Question 1

The Internet allows creative small business owners to make their companies look as big as their larger rivals.

Accepted Answer

A) True 
 B)False  True

Question 2

The best way for a small business to ensure quality products is to use quality inspections.

Accepted Answer

A) True 
 B)False  False

Question 3

Market research is a valuable tool for defining the firm's target market, its needs, and its potential profitability.

Accepted Answer

A) True 
 B)False  True

Question 4

Most customers never complain to the business; in fact, for every complaint that a company receives, there are ________ other complaints that go unspoken.

Accepted Answer

A) 2 
B) 7 
C) 10 
D) 17 
A) 2 
B) 7 
C) 10 
D) 17

Question 5

Your friend Maria is experiencing declining sales in the business she has owned and successfully operated for three years. She has asked for your guidance in determining the course(s)of action she should take. Your recommendation to her is to undertake a marketing research project. Briefly outline the steps involved in market research. She is concerned that market research will be too expensive and sophisticated for a small business such as hers. Is this true? Explain.

Accepted Answer

The steps in marketing research include:

Question 6

Approximately ________ percent of a typical company's customers account for ________ percent of its sales.

Accepted Answer

A) 90; 100 
B) 80; 20 
C) 20; 80 
D) 20; 50 
A) 90; 100 
B) 80; 20 
C) 20; 80 
D) 20; 50

Question 7

________ pay the bills: without them, you have no business.

Accepted Answer

A) Accountants 
B) Employers 
C) Employees 
D) Customers 
A) Accountants 
B) Employers 
C) Employees 
D) Customers

Question 8

Since front-line service workers are not able to predict the causes of customer complaints, managers must be the ones to identify potential customer service problems.

Accepted Answer

A) True 
 B)False

Question 9

The key ingredient in the superior customer service equation is ________.

Accepted Answer

A) state-of-the-art equipment 
B) standards and measurements of customer service 
C) the support of managers 
D) friendly, courteous, well-trained people delivering customer service 
A) state-of-the-art equipment 
B) standards and measurements of customer service 
C) the support of managers 
D) friendly, courteous, well-trained people delivering customer service

Question 10

Which of the following techniques does marketing consultant Faith Popcorn recommend to small business owners interested in tracking market trends?

Accepted Answer

A) Hire a top-10 market research firm to track trends for you. 
B) Watch what the large corporations in your industry are doing. 
C) Read as many current publications as possible. 
D) Talk with two to three people at random each week to hear what they are buying and why. 
A) Hire a top-10 market research firm to track trends for you. 
B) Watch what the large corporations in your industry are doing. 
C) Read as many current publications as possible. 
D) Talk with two to three people at random each week to hear what they are buying and why.

Question 11

The marketing approach that is most effective today for a small business is ________.

Accepted Answer

A) mass marketing 
B) market segmentation 
C) niche marketing 
D) individualized (one-to-one)marketing 
A) mass marketing 
B) market segmentation 
C) niche marketing 
D) individualized (one-to-one)marketing

Question 12

A key customer benefit of a product or service that sets it apart from the competition answers the critical questions every customer asks: "What's in it for me?" and is known as ________.

Accepted Answer

A) its brand identity 
B) the unique selling proposition (USP) 
C) total quality management (TQM) 
D) branding 
A) its brand identity 
B) the unique selling proposition (USP) 
C) total quality management (TQM) 
D) branding

Question 13

For an entrepreneur, a business plan ________.

Accepted Answer

A) is of relatively little importance due to the dynamic nature of the marketplace 
B) is synonymous with the marketing plan 
C) tends to stress how the entrepreneur will operate rather than detailing what (s)he wants to accomplish 
D) contains both a marketing plan and a financial plan 
A) is of relatively little importance due to the dynamic nature of the marketplace 
B) is synonymous with the marketing plan 
C) tends to stress how the entrepreneur will operate rather than detailing what (s)he wants to accomplish 
D) contains both a marketing plan and a financial plan

Question 14

To be useful, market research must be structured, formal, and highly sophisticated.

Accepted Answer

A) True 
 B)False

Question 15

How can Marvin develop "stellar" customer service?

Accepted Answer

Once the company's quality improves, Mar

Question 16

Customer experience management (CEM)is the process of systematically creating the optimum experience for their customers every time they interact with the company.

Accepted Answer

A) True 
 B)False

Question 17

Adding innovative products and services is important to a companies' success and small entrepreneurial companies may be able to respond faster than larger organizations.

Accepted Answer

A) True 
 B)False

Question 18

One of the most important variables that determine whether employees deliver superior service is the degree to which they perceive they have the permission to do so.

Accepted Answer

A) True 
 B)False

Question 19

Bootstrap marketing is a marketing approach that takes an unconventional, low-cost and creative approach to marketing that can give ________ a competitive edge over ________ competitors.

Accepted Answer

A) small companies; larger 
B) larger companies; smaller 
C) small companies; entrepreneurial 
D) entrepreneurs; small 
A) small companies; larger 
B) larger companies; smaller 
C) small companies; entrepreneurial 
D) entrepreneurs; small

Question 20

Giving customers a chance to complain about a problem usually is fruitless; once a business makes a customer angry, (s)he typically will not buy from that company again under any circumstances.

Accepted Answer

A) True 
 B)False

The Internet allows creative small business owners to make their companies look as big as their larger rivals.

The best way for a small business to ensure quality products is to use quality inspections.

Market research is a valuable tool for defining the firm's target market, its needs, and its potential profitability.

Most customers never complain to the business; in fact, for every complaint that a company receives, there are ________ other complaints that go unspoken.

Approximately percent of a typical company's customers account for percent of its sales.

________ pay the bills: without them, you have no business.

Since front-line service workers are not able to predict the causes of customer complaints, managers must be the ones to identify potential customer service problems.

The key ingredient in the superior customer service equation is ________.

Which of the following techniques does marketing consultant Faith Popcorn recommend to small business owners interested in tracking market trends?

The marketing approach that is most effective today for a small business is ________.

A key customer benefit of a product or service that sets it apart from the competition answers the critical questions every customer asks: "What's in it for me?" and is known as ________.

For an entrepreneur, a business plan ________.

To be useful, market research must be structured, formal, and highly sophisticated.

How can Marvin develop "stellar" customer service?

Customer experience management (CEM)is the process of systematically creating the optimum experience for their customers every time they interact with the company.

Adding innovative products and services is important to a companies' success and small entrepreneurial companies may be able to respond faster than larger organizations.

One of the most important variables that determine whether employees deliver superior service is the degree to which they perceive they have the permission to do so.

Bootstrap marketing is a marketing approach that takes an unconventional, low-cost and creative approach to marketing that can give a competitive edge over competitors.

Giving customers a chance to complain about a problem usually is fruitless; once a business makes a customer angry, (s)he typically will not buy from that company again under any circumstances.

The Foundations of Entrepreneurship

Ethics and Social Responsibility: Doing the Right Thing

Creativity and Innovation: Keys to Entrepreneurial Success

Conducting a Feasibility Analysis and Designing a Business Model

Crafting a Business Plan and Building a Solid Strategic Plan

Forms of Business Ownership

Buying an Existing Business

Franchising and the Entrepreneur

E-Commerce and the Entrepreneur

Pricing and Credit Strategies

Creating a Successful Financial Plan

Managing Cash Flow

Choosing the Right Location and Layout

Sources of Financing: Equity and Debt

Global Aspects of Entrepreneurship

Building a New Venture Team and Planning for the Next Generation

Filters

Exam 9: Building a Powerful Bootstrap Marketing Plan

The Internet allows creative small business owners to make their companies look as big as their larger rivals.

The best way for a small business to ensure quality products is to use quality inspections.

Market research is a valuable tool for defining the firm's target market, its needs, and its potential profitability.

Most customers never complain to the business; in fact, for every complaint that a company receives, there are ________ other complaints that go unspoken.

Approximately ________ percent of a typical company's customers account for ________ percent of its sales.

________ pay the bills: without them, you have no business.

Since front-line service workers are not able to predict the causes of customer complaints, managers must be the ones to identify potential customer service problems.

The key ingredient in the superior customer service equation is ________.

Which of the following techniques does marketing consultant Faith Popcorn recommend to small business owners interested in tracking market trends?

The marketing approach that is most effective today for a small business is ________.

A key customer benefit of a product or service that sets it apart from the competition answers the critical questions every customer asks: "What's in it for me?" and is known as ________.

For an entrepreneur, a business plan ________.

To be useful, market research must be structured, formal, and highly sophisticated.

How can Marvin develop "stellar" customer service?

Customer experience management (CEM)is the process of systematically creating the optimum experience for their customers every time they interact with the company.

Adding innovative products and services is important to a companies' success and small entrepreneurial companies may be able to respond faster than larger organizations.

One of the most important variables that determine whether employees deliver superior service is the degree to which they perceive they have the permission to do so.

Bootstrap marketing is a marketing approach that takes an unconventional, low-cost and creative approach to marketing that can give ________ a competitive edge over ________ competitors.

Giving customers a chance to complain about a problem usually is fruitless; once a business makes a customer angry, (s)he typically will not buy from that company again under any circumstances.

The Foundations of Entrepreneurship

Ethics and Social Responsibility: Doing the Right Thing

Creativity and Innovation: Keys to Entrepreneurial Success

Conducting a Feasibility Analysis and Designing a Business Model

Crafting a Business Plan and Building a Solid Strategic Plan

Forms of Business Ownership

Buying an Existing Business

Franchising and the Entrepreneur

E-Commerce and the Entrepreneur

Pricing and Credit Strategies

Creating a Successful Financial Plan

Managing Cash Flow

Choosing the Right Location and Layout

Sources of Financing: Equity and Debt

Global Aspects of Entrepreneurship

Building a New Venture Team and Planning for the Next Generation

Filters

Approximately percent of a typical company's customers account for percent of its sales.

Bootstrap marketing is a marketing approach that takes an unconventional, low-cost and creative approach to marketing that can give a competitive edge over competitors.