Entrepreneurship I - Unit 3 REVIEW

Marketing strategies are designed and implemented for the overall purpose of which action?

• Changing the image of the business
• Improving management techniques
• Achieving planned goals
• Increasing business profits immediately

Which is a consideration in the place element of marketing?

• Offering warranties or guarantees

• Choosing distribution channels

• Using sales promotion

• 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?

• Direct marketing

• Market segmentation

• Geographic segmentation

• Industrial marketing

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

• Market segmentation
• Mass marketing
• Mass production
• Demographic segmentation

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

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 chart

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.

What section of the marketing plan includes information about expected results?

• Appendix
• Performance and Implementation
• Situation analysis
• Desired target market

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