Entrepreneurship 3.0 Question Preview (ID: 56120)


Entrepreneurship 3.0. TEACHERS: click here for quick copy question ID numbers.

Marketing strategies are designed and implemented for the overall purpose of which action?
a) Changing the image of the business
b) Improving management techniques
c) Achieving planned goals
d) Increasing business profits immediately

Which is a consideration in the place element of marketing?
a) Offering warranties or guarantees
b) Choosing distribution channels
c) Using sales promotion
d) Extending credit to customers

Proctor and Gamble's decision to offer different types of soaps in a wide range of prices is an example of which strategy?
a) Direct marketing
b) Market segmentation
c) Geographic segmentation
d) Industrial marketing

Companies have been forced to pay more attention to the specific needs of consumers because of which factor?
a) Merchandising
b) Advertising
c) Automation
d) Competition

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) Identify the market for the product
d) Determine the price of the product

Which situation presents a business threat to a company?
a) A competitor obtains a bank loan for expansion.
b) A competitor recalls a defective product.
c) The government reduces interest rates.
d) Sale for a specific product increases.

Which is often included in a situation analysis of a marketing plan?
a) A SWOT analysis chart
b) Performance standards for implementing the plan
c) A list of the proposed strategies and programs
d) A list of the marketing objectives for a company

What section of the marketing plan includes information about expected results?
a) Appendix
b) Performance and implementation
c) Situation analysis
d) Desired target market

Which is an external threat that a company might identify while conducting a situation analysis?
a) Declining unemployment
b) Failing interest rates
c) Increasing GDP
d) Raising inflation rates

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) Accessible
b) Undifferentiated
c) Concentrated
d) Inflexible

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) Demographic
b) Geographic
c) Ethnicity
d) Values

Businesses that segment the market based on psychographics are grouping people according to which attribute?
a) Education
b) Lifestyles
c) Marital status
d) Occupation

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) Target auditing
b) Market planning
c) Income segmenting
d) Niche marketing

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) Economic conditions
d) Future employees

What is a potential threat a manager might identify in a SWOT analysis?
a) Growing government regulation
b) Economy rebounding
c) Weak market image
d) Cost advantages

Which is a factor that businesses often consider when conducting a market analysis?
a) Location of test market
b) Size of the market next year
c) Safety of the research process
d) Design of the questionnaire

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) Calculates income data
d) Develops selling procedures

Which type of laws protects the inventions or written works of a business from the unauthorized use by others?
a) Income tax
b) Intellectual property
c) Consumer protection
d) Product liability

Why do businesses with excessive debts often file Chapter 7 bankruptcy?
a) To liquidate
b) To consolidate
c) To refinance
d) To reorganize

A business that fails to protect its employees from unnecessary risk or health hazards on the job may be sued for which situation?
a) Incompetence
b) Misrepresentation
c) Libel
d) Negligence

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