Question 1

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

Accepted Answer

A) True 
 B)False

Question 2

Watching the top ten TV shows, seeing the top ten movies, or listening to her children are all ways a small business owner could conduct market research.

Accepted Answer

A) True 
 B)False

Question 3

Demographics are the study of important population characteristics such as age, income, education, race, and others.

Accepted Answer

A) True 
 B)False

Question 4

Since front-line service workers are not able to predict the causes of customer complaints, managers must be the ones to identify potential customer service problems.

Accepted Answer

A) True 
 B)False

Question 5

The Internet offers entrepreneurs tools to provide existing and potential customers with meaningful information ________.

Accepted Answer

A)  in a passive, one-directional manner 
B)  for those with advanced high-tech skills 
C)  in a complex and difficult-to-manage method 
D)  in an interactive rather than passive setting 
A)  in a passive, one-directional manner 
B)  for those with advanced high-tech skills 
C)  in a complex and difficult-to-manage method 
D)  in an interactive rather than passive setting

Question 6

________ pay the bills: without them, you have no business.

Accepted Answer

A)  Accountants 
B)  Employers 
C)  Employees 
D)  Customers 
A)  Accountants 
B)  Employers 
C)  Employees 
D)  Customers

Question 7

Market research is a valuable tool for defining the firm's target market, its needs, and its potential profitability.

Accepted Answer

A) True 
 B)False

Question 8

When an employee in a business treats a customer poorly, that customer usually does not complain; however, she does tell her "horror story" about that business to more than 10 other people.

Accepted Answer

A) True 
 B)False

Question 9

Why is it important for small business owners to track demographic trends? How can small companies become effective trend trackers?

Accepted Answer

Shifting patterns in age, income, educat

Question 10

The specific group of customers at whom a company aims its goods and services is its target market.

Accepted Answer

A) True 
 B)False

Question 11

By using bootstrap marketing strategies (unconventional, low-cost, creative techniques) small companies can get as much "bang" for their marketing bucks as their larger rivals.

Accepted Answer

A) True 
 B)False

Question 12

Customer experience management (CEM) is the process of systematically creating the optimum experience for their customers every time they interact with the company.

Accepted Answer

A) True 
 B)False

Question 13

The total quality management (TQM) concept ________.

Accepted Answer

A)  strives to achieve quality not just in the product or service itself, but in every aspect of the business and its relationship with the customer 
B)  relies on quality inspections through an army of quality control inspectors 
C)  focuses on reducing the time it takes to fulfill a customer's request for a product 
D)  None of the above 
A)  strives to achieve quality not just in the product or service itself, but in every aspect of the business and its relationship with the customer 
B)  relies on quality inspections through an army of quality control inspectors 
C)  focuses on reducing the time it takes to fulfill a customer's request for a product 
D)  None of the above

Question 14

One of the most effective bootstrap marketing tactics is to create an image of ________ for the business.

Accepted Answer

A)  uniqueness 
B)  similarity 
C)  seriousness 
D)  all of the above 
A)  uniqueness 
B)  similarity 
C)  seriousness 
D)  all of the above

Question 15

The Internet allows creative small business owners to make their companies look as big as their larger rivals.

Accepted Answer

A) True 
 B)False

Question 16

For an entrepreneur, a business plan ________.

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

Question 17

Some of the most successful companies interact with their customers regularly, intentionally, and purposefully to create meaningful and lasting ________.

Accepted Answer

A)  relationships 
B)  sales 
C)  obligations 
D)  memories 
A)  relationships 
B)  sales 
C)  obligations 
D)  memories

Question 18

Describe why a small business might gain a competitive edge over its rivals by using a focus on the customer, devotion to quality, paying attention to convenience, concentration on innovation, dedication to service, and emphasis on speed.

Accepted Answer

∙ Focusing on the customer develops and

Question 19

A common mistake entrepreneurs make is ________.

Accepted Answer

A)  assuming that a market exists for their product or service 
B)  taking too much time to conduct planning and research 
C)  conducting informal research 
D)  conducting online research, which is too impersonal and does not yield accurate information 
A)  assuming that a market exists for their product or service 
B)  taking too much time to conduct planning and research 
C)  conducting informal research 
D)  conducting online research, which is too impersonal and does not yield accurate information

Question 20

Your friend has decided to conduct market research to assist in making informed decisions for her/his small business. What should you recommend as the first step in the market research process?

Accepted Answer

A)  Collect data 
B)  Define the objective 
C)  Design the research 
D)  Determine the relevant information 
A)  Collect data 
B)  Define the objective 
C)  Design the research 
D)  Determine the relevant information

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

Watching the top ten TV shows, seeing the top ten movies, or listening to her children are all ways a small business owner could conduct market research.

Demographics are the study of important population characteristics such as age, income, education, race, and others.

Since front-line service workers are not able to predict the causes of customer complaints, managers must be the ones to identify potential customer service problems.

The Internet offers entrepreneurs tools to provide existing and potential customers with meaningful information ________.

________ pay the bills: without them, you have no business.

Market research is a valuable tool for defining the firm's target market, its needs, and its potential profitability.

When an employee in a business treats a customer poorly, that customer usually does not complain; however, she does tell her "horror story" about that business to more than 10 other people.

Why is it important for small business owners to track demographic trends? How can small companies become effective trend trackers?

The specific group of customers at whom a company aims its goods and services is its target market.

By using bootstrap marketing strategies (unconventional, low-cost, creative techniques) small companies can get as much "bang" for their marketing bucks as their larger rivals.

Customer experience management (CEM) is the process of systematically creating the optimum experience for their customers every time they interact with the company.

The total quality management (TQM) concept ________.

One of the most effective bootstrap marketing tactics is to create an image of ________ for the business.

The Internet allows creative small business owners to make their companies look as big as their larger rivals.

For an entrepreneur, a business plan ________.

Some of the most successful companies interact with their customers regularly, intentionally, and purposefully to create meaningful and lasting ________.

Describe why a small business might gain a competitive edge over its rivals by using a focus on the customer, devotion to quality, paying attention to convenience, concentration on innovation, dedication to service, and emphasis on speed.

A common mistake entrepreneurs make is ________.

Your friend has decided to conduct market research to assist in making informed decisions for her/his small business. What should you recommend as the first step in the market research process?

The Foundations of Entrepreneurship

Ethics and Social Responsibility: Doing the Right Thing

Inside the Entrepreneurial Mind: From Ideas to Reality

Conducting a Feasibility Analysis and Designing a Business Model

Crafting a Business Plan and Building a Solid Strategic Plan

Forms of Business Ownership and Buying an Existing Business

Franchising and the Entrepreneur

E-Commerce and the Entrepreneur

Pricing and Credit Strategies

Creating a Successful Financial Plan

Managing Cash Flow

Sources of Financing: Debt and Equity

Choosing the Right Location and Layout

Global Opportunities

Building a Team and Management Succession

Filters

Exam 8: Building a Powerful Bootstrap Marketing Plan

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

Watching the top ten TV shows, seeing the top ten movies, or listening to her children are all ways a small business owner could conduct market research.

Demographics are the study of important population characteristics such as age, income, education, race, and others.

Since front-line service workers are not able to predict the causes of customer complaints, managers must be the ones to identify potential customer service problems.

The Internet offers entrepreneurs tools to provide existing and potential customers with meaningful information ________.

________ pay the bills: without them, you have no business.

Market research is a valuable tool for defining the firm's target market, its needs, and its potential profitability.

When an employee in a business treats a customer poorly, that customer usually does not complain; however, she does tell her "horror story" about that business to more than 10 other people.

Why is it important for small business owners to track demographic trends? How can small companies become effective trend trackers?

The specific group of customers at whom a company aims its goods and services is its target market.

By using bootstrap marketing strategies (unconventional, low-cost, creative techniques) small companies can get as much "bang" for their marketing bucks as their larger rivals.

Customer experience management (CEM) is the process of systematically creating the optimum experience for their customers every time they interact with the company.

The total quality management (TQM) concept ________.

One of the most effective bootstrap marketing tactics is to create an image of ________ for the business.

The Internet allows creative small business owners to make their companies look as big as their larger rivals.

For an entrepreneur, a business plan ________.

Some of the most successful companies interact with their customers regularly, intentionally, and purposefully to create meaningful and lasting ________.

Describe why a small business might gain a competitive edge over its rivals by using a focus on the customer, devotion to quality, paying attention to convenience, concentration on innovation, dedication to service, and emphasis on speed.

A common mistake entrepreneurs make is ________.

Your friend has decided to conduct market research to assist in making informed decisions for her/his small business. What should you recommend as the first step in the market research process?

The Foundations of Entrepreneurship

Ethics and Social Responsibility: Doing the Right Thing

Inside the Entrepreneurial Mind: From Ideas to Reality

Conducting a Feasibility Analysis and Designing a Business Model

Crafting a Business Plan and Building a Solid Strategic Plan

Forms of Business Ownership and Buying an Existing Business

Franchising and the Entrepreneur

E-Commerce and the Entrepreneur

Pricing and Credit Strategies

Creating a Successful Financial Plan

Managing Cash Flow

Sources of Financing: Debt and Equity

Choosing the Right Location and Layout

Global Opportunities

Building a Team and Management Succession

Filters