Companies that use the marketing concept will

select a product mix that will appeal to their target market

A marketing plan should do all of the following except

identify the owner’s net worth

helps balance supply and demand of products

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

devote half of its profits toward marketing,

Social media marketing

is a good way for companies to increase exposure

Before lenders will loan money to a new business

be convinced the business has success skills/characteristics

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

are able to keep larger quantities of products in stock

is the different products and services that a business sells

Selling skills become more important when customers

seek to meet their upper-level needs.

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

a brief description of the business

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

Middle-class families with children

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

great knowledge of features & benefit of the product/service

studbud

2nd 9 week Entrepreneurship Final Review

38 termsStudBud Administration227 plays

Entrepreneurship

Flashcards38 cardsFPractice quizPHost liveL

Questions 38

Answers

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

2nd 9 week Entrepreneurship Final Review Flashcards | StudBud