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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
Increasing business profits immediately
B
Changing the image of the business
C
Achieving planned goals
D
Improving management techniques
2) Which is a consideration in the place element of marketing?
A
Extending credit to customers
B
Using sales promotion
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
Geographic segmentation
B
Direct marketing
C
Market segmentation
D
Industrial marketing
4) Companies have been forced to pay more attention to the specific needs of consumers because of which factor?
A
Competition
B
Advertising
C
Automation
D
Merchandising
5) Before producing and selling a product, which action should marketers do first?
A
Set up a promotional plan
B
Select a channel of distribution
C
Determine the price of the product
D
Identify the market for the product
6) Which situation presents a business threat to a company?
A
The government reduces interest rates.
B
A competitor recalls a defective product.
C
A competitor obtains a bank loan for expansion.
D
Sale for a specific product increases.
7) Which is often included in a situation analysis of a marketing plan?
A
A list of the marketing objectives for a company
B
Performance standards for implementing the plan
C
A list of the proposed strategies and programs
D
A SWOT analysis chart
8) What section of the marketing plan includes information about expected results?
A
Appendix
B
Situation analysis
C
Desired target market
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
Increasing GDP
D
Failing interest rates
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
Undifferentiated
C
Accessible
D
Concentrated
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
Geographic
B
Values
C
Demographic
D
Ethnicity
12) Businesses that segment the market based on psychographics are grouping people according to which attribute?
A
Occupation
B
Marital status
C
Education
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
Income segmenting
B
Market planning
C
Target auditing
D
Niche marketing
14) One reason why it is often important for businesses to conduct a competitive analysis is to identify which factors?
A
External threats
B
Potential vendors
C
Future employees
D
Economic conditions
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
Location of test market
C
Safety of the research process
D
Design of the questionnaire
17) Which is an activity that a business performs when conducting a competitive analysis?
A
Sets productivity goals
B
Monitors marketing strategies of a rival
C
Develops selling procedures
D
Calculates income data
18) Which type of laws protects the inventions or written works of a business from the unauthorized use by others?
A
Product liability
B
Consumer protection
C
Intellectual property
D
Income tax
19) Why do businesses with excessive debts often file Chapter 7 bankruptcy?
A
To consolidate
B
To refinance
C
To reorganize
D
To liquidate
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
Misrepresentation
C
Libel
D
Incompetence
*select an answer for all questions
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