A marketing plan should do all of the following except

identify the owner’s net worth

is the different products and services that a business sells

Before lenders will loan money to a new business

be convinced the business has success skills/characteristics

Companies that use the marketing concept will

select a product mix that will appeal to their target market

To use the marketing concept, businesses must do all of the following except

devote half of its profits toward marketing,

A business plan’s title page includes all of the following except

a brief description of the business

helps balance supply and demand of products

To be successful at selling a product or service, a salesperson must

great knowledge of features & benefit of the product/service

Social media marketing

is a good way for companies to increase exposure

Selling skills become more important when customers

seek to meet their upper-level needs.

The following would most likely be the target market for a car dealer selling minivans?

Middle-class families with children

Small businesses may have difficulty competing with large retailers because large retailers

are able to keep larger quantities of products in stock

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2nd 9 week Entrepreneurship Final Review

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Entrepreneurship

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Questions 38

Answers

1
Which of the following pricing techniques is often used in the introductory stage of a product?
Markdown pricing
Penetration pricing
Prestige pricing
Trade discounts
2
A marketing plan should do all of the following except
identify the owner’s net worth
outline a strategy for keeping customers
recognize and anticipate change
identify your competitors
3
Which of the following service businesses would use a retailer to distribute their services?
Lawyer
Accountant
Film developer
Electrician
4
A paid form of communication sent out by a business about a product or service is
advertising
publicity
a press release
sales promotion
5
Demographics are data that describe a group of people in terms of their
opinions
needs
tastes
income
6
A product mix
helps determine the pricing strategy.
identifies features such as color, size, and quality
is used to maximize sales
is the different products and services that a business sells
7
Competitors should be analyzed concerning their
locations
strengths and weaknesses
all of these
prices
8
Before lenders will loan money to a new business
they will want to interview all potential employees
new businesses must have two years’ worth of work lined up
all of the above
be convinced the business has success skills/characteristics
9
Companies that use the marketing concept will
all of these
make sure that products & services they offer are profitable
focus on product features more than on consumer needs
select a product mix that will appeal to their target market
10
A business plan should?
all of the above
explain who will supply your business with goods,
explain who will run your business
show how your business will win over customers from others.
11
The Nike “swoosh” is an example of a product
feature
brand
package
label
12
The marketing section of your plan explains
who your prospective customers are
all of the above
how you plan to deal with competition
how you plan to enter the market
13
The customers you would most like to attract are referred to as your
competition
target market
demographics
market segments
14
Distribution is an important component of
market research
a business’s marketing strategy
networking.
supply chain management
15
In the financial management section of its business plan, a new business must include
current financial statements
copies of all rental agreements
projected financial statements
all of the above
16
Your marketing strategy should address
product introduction or innovation
pricing
market share
all of these.
17
To use the marketing concept, businesses must do all of the following except
devote half of its profits toward marketing,
identify what will satisfy customers’ needs and wants,
market products that customers consider better than others
operate profitably,
18
A business may set its prices for products or services by using
all of these
competition-based pricing
cost-based pricing
demand-based pricing
19
Small Business Development Centers (SBDCs)
provide real-world advice and know-how for a small fee
are often located at community and state colleges
are made up of working and retired business professionals,
all of these
20
Which of the following is not a rational buying motive?
Safety
Protection
Convenience
Product quality
21
Data that help you determine where your potential customers live and how far they will travel
secondary data.
census data
use-based data
geographic data
22
A business plan’s title page includes all of the following except
a brief description of the business
the date
the owner’s name
the name of the company
23
By continually evaluating your market you can respond to changes in all of the following except
government
communities
consumer tastes
competitors’ offerings
24
Which of the following would be considered an indirect competitor of McDonald’s?
Kentucky Fried Chicken
all of these
Subway
Pizza Hut
25
Storing products
typically reduces their cost
eliminates the risk that they will be stolen
increases their shelf-life.
helps balance supply and demand of products
26
To be successful at selling a product or service, a salesperson must
be able to effectively satisfy customers’ lower-level needs,
have several yearsof experience
great knowledge of features & benefit of the product/service
all ofthese
27
Social media marketing
helps a company get indirect feedback from customers
failed to catch on because not everyone uses social media.
is a good way for companies to increase exposure
is a useful but expensive way to promote a product
28
Marketing consists of all of the following processes except
promoting.
selling
operating
pricing
29
Selling skills become more important when customers
seek to meet their upper-level needs.
know exactly what they want
are making rational buying decisions
try to satisfy their basic needs
30
An online ad that displays in a new window that opens in front of the current window is called
floating ad.
wallpaper ad
pop-up ad
banner ad
31
The introduction section of a business plan contains all of the following except
the legal structure of the business
an identification of risks
the advantages your business has over your competitors.
a description of the nature of the business
32
Product characteristics that will satisfy customer needs are called
features
the product mix
services
brands
33
Publicity is?
is generated by media coverage
all of these
may involve staging an event or bringing in a celebrity
may be favorable or unfavorable
34
A company can increase market share through all of the following ways except
networking
advertising
promotional campaigns
price discounts
35
A business plan explains how your product or service
will be produced
all of the above
is either new or better than existing products or services
will be sold
36
The following would most likely be the target market for a car dealer selling minivans?
Middle-class families with children
None of these.
People who are retired
Single people with higher incomes
37
All of the following are emotional buying motives except
appearance
simplicity
comfort
pride of ownership
38
Small businesses may have difficulty competing with large retailers because large retailers
are able to keep larger quantities of products in stock
have a larger target market
develop more complete customer profiles
offer superior service

2nd 9 week Entrepreneurship Final Review Flashcards | StudBud