chapter 7 and 8 quiz

Distribution, pricing, and promotion of the product are discussed in which section of the plan

• marketing

• organization

• merchandising

• production

which of the following is a pitfall of social media

• setting short-term and long-terms goals to help assess the effectiveness of the plan

• promoting your product in every post

• spending time each day to review and update material

• cultivating customer relationships

the selection of the business plan in which the entrepreneur identifies changes occurring on the national and international level is the

• environmental and industry analysis

• executive summary

• description of the venture

• merchandising plan

the tendency among many entrepreneurs is to

• avoid planning

• lose focus on the business plan

• not market their product or services

• not take initiative

which of the following is not a common reason why business plans fail

• the promotional strategy was not taken seriously

• the entrepreneur has no experience in the planned business

• no customer need was established

• objectives are not measurable

competitor analysis begins with

• gathering samples of the competitors product(s)

• discovering each competitors advertising budget

• identifying which competitors are most successful

• documenting the current strategy of each primary competitor

the business plan is designed to guide the entrepreneur

• in case of the change in ownership

• in the financing process

• through the distribution process

• through the first year of operations

a written document describing all relevant internal and external elements and strategies for starting a new venture, best describes

• an executive summary

• a business plan

• a feasibility study

• an environmental analysis

which of the following statements is true

• the preliminary business plan should be prepared by a lawyer

• most business plan resources on the internet are too complex and expensive to be of use to the new venture

• once made, a business plan should not be changed

• the business plan describes both internal and external elements

when determining how much help is needed to write the business plan an entrepreneur should conduct a self-assessment. In this self-assessment which skill set would not be considered

• venture capital

• forecasting

• product design

• people managment