A narrow product mix allows a company to

specialize in specific product lines

Which situation is most likely to result in long-term increased sales?

constantly providing new choices to customers

Why is it important to track the performance of a business plan?

to find out if products are selling

Businesses often use direct advertising strategies because

they can select and reach qualified prospects

ways that a business' website can provide customer support are by offering

product/service updates, FAQ, online help desk

Consider the impact changes in the environment have on a business' marketing mix because

business can change its marketing mix

What is true regarding the relationship between risk and business objectives?

Risks help businesses determine objectives

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DECA Entrepreneurship Exam

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A #DECA #Entrepreneurship practice exam

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Questions 20

Answers

1
What could increase a business' sales by reaching people who are driving home
radio
advertising
email
publicity
2
What step of the decision-making model involves identifying what you want to do?
establishing decision criteria
determining what you need to know
pinpointing your objective
gathering info you need
3
A narrow product mix allows a company to
specialize in specific product lines
appeal to customers with a wide variety of needs
produce less efficiently
mass market its products
4
Which situation is most likely to result in long-term increased sales?
constantly providing new choices to customers
lowering price of current products
raising the price of current products
eliminating a slow-selling product line
5
Why is it important to track the performance of a business plan?
to establish operating strategy
to provide investment info
to find out if products are selling
to determine its proposed mission
6
Which component of the business plan requires considerable time and external research?
Strategy + implementation
Market analysis
Appendices
Executive Summary
7
What is one of the main functions of promotion in the advertising industry
retailing
branding
marketing
persuading
8
Businesses often use direct advertising strategies because
promostional messge reaches a larger group of people
it's less expensive
they can select and reach qualified prospects
reduces need to include other elements in promotional mix
9
ways that a business' website can provide customer support are by offering
free delivery, email options, credit authorizations
chat rooms, account numbers, financial info
online billing, sales report, toll-free number
product/service updates, FAQ, online help desk
10
Consider the impact changes in the environment have on a business' marketing mix because
business can change its marketing mix
government regulations can increase costs
marketing mix is affected by tech
most businesses want to be reactive
11
What approach should a company use to ensure that changes lead to long-term benefits
change management
change avoidance
problem solving
solution finding
12
For successful innovation, employees must be willing to __ while developing ideas
avoid results
work alone
learn
teach
13
embers of a board of directors are
a business' vendors
required by stockholders
elected by stockholders
not able to male decisions
14
What is an exampple of a company objective that may be developed by top management
hold weekly sales meetings
improve collection process
maintain billing cycle
maintain/increase market share
15
One of the main external factors that may cause a firm to change its business process is
desire for growth
high operating costs
low employee morale
competition
16
Performance standards should be
informally discussed
measurable
extremely challenging
subjective
17
What is true regarding the relationship between risk and business objectives?
effective business objectives are not risky
objectives should never be modified because of risks
more objectives = less risk
Risks help businesses determine objectives
18
Bob and his team are creating a list of their company's critical enterprise-wide risks. This is
a risk control
a risk assessment
enterprise risk management
a risk inventory
19
Which of the following is a benefit of corporate governance
decreases investor confidence
creates less definable brand
encourages transparency
maximizes corruption
20
Use of communications channels in public relations is an important part of
providing info
marketing products
advertising an image
targeting customers

DECA Entrepreneurship Exam Flashcards | StudBud