Marketing
By conducting a competitive analysis, businesses often are able to determine if they have which attribute?
A competitive advantage
Which situation is an example of a business using niche marketing?
An athletic footwear company produces a line of shoes for children who play soccer
By maintaining marketing information systems, sports or event organizations can estimate demand and identify market trends by tracking buying behavior and which other activity?
Analyzing consumption patters
Which is a question that a business should ask when evaluating the performance of its marketing plan?
Are the objectives being achieved
When a business develops a marketing plan, the objectives should be timely, measurable, and which other feature?
Attainable
Entertainment marketers should identify their target markets after they have carefully examined which component?
Available data and research about the segment
To make sure that all tasks have been completed and an event is ready for attendees, sports or event marketers might refer to which document?
Function sheet
Businesses often ask for the zip code of customers at the checkout counter to obtain what information?
Geographic area for direct - mail campaign
Businesses usually analyze market potential for a certain product by considering total demand for which component?
Geographical Area
What is a potential threat a manager might identify in a SWOT analysis?
Growing government regulation
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?
Growth Rate
One aspect of identifying a segment of a sports or event target market involves identifying which component?
Heavy users
Which situation indicates a positive economic impact for a city that hosts a professional golf tournament?
Higher restaurant sales
When the Green Company selected its target market, it decided to ignore the segment differences and generate appeal with one offer. The company is using which type of marketing?
Mass
Which is an activity that a business performs when conducting a competitive analysis?
Monitors marketing strategies of rivals
Which statement is true regarding niche marketing?
Niche markets are small and may attract a few competitors.
An important step in the process of developing a marketing plan involves selecting which component?
Target Market
What is one question that a business must answer when identifying a potentially profitable target market?
"Is the market responsive?"
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?
9%
When a business selects a target market, the most useful or desirable market segments to a business are those that are measurable and which other feature?
Accessible
Which factor should event marketers consider when identifying target markets for specific events?
Culture
One of the purposes of conducting a market analysis is to develop which component?
Customer profile
Which is an important aspect to consider when a business begins to assess its marketing information needs?
Competition
What do businesses often take into consideration when forecasting sales for marketing plans?
Competitors' market share
Which information is known when conduction a market analysis about the demand for a product?
Market Potential
Secondary sources such as census reports, other government publications, trade magazines, or chambers of commerce are excellent sources for obtaining which information?
Demographics
Knowing where customers are located can help a business decide on which component?
Distribution channels to use
When a business monitors its marketing activities, it might need to take corrective action if which situation happens?
Economic conditions change
Once a SWOT analysis identifies an internal strength, a business can use that strength to take advantage of which option?
External opportunity
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?
External threat attacking an internal weakness
Which is an internal strength that a business might identify during a SWOT analysis?
Financial resources
When it is conducting a competitive analysis a firm discovers a competitor's weakness. Which condition has the firm most likely uncovered?
Marketplace opportunity
One way to verify that a complex arena event is well prepared and ready for spectators is by completing which activity?
Holding a rehearsal
When assessing marketing-information needs, the first step that a business should take is to perform which activity?
Identify the issue or problem
The marketing objectives that a business develops for its marketing plan should lead to which situation?
Increased sales
Which situation should a business consider prices of its competitors when developing a marketing plan?
Introducing a new product
What is a potential weakness a manager might identify in a SWOT analysis?
Lack of management depth
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?
Level of profitability will remain the same
A business that continuously monitors its marketing plan should take corrective action during which situation?
Performance does not meet the established standards
Which is a factor that new businesses consider when conducting an analysis of competitors in a specific market?
Product quality and price
Which sports or event situation is most likely to have a negative economic impact on a local community?
Professional baseball players go on strike
The marketing strategy of a marketing plan should include which component?
Proposed annual budget
When forecasting sales for marketing plans, businesses often rely on which component?
Research information
Sports or event organizations maintain marketing information systems to be able to perform which activity?
Respond to customer needs
Business owners can evaluate the effectiveness of their marketing activities by comparing the original allocation of resources with which information?
Return on investment
One way that a business can learn about activities of its competitors is by performing which activity?
Reviewing secondary data
When evaluating the performance of a marketing plan, what might a business do if performance fails to achieve its objectives?
Revise the sales forecast
Which is a factor that businesses often consider when conducting a market analysis?
Size of the market next year
Forecasting sales for marketing plans is important because the forecast is used as which component?
Standard of measurement
SWOT analysis is a technique for summarizing which components of a company?
Strengths, weaknesses, opportunities, and threats
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?
Survey of buyer intentions
Why do sports or event organizations maintain sales and accounting records?
To measure economic impact