Principles of Business Final Exam

Which of the following would be indirect competition for a candy store?

• Walmart, which sells candy

• A hard candies boutique shop

• A candy superstore

• 7-11

An ice cream cone is a

• good

• service

Offering a better warranty is an example of competing on:

• product

• service

• price

• sale

The first step in market research is

• Gathering information

• Define the question

• Take action

• Evaluate results

Conducting a survey of your friends to see how many might go to a trampoline park is an example of

• Primary research

• Secondary research

• A lack of research

Which is an example of a trend?

• Growing availability of WIFI

• Shift to electric vehicles

• Shift to organic foods

• All of the above

What is a focus group?

• A marketing team dedicated to a specific target market

• A small group of people asked questions in person

• A segment within a large online survey

A business plan is best described as:

• A 30-second pitch given to investors

• The historical record of what's been done with the business so far

• A blueprint for the business

• A projection of all possible future scenarios

A target consumer is

• someone who will not go to Walmart

• A potential investor

• Someone likely to purchase your product or service

• A consumer agency

What is a call to action?

• Emergency call

• Call to a small business foundation

• Appeal for funding

• Proposed next step that requires the listener to respond