Question 1

Which of the following statements concerning marketing research is false?

Accepted Answer

A) Market research is the vehicle for gathering the information that serves as the foundation for the company's marketing plan, helps avoid costly marketing mistakes, and can uncover unmet customer needs the business can serve. 
B) Market research involves systematically collecting, analyzing, and interpreting data pertaining to the small company's market, customers, and competitors. 
C) Small companies are at a distinct disadvantage compared to larger ones when conducting market research since it is so expensive. 
D) Small businesses cannot afford to miss their target markets and market research can help them focus their efforts. 
A) Market research is the vehicle for gathering the information that serves as the foundation for the company's marketing plan, helps avoid costly marketing mistakes, and can uncover unmet customer needs the business can serve. 
B) Market research involves systematically collecting, analyzing, and interpreting data pertaining to the small company's market, customers, and competitors. 
C) Small companies are at a distinct disadvantage compared to larger ones when conducting market research since it is so expensive. 
D) Small businesses cannot afford to miss their target markets and market research can help them focus their efforts.

Question 2

Which of the following is not one of the objectives a bootstrap marketing plan should accomplish?

Accepted Answer

A) Determine customer needs and wants through market research. 
B) Determine how the company will be able to serve all customers. 
C) Analyze the firm's competitive advantages and build a marketing strategy around them. 
D) Create a marketing mix that meets customer needs and wants. 
A) Determine customer needs and wants through market research. 
B) Determine how the company will be able to serve all customers. 
C) Analyze the firm's competitive advantages and build a marketing strategy around them. 
D) Create a marketing mix that meets customer needs and wants.

Question 3

Small entrepreneurial companies are at a definite disadvantage compared to larger ones when it comes to conducting market research since it is so expensive.

Accepted Answer

A) True 
 B)False

Question 4

Warren Cassell, owner of Just Books, a very small book store, makes special orders for customers at no extra charge, provides free gift-wrapping, conducts out-of-print book searches, offers autographed copies of books, hosts "Meet the Author" breakfasts, and publishes a newsletter for book lovers. By offering his customers lots of "extras" they do not get at larger bookstores, Cassell has won a growing base of loyal customers. Cassell is relying on which marketing strategy?

Accepted Answer

A) Demographic marketing 
B) Transaction selling 
C) Individualized marketing 
D) Bootstrap marketing 
A) Demographic marketing 
B) Transaction selling 
C) Individualized marketing 
D) Bootstrap marketing

Question 5

To attract potential customers, a ________ can serve multiple business purposes, including keeping customers updated on new products, enhancing customer service, and promoting the company.

Accepted Answer

A) newspaper advertisement 
B) brochure 
C) blog 
D) radio promotion 
A) newspaper advertisement 
B) brochure 
C) blog 
D) radio promotion

Question 6

A common mistake entrepreneurs make is ________.

Accepted Answer

A) assuming that a market exists for their product or service 
B) taking too much time to conduct planning and research 
C) conducting informal research 
D) conducting online research, which is too impersonal and does not yield accurate information 
A) assuming that a market exists for their product or service 
B) taking too much time to conduct planning and research 
C) conducting informal research 
D) conducting online research, which is too impersonal and does not yield accurate information

Question 7

Successful marketing requires a business owner to ________.

Accepted Answer

A) understand target customers' needs, demands, and wants 
B) offer customers products and services that will satisfy their needs, demands, and wants 
C) provide customers with service, convenience, and value so that they will return 
D) All of the above 
A) understand target customers' needs, demands, and wants 
B) offer customers products and services that will satisfy their needs, demands, and wants 
C) provide customers with service, convenience, and value so that they will return 
D) All of the above

Question 8

A critical marketing step is to clearly define their target market.

Accepted Answer

A) True 
 B)False

Question 9

Which of the following was not identified as one of the bootstrap marketing principles in your text?

Accepted Answer

A) Strive to be like everyone else so that your company "fits in." 
B) Create an identity for your business. 
C) Connect with customers on an emotional level. 
D) Do not just sell - entertain. 
A) Strive to be like everyone else so that your company "fits in." 
B) Create an identity for your business. 
C) Connect with customers on an emotional level. 
D) Do not just sell - entertain.

Question 10

Why is it important for a small business to keep existing customers satisfied? How can a company achieve such customer satisfaction?

Accepted Answer

It is important to retain existing custo

Question 11

Which of the following is not a primary market research source?

Accepted Answer

A) Customer surveys 
B) Focus groups 
C) Daily transactions 
D) All of the above are sources of primary market research. 
A) Customer surveys 
B) Focus groups 
C) Daily transactions 
D) All of the above are sources of primary market research.

Question 12

The best companies seek to go beyond customer satisfaction, striving for customer ________.

Accepted Answer

A) automation 
B) aggrandizement 
C) apprehension 
D) astonishment 
A) automation 
B) aggrandizement 
C) apprehension 
D) astonishment

Question 13

Most dissatisfied customers complain about rude or discourteous service to the owner or the manager.

Accepted Answer

A) True 
 B)False

Question 14

Tracking ________ patterns can enable entrepreneurs to adjust their strategies accordingly to better position them to take advantage of the opportunities these trends may create.

Accepted Answer

A) population 
B) demographic 
C) weather 
D) traffic 
A) population 
B) demographic 
C) weather 
D) traffic

Question 15

Because about 20 percent of a typical company's customers account for about 80 percent of its sales, a business should focus its resources on keeping its best customers rather than trying to chase "fair weather" customers who will defect to any better deal that comes along.

Accepted Answer

A) True 
 B)False

Question 16

When an employee in a business treats a customer poorly, that customer usually does not complain; however, she does tell her "horror story" about that business to more than 10 other people.

Accepted Answer

A) True 
 B)False

Question 17

Superior service companies devote ________ percent of their employees' work hours to training, concentrating on how to meet, greet, and serve customers.

Accepted Answer

A) 2 - 7 
B) 3 - 8 
C) 1 - 5 
D) 7 - 10 
A) 2 - 7 
B) 3 - 8 
C) 1 - 5 
D) 7 - 10

Question 18

Most businesses are finding technology provides efficiency and speed in providing a wide array of services to their customers.

Accepted Answer

A) True 
 B)False

Question 19

Location, delivery services, effective use of easy-to-use technology and multiple communication options are examples of ________.

Accepted Answer

A) convenience 
B) customer service 
C) blogging 
D) social media marketing 
A) convenience 
B) customer service 
C) blogging 
D) social media marketing

Question 20

The Internet offers entrepreneurs tools to provide existing and potential customers with meaningful information ________.

Accepted Answer

A) in a passive, one-directional manner 
B) for those with advanced high-tech skills 
C) in a complex and difficult-to-manage method 
D) in an interactive rather than passive setting 
A) in a passive, one-directional manner 
B) for those with advanced high-tech skills 
C) in a complex and difficult-to-manage method 
D) in an interactive rather than passive setting

Which of the following statements concerning marketing research is false?

Which of the following is not one of the objectives a bootstrap marketing plan should accomplish?

Small entrepreneurial companies are at a definite disadvantage compared to larger ones when it comes to conducting market research since it is so expensive.

To attract potential customers, a ________ can serve multiple business purposes, including keeping customers updated on new products, enhancing customer service, and promoting the company.

A common mistake entrepreneurs make is ________.

Successful marketing requires a business owner to ________.

A critical marketing step is to clearly define their target market.

Which of the following was not identified as one of the bootstrap marketing principles in your text?

Why is it important for a small business to keep existing customers satisfied? How can a company achieve such customer satisfaction?

Which of the following is not a primary market research source?

The best companies seek to go beyond customer satisfaction, striving for customer ________.

Most dissatisfied customers complain about rude or discourteous service to the owner or the manager.

Tracking ________ patterns can enable entrepreneurs to adjust their strategies accordingly to better position them to take advantage of the opportunities these trends may create.

Because about 20 percent of a typical company's customers account for about 80 percent of its sales, a business should focus its resources on keeping its best customers rather than trying to chase "fair weather" customers who will defect to any better deal that comes along.

When an employee in a business treats a customer poorly, that customer usually does not complain; however, she does tell her "horror story" about that business to more than 10 other people.

Superior service companies devote ________ percent of their employees' work hours to training, concentrating on how to meet, greet, and serve customers.

Most businesses are finding technology provides efficiency and speed in providing a wide array of services to their customers.

Location, delivery services, effective use of easy-to-use technology and multiple communication options are examples of ________.

The Internet offers entrepreneurs tools to provide existing and potential customers with meaningful information ________.

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

Which of the following statements concerning marketing research is false?

Which of the following is not one of the objectives a bootstrap marketing plan should accomplish?

Small entrepreneurial companies are at a definite disadvantage compared to larger ones when it comes to conducting market research since it is so expensive.

To attract potential customers, a ________ can serve multiple business purposes, including keeping customers updated on new products, enhancing customer service, and promoting the company.

A common mistake entrepreneurs make is ________.

Successful marketing requires a business owner to ________.

A critical marketing step is to clearly define their target market.

Which of the following was not identified as one of the bootstrap marketing principles in your text?

Why is it important for a small business to keep existing customers satisfied? How can a company achieve such customer satisfaction?

Which of the following is not a primary market research source?

The best companies seek to go beyond customer satisfaction, striving for customer ________.

Most dissatisfied customers complain about rude or discourteous service to the owner or the manager.

Tracking ________ patterns can enable entrepreneurs to adjust their strategies accordingly to better position them to take advantage of the opportunities these trends may create.

Because about 20 percent of a typical company's customers account for about 80 percent of its sales, a business should focus its resources on keeping its best customers rather than trying to chase "fair weather" customers who will defect to any better deal that comes along.

When an employee in a business treats a customer poorly, that customer usually does not complain; however, she does tell her "horror story" about that business to more than 10 other people.

Superior service companies devote ________ percent of their employees' work hours to training, concentrating on how to meet, greet, and serve customers.

Most businesses are finding technology provides efficiency and speed in providing a wide array of services to their customers.

Location, delivery services, effective use of easy-to-use technology and multiple communication options are examples of ________.

The Internet offers entrepreneurs tools to provide existing and potential customers with meaningful information ________.

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