Question 1

Sales and profits peak in the growth stage of the product life cycle.

Accepted Answer

A) True 
 B)False

Question 2

TCM is the acronym for:

Accepted Answer

A) total customer management. 
B) time compression management. 
C) total customer marketing. 
D) total compression management. 
A) total customer management. 
B) time compression management. 
C) total customer marketing. 
D) total compression management.

Question 3

Small business owners can use market research to uncover potential market opportunities.

Accepted Answer

A) True 
 B)False

Question 4

What is "revenue at risk?"

Accepted Answer

"Revenue at risk" is the sales revenue a

Question 5

Most marketing experts contend that the greatest marketing mistake small businesses make is defining their target market too specifically or clearly.

Accepted Answer

A) True 
 B)False

Question 6

A target market is the group of customers at whom the company aims its products and services.

Accepted Answer

A) True 
 B)False

Question 7

Giving customers a chance to complain about a problem usually is fruitless;once a business makes a customer angry,he typically will not buy from that company again under any circumstances.

Accepted Answer

A) True 
 B)False

Question 8

The key to successful time compression management is speeding up the manufacturing process,since manufacturing consumes 90% of the time it takes to get the order into the customer's hand.

Accepted Answer

A) True 
 B)False

Question 9

________ is drawing customers into a store by creating a kaleidoscope of sights,sounds,smells,and activities,all designed to entertain and,of course,to sell.

Accepted Answer

A) Retailing 
B) Entertailing 
C) Etailing 
D) Merchandising 
A) Retailing 
B) Entertailing 
C) Etailing 
D) Merchandising

Question 10

Market research frequently only confirms the intuition of the small business owner.

Accepted Answer

A) True 
 B)False

Question 11

Free trial offers,free delivery,lengthy warranties,and money back guarantees are examples of:

Accepted Answer

A) promotion. 
B) product differentiation. 
C) non-price competition. 
D) customer discounts. 
A) promotion. 
B) product differentiation. 
C) non-price competition. 
D) customer discounts.

Question 12

________ 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) Retailing 
B) Selling 
C) Marketing 
D) None of the above 
A) Retailing 
B) Selling 
C) Marketing 
D) None of the above

Question 13

The product life cycle concept means that small businesses must:

Accepted Answer

A) constantly be involved in product innovation. 
B) track demographic and psychographic trends carefully. 
C) create both place and time utility if they are to survive. 
D) use a market penetration strategy if they are to be successful. 
A) constantly be involved in product innovation. 
B) track demographic and psychographic trends carefully. 
C) create both place and time utility if they are to survive. 
D) use a market penetration strategy if they are to be successful.

Question 14

________ refers to developing,maintaining,and managing long-term relationships with customers so that they will want to keep coming back.

Accepted Answer

A) Customer relationship management 
B) Customer retention management 
C) Customer management software 
D) Customer reassurance management 
A) Customer relationship management 
B) Customer retention management 
C) Customer management software 
D) Customer reassurance management

Question 15

The marketing goal of a small business is to treat each customer as a(n):

Accepted Answer

A) individual. 
B) group. 
C) profit center. 
D) cost center. 
A) individual. 
B) group. 
C) profit center. 
D) cost center.

Question 16

________ 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) Guerilla marketing strategy 
B) Data mining 
C) Customer relationship management (CRM) 
D) Entertailing 
A) Guerilla marketing strategy 
B) Data mining 
C) Customer relationship management (CRM) 
D) Entertailing

Question 17

The key to marketing success is:

Accepted Answer

A) economy of scale in promotion by creating broad-based ad campaigns. 
B) understanding customers' unique needs,wants and preferences. 
C) the use of direct-marketing and e-commerce. 
D) catering to teenagers. 
A) economy of scale in promotion by creating broad-based ad campaigns. 
B) understanding customers' unique needs,wants and preferences. 
C) the use of direct-marketing and e-commerce. 
D) catering to teenagers.

Question 18

A bootstrap marketing plan should have four objectives: profit,profit,profit,and profit.

Accepted Answer

A) True 
 B)False

Question 19

When a company makes a product available to the customer when he/she wants it,the company is providing place utility to the customer.

Accepted Answer

A) True 
 B)False

Question 20

Companies with strong reputations for quality follow certain guidelines,such as:

Accepted Answer

A) establishing long-term relationships with suppliers. 
B) fostering individual effort and pride of workmanship. 
C) rewarding employees for compliance to rules and procedures. 
D) building an extensive quality inspection system with many quality inspectors. 
A) establishing long-term relationships with suppliers. 
B) fostering individual effort and pride of workmanship. 
C) rewarding employees for compliance to rules and procedures. 
D) building an extensive quality inspection system with many quality inspectors.

Exam 9: Building a Bootstrap Marketing Plan

Sales and profits peak in the growth stage of the product life cycle.

TCM is the acronym for:

Small business owners can use market research to uncover potential market opportunities.

What is "revenue at risk?"

Most marketing experts contend that the greatest marketing mistake small businesses make is defining their target market too specifically or clearly.

A target market is the group of customers at whom the company aims its products and services.

Giving customers a chance to complain about a problem usually is fruitless;once a business makes a customer angry,he typically will not buy from that company again under any circumstances.

The key to successful time compression management is speeding up the manufacturing process,since manufacturing consumes 90% of the time it takes to get the order into the customer's hand.

________ is drawing customers into a store by creating a kaleidoscope of sights,sounds,smells,and activities,all designed to entertain and,of course,to sell.

Market research frequently only confirms the intuition of the small business owner.

Free trial offers,free delivery,lengthy warranties,and money back guarantees are examples of:

________ 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.

The product life cycle concept means that small businesses must:

________ refers to developing,maintaining,and managing long-term relationships with customers so that they will want to keep coming back.

The marketing goal of a small business is to treat each customer as a(n):

________ 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.

The key to marketing success is:

A bootstrap marketing plan should have four objectives: profit,profit,profit,and profit.

When a company makes a product available to the customer when he/she wants it,the company is providing place utility to the customer.

Companies with strong reputations for quality follow certain guidelines,such as:

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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