What do businesses often take into consideration when forecasting sales for marketing plans?
Company’s profit goals
Quotas for salespeople
Location of regional territories
Competitors’ market share
SWOT analysis is a technique for summarizing which components of a company?
Strengths, weaknesses, opportunities, and threats
Skills, workers, organizations, and teams
Strategy, wholesalers, objectives, and trademarks
Store, warranty, occupations, and tariffs
When it is conducting a competitive analysis a firm discovers a competitor's weakness. Which condition has the firm most likely uncovered?
Which is a factor that new businesses consider when conducting an analysis of competitors in a specific market?
Product quality and price
Size and availability of space
Cost of supplies and equipment
Industry research and training
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?
Internal weakness compensating for an external threat.
Internal strength responding to an external threat.
External threat attacking an internal weakness.
External opportunity coinciding with an internal strength.
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?
An attitude survey
A survey of buyer intentions
The marketing objectives that a business develops for its marketing plan should lead to which situation?
Once a SWOT analysis identifies an internal strength, a business can use that strength to take advantage of which option?
Businesses usually analyze market potential for a certain product by considering total demand for which component?
Day of the week
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?
What is a potential weakness a manager might identify in a SWOT analysis?
Lack of management depth
Low-cost foreign competition
Which is a factor that businesses often consider when conducting a market analysis?
Location of the test market
Size of the market next year
Safety of the research process
Design of the questionnaire
One of the purposes of conducting a market analysis is to develop which component?
Which is an internal strength that a business might identify during a SWOT analysis?
By conducting a competitive analysis, businesses often are able to determine if they have which attribute?
A competitive advantage
A target market
A promotional plan
A security problem
The marketing strategy of a marketing plan should include which component?
Proposed annual budget
Explanation of accounting methods
Detailed product description
List of current employees
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?
Advertising rates are increasing slightly.
Level of profitability will remain the same.
Two competitors have 65% of current market share.
Target market buys $500,000 worth of product each year.
One way that a business can learn about activities of its competitors is by performing which activity?
Evaluating Intranet efficiencies
Reviewing secondary data
Developing product specifications
Identifying communication barriers
When a business develops a marketing plan, the objectives should be timely, measurable, and which other feature?
When forecasting sales for marketing plans, businesses often rely on which component?
An important step in the process of developing a marketing plan involves selecting which component?
Which is an activity that a business performs when conducting a competitive analysis?
Sets productivity goals
Monitors marketing strategies of rivals
Calculates economic data
Develops selling procedures
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?
Which information is known when conducting a market analysis about the demand for a product?
What is a potential threat a manager might identify in a SWOT analysis?
Growing government regulation
Weak market image
Forecasting sales for marketing plans is important because the forecast is used as which component?
Standard of measurement
Type of research
Method of communication
Compilation of data
Which situation should a business consider prices of its competitors when developing a marketing plan?