BA 311 Small Business Management - Ch 7 & 8 - Quiz#4

A brief discussion of competitor's overall strengths and weaknesses should be part of a firm's marketing plan.

• True

• False

In the case of a pair of shoes, the core product is

• basic protection for the feet

• the shoes themselves

• greater comfort

• increased running speed

The _____ marketing philosophy is the most consistent with long-term success for a small business.

• production-oriented

• market-oriented

• sales-oriented

• consumer-oriented

A firm's marketing mix consists of _____ activities.

• pricing, promotion, and distribution

• product, pricing, and promotion

• product, promotion, and distribution

• product, pricing, promotion, and distribution

The logic behind selecting the company _____ should be explained in the product/service section of a marketing plan.

• logo

• name

• slogan

• philosophy

The _____ section of the marketing plan describes the entrepreneur's approach to creating customer awareness of the product or service and explains why customers will be motivated to buy

• product/service

• promotion

• distribution

• pricing

A sales forecast is the typical indicator of

• market adequacy

• market potential

• nmet needs

• opportunities and threats

In order to be appropriately considered a market, a group of customers or potential customers must have

• purchasing power

• market power

• satisfied needs

• correlated needs

A management team is often stronger than an individual entrepreneur because it provides a diversity of skills and greater assurance of continuity.

• True

• False

Harvey would like to support his friend’s new business financially but also wants to protect his assets in case the business fails. Which form of ownership would you recommend?

• Sole proprietorship

• Partnership

• Limited partnership

• 501(c)(3) corporation