Sales forecasts are typically expressed in dollars or

23. Sales forecasts are typically expressed in dollars or units.
PTS: 1 REF: p. 186 OBJ: 7-3 TYPE: C
24. Because sales forecasts revolve around specific target markets, the market should be defined as
precisely as possible.
PTS: 1 REF: p. 186 OBJ: 7-3 TYPE: C
25. Because of the relatively inconsequential amount of sales conducted by a typical small business, the
majority of entrepreneurs need not be concerned with formulating accurate sales forecasts.
PTS: 1 REF: p. 187 OBJ: 7-3 TYPE: C

26. The forecasting process can be characterized by the point at which the process is started and the nature
of the predicting variable.
PTS: 1 REF: p. 189 OBJ: 7-4 TYPE: C
27. A chain-ratio method of sales forecasting, or a buildup process, is frequently used for consumer
products forecasting.
PTS: 1 REF: p. 190 OBJ: 7-4 TYPE: C
28. A buildup process requires a small business to identify all potential buyers in a target market's
submarkets and then combine these estimates to determine the calculated demand.
PTS: 1 REF: p. 190 OBJ: 7-4 TYPE: C
29. The name of the product and/or service and the name of the business are not important, so they don’t
need to be defended by registering them with the proper agencies.
PTS: 1 REF: p. 181 OBJ: 7-2 TYPE: C
30. The distribution strategy is a section of the marketing strategy.
PTS: 1 REF: p. 193 OBJ:
31. It is best to write a marketing plan before collecting marketing research data.
PTS: 1 REF: p. 193 OBJ: 7-5 TYPE: C
MULTIPLE CHOICE
1. Small business marketing involves a number of activities, including
PTS: 1 REF: p. 176 OBJ: 7-1 TYPE: C
2. A firm's marketing mix consists of ____ activities.
PTS: 1 REF: p. 181 OBJ: 7-2 TYPE: D