Which of the following examples illustrates how environmental factors are interrelated:

The economy affects what competitors are doing.

The primary goal during the brainstorming process is to

come up with as many ideas as possible

Before producing and selling a product, which of the following should marketers do first?

Identify the market for the product

Emotional risks that many entrepreneurs face include

marital tensions and family problems

What is one of the main reasons why small businesses are strongly promoted by local government

They are important to the economy

studbud

Entrepreneurship

15 termsStudBud Administration33 plays

Entrepreneurship I Final Exam Review

Flashcards15 cardsFPractice quizPHost liveL

Questions 15

Answers

1
Which of the following examples illustrates how environmental factors are interrelated:
The economy affects banking institutions.
Low investor confidence heavily impacts financial planners.
The economy affects what competitors are doing.
New legislation will be written in the future.
2
A company's decision to offer different types of soaps in a range of prices is an example of
Industrial marketing
Direct marketing
Geographic segmentation
Market segmentation
3
The first factor that a business should consider when it is deciding to sell a product is the:
promotional strategy
market demand
storage space
taxation rate
4
Which of the following is an example of a demographic trend
Rising interest rates
Shifting political climates
A concern for fitness and health
The aging of the population
5
When conducting environmental scan, which is an economic factor that a business should consider
global trade regulations
local demographics
consumer spending habits
restricted sales territories
6
The primary goal during the brainstorming process is to
analyze each idea as it is presented
come up with as many ideas as possible
rate each idea in relation to one another
come up with a set number of ideas within a certain time
7
When determining venture-creation opportunities, entrepreneurs must first
conduct research
identify staffing needs
obtain financing
select a location
8
Which is a question a business should answer about its target market in a situational analysis:
What are our customers buying
Which shipping companies are we using
Are we operating at peak efficiency
How are our financing methods affecting our company's growth
9
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
10
Emotional risks that many entrepreneurs face include
unemployment and uncertain income
marital tensions and family problems
inflation and slow market acceptance
competition and difficult suppliers
11
A business that identifies products to sell that fill customer needs is making which decision:
customer service
line extension
product mix
quality control
12
Which of the following is a true statement about a business's environment
It can be avoided
It may not affect the business, depending on the industry
It consists of the economy and techynology
It is always changing
13
Which is an example of a demographic trend that has encouraged entrepreneurial discovery
Increased cultural diversity
technological advancements
Interest rate fluctuations
Industry deregulation
14
What is a potential threat a manager might identify in a SWOT analysis?
Growing government regulation
economy rebounding
weak market image
cost advantages
15
What is one of the main reasons why small businesses are strongly promoted by local government
They are owned by one person
They are important to the economy
They may become a big business
They serve only their local communities

Entrepreneurship Flashcards | StudBud