Question 1

The ability to innovate is one of the greatest weaknesses of the entrepreneur.

Accepted Answer

A) True 
 B)False

Question 2

________ puts the customer at the center of a company's thinking,planning,and action and shifts the focus from a product or service to customers and their needs and wants.

Accepted Answer

A) Pull strategy 
B) Entertailing 
C) Customer relationship management (CRM) 
D) Interactivity 
A) Pull strategy 
B) Entertailing 
C) Customer relationship management (CRM) 
D) Interactivity

Question 3

Small businesses are able to maintain a leadership role in innovation by:

Accepted Answer

A) using their size,flexibility,and speed to their advantage. 
B) spending much more money on R & D than large companies do. 
C) foreseeing trends better and far enough in advance that they can spread innovation costs over several years. 
D) making better use of technology than large companies. 
A) using their size,flexibility,and speed to their advantage. 
B) spending much more money on R & D than large companies do. 
C) foreseeing trends better and far enough in advance that they can spread innovation costs over several years. 
D) making better use of technology than large companies.

Question 4

Individualized marketing requires business owners to gather and assimilate detailed information about their products.

Accepted Answer

A) True 
 B)False

Question 5

Too often,business plans describe in great detail what the entrepreneur intends to accomplish but pay too little attention to how he plans to accomplish it.

Accepted Answer

A) True 
 B)False

Question 6

When asked what they want from a business they deal with,most customers say convenience.

Accepted Answer

A) True 
 B)False

Question 7

Clementine,DataScope Pro,GoldMine,and MineSet are what type of software packages?

Accepted Answer

A) Customer relationship management 
B) Data mining 
C) Data discovery 
D) Word processing 
A) Customer relationship management 
B) Data mining 
C) Data discovery 
D) Word processing

Question 8

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

Accepted Answer

A) True 
 B)False

Question 9

________ 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.

Accepted Answer

A) Marketing 
B) Personal selling 
C) Promotion 
D) Advertising and public relations 
A) Marketing 
B) Personal selling 
C) Promotion 
D) Advertising and public relations

Question 10

What is relationship marketing? What characterizes each of the four levels of customer involvement that is part of relationship marketing?

Accepted Answer

Relationship marketing or customer relat

Question 11

Profits generally are low and marketing cost high in the introductory stage of the product life cycle.

Accepted Answer

A) True 
 B)False

Question 12

A key to effective innovation by the entrepreneur is:

Accepted Answer

A) dedicating at least 20% of pre-tax revenues to R & D. 
B) always looking for new product and service ideas. 
C) hiring managers with a track record for innovation. 
D) None of these 
A) dedicating at least 20% of pre-tax revenues to R & D. 
B) always looking for new product and service ideas. 
C) hiring managers with a track record for innovation. 
D) None of these

Question 13

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

Accepted Answer

A) market research. 
B) astonishing customer service. 
C) bootstrap marketing techniques. 
D) psychographics. 
A) market research. 
B) astonishing customer service. 
C) bootstrap marketing techniques. 
D) psychographics.

Question 14

The price element of the marketing mix affects both sales volume and profits.

Accepted Answer

A) True 
 B)False

Question 15

It is the position of your authors that companies that do not offer quality customer service will eventually fail,for that reason.

Accepted Answer

A) True 
 B)False

Question 16

Small businesses have found out that social media such as Facebook and Twitter are expensive.

Accepted Answer

A) True 
 B)False

Question 17

The primary goal of any business,according to Theodore Levitt,is to create and keep a customer.

Accepted Answer

A) True 
 B)False

Question 18

The best way for a small business to ensure quality products is to use quality inspections.

Accepted Answer

A) True 
 B)False

Question 19

The key to successful innovation is spending "megadollars" on research and development and hiring staff who are very creative.

Accepted Answer

A) True 
 B)False

Question 20

One of the objectives that a bootstrap marketing plan should accomplish is:

Accepted Answer

A) it should pinpoint the target market. 
B) it should determine customer needs,wants and characteristics. 
C) it should identify company vendor potential. 
D) Both A and B 
A) it should pinpoint the target market. 
B) it should determine customer needs,wants and characteristics. 
C) it should identify company vendor potential. 
D) Both A and B

Exam 9: Building a Bootstrap Marketing Plan

The ability to innovate is one of the greatest weaknesses of the entrepreneur.

________ puts the customer at the center of a company's thinking,planning,and action and shifts the focus from a product or service to customers and their needs and wants.

Small businesses are able to maintain a leadership role in innovation by:

Individualized marketing requires business owners to gather and assimilate detailed information about their products.

Too often,business plans describe in great detail what the entrepreneur intends to accomplish but pay too little attention to how he plans to accomplish it.

When asked what they want from a business they deal with,most customers say convenience.

Clementine,DataScope Pro,GoldMine,and MineSet are what type of software packages?

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

________ 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.

What is relationship marketing? What characterizes each of the four levels of customer involvement that is part of relationship marketing?

Profits generally are low and marketing cost high in the introductory stage of the product life cycle.

A key to effective innovation by the entrepreneur is:

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

The price element of the marketing mix affects both sales volume and profits.

It is the position of your authors that companies that do not offer quality customer service will eventually fail,for that reason.

Small businesses have found out that social media such as Facebook and Twitter are expensive.

The primary goal of any business,according to Theodore Levitt,is to create and keep a customer.

The best way for a small business to ensure quality products is to use quality inspections.

The key to successful innovation is spending "megadollars" on research and development and hiring staff who are very creative.

One of the objectives that a bootstrap marketing plan should accomplish 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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