Deck 2: Marketing

Question 1

If you are looking at catering to the _______ market(s),you must look at demographic and psychographic factors.

A)Commercial
B)Industrial
C)Electronics
D)Consumer

Answer 1

D

Question 2

The first thing you need to start a business is:

A)An idea
B)Financial support
C)A product or service
D)A business plan

Answer 2

A

Question 3

All of the following governmental organizations are available to assist entrepreneurs by means of business management seminars and courses,advice,information,and other assistance,except:

A)Industry Canada
B)Statistics Canada
C)Business Development Bank of Canada (BDC)
D)The Canadian Innovation Centre

Answer 3

B

Question 4

The individual who designs and develops a business,and then sells the rights to operate that business to others is called:

A)A franchisor
B)A franchisee
C)A franchise
D)A franchiseship

Question 5

Of the three basic categories into which most new concepts fall,which of the following types caters to consumers in new markets?

A)Type A
B)Type B
C)Type C
D)Type D

Question 6

Which of the following is not one of the evolving social trends predicted to have a major impact on Western culture,as predicted by Faith Popcorn?

A)99 Lives
B)CHANCE
C)Being Alive
D)Anchoring

Question 7

If you are looking at catering to the _______ market,use company size,industry,geographic location,and number of employees to identify a segment.

A)Consumer
B)Retail
C)Industrial
D)Services

Question 8

While Pauline was vacationing in Ireland,she frequented a fantastic modern coffee shop that had childcare facilities directly attached.She enjoyed companionship with other adults,while her children played and socialized in an exciting facility right next door.Upon returning to Canada,Pauline is planning to open a similar concept café in her community.This is an example of which type of new venture concept?

A)Type A
B)Type B
C)Type C
D)Type D

Question 9

All of the following are possible disadvantages when you purchase an existing business,except:

A)Established clientele
B)The cost of "goodwill"
C)Inheriting a bad image
D)Labour difficulties

Question 10

A key factor in starting a high-growth venture is:

A)Selecting the correct location.
B)Choosing the right industry to enter.
C)Retaining the best leadership.
D)Attracting the most investors.

Question 11

The first step in the opportunity selection process is to:

A)Identify your business and personal objectives.
B)Learn more about your favourite industries.
C)Identify promising industry segments.
D)Observe market trends and study industry reports.

Question 12

During the opportunity recognition process,elaboration involves moving the concept forward if it survives the evaluation stage.

Question 13

The "ideal" business,according to Richard Buskirk,involves all of the following,except:

A)Provides 100 percent gross margin
B)Has a recognized,measurable market
C)Requires no labour force
D)Is government regulated

Question 14

Of the three basic categories into which most new concepts fall,which of the following types provides a product which currently exists in the market,but offers greater value?

A)Type A
B)Type B
C)Type C
D)Type D

Question 15

Of the three basic categories into which most new concepts fall,which of the following types introduces new technologies to the marketplace?

A)Type A
B)Type B
C)Type C
D)Type D

Question 16

Which of the following entry strategies allows the owner to bypass the costly startup phase?

A)Buying a franchise
B)Developing an e-business
C)Buying an existing business
D)Incorporation

Question 17

Most "mom-and-pop" stores are considered:

A)High-growth ventures
B)No-growth ventures
C)Lifestyle ventures
D)Stable,enduring ventures

Question 18

All of the following are basic elements in the opportunity recognition process developed by Lumpkin,Hills and Shrader,except:

A)Incubation
B)Development
C)Insight
D)Elaboration

Question 19

The most common source of new venture ideas is:

A)Prior work experience
B)Trade shows and conventions
C)Social contacts
D)Magazines and other publications

Question 20

Which of the following approaches assumes that events such as demographic change,sociopolitical trends,or growth give rise to new business opportunities?

A)Environment approach
B)Societal approach
C)Economic approach
D)Financial approach

Question 21

The failure rate of franchised businesses is reported to be the same as that for independently established firms.

Question 22

The "ideal" business model designed by Richard Buskirk of the University of Southern California consists of three distinct factors that affect the chances of success for any new business: independence,competitiveness,and sustainability.

Question 23

Discuss the conflict that may arise when your hobby turns into an entrepreneurial venture.

Question 24

List five of the best business opportunities for 2013.

Question 25

Describe how the franchisor may provide assistance and support to the franchisee.

Question 26

The Canadian Innovation Centre has a program to help inventors and entrepreneurs crystallize their ideas and commercialize and market the resulting products.

Question 27

Describe,with an example,each of the three basic categories into which new entrepreneurial concepts fall.

Question 28

The opportunity recognition process is linear.

Question 29

How do new business ventures arise from casual observation? Provide an example.

Question 30

Brainstorming occurs where a group of people get together and focus on a single problem and come up with as many deliberately unusual solutions as possible.

Question 31

Outline the six steps in the opportunity selection process.