Entrepreneurship Unit 3 Test Review

Question 1

One reason it is often important for businesses to conduct acompetitive analysis is to identify

Accepted Answer

external threats.

Question 2

Companies have been forced to pay more attention to specific needs of consumers because

Accepted Answer

competition

Question 3

When a business selects a TM,the most desirable market segments to the business are measurable&

Accepted Answer

Accessible

Question 4

Which of the following is a consideration in the place element of marketing:

Accepted Answer

Choosing distribution channels

Question 5

Which of the following items might be included in a marketing plan's appendix

Accepted Answer

A product photograph

Question 6

A marketing plan should outline the specific activities that the business will use to

Accepted Answer

achieve its marketing objectives

Question 7

Identifying market segments helps a business to develop appropriate

Accepted Answer

Marketing strategies

Question 8

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

Accepted Answer

Identify the market for the product

Question 9

The primary reason that governments regulate business activities is to

Accepted Answer

protect the well-being of individuals and businesses

Question 10

What is a potential threat a manager might identify in a SWOT analysis?

Accepted Answer

Growing government regulation

Question 11

Businesses that segment the market based on psychographics are groupingppl according to their

Accepted Answer

Lifestyles

Question 12

Which of the following is a factor businesses often consider whenconducting a market analysis

Accepted Answer

Size of the market next year

Question 13

One of the purposes of conducting a market analysis is to develop a(n)

Accepted Answer

customer profile.

Question 14

The form of business ownership that can raise money easily is the

Accepted Answer

Corporation

Question 15

Marketing strategies are designed and implemented for the overall purpose of

Accepted Answer

achieving planned goals

Questions 15