Flashcards About ENT 4351 Midterm
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Which of the following is a "problem" that an entrepreneur can address?
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A toy that does not meet the expectations of customers
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How does the public reward entrepreneurs who use resources efficiently to satisfy consumer needs?
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with profit
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In relation to franchising advantages, you purchase the use of the company's logo, trademark, and advertising, as well as the physical design, layout, and décor that ensure ________.
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recognition
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Any cost saving resulting from franchisee purchasing power helps to offset other costs, such as franchise ________.
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fees
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Examples of poor fit include ________.
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personality, work environment, and lifestyle
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Two primary risks start-ups face are ________.
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not finding a sufficient market and not being able to operate profitably
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A(n) ________ is a buyout plan for investors' equity.
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IPO
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If the Foreign Exchange rate between the Japanese yen and the euro is 190:1, how many yen will equal 10 euros?
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1900
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Smart marketers always emphasize ________.
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benefits not features
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Fixed operating costs ________.
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not included in COGS, include expenses like the power bill and rent
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The primary cost of production in a service business is which of the following?
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labor
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TV advertising rates are comparatively ________ to other media.
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high
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Which of the following is not a management issue in the decision to export?
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personal philosophy
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Which of the following is not part of a SWOT analysis?
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threats
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All of the following are selected franchise fees and costs according to the text, except ________.
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local publicity campaigns
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As the buyer in a negotiation, you are working to do all of the following except ________.
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give the buyer the most you can afford
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A factor to consider when selecting a physical location is ________.
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wage rates, work force availability and nearby university
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Your ________ is a concise communication of your strategy including your business definition and your competitive advantage.
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mission statement
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By teaching customers how to use its products, Home Depot is helping customers see the ________ of its products
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benefits
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Expressing concern for social issues by giving money, time, or advice is called ________.
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philanthropy
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Which of the following is not a factor to consider in pricing strategy for your business?
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the lowest sale price you can afford
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The decision to hire advertising agencies or freelance artists depends on all of the following except ________.
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the timeline of the a advertising campaign
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Marketing approaches that work in the United States may be ________ or ________ elsewhere, so it is important to work with experienced, successful marketers for exports.
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ineffective, offensive
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According to the text, which of the following is not a cost of becoming an entrepreneur?
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contribution to society
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Start-up standards required of franchisees may include which of the following?
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liquidity requirements, specific types of experience and skills, and net worth requirements
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The free market system is also called capitalism and is characterized by all of the following attributes except ________.
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government is expected to help regulate the market
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Franchisees may pay a fee that is separate from the royalty fee, often called a ________, to contribute to a shared advertising fund.
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cooperative advertising fee
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Cash flow valuation uses projected future cash flows and the ________ to arrive at a figure.
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time value of money
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Making the beliefs, values, and behavioral norms explicit and intentional builds the ________ of an organization.
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culture
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Total cost of goods sold per unit consists of ________.
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materials cost per unit plus labor cost per unit
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The product life cycle phases include ________.
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maturity, decline, growth and introduction
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Which of the following is not an example of successful branding?
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customers confuse a business's logo with that of another business
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A service business may use which of the following types of pricing strategies?
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personalized, competition, penetration
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Which of the following is not an example of a broadcast media?
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local newspaper
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Higher ________ rates and lower ________ rates are reported among companies that export compared to those that do not.
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growth, failure
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Entrepreneur is a French word that originally meant ________.
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someone who undertakes any project that entails risk
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A firm that has two or more members of the same family managing and/or working in it and that is owned and operated for the benefit of that family's members is called a ________.
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family business
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A(n) ________ is a 15- to 30-second summary of your business.
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elevator pitch
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Business leaders create wealth by ________.
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hiring employees in order to sell more units and generate more profit
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For many companies, cost reductions have been attained by all of the following except ________.
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Bringing foreign production to domestic locations
