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Entrepreneurship 3.0
Test Description: Entrepreneurship 3.0
Instructions: Answer all questions to get your test result.
1) Marketing strategies are designed and implemented for the overall purpose of which action?
A
Changing the image of the business
B
Increasing business profits immediately
C
Achieving planned goals
D
Improving management techniques
2) Which is a consideration in the place element of marketing?
A
Using sales promotion
B
Extending credit to customers
C
Choosing distribution channels
D
Offering warranties or guarantees
3) Proctor and Gamble's decision to offer different types of soaps in a wide range of prices is an example of which strategy?
A
Market segmentation
B
Industrial marketing
C
Geographic segmentation
D
Direct marketing
4) Companies have been forced to pay more attention to the specific needs of consumers because of which factor?
A
Merchandising
B
Advertising
C
Competition
D
Automation
5) Before producing and selling a product, which action should marketers do first?
A
Set up a promotional plan
B
Identify the market for the product
C
Select a channel of distribution
D
Determine the price of the product
6) Which situation presents a business threat to a company?
A
Sale for a specific product increases.
B
A competitor obtains a bank loan for expansion.
C
The government reduces interest rates.
D
A competitor recalls a defective product.
7) Which is often included in a situation analysis of a marketing plan?
A
Performance standards for implementing the plan
B
A list of the marketing objectives for a company
C
A SWOT analysis chart
D
A list of the proposed strategies and programs
8) What section of the marketing plan includes information about expected results?
A
Appendix
B
Desired target market
C
Situation analysis
D
Performance and implementation
9) Which is an external threat that a company might identify while conducting a situation analysis?
A
Raising inflation rates
B
Declining unemployment
C
Failing interest rates
D
Increasing GDP
10) When a business selects a target market, the most useful or desirable market segments to the business are those that are measurable and identified as which characteristic?
A
Inflexible
B
Concentrated
C
Accessible
D
Undifferentiated
11) A business identifies a market that shares common characteristics on the basis of where people live and work. This is an example of market identification by which segmentation?
A
Ethnicity
B
Values
C
Demographic
D
Geographic
12) Businesses that segment the market based on psychographics are grouping people according to which attribute?
A
Education
B
Marital status
C
Occupation
D
Lifestyles
13) Selecting a target market based on very specific criteria that limit the audience to a well-defined segment is an example of which strategy?
A
Niche marketing
B
Market planning
C
Income segmenting
D
Target auditing
14) One reason why it is often important for businesses to conduct a competitive analysis is to identify which factors?
A
Economic conditions
B
Future employees
C
External threats
D
Potential vendors
15) What is a potential threat a manager might identify in a SWOT analysis?
A
Economy rebounding
B
Growing government regulation
C
Cost advantages
D
Weak market image
16) Which is a factor that businesses often consider when conducting a market analysis?
A
Size of the market next year
B
Safety of the research process
C
Design of the questionnaire
D
Location of test market
17) Which is an activity that a business performs when conducting a competitive analysis?
A
Develops selling procedures
B
Monitors marketing strategies of a rival
C
Calculates income data
D
Sets productivity goals
18) Which type of laws protects the inventions or written works of a business from the unauthorized use by others?
A
Intellectual property
B
Product liability
C
Consumer protection
D
Income tax
19) Why do businesses with excessive debts often file Chapter 7 bankruptcy?
A
To reorganize
B
To consolidate
C
To liquidate
D
To refinance
20) A business that fails to protect its employees from unnecessary risk or health hazards on the job may be sued for which situation?
A
Negligence
B
Incompetence
C
Misrepresentation
D
Libel
*select an answer for all questions
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