Exam 9: Building a Powerful Bootstrap Marketing Plan

Why is it important for small business owners to clearly define their target market(s)as part of their marketing strategies?

Explain the concept of total quality management. How is it different from the quality inspection of a final product just before being packaged?

Which of the following bootstrap marketing tactic(s)allow a small company to utilize relationship marketing successfully?

Because they lack the size and financial resources of their larger competitors, small companies are powerless when it comes to developing effective marketing strategies.

________ is the process of communicating a company's unique selling proposition to its target customers in a consistent and integrated manner.

Which of the following is not a suggestion of a means of focusing on the customer?

How can a company achieve stellar customer service and satisfaction?

A "shotgun approach" to marketing is the small business' secret to competing successfully with larger rivals and their bigger marketing budgets.

The total quality management (TQM)concept ________.

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. -How could Lloyd realistically create a competitive advantage by giving customer service a focus in his business?

A marketing strategy that relies on three principles to speed products to market, shorten customer response times in manufacturing, and deliver and reduce the administrative time required to fill an order is ________.

________ can be an effective part of a guerrilla marketing strategy, enabling an entrepreneur to economically communicate with large numbers of customers.

One disadvantage of total quality management (TQM)is that its principles apply only to manufacturers.

In your training program, you stress to all new employees the importance of customer satisfaction, citing the fact that ________ of the average company's sales come from present customers.

If employees are committed to quality, management's commitment becomes unimportant.

What marketing potential does the Internet offer small business owners?

Secondary research data is less time consuming and less costly to gather than primary research data.

The increasing diversity of our population is creating a marketing "threat" to small businesses because they cannot profitably serve small niches.

Primary research data is less time consuming and less costly to gather than secondary research data.

The foundation of every business is ________.