Question 1

What is market research?

Accepted Answer

Market research is the vehicle for gathering the information that serves as the foundation for the marketing plan.It involves systematically collecting,analyzing,and interpreting data pertaining to a small company's market,customers,and competitors.

Question 2

When it comes to the target market,most successful businesses:

Accepted Answer

A) have broad target markets,permitting them to offer a wide variety of products. 
B) have little concern for the image of their company,focusing solely on how their products meet target market needs. 
C) have well-defined "portraits" of the customers they want to attract. 
D) don't have a clue as to their target market but put forth enough effort to succeed anyway. 
A) have broad target markets,permitting them to offer a wide variety of products. 
B) have little concern for the image of their company,focusing solely on how their products meet target market needs. 
C) have well-defined "portraits" of the customers they want to attract. 
D) don't have a clue as to their target market but put forth enough effort to succeed anyway. C

Question 3

Satisfied customers exhibit at least one of three characteristics: loyalty,resistance to competition's attempts to lure them away with lower prices,and increased purchases.

Accepted Answer

A) True 
 B)False  True

Question 4

________ is a process in which computer software that uses statistical analysis,database technology,and artificial intelligence finds hidden patterns,trends,and connections in data so that business owners can make better marketing decisions and predictions about their customers' behavior.

Accepted Answer

A) Demographic collection 
B) Target marketing 
C) Data mining 
D) None of the above 
A) Demographic collection 
B) Target marketing 
C) Data mining 
D) None of the above

Question 5

The goals of one-to-one marketing are to attract,retain and increase the purchases by the target customer.

Accepted Answer

A) True 
 B)False

Question 6

While customer contact is important to a small business,excellent products and low prices can offset any problems a small business may have with customer service.

Accepted Answer

A) True 
 B)False

Question 7

The marketing plan builds a strategy for success:

Accepted Answer

A) from the customer's point of view. 
B) as described by the marketing manager. 
C) based on eliminating all competition. 
D) by focusing on product development and market management. 
A) from the customer's point of view. 
B) as described by the marketing manager. 
C) based on eliminating all competition. 
D) by focusing on product development and market management.

Question 8

A business plan for the small business owner:

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 he/she 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 he/she wants to accomplish. 
D) contains both a marketing plan and a financial plan.

Question 9

Most marketing experts contend that the greatest marketing mistake small businesses make is:

Accepted Answer

A) failing to identify the target market. 
B) spending too little on advertising. 
C) underpricing their products and services. 
D) spending too little on quality improvement. 
A) failing to identify the target market. 
B) spending too little on advertising. 
C) underpricing their products and services. 
D) spending too little on quality improvement.

Question 10

The primary opportunity for time compression management (TCM)lies in its application to:

Accepted Answer

A) the purchasing process. 
B) the production process. 
C) the administrative process. 
D) the marketing process. 
A) the purchasing process. 
B) the production process. 
C) the administrative process. 
D) the marketing process.

Question 11

What are the objectives of a bootstrap marketing plan?

Accepted Answer

A bootstrap marketing plan should pinpoi

Question 12

The worst marketing catastrophe to befall any business would be to:

Accepted Answer

A) encourage customers to complain and have employees give management feedback on the complaints. 
B) have great advertising and poor quality products. 
C) have poor customer service and a highly effective promotional campaign. 
D) have a great product and an inaccessible location. 
A) encourage customers to complain and have employees give management feedback on the complaints. 
B) have great advertising and poor quality products. 
C) have poor customer service and a highly effective promotional campaign. 
D) have a great product and an inaccessible location.

Question 13

To build an effective customer service program,it is important to:

Accepted Answer

A) offer low prices. 
B) train key employees to watch for and intervene when there are problems. 
C) swiftly discipline employees who mistreat customers. 
D) let managers wait on customers occasionally. 
A) offer low prices. 
B) train key employees to watch for and intervene when there are problems. 
C) swiftly discipline employees who mistreat customers. 
D) let managers wait on customers occasionally.

Question 14

Customer surveys and questionnaires should:

Accepted Answer

A) be short. 
B) not give biased results. 
C) use simple ranking systems. 
D) All of the above 
A) be short. 
B) not give biased results. 
C) use simple ranking systems. 
D) All of the above

Question 15

The marketing approach that companies of all sizes strive to achieve is mass marketing.

Accepted Answer

A) True 
 B)False

Question 16

Identify the four common channels of distribution,briefly explaining their use by small businesses in moving their product to the customer.

Accepted Answer

∙ Manufacturer to consumer.
∙

Question 17

The difference between weak customer service and "world-class" customer service is attitude and attention to detail.

Accepted Answer

A) True 
 B)False

Question 18

________ is a process in which computer software that uses statistical analysis,database technology,and artificial intelligence finds hidden patterns,trends,and connections in data so that business owners can make better marketing decisions and predictions about customer's behavior.

Accepted Answer

A) Customer relationship management 
B) Data mining 
C) Data discovery 
D) Simulation 
A) Customer relationship management 
B) Data mining 
C) Data discovery 
D) Simulation

Question 19

A company's competitive edge is:

Accepted Answer

A) dependent on the availability of its products. 
B) largely a function of its pricing strategies. 
C) the superiority of its market research. 
D) based on customers' perception of its products and services. 
A) dependent on the availability of its products. 
B) largely a function of its pricing strategies. 
C) the superiority of its market research. 
D) based on customers' perception of its products and services.

Question 20

The focus of the small company's marketing plan is:

Accepted Answer

A) its product or service. 
B) the customer. 
C) attracting capital. 
D) an evaluation of key competitors. 
A) its product or service. 
B) the customer. 
C) attracting capital. 
D) an evaluation of key competitors.

Exam 9: Building a Bootstrap Marketing Plan

What is market research?

When it comes to the target market,most successful businesses:

Satisfied customers exhibit at least one of three characteristics: loyalty,resistance to competition's attempts to lure them away with lower prices,and increased purchases.

________ is a process in which computer software that uses statistical analysis,database technology,and artificial intelligence finds hidden patterns,trends,and connections in data so that business owners can make better marketing decisions and predictions about their customers' behavior.

The goals of one-to-one marketing are to attract,retain and increase the purchases by the target customer.

While customer contact is important to a small business,excellent products and low prices can offset any problems a small business may have with customer service.

The marketing plan builds a strategy for success:

A business plan for the small business owner:

Most marketing experts contend that the greatest marketing mistake small businesses make is:

The primary opportunity for time compression management (TCM)lies in its application to:

What are the objectives of a bootstrap marketing plan?

The worst marketing catastrophe to befall any business would be to:

To build an effective customer service program,it is important to:

Customer surveys and questionnaires should:

The marketing approach that companies of all sizes strive to achieve is mass marketing.

Identify the four common channels of distribution,briefly explaining their use by small businesses in moving their product to the customer.

The difference between weak customer service and "world-class" customer service is attitude and attention to detail.

________ is a process in which computer software that uses statistical analysis,database technology,and artificial intelligence finds hidden patterns,trends,and connections in data so that business owners can make better marketing decisions and predictions about customer's behavior.

A company's competitive edge is:

The focus of the small company's marketing plan is:

Entrepreneurs: the Driving Force Behind Small Business

Ethics and Social Responsibility: Doing the Right Thing

Creativity and Innovation: Keys to Entrepreneurial Success

Strategic Management and the Entrepreneur

Choosing a Form of Ownership

Franchising and the Entrepreneur

Buying an Existing Business

New Business Planning Process: Feasibility Analysis,business Modeling,

Creative Use of Advertising and Promotion

Pricing and Credit Strategies

Global Marketing Strategies

E-Commerce and Entrepreneurship

Creating a Solid Financial Plan

Managing Cash Flow

Sources of Equity Financing

Sources of Debt Financing

Location,layout,and Physical Facilities

Supply Chain Management

Managing Inventory

Staffing and Leading a Growing Company

Management Succession and Risk Management Strategies in the Family Business

The Legal Environment: Business Law and Government Regulation

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