Exam 8: Building a Powerful Bootstrap Marketing Plan

________ is the key to future success and small companies can detect and act on new opportunities faster than large companies.

Time compression management (TCM) involves ________.

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 customers' behavior is known as ________.

A company has a competitive edge when customers perceive that its products or services are superior to those of competitors.

Superior service companies devote ________ percent of their employees' work hours to training, concentrating on how to meet, greet, and serve customers.

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

________ 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 techniques does marketing consultant Faith Popcorn recommend to small business owners interested in tracking market trends?

Branding is communicating a company's unique selling proposition to its target customers in a consistent and integrated manner.

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

How can Marvin develop "stellar" customer service?

In addition to treating employees with respect, smart entrepreneurs see customer service as an investment that builds long-term value for their companies through ________.

Entrepreneurs can find the right match based on trends, their products or services, and the appropriate target markets through ________.

Because about 20 percent of a typical company's customers account for about 80 percent of its sales, a business should focus its resources on keeping its best customers rather than trying to chase "fair weather" customers who will defect to any better deal that comes along.

Primary research data is less time consuming and less costly to gather than secondary research data.

Secondary research data is less time consuming and less costly to gather than primary research data.

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

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

The best companies seek to go beyond customer satisfaction, striving for customer ________.

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