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