Question 1

Successful marketing requires a business owner to ________.

Accepted Answer

A)  understand target customers' needs, demands, and wants 
B)  offer customers products and services that will satisfy their needs, demands, and wants 
C)  provide customers with service, convenience, and value so that they will return 
D)  All of the above 
A)  understand target customers' needs, demands, and wants 
B)  offer customers products and services that will satisfy their needs, demands, and wants 
C)  provide customers with service, convenience, and value so that they will return 
D)  All of the above

Question 2

One "natural" advantage small businesses have over large businesses, which can be a significant competitive advantage, is ________.

Accepted Answer

A)  building a community with customers and connecting with them on an emotional level 
B)  their ability to conduct market research 
C)  their lower costs 
D)  their ability to serve many highly diverse target markets 
A)  building a community with customers and connecting with them on an emotional level 
B)  their ability to conduct market research 
C)  their lower costs 
D)  their ability to serve many highly diverse target markets

Question 3

A bootstrap marketing plan should identify a small company's target customers and describe how the business will attract and keep them.

Accepted Answer

A) True 
 B)False

Question 4

Which of the following is not a suggestion for using time compression management (TCM) to turn speed into a competitive advantage?

Accepted Answer

A)  Instill speed in the company's culture. 
B)  Use technology to find shortcuts wherever possible. 
C)  Pay workers more if they do their jobs the same way - only faster. 
D)  Set aggressive goals for time reduction and stick to them. 
A)  Instill speed in the company's culture. 
B)  Use technology to find shortcuts wherever possible. 
C)  Pay workers more if they do their jobs the same way - only faster. 
D)  Set aggressive goals for time reduction and stick to them.

Question 5

Bootstrap marketing is a marketing approach that takes an unconventional, low-cost and creative approach to marketing that can give ________ a competitive edge over ________ competitors.

Accepted Answer

A)  small companies; larger 
B)  larger companies; smaller 
C)  small companies; entrepreneurial 
D)  entrepreneurs; small 
A)  small companies; larger 
B)  larger companies; smaller 
C)  small companies; entrepreneurial 
D)  entrepreneurs; small

Question 6

The best way to find out what customers really want and value is to ask them.

Accepted Answer

A) True 
 B)False

Question 7

An individualized (one-to-one) marketing campaign requires business owners to ________.

Accepted Answer

A)  collect information on their customers, linking their identities to their transactions 
B)  calculate the long-term value of their customers so they know which ones are most desirable and most profitable 
C)  practice "just-in-time marketing" by knowing what their customers' buying cycle is and time their marketing efforts to coincide with it 
D)  All of the above 
A)  collect information on their customers, linking their identities to their transactions 
B)  calculate the long-term value of their customers so they know which ones are most desirable and most profitable 
C)  practice "just-in-time marketing" by knowing what their customers' buying cycle is and time their marketing efforts to coincide with it 
D)  All of the above

Question 8

What can a company do to achieve stellar customer service and satisfaction?

Accepted Answer

A)  Listen to customers with the help of suggestion boxes, focus groups, surveys, and other tools. 
B)  Define what "superior service" means so that customers and employees know exactly what to expect and what to provide. 
C)  Hire friendly, courteous sales and service representatives. 
D)  All of the above 
A)  Listen to customers with the help of suggestion boxes, focus groups, surveys, and other tools. 
B)  Define what "superior service" means so that customers and employees know exactly what to expect and what to provide. 
C)  Hire friendly, courteous sales and service representatives. 
D)  All of the above

Question 9

Which of the following was not identified as one of the bootstrap marketing principles in your text?

Accepted Answer

A)  Strive to be like everyone else so that your company "fits in." 
B)  Create an identity for your business. 
C)  Connect with customers on an emotional level. 
D)  Do not just sell-entertain. 
A)  Strive to be like everyone else so that your company "fits in." 
B)  Create an identity for your business. 
C)  Connect with customers on an emotional level. 
D)  Do not just sell-entertain.

Question 10

Companies with a customer focus typically ask their customers all but which of the following questions?

Accepted Answer

A)  What are we doing right? 
B)  What have we done wrong? 
C)  What can we do in the future? 
D)  What have our competitors done wrong? 
A)  What are we doing right? 
B)  What have we done wrong? 
C)  What can we do in the future? 
D)  What have our competitors done wrong?

Question 11

The process of systematically creating the optimum experience for customers every time they interact with the company is ________.

Accepted Answer

A)  total quality management (TQM) 
B)  time compression management (TCM) 
C)  customer experience management (CEM) 
D)  guerilla marketing 
A)  total quality management (TQM) 
B)  time compression management (TCM) 
C)  customer experience management (CEM) 
D)  guerilla marketing

Question 12

Your friend Maria is experiencing declining sales in the business she has owned and successfully operated for three years. She has asked for your guidance in determining the course(s) of action she should take. Your recommendation to her is to undertake a marketing research project. Briefly outline the steps involved in market research. She is concerned that market research will be too expensive and sophisticated for a small business such as hers. Is this true? Explain.

Accepted Answer

The steps in marketing research include:

Question 13

Studies have found that customers value convenience and easy access to goods and services.

Accepted Answer

A) True 
 B)False

Question 14

The marketing approach that is most effective today for a small business is ________.

Accepted Answer

A)  mass marketing 
B)  market segmentation 
C)  niche marketing 
D)  individualized (one-to-one) marketing 
A)  mass marketing 
B)  market segmentation 
C)  niche marketing 
D)  individualized (one-to-one) marketing

Question 15

Warren Cassell, owner of Just Books, a very small book store, makes special orders for customers at no extra charge, provides free gift-wrapping, conducts out-of-print book searches, offers autographed copies of books, hosts "Meet the Author" breakfasts, and publishes a newsletter for book lovers. By offering his customers lots of "extras" they do not get at larger bookstores, Cassell has won a growing base of loyal customers. Cassell is relying on which marketing strategy?

Accepted Answer

A)  Demographic marketing 
B)  Transaction selling 
C)  Individualized marketing 
D)  Bootstrap marketing 
A)  Demographic marketing 
B)  Transaction selling 
C)  Individualized marketing 
D)  Bootstrap marketing

Question 16

Which of the following is not a primary market research source?

Accepted Answer

A)  Customer surveys 
B)  Focus groups 
C)  Daily transactions 
D)  All of the above are sources of primary market research. 
A)  Customer surveys 
B)  Focus groups 
C)  Daily transactions 
D)  All of the above are sources of primary market research.

Question 17

Which of the following statements concerning marketing research is false?

Accepted Answer

A)  Market research is the vehicle for gathering the information that serves as the foundation for the company's marketing plan, helps avoid costly marketing mistakes, and can uncover unmet customer needs the business can serve. 
B)  Market research involves systematically collecting, analyzing, and interpreting data pertaining to the small company's market, customers, and competitors. 
C)  Small companies are at a distinct disadvantage compared to larger ones when conducting market research since it is so expensive. 
D)  Small businesses cannot afford to miss their target markets and market research can help them focus their efforts. 
A)  Market research is the vehicle for gathering the information that serves as the foundation for the company's marketing plan, helps avoid costly marketing mistakes, and can uncover unmet customer needs the business can serve. 
B)  Market research involves systematically collecting, analyzing, and interpreting data pertaining to the small company's market, customers, and competitors. 
C)  Small companies are at a distinct disadvantage compared to larger ones when conducting market research since it is so expensive. 
D)  Small businesses cannot afford to miss their target markets and market research can help them focus their efforts.

Question 18

Tracking ________ patterns can enable entrepreneurs to adjust their strategies accordingly to better position them to take advantage of the opportunities these trends may create.

Accepted Answer

A)  population 
B)  demographic 
C)  weather 
D)  traffic 
A)  population 
B)  demographic 
C)  weather 
D)  traffic

Question 19

The foundation of every business is ________.

Accepted Answer

A)  its products and services 
B)  satisfying the customer through a customer-driven marketing strategy 
C)  doing whatever it takes to earn a profit 
D)  operating in a socially responsible manner 
A)  its products and services 
B)  satisfying the customer through a customer-driven marketing strategy 
C)  doing whatever it takes to earn a profit 
D)  operating in a socially responsible manner

Question 20

A critical marketing step is to clearly define their target market.

Accepted Answer

A) True 
 B)False

Successful marketing requires a business owner to ________.

One "natural" advantage small businesses have over large businesses, which can be a significant competitive advantage, is ________.

A bootstrap marketing plan should identify a small company's target customers and describe how the business will attract and keep them.

Which of the following is not a suggestion for using time compression management (TCM) to turn speed into a competitive advantage?

Bootstrap marketing is a marketing approach that takes an unconventional, low-cost and creative approach to marketing that can give a competitive edge over competitors.

The best way to find out what customers really want and value is to ask them.

An individualized (one-to-one) marketing campaign requires business owners to ________.

What can a company do to achieve stellar customer service and satisfaction?

Which of the following was not identified as one of the bootstrap marketing principles in your text?

Companies with a customer focus typically ask their customers all but which of the following questions?

The process of systematically creating the optimum experience for customers every time they interact with the company is ________.

Studies have found that customers value convenience and easy access to goods and services.

The marketing approach that is most effective today for a small business is ________.

Which of the following is not a primary market research source?

Which of the following statements concerning marketing research is false?

Tracking ________ patterns can enable entrepreneurs to adjust their strategies accordingly to better position them to take advantage of the opportunities these trends may create.

The foundation of every business is ________.

A critical marketing step is to clearly define their target market.

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

Successful marketing requires a business owner to ________.

One "natural" advantage small businesses have over large businesses, which can be a significant competitive advantage, is ________.

A bootstrap marketing plan should identify a small company's target customers and describe how the business will attract and keep them.

Which of the following is not a suggestion for using time compression management (TCM) to turn speed into a competitive advantage?

Bootstrap marketing is a marketing approach that takes an unconventional, low-cost and creative approach to marketing that can give ________ a competitive edge over ________ competitors.

The best way to find out what customers really want and value is to ask them.

An individualized (one-to-one) marketing campaign requires business owners to ________.

What can a company do to achieve stellar customer service and satisfaction?

Which of the following was not identified as one of the bootstrap marketing principles in your text?

Companies with a customer focus typically ask their customers all but which of the following questions?

The process of systematically creating the optimum experience for customers every time they interact with the company is ________.

Studies have found that customers value convenience and easy access to goods and services.

The marketing approach that is most effective today for a small business is ________.

Which of the following is not a primary market research source?

Which of the following statements concerning marketing research is false?

Tracking ________ patterns can enable entrepreneurs to adjust their strategies accordingly to better position them to take advantage of the opportunities these trends may create.

The foundation of every business is ________.

A critical marketing step is to clearly define their target market.

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

Bootstrap marketing is a marketing approach that takes an unconventional, low-cost and creative approach to marketing that can give a competitive edge over competitors.