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ENTQ2
Test Description: ENTQ2
Instructions: Answer all questions to get your test result.
1) What is the first step in conducting market research?
A
Identify your information needs
B
Analyze your data
C
Obtain primary research
D
Design your trademark
2) All the following are steps in conducting market research, EXCEPT:
A
Analyze your data
B
Design your trademark
C
Identify your information needs
D
Obtain primary research
3) To research your competitors, you should do all the following, EXCEPT:
A
Hire your competitor’s employees to provide you insider information
B
Identify your indirect competitors
C
Describe the primary market segments your competitor’s serve
D
Describe the primary products/services your customer sells
4) “Hot Topic Vacations” focuses all their sells efforts to singles, ages 25 to 45-years old. This company uses what type of market segmentation?
A
Value
B
Psychographics
C
Loyalty
D
Niche
5) By evaluating your competitors’ product selection, quality, promotional activities, and pricing policies, you can learn much about their:
A
Buying Characteristics
B
Intent to sell
C
Strengths and weaknesses
D
Income Statement
6) A target market should include all the following characteristics, EXCEPT:
A
Profitable
B
Reachable
C
Measurable
D
Neglectful
7) The specific market segment toward which all of a business’s activities are directed.
A
Prime market
B
Focus Group
C
Target market
D
Demographics
8) Data collected by someone else for their own purposes. You can make assumptions about your target market based on this information.
A
Primary research
B
Collective research
C
Secondary research
D
Competitive research
9) A group of people whose opinions are studied to determine the opinions/buying preferences of a larger population is a:
A
Niche group
B
Focus group
C
Target group
D
Study group
10) Which one contains only examples of secondary research sources?
A
. Chamber of Commerce, focus groups, personal interviews
B
Internet, observations, phone interviews
C
Website of U.S. Census Bureau, trade associations, marketing research agencies (e.g., Nielsen Media Research)
D
Surveys you create, government organizations, interviews by mail
11) Which of the following is NOT an industry force that can affect your business?
A
Availability of substitute products
B
Primary research data
C
Bargaining power
D
Improved technology–or–use of technology
12) Facts that describe the target market and include; gender, income, occupation, and age.
A
Demographics
B
Buying characteristics
C
Niche
D
Psychographics
13) When determining where to locate a business, you need to assess all the following, EXCEPT for?
A
Traffic counts
B
Nearby businesses
C
Zoning parking
D
Type of legal ownership
14) Which of the following is considered a critical factor in the success of a business, especially retail?
A
Accountants
B
Location
C
Shipping
D
Shareholders
15) If you own a company with about 18 employees and $3 million in gross sales, which form of legal ownership would you choose?
A
C-Corporation
B
Profit Corporation
C
Limited Liability Company
D
Subchapter S Corporation
16) What is the advantage of being a Subchapter S Corporation?
A
Provides liability protection, and utilizes pass-through taxation
B
It’s inexpensive and easy to create
C
Structured to accommodate employee benefits; e.g., profit sharing and retirement
D
It’s the most common form of ownership for large businesses like Federal Express
17) Which inventory system is continually updated on a daily basis?
A
Physical inventory
B
Just-in-Time Inventory
C
Perpetual Inventory
D
Tracking Inventory
18) . A discount pricing method that is often used when ordering t-shirts for the school—the larger the order, the cheaper the per-unit price.
A
Quantity discounts
B
Price lining
C
Cash discounts
D
Multiple-unit pricing
19) Which of the following is NOT part of the promotional mix?
A
Promotion
B
Personal Selling
C
Price
D
Advertising
20) Which is an example of a product brand?
A
“Just Do It”
B
Ford
C
Retailers
D
Cereal
*select an answer for all questions
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