Chad Collins
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ENT I 5.06 Quiz

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Chad Collins
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ENT I 5.06 Quiz

Question 1 of 17

1

Businesses often select marketing metrics that will help them compare current market share with which factor?

Select one of the following:

  • Market potential

  • Inventory turnover

  • Brand recognition

  • Transaction size

Explanation

Question 2 of 17

1

In which situation should a business lower its sales forecast for the coming year?

Select one of the following:

  • Population will increase by 5%.

  • Major competitor will leave the market.

  • Prices of raw materials will remain steady.

  • Inflation rate is expected to rise 2%.

Explanation

Question 3 of 17

1

Which is an example of an external change that could affect sales forecast of a business?

Select one of the following:

  • A new sales rep has been hired to develop the territory of the business in Texas.

  • The population of a town increases when a new hospital opens in the community.

  • The company plans to modify its approach to mailing catalogs to customers.

  • A company plans to raise prices on its products.

Explanation

Question 4 of 17

1

What do businesses often take into consideration when forecasting sales for marketing plans?

Select one of the following:

  • The market share of competitors

  • Quotas for salespeople

  • Location of regional territories

  • The profit goals of a company

Explanation

Question 5 of 17

1

The marketing objectives that a business develops for its marketing plan should lead to which situation?

Select one of the following:

  • An increase in sales

  • An increase in prices

  • A decrease in costs

  • A decrease in taxes

Explanation

Question 6 of 17

1

One reason why businesses select marketing metrics is to use them as which function?

Select one of the following:

  • Measurement tool

  • Operating strategy

  • Promotional activity

  • Selling procedure

Explanation

Question 7 of 17

1

By setting marketing objectives, businesses are specifying which information?

Select one of the following:

  • What they want to achieve.

  • How they intend to make a profit.

  • What price they plan to charge.

  • How they intend to advertise.

Explanation

Question 8 of 17

1

When do businesses usually set its marketing budget?

Select one of the following:

  • Before segmenting customers

  • Before analyzing markets

  • After identifying standards

  • After determining objectives

Explanation

Question 9 of 17

1

Forecasting sales for market plans is important because the forecast is used as which component?

Select one of the following:

  • Type of research

  • Standard of measurement

  • Method of communication

  • Compilation of data

Explanation

Question 10 of 17

1

Which individual would a business be most likely ask for a prediction of sales for next year?

Select one of the following:

  • Financial planner

  • Inventory specialist

  • Accounting clerk

  • Experienced salesperson

Explanation

Question 11 of 17

1

Which is an example of an effective marketing objective that a business might set?

Select one of the following:

  • Identify new local vendors

  • Hire additional salespeople

  • Decrease the level of spending

  • Increase profit by 6% next year

Explanation

Question 12 of 17

1

What does a business need to consider when developing a marketing budget?

Select one of the following:

  • Costs of performing marketing activities

  • Forecasts of future sales figures

  • Value of spending money on advertising

  • Expense associated with offering credit

Explanation

Question 13 of 17

1

The marketing metrics that businesses select should relate directly to which part of the marketing plan?

Select one of the following:

  • Demographics

  • Organization

  • Objectives

  • Environment

Explanation

Question 14 of 17

1

Which is the primary reason for establishing a marketing budget that helps a business?

Select one of the following:

  • To reduce tax liability

  • To monitor fixed assets

  • To manage depreciation

  • To control spending

Explanation

Question 15 of 17

1

Why is it important for businesses to include specific time frames when setting marketing goals and objectives?

Select one of the following:

  • Allows the business to identify the market

  • Helps the business predict the future

  • Guides the business in hiring more staff

  • Keeps the business focused on the goal

Explanation

Question 16 of 17

1

When a business allocates a certain amount of money in relation to the amount of goods and services that it sold the previous year, it is setting its marketing budget by which information?

Select one of the following:

  • The percentage of sales method

  • The review of industry standards

  • The consideration of activities of competitors

  • The bids for various marketing activities

Explanation

Question 17 of 17

1

The MSV Company developed a sales forecast by considering the opinions of industry experts. This is an example of which sales forecasting method?

Select one of the following:

  • Industrial

  • Conditional

  • Qualitative

  • Quantitative

Explanation