Assessment Part A - Multiple Choice
Answer the following multiple choice questions by circling the correct answer :
1. A business resource is
a. A marketing opportunity
b. Anything a business uses to produce its products and services
c. Includes the external environment
d. All of the above
2. A market development opportunity involves:
a. Current products and current markets
b. New products and new markets
c. Current products and new markets
d. New products and current markets
3. Having a competitive advantage represents
a. A strength of a business
b. An opportunity of the business
c. An improvement of the business
d. A failure of the business
4. The external environment includes
a. Staffing
b. Political
c. Capital
d. All of the above
5. The evaluation of an idea can include
a. Calculating ROI
b. Determining the payback
c. Comparing past and present sales
d. All of the above
6. A marketing strategy comprises the target market and
a. Product, place, price, promotion
b. Product, price, promotion, power
c. Product, position, perfection, promotion
d. Product, place, people, political
7. Brainstorming is used to
a. Generate ideas
b. Evaluate ideas
c. Assess ideas
d. None of the above
8. Return on investment is
a. Percentage return on capital invested
b. The amount of time it takes to recover capital invested
c. Net profit divided by Total sales
d. Net profit divided by Total Expenses
9. The socio-cultural environment is made up of
a. The economy strength of the market
b. Laws and legislation
c. Technological needs
d. Human factors
10. The internal environment includes
a. Staffing
b. Products
c. Capital
d. All of the above
11. A niche market is when
a. Your business is competing with a large amount of competitors
b. Your business is the only one of its kind
c. You provide products and services at a low cost to consumers
d. Consumers choose your business because it is known for great quality
12. An opportunity is anything
a. That needs improvement
b. Your business does better than competitors
c. Business can take advantage of
d. All of the above
Assessment Part B - Written or Oral Questions
1. Why is it important to develop marketing opportunities?
2. List the 6 steps in the process of developing an opportunity.
3. Describe two methods used to evaluate marketing opportunities.
4. Define the following:
a. Mission Statement
b. Vision Statement
5. How does the mission, vision and values statement fit with developing marketing opportunities?
6. What is a marketing strategy?
7. Describe two types of research that may be done when pursuing opportunities.
8. Complete the following table.
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Current Products
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New Products
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Current Markets
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New Market
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9. Describe how the following business resources affect marketing opportunities:
a. Human
b. Financial
c. Production Capacity
d. Stock and Supplies
10. What is the external environment?
11. What are 4 factors that are analysed when studying competitor activity?