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Marketing Essentials - Chapter 2 Part 1 Vocab

Total questions: 18

Worksheet time: 9mins

Name
Class
Date
1.

Strengths and weaknesses are both _______ that affect business operations.

a)

Internal factors

b)

External factors

c)

Marketing strategies

d)

Financial resources

2.

Part of a marketing plan that identifies target markets and sets marketing mix choices that focus on those markets is called _______.

a)

Market segmentation

b)

Environmental scan

c)

SWOT analysis

d)

Business strategy

3.

Opportunities and threats are both _______ that affect business operation.

a)

Internal factors

b)

External factors

c)

Marketing strategies

d)

Financial resources

4.

The acronym for strengths, weaknesses, opportunities, and threats is SWOT.

a)

True

b)

False

5.

A formal, written document that directs a company's activities for a specific period of time is called a marketing plan.

a)

True

b)

False

6.

External factors that may threaten one industry or company but provide an opportunity for others are known as political factors.

a)

True

b)

False

7.

The internal analysis centers are these; the three Cs: company, customer, and competition.

a)

True

b)

False

8.

A company's strengths and weaknesses when compared to its competitors, based on factors such as market share, core competencies, or reputation, is known as what?

a)

SWOT analysis

b)

Competitive position

c)

Market segmentation

d)

Product differentiation

9.

The projection of probable, future sales in units or dollars is referred to as what?

a)

Market analysis

b)

Sales forecast

c)

SWOT analysis

d)

Competitive position

10.

External factors that analyze customers and potential customers, covering changes in demographic factors such as age, income, occupation, and marital status, as well as psychographic factors such as lifestyle and attitudes, are known as what?

a)

Executive summary

b)

Socio-cultural factors

c)

Economic factors

d)

Environmental scan

11.

Part of a company's external analysis that includes four types of factors: political, economic, socio-cultural, and technological, is often referred to by what acronym?

a)

SWOT

b)

PEST

c)

BCG

d)

CRM

12.

External factors that involve government involvement in business operations, such as changes in laws and regulations, are known as what?

a)

Economic factors

b)

Environmental scan

c)

Political factors

d)

Socio-cultural factors

13.

What is the study of internal and external factors that affect marketing strategies called?

a)

Market Research

b)

SWOT Analysis

c)

Consumer Behavior

d)

Product Development

14.

What does the process of analyzing everything that can foster a business's success and make it fail involve?

a)

Financial Auditing

b)

SWOT Analysis

c)

Risk Management

d)

Strategic Planning

15.

What part of a company's internal analysis involves understanding customers' buying habits?

a)

Market Segmentation

b)

Customer Satisfaction Survey

c)

Consumer Behavior Analysis

d)

SWOT Analysis

16.

What provides a brief overview of the entire marketing plan and addresses each topic in the plan?

a)

Executive Summary

b)

SWOT Analysis

c)

Marketing Strategy

d)

Financial Plan

17.

What part of a company's internal analysis reviews staff, financial situation, and production capabilities?

a)

SWOT Analysis

b)

Operational Analysis

c)

Financial Review

d)

Internal Audit

18.

Which external factors are considered in a marketing plan?

a)

Product Features

b)

Internal Policies

c)

Unemployment Rate

d)

Brand Loyalty