Entrepreneurship Standard 5 Exam Review

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Jennifer is considering how much to charge for her small business’s products. Jennifer is involved in

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a pricing decision

Front

Most sales forecasts are based on past sales performances as well as:

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expected market conditions.

Front

What might happen if a business’s customers feel that they are not getting the most value for their money?

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Customers spend money elsewhere

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Quantitative sales forecasting is:

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based on the analysis of hard facts or numerical data.

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Can prices be set too low?

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Yes, customers may feel quality is too low.

Front

Which type of sales forecasting is based on the analysis of hard facts or numerical data?

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Quantatitve

Front

In which of the following businesses is the business owner usually responsible for setting prices: Old navy, Sams Coffee, Kohl's, Target?

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Sams Coffee

Front

A pet products company cannot afford to spend millions of dollars on research for the new, inexpensive dog shampoo it is developing, so the company must choose a less expensive form of research. This is an example of how pricing affects which of the following elements of the marketing mix?
Options: Product, Promotion, Place, Profit

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Product

Front

A company decides to save money by shipping its products by truck instead of by plane. Which marketing mix element is pricing influencing in this example?

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Place

Front

When Johnny sets prices for his company, he strives to maximize profit, which is considered a(n)

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pricing objectives.