ELE 3010 EXAM REVIEW QUESTIONS AND
CORRECT ANSWERS!!
Before writing the business plan an entrepreneur should conduct an objective self-
assessment of his or her abilities which include areas such as planning and sales skills
True
When collecting marketing information the entrepreneur should:
Identify competitors
It is recommended that an entrepreneur avoid using the internet as a resource for finding
information to to write a business plan because the information found there is often
incorrect or unreliable.
False
The ______ element of the marketing mix involves decisions as to what is the most
appropriate channel.
Distribution
The section of the business plan in which the entrepreneur identifies changes occurring on
the national and international level is the:
Executive Summary
When elevating business plans,_______ are primarily concerned with the 4 Cs of Credit
Lendors
Which of the following statements is(are) true?
The business plan describes both internal and external elements
If the new venture is a manufacturing operation a(n) ________ in the business plan is
necessary
Production Plan
, A focus group should consist of:
10-12 potential customers
Focus Groups:
Are an informal method of gathering marketing information
Which is the first step in preparing a marketing plan?
Define the Business Situation
Which stage of marketing research is considered to be the most difficult for an
entrepreneur due to lack of knowledge or experience in marketing?
Analyzing and interpreting the results
The part of the plan that describes the location and size of the business, the personnel and
office equipment that will be needed, and the history of the venture is called the:
Description of venture
The organization plan describes the business:
Form of Ownership
Information that already exists is called:
Secondary Data
The depth and detail of a business plan depend on:
The size and scope of the new venture
The business plan addresses only short-term decision making
False
The marketing mix consists of:
Product, Price, Distribution, and promotion.
Which of the following is NOT a common reason why business plans fail
CORRECT ANSWERS!!
Before writing the business plan an entrepreneur should conduct an objective self-
assessment of his or her abilities which include areas such as planning and sales skills
True
When collecting marketing information the entrepreneur should:
Identify competitors
It is recommended that an entrepreneur avoid using the internet as a resource for finding
information to to write a business plan because the information found there is often
incorrect or unreliable.
False
The ______ element of the marketing mix involves decisions as to what is the most
appropriate channel.
Distribution
The section of the business plan in which the entrepreneur identifies changes occurring on
the national and international level is the:
Executive Summary
When elevating business plans,_______ are primarily concerned with the 4 Cs of Credit
Lendors
Which of the following statements is(are) true?
The business plan describes both internal and external elements
If the new venture is a manufacturing operation a(n) ________ in the business plan is
necessary
Production Plan
, A focus group should consist of:
10-12 potential customers
Focus Groups:
Are an informal method of gathering marketing information
Which is the first step in preparing a marketing plan?
Define the Business Situation
Which stage of marketing research is considered to be the most difficult for an
entrepreneur due to lack of knowledge or experience in marketing?
Analyzing and interpreting the results
The part of the plan that describes the location and size of the business, the personnel and
office equipment that will be needed, and the history of the venture is called the:
Description of venture
The organization plan describes the business:
Form of Ownership
Information that already exists is called:
Secondary Data
The depth and detail of a business plan depend on:
The size and scope of the new venture
The business plan addresses only short-term decision making
False
The marketing mix consists of:
Product, Price, Distribution, and promotion.
Which of the following is NOT a common reason why business plans fail
