question

An entrepeneur considers venture location and financial needs during the _____________ process.

answer

Planning

question

Which of the following is an operational issue that entrepreneurs must consider when planning their businesses:

answer

Production process

question

Which of the following is a tool that an entrepreneur develops to project sales for a new business venture:

answer

Sales Forecast

question

When planning for her new business, Janine allocates two percent of the company's estimated annual sales to web and newspaper advertising. Janine is developing a

answer

Promotional Budget

question

Which of the following statements is true about business start-up requirements

answer

The financial needs to start a new business depend on the nature of the venture

question

In order for a business to generate a profit, its operating costs must be __________ the gross margin.

answer

less than

question

The costs of operating a business are often called __________ expenses

answer

overhead

question

Variable expenses increase in direct proportion to the increased rate of

answer

production

question

Regan is deciding if she is willing to give up a secure position with a well-known company so she can start a home-based business. Which of the following risks is Regan assessing:

answer

career

question

Emotional risks that many entrepreneurs face include

answer

a martial tension and family problems

question

Costs of sales for a new manufacturing venture typically include

answer

raw materials, equipment, and product inventory

question

One-time start-up costs often include __________ fees

answer

incorporation

question

Which of the following is a characteristic of a well-conducted feasibility study:

answer

complete

question

The primary purpose of a feasibility study is to answer which of the following questions:

answer

should we proceed with the project

question

Which of the following statements is true regarding training for entrepreneurial ventures:

answer

The type of training and education that entrepreneurs need depends on the nature of the start-up business

question

Successful entrepreneurs enjoy their work and often start their businesses so that they can share their interests and enthusiasm with others. In other words, successful entrepreneurs have __________ for what they do.

answer

passion

question

Which of the following sources of start-up information would you recommend to an entrepreneur looking for information about the average start-up and operating costs for a self-serve laundromat:

answer

Coin laundry trade association

question

A reliable online source of general business start-up information is

answer

the Small Business Administration (www.sba.gov)

question

Marketing strategies are designed and implemented for the overall purpose of

answer

achieving planned goals

question

Which of the following is a consideration in the place element of marketing:

answer

Choosing distribution channels

question

Which of the following best describes the role of tactics in marketing strategies:

answer

Specific actions

question

Companies have been forced to pay more attention to the specific needs of consumers because of

answer

competition

question

Procter & Gamble's decision to offer different types of soaps in a wide range of prices is an example of

answer

market segmentation

question

When sellers offer one-size-fits-all products that will appeal to most buyers, they are using

answer

mass marketing

question

Marzetti's Musical Instruments has determined that it will focus its marketing efforts on senior high-school students. Marzetti's is engaged in _________ marketing.

answer

target

question

The same person can be included in more than one

answer

target market

question

Marketers should check on their markets periodically because markets can

answer

change

question

Sorting customers by their physical and social characteristics is called _________ segmentation.

answer

demographic

question

The community college has decided to market its evening classes to women between the ages of 18 and 30 who are high-school graduates. What type of segmentation is the college using?

answer

demographic

question

Geographic segmentation is dividing a market by where customers are

answer

living

question

Which question do customers ask in behavioral segmentation?

answer

how will the product benefit me

question

Which of the following should be included in a marketing plan's executive summary:

answer

The organization's mission statement

question

Which of the following is often included in a marketing plan's situation analysis:

answer

A SWOT analysis chart

question

What section of the marketing plan includes information about expected results?

answer

Performance and implementation

question

Which of the following items might be included in a marketing plan's appendix:

answer

A product photograph

question

A marketing plan should outline the specific activities that the business will use to

answer

achieve its marketing objectives

question

Which of the following is an important benefit of marketing plans:

answer

They can help obtain funding

question

Where in a marketing plan would a business discuss how it plans to communicate with its customers?

answer

Marketing strategies and programs

question

Which of the following is a question that a business should answer about its target market while conducting a situational analysis:

answer

What are our customers buying

question

Which of the following situations presents a business threat to a company:

answer

A competitor obtains a bank loan for expansion

question

Which of the following is an external threat that a company might identify while conducting a situation analysis:

answer

Rising inflation rate

question

A business identifies a market that shares common characteristics on the basis of where people live and work, which is an example of market identification by __________ segmentation

answer

geographic

question

Businesses that segment the market based on psychographics are grouping people according to their

answer

lifestyles

question

Identifying market segments helps a business to develop appropriate

answer

marketing strategies

question

When a business selects a target market, the most useful or desirable market segments to the business are those that are measurable and

answer

accessible

question

Selecting a target market based on very specific criteria that limit the audience to a well-defined segment is an example of

answer

niche marketing

question

When the Green Company selected its target market, it decided to ignore the segment differences and generate appeal with one offer. The company is using __________ marketing.

answer

mass

question

Which of the following is a factor that businesses often consider when conducting a market analysis:

answer

Size of the market next year

question

One of the purposes of conducting a market analysis is to develop a(n)

answer

customer profile

question

When a business conducts a market analysis and identifies territories, determines the possible buyers in the territories, and estimates the buyers' purchases, it is evaluating the

answer

area's market potential

question

What is a potential threat a manager might identify in a SWOT analysis?

answer

Growing government regulation

question

Which of the following questions is it important to ask to determine the business's strengths when conducting a SWOT analysis:

answer

Where are we making money

question

Which of the following is a question that a business might ask when it wants to evaluate its weaknesses:

answer

What resources do we lack

question

One reason why it is often important for businesses to conduct a competitive analysis is to identify

answer

external threats

question

Which of the following is an activity that a business performs when conducting a competitive analysis:

answer

Monitors rivals' marketing strategies

question

One way that a business can learn about its competitors' activities is by

answer

reviewing secondary data

question

Entrepreneurial discovery is an important process in a free-enterprise economic system because an entrepreneur or small-business owner can:

answer

Satisfy an unmet demand

question

Which of the following statements is true about entrepreneurial discovery?

answer

It's an ongoing process that facilitates a business's success rate

question

The entrepreneurial discovery process requires knowledge and the recognition of a(n):

answer

Market need

question

Which of the following is an example of a demographic trend that has encouraged entrepreneurial discovery?

answer

Increased cultural diversity

question

Identifying new product opportunities usually requires a person to be:

answer

Aware

question

When conducting an environmental scan, which of the following is an economic factor that a business should consider?

answer

Consumer spending habits

question

Which of the following is a true statement about a business's environment?

answer

It is always changing

question

Which of the following is an example of a demographic trend?

answer

The aging of the population

question

Which of the following examples illustrates how environmental factors are interrelated?

answer

The economy affects what competitors are doing

question

Which of the following is a global trend that might encourage an entrepreneur to consider international business opportunities?

answer

Lower tariffs

question

When determining venture-creation opportunities, entrepreneurs must first:

answer

Conduct research

question

Which of the following does effective product/service management help businesses to do:

answer

To compete

question

When considering a new product for your company, you decide to introduce the product in only three states for a six-month period. This is known as

answer

test marketing.

question

Which of the following is a characteristic of pure services:

answer

Does not include a tangible product

question

Product/service management is a marketing function that involves obtaining, developing, maintaining, and improving a product or service mix in response to

answer

market opportunities

question

When considering the services to offer customers, a business should determine if a specific service would

answer

enhance customer-satisfaction levels

question

A business is extending its operating hours to accommodate its customers. Which of the following is a business cost associated with this service:

answer

Higher payroll expenses

question

A person who owns, operates, and takes the risk of a business venture is

answer

An entrepreneur

question

A person who works for someone else is

answer

and employee

question

Which of the following does effective product/service management help businesses to do:

answer

To compete

question

When considering a new product for your company, you decide to introduce the product in only three states for a six-month period. This is known as

answer

test marketing

question

Which of the following is a characteristic of pure services:

answer

Does not include a tangible product

question

Product/service management is a marketing function that involves obtaining, developing, maintaining, and improving a product or service mix in response to

answer

market opportunities

question

Which of the following is an example of a company's using brand extension:

answer

Coca-Cola adding Caffeine-Free Diet Coke

question

Which of the following factors helps a business to determine its product mix:

answer

Size and target market goods

question

To appeal to a target market with slightly different needs, a business decides to add a group of related items to its product mix. This is called a

answer

line extension

question

The product mix that a business decides to offer customers helps to project the business's

answer

unique image

question

One way for a business to expand its product mix is by

answer

acquiring another company

question

When a business expands its product mix, its goal is to appeal to

answer

more market segments with a wider variety of options

question

Due to lackluster sales, the Elba Corporation has decided to eliminate several of its product lines. Elba's executives hope that by focusing on fewer product lines, they will see more profit. The Elba Corporation is planning to adjust the _________ of its product mix.

answer

width

question

When considering the services to offer customers, a business should determine if a specific service would

answer

enhance customer-satisfaction levels competitors

question

A business that emphasizes a product's environmental friendliness is positioning the product by focusing on

answer

attributes

question

When a business emphasizes a product's degree of excellence, it is positioning the product by its

answer

quality

question

If the XOB Company wants to emphasize the advantages of its product in comparison to similar products in the marketplace, it should position its product in relation to

answer

competitors

question

Marketers often condense USPs into short slogans because

answer

customers tend to remember just one thing from an advertisement

question

A business that fails to protect its employees from unnecessary risk or health hazards on the job may be sued for

answer

negligence

question

Which of the following types of laws protects a business's inventions or written works from the unauthorized use by others

answer

Intellectual property

question

The primary reason that governments regulate business activities is to

answer

protect the well-being of individuals and businesses

question

The form of business ownership that can raise money easily is the

answer

corporation.

question

The form of business ownership that can raise money easily is the

answer

ease of start-up

question

A disadvantage of a general partnership is that each partner

answer

is liable for the business's losses

question

Which of the following is an example of a written business inquiry:

answer

An e-mail requesting vendor pricing and discounts

question

Which of the following is a reason why managers develop company objectives:

answer

To identify business purpose

question

Managers use the broad objectives they develop for a business as the basis for setting

answer

performance targets

question

An effective mission statement should effectively reflect the business's

answer

core values

question

Metrics that gauge the market's buying habits and attitudes relate to the

answer

customer

12 Week Benchmark Entrepreneurship I – Flashcards

Unlock all answers in this set

Haven't found what you were looking for?

Search for samples, answers to your questions and flashcards