Exam 9: Building a Bootstrap Marketing Plan

Studies show that customers want ________ from businesses almost more than anything else.

Truly customer-oriented companies seek to go beyond customer satisfaction,striving for customer astonishment.

Entrepreneurs who recognize demographic,social,and cultural trends as they emerge have the opportunity to ________ their companies from the competition in meaningful ways.

How is the target market important to the small business? What does this concept signify about changes in marketing?

Because of their organizational and managerial flexibility,small businesses often can detect and act on new opportunities faster than large companies.

Most dissatisfied customers complain about rude or discourteous service to the owner or manager.

The most effective way to market to the diversity of the American market is to choose a single ethnic segment and market to it as if it were a homogeneous market.

Market research answers what important question for the small business owner?

The marketing function cuts across the entire company,affecting every aspect of its operation.

Promotion involves both advertising and lengthy warranties.

The total quality management (TQM)concept:

________ recognizes that any improvement in quality may improve a company's competitive ability.

Describe the product life cycle,naming and explaining what characterizes each stage.

What is time compression management and what does it involve?

The time span between stages in the product life cycle:

Listening to customers and responding to what you hear from them is a highly effective way to achieve stellar customer service.

Which strategy allows a small company to maximize the advantages of its smallness and to compete effectively even in industries dominated by giants?

The level of customer service in most small companies is excellent.

The cost of marketing a product is highest in the:

What is the value of market research to the small business owner? How can he/she use it?