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SEM II 4.05 Objective Quiz

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SEM II 4.05 Objective Quiz
Chad Collins
Quiz by Chad Collins, updated more than 1 year ago
Chad Collins
Created by Chad Collins almost 8 years ago
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Resource summary

Question 1

Question
What do businesses often take into consideration when forecasting sales for marketing plans?
Answer
  • Company’s profit goals
  • Quotas for salespeople
  • Location of regional territories
  • Competitors’ market share

Question 2

Question
SWOT analysis is a technique for summarizing which components of a company?
Answer
  • Strengths, weaknesses, opportunities, and threats
  • Skills, workers, organizations, and teams
  • Strategy, wholesalers, objectives, and trademarks
  • Store, warranty, occupations, and tariffs

Question 3

Question
When it is conducting a competitive analysis a firm discovers a competitor's weakness. Which condition has the firm most likely uncovered?
Answer
  • Ethical disadvantage
  • Internal threat
  • Marketplace opportunity
  • Product liability

Question 4

Question
Which is a factor that new businesses consider when conducting an analysis of competitors in a specific market?
Answer
  • Product quality and price
  • Size and availability of space
  • Cost of supplies and equipment
  • Industry research and training

Question 5

Question
A SWOT analysis indicates that the buying preferences are changing, but the business has a very limited product line. This is an example of which situation?
Answer
  • Internal weakness compensating for an external threat.
  • Internal strength responding to an external threat.
  • External threat attacking an internal weakness.
  • External opportunity coinciding with an internal strength.

Question 6

Question
A business asks its customers about the types and amounts of products that they plan to purchase in the next 12 months. What is the business using to help forecast sales?
Answer
  • Market-factor analysis
  • An attitude survey
  • A survey of buyer intentions
  • Customer-positioning analysis

Question 7

Question
The marketing objectives that a business develops for its marketing plan should lead to which situation?
Answer
  • Increased prices
  • Increased sales
  • Decreased costs
  • Decreased taxes

Question 8

Question
Once a SWOT analysis identifies an internal strength, a business can use that strength to take advantage of which option?
Answer
  • Operating procedure
  • External opportunity
  • Marketing strategy
  • Promotional technique

Question 9

Question
Businesses usually analyze market potential for a certain product by considering total demand for which component?
Answer
  • Research sample
  • Day of the week
  • Geographical area
  • Social situation

Question 10

Question
As part of its market analysis, the SVM Company estimates to increases in product demand over a set time frame for a particular market segment. The SVM Company is attempting to analyze which market feature?
Answer
  • Size
  • Growth rate
  • Performance
  • Profitability

Question 11

Question
What is a potential weakness a manager might identify in a SWOT analysis?
Answer
  • Competitors failing
  • High-quality products
  • Lack of management depth
  • Low-cost foreign competition

Question 12

Question
Which is a factor that businesses often consider when conducting a market analysis?
Answer
  • Location of the test market
  • Size of the market next year
  • Safety of the research process
  • Design of the questionnaire

Question 13

Question
One of the purposes of conducting a market analysis is to develop which component?
Answer
  • Management team
  • Distribution plan
  • Operating budget
  • Customer profile

Question 14

Question
Which is an internal strength that a business might identify during a SWOT analysis?
Answer
  • Limited competition
  • Extensive regulations
  • Increased expenses
  • Financial resources

Question 15

Question
By conducting a competitive analysis, businesses often are able to determine if they have which attribute?
Answer
  • A competitive advantage
  • A target market
  • A promotional plan
  • A security problem

Question 16

Question
The marketing strategy of a marketing plan should include which component?
Answer
  • Proposed annual budget
  • Explanation of accounting methods
  • Detailed product description
  • List of current employees

Question 17

Question
In which situation might a business decide that the cost of implementing a marketing plan for a specific product is much greater than the financial benefits?
Answer
  • Advertising rates are increasing slightly.
  • Level of profitability will remain the same.
  • Two competitors have 65% of current market share.
  • Target market buys $500,000 worth of product each year.

Question 18

Question
One way that a business can learn about activities of its competitors is by performing which activity?
Answer
  • Evaluating Intranet efficiencies
  • Reviewing secondary data
  • Developing product specifications
  • Identifying communication barriers

Question 19

Question
When a business develops a marketing plan, the objectives should be timely, measurable, and which other feature?
Answer
  • General
  • Attainable
  • Serviceable
  • Impulsive

Question 20

Question
When forecasting sales for marketing plans, businesses often rely on which component?
Answer
  • Supplier data
  • General statistics
  • Research information
  • Operating reports

Question 21

Question
An important step in the process of developing a marketing plan involves selecting which component?
Answer
  • Distribution agent
  • Target market
  • Sales force
  • Research strategy

Question 22

Question
Which is an activity that a business performs when conducting a competitive analysis?
Answer
  • Sets productivity goals
  • Monitors marketing strategies of rivals
  • Calculates economic data
  • Develops selling procedures

Question 23

Question
The MKO Company projects that sales will increase from $675,900 this year to $736,731 next year. What is the forecasted percentage of the sales increase?
Answer
  • 9.75%
  • 9%
  • 8.50%
  • 8.25%

Question 24

Question
Which information is known when conducting a market analysis about the demand for a product?
Answer
  • Market potential
  • Sales growth
  • Target market
  • Supply factor

Question 25

Question
What is a potential threat a manager might identify in a SWOT analysis?
Answer
  • Economy rebounding
  • Growing government regulation
  • Weak market image
  • Cost advantages

Question 26

Question
Forecasting sales for marketing plans is important because the forecast is used as which component?
Answer
  • Standard of measurement
  • Type of research
  • Method of communication
  • Compilation of data

Question 27

Question
Which situation should a business consider prices of its competitors when developing a marketing plan?
Answer
  • Selecting a new supplier
  • Organizing a new division
  • Introducing a new product
  • Analyzing a new database
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