stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
3.00 Unit Review Flashcards | StudBud
Explore
/
3.00 Unit Review
3.00 Unit Review
44 terms
·
StudBud Administration
·
125 plays
Entrepreneurship I Honors
Flashcards
44 cards
F
Practice quiz
P
Host live
L
Questions
44
Answers
1
One of the purposes of conducting a market analysis is to develop a(n)
operating budget.
distribution plan.
customer profile.
management team.
2
Which is a question that a business might ask when it wants to evaluate its weaknesses
What markets have our competitors missed?
What resources do we lack?
What is our competition doing?
What obstacles do we face?
3
A business that identifies a market based on where people live and work it's ___ segmentation
ethnicity
geographic
demographic
values
4
Which is an external threat that a company might identify while conducting a situationanalysis:
Declining unemployment
Increasing GDP
Failing interest rates
Raising inflation rates
5
What is a potential threat a manager might identify in a SWOT analysis?
Economy rebounding
Weak market image
Growing government regulation
Cost advantages
6
A disadvantage of a general partnership is that each partner
has responsibility for preparing the annual report.
performs limited management duties.
is liable for the business's losses.
invests the same amount of capital
7
A disadvantage of a general partnership is that each partner
performs limited management duties.
invests the same amount of capital.
is liable for the business's losses.
has responsibility for preparing the annual report.
8
A question that is important to ask to find the business's strengths when doing a SWOT analysis
Where are we making money?
What obstacles do we face?
What economic trends are beneficial to us?
What are our competitors doing?
9
Why do businesses with excessive debts often file Chapter 7 bankruptcy?
To reorganize
To consolidate
To refinance
To liquidate
10
The primary reason that governments regulate business activities is to
protect the well-being of individuals and businesses.
limit the level of competition in the marketplace
change international trade initiatives
encourage businesses to expand their operations
11
Which of the following situations presents a business threat to a company:
A competitor obtains a bank loan for expansion.
Sales for a specific product increase.
A competitor recalls a defective product.
The government reduces interest rates.
12
A major advantage of a sole proprietorship is
ease of start-up.
probability of success.
availability of capital.
sharing decision making.
13
Which of the following items might be included in a marketing plan's appendix:
The organization's mission statement
A product photograph
A product photograph
A list of marketing objectives
14
Which is a factor that businesses often consider when conducting a market analysis:
Size of the market next year
Safety of the research process
Design of the questionnaire
Location of test market
15
Marketing strategies are designed and implemented for the overall purpose of
improving management techniques.
achieving planned goals
increasing business profits immediately.
changing the image of the business.
16
The form of business ownership that can raise money easily is the
corporation.
sole proprietorship
partnership.
limited partnership.
17
The form of business ownership that can raise money easily is the
partnership
sole proprietorship
corporation
limited partnership
18
A business that fails to protect its employees from unnecessary risk may be sued for
negligence
Misrepresentation
Incompetence
libel
19
Which activity is one that a business performs when conducting a competitive analysis:
Sets productivity goals
Calculates income data
Monitors rivals' marketing strategies
Develops selling procedures
20
Companies have been forced to pay more attention to the specific needs of consumers because of
competition.
automation.
advertising.
merchandising.
21
When sellers offer one-size-fits-all products that will appeal to most buyers, they are using
market segmentation
demographic segmentation.
mass production.
mass marketing.
22
Which of the following is an important advantage for the corporate form of business ownership?
Ability to raise large amounts of capital
Relatively little government regulation
Ease of making major policy changes
Ease of starting and dissolving
23
Which should a business answer about its target market when doing a situational analysis:
What are our customers buying?
How are our financing methods affecting our business?
Which shipping companies are we using?
Are we operating at peak efficiency?
24
Identifying market segments helps a business to develop appropriate
marketing strategies
leadership styles.
organizational records.
economic forecasts
25
Businesses that segment the market based on psychographics are grouping people according to
marital status.
education.
lifestyles.
occupation.
26
Which types of laws protects a business's inventions or written works from being used by others
Product Liability
Income tax
Intellectual Property
Consumer Protection
27
Before producing and selling a product, which of the following should marketers do first:
Determine the product's price
Select a channel of distribution
Identify the market for the product
Set up a promotional plan
28
What section of the marketing plan includes information about expected results?
Performance and implementation
Situation analysis
Appendix
Desired target market
29
Which of the following is an important benefit of marketing plans:
They help recruit quality employees
They can help obtain funding.
They develop exciting products.
They ensure a yearly profit
30
When a business conducts a customer analysis and identifies territories, it is evaluating the
competitors' market share.
area's market potential.
segment's psychographics.
potential media exposure.
31
why it is often important for businesses to conduct a competitive analysis is to identify
external threats.
future employees.
potential vendors.
economic conditions.
32
Small businesses have a positive effect on the local community because they:
charge interest.
reduce competition.
pay taxes.
limit job growth.
33
In a marketing plan where would a business discuss how it plans to communicate with a customer
Marketing strategies and programs
Marketing objectives
Situation analysis
Executive summary
34
If a company selects a target market and ignores segment difference is it using __ marketing
niche
individual
isolated
mass
35
A marketing plan should outline the specific activities that the business will use to
meet the needs of its employees
increase its buying power.
achieve its marketing objectives.
evaluate its sales policies.
36
One way that a business can learn about its competitors' activities is by
developing product specifications.
identifying communication barriers.
evaluation intranet efficiencies
reviewing secondary data.
37
Selecting a target market based on very specific criteria that limits the audience to is
niche marketing.
target auditing
income segmenting
market planning
38
Proctor and Gamble's decision to offer different types of soaps in a range of prices shows
direct marketing.
geographic segmentation.
industrial marketing.
market segmentation
39
A major advantage of a sole proprietorship is
sharing of decision making.
ease of start-up.
probability of success
availability of capital.
40
The most useful or desirable market segments to the business are those that are measurable and
undifferentiated.
inflexible.
accessible
concentrated
41
A business that fails to protect its employees for unnecessary risk on the job may be sued for
incompetence
misrepresentation
negligence
libel
42
Which of the following is often included in a marketing plan's situation analysis:
A SWOT analysis chart
A list of the proposed strategies and programs
A list of the company's marketing objectives
Performance standards for implementing the plan
43
Which of the following is a consideration in the place element of marketing:
Choosing distribution channels
Offering warranties or guarantees
Extending credit to customers
Using sales promotion
44
Which of the following should be included in a marketing plan's executive summary:
A SWOT analysis chart
A description of the target market(s)
The names and numbers of marketing team members
The organization's mission statement
