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

Middle-class families with children

is the different products and services that a business sells

Companies that use the marketing concept will

select a product mix that will appeal to their target market

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

great knowledge of features & benefit of the product/service

Before lenders will loan money to a new business

be convinced the business has success skills/characteristics

A marketing plan should do all of the following except

identify the owner’s net worth

Social media marketing

is a good way for companies to increase exposure

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

devote half of its profits toward marketing,

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

a brief description of the business

Selling skills become more important when customers

seek to meet their upper-level needs.

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

are able to keep larger quantities of products in stock

helps balance supply and demand of products

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2nd 9 week Entrepreneurship Final Review

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Entrepreneurship

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Questions 38

Answers

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

2nd 9 week Entrepreneurship Final Review Flashcards | StudBud