CH.5 - Market Your Business

What is marketing?

• The process of hiring and training employees

• The legal process of starting a new business

• All of the processes—planning, pricing, promoting, distributing, and selling—used by a company to place its products in the hands of potential customers

• The financial management of a company's assets

What is the purpose of market research?

• To train employees on customer service

• To discover what products or services customers want to buy

• To calculate the company's annual revenue

• To create a business plan for a new company

What is the first thing businesses must do to use the marketing concept successfully?

• Operate profitably

• Develop and market products

• Identify what will satisfy the customers' needs and wants

• Consider the competition's products

According to the marketing concept, what must businesses do after identifying customer needs and wants?

• Increase their sales volume

• Develop and market products or services that customers consider better than other choices

• Focus solely on advertising

• Reduce the cost of their products

What is the final goal for businesses when applying the marketing concept?

• To have the largest market share

• To operate profitably

• To expand their product line

• To increase customer feedback

What are short-term goals in a business context?

• Goals to be achieved over the next 5-10 years

• Goals to be achieved in the next year

• Goals to be achieved in the next 2-5 years

• Goals to be achieved in the next 20 years

Which of the following is NOT an example of a short-term business goal?

• Increasing the number of customers

• Expanding the business

• Raising the level of sales

• Boosting the level of profits

What is the time frame for medium-term business goals?

• In the next year

• In the next 5-10 years

• In the next 2-5 years

• In the next 20 years

Long-term business goals typically look ahead to where the business will be in:

• 1 year

• 2-5 years

• 5-10 years

• 5, 10, and even 20 years from now

Which of the following is NOT a feature of a product as described in the learning material?

• Color

• Brand

• Quality

• Warranty