Entrepreneurship Review Part 4

Which is often included in a situation analysis of a marketing plan?

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

Which is an important benefit of a marketing plan?

• They ensure a yearly profit.
• They develop exciting products.
• They help recruit quality employees.
• They can help obtain funding.

Which is a question that a business owner should answer about its target market while conducting a situational analysis?

• How are our financing methods affecting the growth the company?
• What are our customers buying?
• Are we operating at peak efficiency?
• Which shipping companies are we using?

Where in a marketing plan would a business owner place the plans to communicate with its customers?

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

Which should be included in the executive summary of a marketing plan?

• A mission statement
• A description of the target market(s)
• The names and numbers of marketing team members
• A SWOT analysis chart

A marketing plan should outline the specific activities that the business will use to perform which action?

• Evaluate its sales policies
• Increase its buying power
• Meet the needs of its employees
• Achieve its marketing objectives

Selecting a target market based on very specific criteria that limit the audience to a well-defined segment is an example of which strategy?

• Target auditing
• Market planning
• Income segmenting
• Niche marketing

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?

• Accessible
• Undifferentiated
• Concentrated
• 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?

• Demographic
• Geographic
• Ethnicity
• Values

Identifying market segments helps a business to develop which factors appropriately?

• Marketing strategies
• Economic forecasts
• Organizational records
• Leadership styles