ESB Domain 2: Marketing and Sales

What is a target market?

• A group of customers that will buy a product or service.

• A list of potential suppliers for a business.

• A collection of competitors in the same industry.

• A database of all employees in a company.

How does identifying a target market help a business?

• It helps focus on the area where most sales will occur.

• It increases the number of employees.

• It reduces the cost of production.

• It eliminates the need for advertising.

What should a business consider when determining the price of products and services?

• The target market and how much they are willing to pay.

• The cost of raw materials only.

• The number of competitors in the market.

• The distance from the supplier.

What is a value proposition?

• A statement of a company's financial status

• A description of a company's organizational structure

• A statement of why a customer should do business with a company

• A list of a company's products and services

What is primary data?

• Data from academic journals

• Data from first-hand accounts like interviews and surveys

• Data from online articles

• Data from company reports

Why is it important to use trusted data sources when determining target markets?

• To save time

• To get accurate information

• To increase sales

• To reduce costs

What is secondary data?

• Data collected from interviews

• Data that interprets primary data and often includes personal bias

• Data from surveys

• Data from direct observations

What is direct competition?

• A business that sells different products in the same industry.

• A business that sells the same or similar products or services.

• A business that sells unrelated products.

• A business that operates in a different market.

Which of the following is an example of indirect competition?

• A nearby sandwich shop competing with another sandwich shop.

• A bakery competing with an ice cream parlor.

• A bookstore competing with a library.

• A coffee shop competing with a tea shop.

What does SWOT stand for in a SWOT analysis?

• Strengths, Weaknesses, Opportunities, Threats

• Strategies, Weaknesses, Options, Tactics

• Strengths, Weaknesses, Options, Tactics

• Strategies, Opportunities, Threats, Weaknesses