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SEM II 4.05 Study Guide 2
Test Description: SEM II 4.05 Study Guide 2 13-27
Instructions: Answer all questions to get your test result.
1) Businesses usually analyze market potential for a certain product by considering total demand for which component?
A
Geographical area
B
Research sample
C
Social situation
D
Day of the week
2) What do businesses often take into consideration when forecasting sales for marketing plans?
A
Location of regional territories
B
Quotas for salespeople
C
Company’s profit goals
D
Competitors’ market share
3) Forecasting sales for marketing plans is important because the forecast is used as which component?
A
Compilation of data
B
Standard of measurement
C
Method of communication
D
Type of research
4) Which is a factor that new businesses consider when conducting an analysis of competitors in a specific market?
A
Size and availability of space
B
Product quality and price
C
Industry research and training
D
Cost of supplies and equipment
5) Which is a factor that businesses often consider when conducting a market analysis?
A
Location of the test market
B
Design of the questionnaire
C
Size of the market next year
D
Safety of the research process
6) Which is an internal strength that a business might identify during a SWOT analysis?
A
Limited competition
B
Increased expenses
C
Extensive regulations
D
Financial resources
7) One of the purposes of conducting a market analysis is to develop which component?
A
Customer profile
B
Distribution plan
C
Management team
D
Operating budget
8) When a business develops a marketing plan, the objectives should be timely, measurable, and which other feature?
A
Attainable
B
General
C
Impulsive
D
Serviceable
9) Once a SWOT analysis identifies an internal strength, a business can use that strength to take advantage of which option?
A
Promotional technique
B
Marketing strategy
C
External opportunity
D
Operating procedure
10) Which situation should a business consider prices of its competitors when developing a marketing plan?
A
Introducing a new product
B
Organizing a new division
C
Selecting a new supplier
D
Analyzing a new database
11) A SWOT analysis indicates that the buying preferences are changing, but the business has a very limited product line. This is an example of which situation?
A
Internal weakness compensating for an external threat.
B
Internal strength responding to an external threat.
C
External opportunity coinciding with an internal strength.
D
External threat attacking an internal weakness.
12) A business asks its customers about the types and amounts of products that they plan to purchase in the next 12 months. What is the business using to help forecast sales?
A
Customer-positioning analysis
B
An attitude survey
C
Market-factor analysis
D
A survey of buyer intentions
13) When forecasting sales for marketing plans, businesses often rely on which component?
A
Supplier data
B
Operating reports
C
General statistics
D
Research information
14) One way that a business can learn about activities of its competitors is by performing which activity?
A
Developing product specifications
B
Evaluating Intranet efficiencies
C
Identifying communication barriers
D
Reviewing secondary data
15) In which situation might a business decide that the cost of implementing a marketing plan for a specific product is much greater than the financial benefits?
A
Target market buys $500,000 worth of product each year.
B
Advertising rates are increasing slightly.
C
Two competitors have 65% of current market share.
D
Level of profitability will remain the same.
*select an answer for all questions
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