Exam 9: Building a Powerful Bootstrap Marketing Plan

The philosophy of producing a high-quality product or service and achieving quality in every aspect of the business and its relationship with the customer, with a focus on continuous improvement in the quality delivered to customers is ________.

In addition to treating employees with respect, smart entrepreneurs see customer service as an investment that builds long-term value for their companies through ________.

One of the most effective bootstrap marketing tactics is to create an image of ________ for the business.

For many small businesses, nonprice competition (focusing on factors other than price)is a more effective strategy than trying to beat larger competitors in a price war.

An individualized (one-to-one)marketing campaign requires business owners to ________.

Why is it important for small business owners to track demographic trends? How can small companies become effective trend trackers?

The specific group of customers at whom a company aims its good or services is referred to as a ________.

Small businesses can compete with larger rivals with bigger budgets by employing unconventional, low-cost creative techniques known as ________.

Examples of ________ include a presence on Facebook, LinkedIn and Twitter.

The majority of customers who stop patronizing a particular store do so because ________.

A combination of news covered by the media that boosts sales without having to pay is best described by the term ________.

It takes much less money and time to keep existing customers than it does to attract new ones.

Entrepreneurs can find the right match based on trends, their products or services, and the appropriate target markets through ________.

________ is the key to future success and small companies can detect and act on new opportunities faster than large companies.

What can a company do to achieve stellar customer service and satisfaction?

Research shows that repeat customers spend ________ percent more than new customers.

Which of the following is not a secondary source of market research data?

Your friend has decided to conduct market research to assist in making informed decisions for her/his small business. What should you recommend as the first step in the market research process?

Total quality management (TQM)works best when it becomes an integral part of a small company's strategy and focuses on continuous improvement in the quality the company delivers to customers.

Mini-Case 9-1: Customers: Key to Success Lloyd Dixon has owned and operated a small dress shop for the past three years. Each fashion season, Lloyd attends the apparel shows and he is always very impressed by the glamour and the hundreds of different manufacturers, all with the merchandise that they say will be this season's biggest sellers. Lloyd caters to an older market and baby boomers. He hopes to tap into the upscale market. After his first year of operation, Lloyd recognized that some of his merchandise was not selling. The "inventory close-out sale" did rescue his investment in this merchandise but did not make him a profit or contribute much to his overhead. Lloyd knew that it was not reasonable to expect to sell everything you bought, but he was not sure exactly how much of his inventory was comprised of slow movers. Lloyd believed that when he went into business he knew what women wanted in dresses. He had always prided himself on having good taste. When he had the opportunity to open this store, he was confident that he could choose merchandise that would be well received. In the first three years of operations, sales have not met Lloyd's expectations. -Faith Popcorn offers several ways Lloyd Dixon could collect information about his customers and competitors. Explain at least five of those ways.