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WorksheetsMarketing Management Study Guide EOPA (MM Pt. 1)
Total questions: 38
Worksheet time: 20mins
The most common form of business ownership in the United States is________.
Partnership
Sole Proprietorship
Corporation
Limited Liability Corporation (LLC)
Identify an advantage of a sole proprietorship.
There are two or more owners, the partners share in the costs, decisions, and responsibility.
Money is easily raised by shareholders although most decisions are made by the board of directors.
Run like a partnership and a corporation limited the responsibility of the partners
One owner who makes all of the business decisions
Identify an advantage of a partnership.
There are two or more owners, the partners share in the costs, decisions, and responsibility.
Money is easily raised by shareholders although most decisions are made by the board of directors.
Run like a partnership and a corporation limited the responsibility of the partners
One owner who makes all of the business decisions
Identify an advantage of a corporation.
There are two or more owners, the partners share in the costs, decisions, and responsibility.
Money is easily raised by shareholders although most decisions are made by the board of directors.
Run like a partnership and a corporation limited the responsibility of the partners
One owner who makes all of the business decisions
Identify an advantage of a limited liability corporation.
There are two or more owners, the partners share in the costs, decisions, and responsibility.
Money is easily raised by shareholders although most decisions are made by the board of directors.
Run like a partnership and a corporation limited the responsibility of the partners
One owner who makes all of the business decisions
Identify an disadvantage of a limited liability corporation.
May be difficult to raise money compared to a corporation.
Double taxation
The partners may disagree thus causing problems in the business.
The owner of the co.mpany has unlimited liability
Identify an disadvantage of a corporation.
May be difficult to raise money compared to a corporation.
Double taxation
The partners may disagree thus causing problems in the business.
The owner of the company has unlimited liability
Identify an disadvantage of a sole proprietorship.
May be difficult to raise money compared to a corporation.
Double taxation
The partners may disagree thus causing problems in the business.
The owner of the company has unlimited liability
Identify an disadvantage of a partnership.
May be difficult to raise money compared to a corporation.
Double taxation
The partners may disagree thus causing problems in the business.
The owner of the company has unlimited liability
Select the three main factors to consider when selecting a form of business ownership?
How much liability protection do I need? How will taxes and the form of business ownership affect me
Do I need start up capital?
How will taxes and the form of business ownership affect me?
How much time will operating a business require?
A nail salon is an example of what type of business represented in our society?
Service
Global/International
Retail
Online
Franchise
Coca-Cola is an example of what type of business represented in our society?
Service
Global/International
Retail
Online
Franchise
Wal-Mart or Target are examples of what type of business represented in our society?
Service
Global/International
Retail
Online
Franchise
Ebay is an example of what type of business represented in our society?
Service
Global/International
Retail
Online
Franchise
Chick-Fila is an example of what type of business represented in our society?
Service
Global/International
Retail
Online
Franchise
Why is it important to identify your market, or potential customers?
Companies will develop new products to meet a need that has not yet been met or to compete with another company.)
It helps a company to the how to sell the right product at the right price, at the right place and at the right time most effectively
So that the business can focus the marketing efforts in a cost effective and efficient manner
What type of segmentation occurs when McDonald’s creates a new value meal product that is for children ages 6-9 offering a double cheeseburger, small fries and a small soda?
Demographics
Psychographics
Geographics
Product Benefit
What type of segmentation occurs when Bath & Body Works sells a new lotion that will leave skin feeling smooth and younger looking?
Demographics
Psychographics
Geographics
Product Benefit
What type of segmentation occurs when Publix runs a “Going Green” promotion to promote Earth Day and environmentally safe products?
Demographics
Psychographics
Geographics
Product Benefit
What type of segmentation occurs when a business researches particular regions of the US to market its products to in order to reach the most people?
Demographics
Psychographics
Geographics
Product Benefit
What is the term used to describe the coordination of all marketing strategies in a company known as product, price, place and promotion?
Market segmentation
Marketing
Marketing Mix
Economics
True of False: Marketing strategies are important to companies because it helps a company to the how to sell the right product at the right price, at the right place and at the right time most effectively
True
False
What is the term that describes the decisions a company makes regarding all of the different types of products the company will sell?
Market segmentation
Marketing
Marketing Mix
Product/Service Mix
Select the best example for why a company would develop a new product(s).
The company will make changes or upgrades to existing products to make it “new” again with customers who bought the 1st verison of the product as in the example of the iPhone
The company will choose to delete or remove products from their product line when sales fall below a certain level because there is no demand for it.
The company will develop new products to meet a need that has not yet been met or to compete with another company.
Select the best example for why a company would update an existing product(s).
The company will make changes or upgrades to existing products to make it “new” again with customers who bought the 1st verison of the product as in the example of the iPhone
The company will choose to delete or remove products from their product line when sales fall below a certain level because there is no demand for it.
The company will develop new products to meet a need that has not yet been met or to compete with another company.
Select the best example for why a company would delete product(s).
The company will make changes or upgrades to existing products to make it “new” again with customers who bought the 1st verison of the product as in the example of the iPhone
The company will choose to delete or remove products from their product line when sales fall below a certain level because there is no demand for it.
The company will develop new products to meet a need that has not yet been met or to compete with another company.
When McDonald’s decided to begin offering healthier menu options by selling salads, fruit, and oatmeal in order to increase sales by attracting healthy conscious customers, they were making decisions that are a part of which marketing function?
Promotion
Product/Service Management
Finance
Marketing Information Management
In this stage of the product life cycle, investment expenses are extremely high and there are no sales yet
Growth
Introduction
Product Development
Maturity
Decline
In this stage of the product life cycle, sales are low and competition is low. Customers who seek innovative products are attracted to the company.
Growth
Introduction
Product Development
Maturity
Decline
In this stage of the product life cycle, sales of the product fall and companies cut prices as well as advertising and promotions of the product.
Growth
Introduction
Product Development
Maturity
Decline
In this stage of the product life cycle, advertising is focused on attracting the mass markets and marketers focus on building heavy distribution outlets to meet consumer demand.
Growth
Introduction
Product Development
Maturity
Decline
In this stage of the product life cycle, marketers develop extensions of products and prices are set to beat or match the completion. Sales are at the highest and branding is highly important.
Growth
Introduction
Product Development
Maturity
Decline
Select the factor based on the explanation:
Companies want more than one product to reach customers. For example, the Nintendo Wii has not just the console, but accessories, games, etc.
Product Line (Depth, Extension & Contraction)
Branding
Packaging
Product Modification
Repositioning
Select the factor based on the explanation:
Marketers spend a lot of money and research on creating a brand image that customers will recognize and remain loyal to.
Product Line (Depth, Extension & Contraction)
Branding
Packaging
Product Modification
Repositioning
Select the factor based on the explanation:
Packaging is important so that it grabs the customer’s attention and has correct information on it.
Product Line (Depth, Extension & Contraction)
Branding
Packaging
Product Modification
Repositioning
Select the factor based on the explanation:
Companies will modify or change their products to meet the needs of customers based upon research and customers comments. It is important that they keep up with demand.
Product Line (Depth, Extension & Contraction)
Branding
Packaging
Product Modification
Repositioning
Select the factor based on the explanation:
Companies will change the position of their product in the market in order to better compete.
Product Line (Depth, Extension & Contraction)
Branding
Packaging
Product Modification
Repositioning
Management is important in an organization because it actually
Determines what customers will be targeted
Maintains financial statements for a business
Produces products and runs machinery
Establishes rules and policies as well as puts operating plans into action
