ME11 - Unit 3

Before producing and selling a product, which action should marketers do first?

• Set up a promotional plan

• Select a channel of distribution

• Identify the market for the product

• Determine the price of the product

Which is a major advantage of a sole proprietorship?

• Availability of capital

• Ease of start-up

• Probability of success

• Sharing of decision making

What is a potential threat a manager might identify in a SWOT analysis?

• Growing government regulation

• Economy rebounding

• Weak market image

• Cost advantages

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

• Marketing strategies

• Economic forecasts

• Organizational records

• Leadership styles

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

• Merchandising

• Advertising

• Automation

• Competition

Which is an external threat that a company might identify while conducting a situation analysis?

• Declining unemployment

• Failing interest rates

• Increasing GDP

• Raising inflation rates

Which item might be included in the appendix of a marketing plan?

• A mission statement

• A list of marketing objectives

• A product photograph

• A SWOT analysis

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

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

• Direct marketing

• Market segmentation

• Geographic segmentation

• Industrial marketing

Which form of business ownership can raise money easily?

• Partnership

• Corporation

• Sole proprietorship

• Limited partnership