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Small Business Management

Business

Quiz 11 :

Small Business Marketing: Strategy and Research

Quiz 11 :

Small Business Marketing: Strategy and Research

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A sales forecast based on an estimate of total market potential for a specific market and projecting the market share a business can capture in any given area at any given time is using what approach?
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C

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Market segmentation is the process of dividing the total market for a product into ______.
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C

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The most common marketing strategy of the 1960s was ______.
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D

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Babies 'n Things is an independently owned retail store that aims to compete with the local supercenter by targeting exclusively to young mothers in the upper-middle class. Babies 'n Things is using which marketing strategy?
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A sales forecast based on estimation of daily sales that are then projected for weeks, months, and years with seasonal adjustments is using what approach?
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Adjusting the marketing mix of a business to treat individual persons as separate target markets is known as ______.
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The number of products a business plans to sell during a future time period is known as the ______.
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The philosophy of a business in which the wants and needs of customers are determined before goods and services are produced is referred to as the ______.
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The book by Seth Godin discussed at the beginning of the chapter describes a unique approach to visualizing competitive advantage. What is its title analogy?
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A ______ can be defined as what the marketing efforts of a business intend to accomplish and how the business will achieve them.
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Why might a marketing strategy be especially important to a small business in a service industry?
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Samantha, an intern at an advertising agency, is asked to review how local markets compare based on geographic, demographic, and psychographic differences. Samantha learns that these are most commonly referred to as ______.
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Employees at People 1st Credit Union are encouraged by management to establish long-term buyer-seller relationships. They strive to learn each customer's name so that they can be greeted as they walk in the door. This is an example of which business concept?
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When a business attempts to provide its customers with the product or service that the customer wants rather than simply trying to sell goods and services, the business is applying ______.
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William, owner of a small hardware store, likes to forecast sales to better prepare for seasonal fluctuations. He identifies as many target markets as possible and predicts the sales for each based on one-day sales at different times of the year. He then combines the predictions for the various segments to create a total sales forecast. Which sales forecasting method is William using?
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Breaking down populations of people into groups or target markets is referred to as ______.
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A sales forecast that uses extensive historical sales data looking for a relationship between a dependent variable (past sales) and different independent variables is using what approach?
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Peter Drucker stated that businesses have ______ basic functions.
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The philosophy where companies concentrate their efforts on the product being made is known as which of the following philosophies?
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A forecasting method that uses historical sales data to identify patterns over a period of time is referred to as ______.
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