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ENT I 5.06 Quiz

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ENT I 5.06 Quiz
Chad Collins
Quiz by Chad Collins, updated more than 1 year ago
Chad Collins
Created by Chad Collins over 7 years ago
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Resource summary

Question 1

Question
Businesses often select marketing metrics that will help them compare current market share with which factor?
Answer
  • Market potential
  • Inventory turnover
  • Brand recognition
  • Transaction size

Question 2

Question
In which situation should a business lower its sales forecast for the coming year?
Answer
  • Population will increase by 5%.
  • Major competitor will leave the market.
  • Prices of raw materials will remain steady.
  • Inflation rate is expected to rise 2%.

Question 3

Question
Which is an example of an external change that could affect sales forecast of a business?
Answer
  • A new sales rep has been hired to develop the territory of the business in Texas.
  • The population of a town increases when a new hospital opens in the community.
  • The company plans to modify its approach to mailing catalogs to customers.
  • A company plans to raise prices on its products.

Question 4

Question
What do businesses often take into consideration when forecasting sales for marketing plans?
Answer
  • The market share of competitors
  • Quotas for salespeople
  • Location of regional territories
  • The profit goals of a company

Question 5

Question
The marketing objectives that a business develops for its marketing plan should lead to which situation?
Answer
  • An increase in sales
  • An increase in prices
  • A decrease in costs
  • A decrease in taxes

Question 6

Question
One reason why businesses select marketing metrics is to use them as which function?
Answer
  • Measurement tool
  • Operating strategy
  • Promotional activity
  • Selling procedure

Question 7

Question
By setting marketing objectives, businesses are specifying which information?
Answer
  • What they want to achieve.
  • How they intend to make a profit.
  • What price they plan to charge.
  • How they intend to advertise.

Question 8

Question
When do businesses usually set its marketing budget?
Answer
  • Before segmenting customers
  • Before analyzing markets
  • After identifying standards
  • After determining objectives

Question 9

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

Question 10

Question
Which individual would a business be most likely ask for a prediction of sales for next year?
Answer
  • Financial planner
  • Inventory specialist
  • Accounting clerk
  • Experienced salesperson

Question 11

Question
Which is an example of an effective marketing objective that a business might set?
Answer
  • Identify new local vendors
  • Hire additional salespeople
  • Decrease the level of spending
  • Increase profit by 6% next year

Question 12

Question
What does a business need to consider when developing a marketing budget?
Answer
  • Costs of performing marketing activities
  • Forecasts of future sales figures
  • Value of spending money on advertising
  • Expense associated with offering credit

Question 13

Question
The marketing metrics that businesses select should relate directly to which part of the marketing plan?
Answer
  • Demographics
  • Organization
  • Objectives
  • Environment

Question 14

Question
Which is the primary reason for establishing a marketing budget that helps a business?
Answer
  • To reduce tax liability
  • To monitor fixed assets
  • To manage depreciation
  • To control spending

Question 15

Question
Why is it important for businesses to include specific time frames when setting marketing goals and objectives?
Answer
  • Allows the business to identify the market
  • Helps the business predict the future
  • Guides the business in hiring more staff
  • Keeps the business focused on the goal

Question 16

Question
When a business allocates a certain amount of money in relation to the amount of goods and services that it sold the previous year, it is setting its marketing budget by which information?
Answer
  • The percentage of sales method
  • The review of industry standards
  • The consideration of activities of competitors
  • The bids for various marketing activities

Question 17

Question
The MSV Company developed a sales forecast by considering the opinions of industry experts. This is an example of which sales forecasting method?
Answer
  • Industrial
  • Conditional
  • Qualitative
  • Quantitative
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