Entrepreneurship Unit 3 Practice

Which of the following is a consideration in the place element of marketing:

• Offering warranties or guarantees
• Choosing distribution channels
• Using sales promotion
• Extending credit to customers

Marketing strategies are designed and implemented for the overall purpose of

• changing the image of the business.
• improving management techniques.
• achieving planned goals
• increasing business profits immediately.

Before producing and selling a product, which of the following should marketers do first:

• Set up a promotional plan
• Select a channel of distribution
• Identify the market for the product
• Determine the product's price

When sellers offer one-size-fits-all products that will appeal to most buyers, they are using

• market segmentation
• mass marketing.
• mass production.
• demographic segmentation.

Proctor and Gamble's decision to offer different types of soaps in a wide range of prices is an example of

• direct marketing.
• market segmentation.
• geographic segmentation.
• industrial marketing.

Companies have been forced to pay more attention to the specific needs of consumers because of

• merchandising.
• advertising.
• automation.
• competition.

Which of the following is often included in a marketing plan's situation analysis:

• A SWOT analysis chart
• Performance standards for implementing the plan
• A list of the proposed strategies and programs
• A list of the company's marketing objectives

Where in a marketing plan would a business discuss how it plans to communicate with its customers?

• Marketing objectives
• Marketing strategies and programs
• Situation analysis
• Executive summary

Which of the following situations presents a business threat to a company:

• A competitor obtains a bank loan for expansion.
• A competitor recalls a defective product.
• The government reduces interest rates.
• Sales for a specific product increase.

A marketing plan should outline the specific activities that the business will use to

• evaluate its sales policies.
• increase its buying power.
• meet the needs of its employees.
• achieve its marketing objectives.