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Writing a Business Plan
Abby Smallwood's jewelry store offers high-quality products and
extensive services such as watch repair, jewelry cleaning, and
pickup and delivery.
1. This is part of Abby's plan for
A. performance measures. C. price control.
B. product positioning. D. business capacity.
2. One way to spot market trends in your industry is to
A. study trade magazines.
B. review your marketing position.
C. read your competitor's advertisements.
D. watch your inventory.
3. Your research has revealed that in your area sales volume for sporting goods has grown
an average of 23 percent each year.Your new sports store will most likely
A. grow more quickly than that. C. require a tough market strategy.
B. encounter fierce competition. D. encounter moderate competition.
4. Marshall Parry's tire service sells and repairs automobile tires, but does not do road calls
and does not sell farm vehicle, heavy equipment, or truck tires. His limited service allows
him to
A. supply only one brand. C. meet all his customers' needs.
B. keep his prices low. D. work with several suppliers.
5. Janine Allberg's day care center has only one direct competitor on her side of town, but a
substitute service is
A. a parochial elementary school. C. a children's library program.
B. an agency for nannies. D. a Head Start class.
6. If a friend were beginning to write her business plan, you should advise her that the secret
to good writing is
A. to include every detail. C. using commanding words.
B. a strong first draft. D. careful revision.
7. Nasser Emral stocks his young men's clothing store with fashions straight out of the latest
hit movies. His products are likely to
A. be of high quality and reasonable price. C. come from a single supplier.
B. have a long product life cycle. D. have a short product life cycle.
8. When making decisions about which products to carry in your store or warehouse, a
source of good advice on market trends is
A. the SBA. C. a reliable supplier.
B. a nearby competitor. D. your financial advisor.
9. When your potential customers consider purchasing criteria, two of the factors they take
into account are
A. the competitive matrix and the perceptual map.
B. competition and suppliers.
C. location and product selection.
D. operations and financial planning.
10. Because of her long experience in hiking, rock climbing, and cross-country skiing, Bella
Luteki's market strategy for her outdoor sports store successfully reflects
A. the buyer's point of view.
B. a knowledge of marketing.
C. her preference for limited service.
D. an emphasis on critical performance variables.
11. Your choice of location and the appearance of your business give prospective customers
information about
A. your operations and suppliers. C. regulations affecting your services.
B. the quality of your products or service. D. your processes.
12. In addition to focusing your ideas and serving as a guide for investors, your business
plan should
A. guide the initial operations of the business.
B. ensure your marketing plan will work.
C. serve as a model for others.
D. ensure a profit in the first year of operations.
13. Daniel Santos observed that, in spite of customer demand, none of the other three catering
businesses in town offered low-fat or sugar-free foods among their menu items. By adding
these foods to his catering menu he was
A. taking a big risk in marketing.
B. becoming a substitute competitor.
C. working against established practices.
D. filling a gap in the market.
14. Due to frequent requests from her customers, Marietta Marcone's dress shop now stocks
costume jewelry, hosiery, scarves, belts, shoes, and hair accessories. This is an example of
A. product breadth. C. custom orders.
B. product depth. D. degree of service.
15. As you develop your business plan, you may use a competitive matrix to
A. prepare a public relations campaign. C. compare competitive criteria.
B. design a perceptual map. D. guarantee financing.
16. Using market research methods, Kevin Gilbert examined the buying behavior of his target
customers to gather vital information for his
A. ideal market. C. market position.
B. financing procedures. D. suppliers and distributors.
17. Marketing strategy for an individual product is often based on
A. its current life cycle stage. C. its current cost.
B. performance of other products. D. its depth or breadth.
18. To explain what your business is about in your Introduction and Overview, the best
approach is to
A. truncate and obfuscate.
B. avoid explaining the obvious.
C. defend against possible arguments.
D. define and clarify all statements.
19. As you describe your products or services in your business plan, the most effective
approach is to
A. list all the products or services you'll handle.
B. address the benefits to your target customers.
C. provide details of your advertising plans.
D. make it short by omitting
20. When J. B. Halford sells a photography package for a wedding, he is also selling
A. entertainment for the reception. C. problem-solving products.
B. subjective value such as memories. D. his mission.
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