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ELE 3010 Quiz 3 Exam Questions With
Verified Answers
Which of the following is not a common reason why business plans fail? - Answers✔Objectives
are not measurable
Which of the following is an internal environmental variable? - Answers✔Financial Resources
Which of the following is(are) true? - Answers✔The business plan describes both internal and
external elements
Before writing the business plan an entrepreneur should conduct an objective self-assessment of
his or her abilities which includes areas such as planning and sales skills. - Answers✔True
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. - Answers✔False
The section of the business plan in which the entrepreneur identifies changes occurring on the
national and international level is the: - Answers✔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: -
Answers✔Description of the venture
The _____ is the written statement of marketing objectives, strategies, and activities to be
allowed in the business plan - Answers✔Marketing Plan
When collecting marketing information the entrepreneur should: - Answers✔Identify
competitors
Market segmentation is the process of: - Answers✔Dividing the market into smaller
homogeneous groups
The _____ is the specific group of potential customers toward which a venture aims its
marketing plan. - Answers✔Target Market
Focus groups: - Answers✔Are an informal method of gathering market information
1
ALL RIGHTS RESERVED.
ELE 3010 Quiz 3 Exam Questions With
Verified Answers
Which of the following is not a common reason why business plans fail? - Answers✔Objectives
are not measurable
Which of the following is an internal environmental variable? - Answers✔Financial Resources
Which of the following is(are) true? - Answers✔The business plan describes both internal and
external elements
Before writing the business plan an entrepreneur should conduct an objective self-assessment of
his or her abilities which includes areas such as planning and sales skills. - Answers✔True
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. - Answers✔False
The section of the business plan in which the entrepreneur identifies changes occurring on the
national and international level is the: - Answers✔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: -
Answers✔Description of the venture
The _____ is the written statement of marketing objectives, strategies, and activities to be
allowed in the business plan - Answers✔Marketing Plan
When collecting marketing information the entrepreneur should: - Answers✔Identify
competitors
Market segmentation is the process of: - Answers✔Dividing the market into smaller
homogeneous groups
The _____ is the specific group of potential customers toward which a venture aims its
marketing plan. - Answers✔Target Market
Focus groups: - Answers✔Are an informal method of gathering market information
1
