that the business will use to
meet the needs of its employees
achieve its marketing objectives.
evaluate its sales policies.
increase its buying power.
31
When sellers offer one-size-fits-all products that will appeal to most buyers, they are using
market segmentation
demographic segmentation.
mass production.
mass marketing.
32
Which is a question that a business might ask when it wants to evaluate its weaknesses
What is our competition doing?
What obstacles do we face?
What markets have our competitors missed?
What resources do we lack?
33
Companies have been forced to pay more attention to the specific needs of consumers because of
advertising.
merchandising.
automation.
competition.
34
Which of the following is often included in a marketing plan's situation analysis:
A SWOT analysis chart
A list of the company's marketing objectives
Performance standards for implementing the plan
A list of the proposed strategies and programs
35
Which is a factor that businesses often consider when conducting a market analysis:
Safety of the research process
Location of test market
Size of the market next year
Design of the questionnaire
36
A business that fails to protect its employees from unnecessary risk may be sued for
Incompetence
negligence
Misrepresentation
libel
37
A major advantage of a sole proprietorship is
probability of success.
sharing decision making.
availability of capital.
ease of start-up.
38
One of the purposes of conducting a market analysis is to develop a(n)
operating budget.
distribution plan.
customer profile.
management team.
39
When a business conducts a customer analysis and identifies territories, it is evaluating the
potential media exposure.
competitors' market share.
segment's psychographics.
area's market potential.
40
The form of business ownership that can raise money easily is the
partnership.
corporation.
sole proprietorship
limited partnership.
41
Which of the following is a consideration in the place element of marketing:
Choosing distribution channels
Using sales promotion
Offering warranties or guarantees
Extending credit to customers
42
Which of the following is an important advantage for the corporate form of business ownership?
Ability to raise large amounts of capital
Relatively little government regulation
Ease of starting and dissolving
Ease of making major policy changes
43
Small businesses have a positive effect on the local community because they:
reduce competition.
pay taxes.
charge interest.
limit job growth.
44
The most useful or desirable market segments to the business are those that are measurable and
concentrated
accessible
inflexible.
undifferentiated.