Semester 2 Prin of Entrepreneurship Review

What is the main purpose of a Marketing Plan?

• To group customers within a market

• To present your business to customers

• To provide a detailed guide with marketing goals and strategies

• To describe the features of a product

Which of the following best describes a Target Market?

• The process of creating a strong image for your product

• A limited number of customers most likely to buy a product or service

• The combination of promotional elements a business chooses

• The five main strategy areas in a marketing plan

A company that sells to other companies is known as a:

• Business-to-Consumer (B2C) Company

• Business-to-Business (B2B) Company

• Customer Segment

• Promotional Campaign

Why might a business use Customer Segmentation?

• To create a strong image for their product

• To group customers by shared characteristics for specific marketing purposes

• To describe the features of a product

• To determine the price of a product

Which of the following best describes Product Positioning?

• The process of grouping customers within a market

• The process of creating a strong image for your product to influence customers

• The process of setting prices for products

• The process of choosing promotional elements

Which of the following is an example of a Benefit?

• The way a product looks and feels

• The reason a customer chooses to buy a product

• The process of creating a marketing plan

• The grouping of customers within a market

Which of the following best describes the AIDAS model?

• A communication model used by companies to plan, create, and manage their promotions.

• A method for calculating business expenses.

• A strategy for hiring new employees.

• A process for managing inventory.

Which of the following is NOT part of the promotional mix?

• Product manufacturing

• Advertising

• Public relations

• Sales promotions

What is a fixed expense?

• An expense that isn’t affected by the number of items a business produces, such as insurance or rent.

• An expense that changes based on sales volume.

• A one-time cost to start a business.

• A reward for providing goods and services.

Which of the following is an example of a variable expense?

• Sales commissions

• Monthly rent

• Annual insurance premium

• Yearly property tax