Marketing: 1st 9 Week Review

What is the role of a marketing plan?

• To describe business and marketing goals and the strategies and tactics to achieve them.

• To provide a financial plan for a fixed period of time.

• To list all the sources used as resources.

• To describe the business and how it operates.

What is usage rate?

• How frequently a customer uses a good or service.

• The amount of money a customer spends.

• The number of products a customer buys.

• The geographic location of a customer.

What is an indirect competitor?

• Company that sells identical goods

• Company that offers different but similar goods

• Company with the largest market share

• Company that influences customer perception

What is market size?

• Total sales per year for a specific product

• Maximum number of customers

• Percentage of total sales

• Process to influence perception

What is the goal of accurately identifying target market customers?

• To increase product prices

• To support the 80/20 rule of business

• To ignore customer needs

• To reduce marketing costs

What is the purpose of a cash flow statement?

• To summarize the cash that comes in and goes out of a business during a specific period of time

• To show the company's profit margins

• To list the company's assets

• To evaluate employee performance

What does sales analysis begin with?

• A review of current and past sales

• A review of employee performance

• A review of competitor strategies

• A review of market trends

What does a business do besides selling products?

• It only focuses on selling

• It manages people, makes financial decisions, and decides what and how much needs to be produced

• It only hires employees

• It only manufactures goods

What is the role of management in a business?

• To create goods and services

• To control and make decisions

• To report financial statements

• To exchange goods

What is bankruptcy?

• A process to increase company profits

• A legal process for reorganizing or closing a company

• A method to avoid paying taxes

• A strategy for expanding a business