Question

1. A recent study shows that the percentage of US households that owns pets is increasing and that household with pets but no children are particularly likely to spend money on their pets. In a SWOT analysis for the retailer Petsmart, this would be considered a(n) ___________________.

   		a. threat
   		b. strength
   		c. benefit
   		d. challenge
   		e. opportunity

2. You developed a new brand of premium chocolate. Which of the following would be the most complete and relevant objective for your business?

   		a. to gain 50% of the total chocolate market in the first year.
   		b. to reach 500,000 dollars in sales in the first 12 months
   		c to gain popularity in major US cities in year one
   		d. to establish the brand as a premium brand
   		e to be featured by a couple of influencers on TikTok

3. Some people are really into exercise and spend much of their time either working out, reading about new workout methods, or talking about working out with like minded friends. These people also typically spend more money on workout gear than the average person and think that working out is very important. For these people, working out is _______________________.   

   		a. an attitude
   		b. a fundamental belief
   		c. a lifestyle.
   		d. a demographic descriptor
   		e. a value system

4. ______________________ is problematic since a consequence for the company of being too focused on its current business is that it can miss important changes in the environment.

   		a. Market penetration
   		b. Nonspecific strategic planning
   		c. Marketing myopia
   		d. Diversification
   		e. Target marketing

Answer 1

Answer 1: Option e.

In case of a SWOT analysis, this would be considered as an opportunity because this will increase the sale of pets by the retailer.

Answer 2: Option d.

The most complete and relevant objective for the business in this case would be to establish the brand as a premium band.

Answer 3: Option C.

For this section of people, working out would be considered as a lifestyle.

Answer 4: Option e.

Target Marketing is problematic because it makes the company too much focused on its current business and it can miss important changes in the environment.