ELE Final Quiz 3

Before writing the business plan an entrepreneur should conduct an objective self-assessment of his or her abilities which includes areas such as planning and sales skills. (T/F)

True

To determine the figures in the budget, the entrepreneur should identify benchmarks or norms in the industry. (T/F)

True

Marketing information that already exists is called secondary data. (T/F)

True.

An assessment of external uncontrollable variables that may impact the business plan is known as:

an environmental analysis.

All of the following would be an operations information need except:

break even numbers

Marketing research begins with:

definition of objectives or purpose

Market segmentation is the process of:

dividing the market into smaller homogeneous groups.

When evaluating business plans ___________________________ are primarily concerned with the four C's of credit.

lenders

Observation, interviewing, and focus groups are examples of collecting:

primary data

The marketing mix consists of:

product, price, distribution, promotion

The new venture is a manufacturing operation a(n) _____________________ in the business plan is necessary.

production plan

The depth and detail of a business plan depend on:

the size and scope of the new venture

Which of the following statements is(are) not true?

Industry analysis needs to be conducted using only primary research data.

__________________________ is not one of the main perspectives an entrepreneur should consider when writing the business plan.

The employees perspective.

Which of the following is not a common reason why business plans fail?

The promotional strategy was not taken seriously

A focus group should consist of:

10-12 potential customers

Business-to-business marketing involves:`

A more direct channel of distribution than consumer markets.

___________________________ Identifies potential hazards and alternative strategies to meet business plan goals and objectives.

Assessment of risk

Which is the first step in preparing a marketing plan?

Defining the business situation

The ________________________ element of the marketing mix involves decisions as to what is the most appropriate channel

Distribution

Which of the following is(are) not a key element in the pricing strategy?

Distribution

The section of the business plan in which the entrepreneur identifies changes occurring on the national and international level is the:

Environmental and industry analysis.

The business plan addresses only short term decision making (T/F)

False

The management team and the venture's company mission are examples of external environmental factors. (T/F)

False

Which of the following is an internal environmental variable?

Financial resources

Distribution, pricing and promotion of the product are discussed in which section of the plan?

Marketing

__________________________ is the process of gathering information in order to determine who will buy the product and what is the most appropriate distribution channel.

Marketing research

Which of the following is not true about the operations plan portion of the business plan?

Only service businesses need an operations plan

The business plan presentation for potential investors:

Should enable the entrepreneur to "sell" his or her business concept in a designated period of time.

Which form of promotion is too expensive for most entrepreneurs to use?

TV