ELE 3010 Quiz 3
It is recommended that an entrepreneur avoid using the internet as a resource for
finding information to write a business plan because the information found there
is often incorrect and unreliable. - ✔️✔️False
The section of the business plan in which the entrepreneur identifies changes
occurring on the national and international level is the: - ✔️✔️Environmental and
industry analysis
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 the venture
The _____ is the written statement of marketing objectives, strategies, and
activities to be allowed in the business plan - ✔️✔️Marketing Plan
When collecting marketing information the entrepreneur should: - ✔️✔️Identify
competitors
Market segmentation is the process of: - ✔️✔️Dividing the market into smaller
homogeneous groups
The _____ is the specific group of potential customers toward which a venture
aims its marketing plan. - ✔️✔️Target Market
Focus groups: - ✔️✔️Are an informal method of gathering market information
Distribution, pricing, and promotion of the product are discussed in which section
of the plan - ✔️✔️Marketing
Which of the following is not a common reason why business plans fail? -
✔️✔️Objectives are not measurable
Which of the following is an internal environmental variable? - ✔️✔️Financial
Resources
Which of the following is(are) true? - ✔️✔️The business plan describes both
internal and external elements
It is recommended that an entrepreneur avoid using the internet as a resource for
finding information to write a business plan because the information found there
is often incorrect and unreliable. - ✔️✔️False
The section of the business plan in which the entrepreneur identifies changes
occurring on the national and international level is the: - ✔️✔️Environmental and
industry analysis
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 the venture
The _____ is the written statement of marketing objectives, strategies, and
activities to be allowed in the business plan - ✔️✔️Marketing Plan
When collecting marketing information the entrepreneur should: - ✔️✔️Identify
competitors
Market segmentation is the process of: - ✔️✔️Dividing the market into smaller
homogeneous groups
The _____ is the specific group of potential customers toward which a venture
aims its marketing plan. - ✔️✔️Target Market
Focus groups: - ✔️✔️Are an informal method of gathering market information
Distribution, pricing, and promotion of the product are discussed in which section
of the plan - ✔️✔️Marketing
Which of the following is not a common reason why business plans fail? -
✔️✔️Objectives are not measurable
Which of the following is an internal environmental variable? - ✔️✔️Financial
Resources
Which of the following is(are) true? - ✔️✔️The business plan describes both
internal and external elements
