Exam 9: Building a Powerful Bootstrap Marketing Plan

The company's target customer should permeate the entire business, from the merchandise purchased, to the layout and decor of the store, and on the Web site.

One of the greatest marketing mistakes small businesses make is ________.

A bootstrap marketing plan should identify a small company's target customers and describe how the business will attract and keep them.

Studies of shifting patterns in age, income, education, race, and other population characteristics are the subject of ________.

Providing low prices is the most effective way for a small business to attract and maintain a growing customer base.

Which of the following statements concerning a company's target market is false?

The focus of a small company's marketing plan should be on ________.

Which of the following is not a suggestion for using time compression management (TCM)to turn speed into a competitive advantage?

The specific group of customers at whom a company aims its goods and services is its target market.

________ is the process of creating and delivering desired goods and services to customers and involves all of the activities associated with winning and retaining loyal customers.

Which of the following is a way to improve customer service?

One "natural" advantage small businesses have over large businesses, which can be a significant competitive advantage, is ________.

Case 9-2: TQM and TV in Omaha Nobody who knew Marvin Tollison ever met a man who liked television better. In the Navy, he had the opportunity to learn a great deal about his trade. When he finished his tour of duty, Marvin opened a television repair shop back home in Omaha, Nebraska. Over the years the quality of his workmanship, his fair prices, and his general overall good nature made his business flourish. Marvin had a way of finding men and women like himself when expansion was needed. Over 17 years, the business had grown from a one-man shop operating in his garage to a 38-employee television repair staff that was dispatched to customers by two-way truck radio. Over the years, the time between a customer's call and the television repairman getting to the home had increased to about two days because the repairmen were taking longer with each call. Call-backs (having to "re-repair" equipment)are up significantly. Marvin wasn't sure, but he thought some of his customers were going elsewhere for service. -Can Marvin use TQM to develop a competitive edge? If so, what would you recommend he do?

Demographics are the study of important population characteristics such as age, income, education, race, and others.

An effective marketing program depends on a clear, concise definition of the firm's target market.

Studies have found that customers value convenience and easy access to goods and services.

The best way to find out what customers really want and value is to ask them.