You Are in the Process of Starting Your Own Business

question 3

Multiple Choice

You are in the process of starting your own business, a specialty cupcake store. From your study of marketing, you realize that many of your business decisions, such as where to open the store and how to advertise it, will depend on the segment of the population you want to attract as customers for your product. You start looking at data about the types of stores in different parts of the town and the demographics of the individuals in different neighborhoods. What are you doing in this process?

• A) Engaging in category management
• B) Creating a promotional strategy
• C) Selecting a target market
• D) Analyzing the wheel of retailing
• E) Marketing to the environment

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Definitions:

Private Company Council

A body that provides recommendations to the Financial Accounting Standards Board (FASB) regarding the accounting treatment for private companies.

Legally Independent

The status of an entity that operates under its own legal rights and responsibilities, separate from its owners or other entities.

Tax Abatement

A reduction or exemption from taxes granted by a government for certain activities or investments, often used to encourage economic development.

Purposes

The intended or desired outcomes or goals of actions, projects, or entire organizations.