BMF1 3rd Nine Weeks Exam

What is the primary purpose of creating a business plan?

• To secure a lease for a physical location

• To outline the business's goals, strategies, and financial forecasts

• To design the company logo and branding materials

• To recruit employees for the company

Which of the following is NOT a common type of business structure?

• Sole Proprietorship

• Partnership

• Corporation

• Co-operative

• Autocracy

What is market segmentation?

• Dividing a market into distinct sections that have common needs

• The process of increasing market share through aggressive sales techniques

• A strategy to reduce the number of competitors in the market

• The division of a business into different departments

Which of the following is a primary goal of marketing?

• To reduce the overall cost of production

• To identify and meet the needs and wants of customers

• To increase the number of employees

• To purchase more equipment for the business

Which of the following is NOT a source of startup funding?

• Venture capital

• Personal savings

• Bank loans

• Tax refunds

• Crowdfunding

What does SWOT analysis stand for?

• Strengths, Weaknesses, Opportunities, Threats

• Systems, Workflows, Operations, Technologies

• Strategic, Warranted, Objective, Tactical

• Sectors, Winners, Outsiders, Trailblazers

In customer segmentation, which factor is NOT typically considered?

• Age

• Income

• Favorite color

• Geographic location

What is the primary reason for conducting market analysis?

• To understand the company's internal strengths and weaknesses

• To identify potential areas for expansion

• To understand the competitive landscape and customer needs

• To determine the company's stock price

Which marketing strategy focuses on creating valuable content to attract customers?

• Price skimming

• Content marketing

• Guerrilla marketing

• Public relations

What is the main purpose of customer segmentation?

• To reduce marketing costs

• To tailor marketing efforts to specific groups of customers

• To increase the size of the market

• To simplify product design