Refer to the Scenario Below to Answer the Following Questions

question 84

Multiple Choice

Refer to the scenario below to answer the following questions.
Fun- Spot Fun Park began as a small amusement park in 1985.With nothing more than a merry- go- round,a slide,pony rides,and an ice cream stand,Fun- Spot grew into a popular family attraction with 20 rides,a restaurant,and an outdoor performing arts theater.
"My wife,Gail,and I didn't know what we were getting into," commented Ron Hart,the owner."We just knew that weekenders coming to the lakes in our rural area represented an untapped market."
Today,thousands of visitors flock to Fun- Spot: families,children of all ages,and even senior citizens who enjoy strolling through the gardens and arbor.
"There's something here for everyone," Gail Hart said with a smile."Dozens of companies hold annual company picnics here.We have welcomed class field trips.And we even had one wedding here at the park!"
"Here's the funny thing," Ron chimed in."We really don't know why we've been so successful.There is nothing else like Fun- Spot Fun Park in the area.We were just lucky."
"I think it's the ambience of the park that has brought so many visitors," Gail added."We provide a 'total package' of entertainment.Plus,we try to change our rides and various attractions from time to time for variety"
Ron and Gail Hart admitted that making every visitor happy is a priority."That has always been our philosophy," they said."Like it says on the entrance to the park,'We're here to make you happy!' And we've always been able to deliver on that because we've never allowed ourselves to grow too big too quickly."
-Which of the following would be classified as an opportunity in a SWOT analysis of Fun- Spot?

• A)Fun- Spot employees tend to be enthusiastic and young,projecting an image of fun and vitality at Fun- Spot.
• B)A rival amusement park announces plans to open three new rides next season.
• C)A new luxury hotel is being constructed in the area,with the aim of luring more high- spending families on vacation.
• D)Fun- Spot plans to further diversify its offerings by beginning a two- week summer camp for elementary school students.
• E)Gail and Ron have paid off the mortgage on Fun- Spot,significantly reducing their monthly expenses.

Distinguish between internal and external factors in SWOT analysis.

Understand the role of branding and positioning in marketing.

Recognize the components and structure of a marketing plan.

Know the elements that make marketing objectives effective.

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Definitions:

Futures Market

A financial market where participants can buy and sell futures contracts, which are agreements to buy or sell an asset at a future date at a price agreed upon today.

Simultaneous

Occurring, operating, or done at the same time.

Position

In finance, a position refers to the amount of a particular security, commodity, or currency held or owned by an individual or entity.

Stock Market Downturn

A period during which stock prices fall across a major portion of the stock market, leading to a decrease in investor wealth.