Accounting
Anthropology
Archaeology
Art History
Banking
Biology & Life Science
Business
Business Communication
Business Development
Business Ethics
Business Law
Chemistry
Communication
Computer Science
Counseling
Criminal Law
Curriculum & Instruction
Design
Earth Science
Economic
Education
Engineering
Finance
History & Theory
Humanities
Human Resource
International Business
Investments & Securities
Journalism
Law
Management
Marketing
Medicine
Medicine & Health Science
Nursing
Philosophy
Physic
Psychology
Real Estate
Science
Social Science
Sociology
Special Education
Speech
Visual Arts
Business Development
Q:
_____ is a category of marketing research that is best defined as the new information collected to solve a problem at hand or answer current questions.
A. Primary research
B. Secondary research
C. Data binding
D. Data testing
Q:
Skygull, Inc. is planning to launch a new generation of cell phones. Being the first entrant in this market makes it difficult for the company to decide the means to reach its potential customers, the advertising medium to use, and the optimum price for each cell phone. Skygull, Inc. can best tackle this problem by conducting a(n) _____.
A. social audit
B. variance analysis
C. operational benchmarking
D. marketing research
Q:
_____ is best defined as the systematic collection and interpretation of data to support future marketing decisions.
A. Marketing quotation
B. Marketing research
C. Marketable security
D. Market capitalization
Q:
Mark has a brilliant business idea that he intends to explain to a venture capitalist. However, the venture capitalist agrees to invest in Mark's idea provided he prepares a report that explains the product, price, distribution, and promotion strategy. The venture capitalist also wants Mark to include an analysis of the existing competition and to clearly indicate his target customers in the report. Mark has been typically asked to prepare a _____ by the venture capitalist.
A. letter of credit
B. balance sheet
C. documentary draft
D. marketing plan
Q:
Creating a _____ is the first step in putting together a business plan.
A. codicil
B. marketing plan
C. technical plan
D. capital plan
Q:
A _____ systematically articulates a business's product, price, distribution, and promotion strategy, and it also clearly identifies the business's target market and competition.
A. marketing plan
B. balance sheet
C. documentary draft
D. mission statement
Q:
An entrepreneur should take the time to decide what he or she wants to accomplish nextincrease sales, introduce a new product, move into a new market, and the likeand regularly revise the marketing plan to reflect this next step.
Q:
The marketing plan is a one-time process that should not be revised once formulated.
Q:
A stand-alone marketing plan will include financial data and projections in the form of balance sheets and income statements.
Q:
Identifying competition helps a business get an idea of how crowded a market is.
Q:
Direct competition refers to a strategy where companies provide alternatives that are dissimilar to a firm's product/service that consumers might choose to meet a similar need.
Q:
An undifferentiated marketing strategy is used when a firm targets one particular segment on which to focus all its efforts.
Q:
The process of dividing the market into groups that have heterogeneous needs for a product or service is referred to as market segmentation.
Q:
Unlike other firms, prestige firms lose customers by lowering prices because the product is perceived to be not quite so good.
Q:
If a business is able to create a prestige image in its customer's mind, it can charge much higher prices than the going rate.
Q:
It is a good idea for a start-up company to charge the lowest price in the market for its products or services.
Q:
If a product or service is a component of another product or tied directly to another product or service, its estimated sales can be calculated as a portion of this known number.
Q:
It is much easier to compare groups and to statistically analyze data with close-ended questions than it is with open-ended questions.
Q:
One frequent type of open-ended question used by researchers is the scalar question.
Q:
By asking the same survey questions to each respondent, a researcher can accurately compare answers and even statistically analyze these answers.
Q:
In person survey has the lowest return rate and does not allow for much flexibility when compared to mail or telephone surveys.
Q:
Among surveys, in-person survey tends to be the least expensive method, with telephone coming in second, and mail the most expensive.
Q:
Ethnographic research primarily consists of asking potential customers to fill out questionnaires.
Q:
Hiring marketing research firms is a much more inexpensive option than online surveys for small businesses.
Q:
The easiest way to find selling prices for products these days is on the Internet.
Q:
A marketing plan is not required if a person plans to use his or her own personal savings and direct marketing.
Q:
Traditionally, manufacturing processes are laid out in one of the two formats: grid layout and free-form layout.
Q:
Setting up a short-term lease initially is one of the ways to handle an early termination of business.
Q:
An "as is" property is one which is in compliance with all applicable laws, rules, and regulations.
Q:
Access for employees and reasonable cost are critical for businesses with low customer contact.
Q:
Face-to-face meetings with the client are infrequent if the services are provided at the client's location.
Q:
There are three typical locations for services: at a client's location, at a mutually accessible location, and at the firm's location.
Q:
Doing business in a different location other than the hometown is comparatively less expensive.
Q:
The primary areas for conflict resolution in exporting include nonpayment and contract default issues.
Q:
Up-front cash payment by a consumer, prior to shipment of a product, is a payment risk to a company.
Q:
Participating in trade shows and trade missions increase international contacts.
Q:
Exporting is usually expensive, difficult to start, and more risky than licensing, franchising, or joint ventures.
Q:
E-tailers have high overhead and limited shelf space.
Q:
Distributors and wholesalers prefer taking on start-up products as there are no setup charges involved.
Q:
It is good to opt for distributors when a whole line of products need to be bought or warehoused.
Q:
Radio advertisements provide both geographic and demographic segmentation of a product or service.
Q:
Consumers find telemarketing to be an agreeable method of selling a product or service.
Q:
Creating and distributing a catalog online saves the cost of printing and mailing.
Q:
A direct mail approach needs major inventory investment.
Q:
A vending machine is a form of direct sales method.
Q:
Briefly explain the pros and cons of buying, building, and leasing.
Q:
Differentiate manufacturing layouts from retail store layouts.
Q:
Describe the key issues in leasing.
Q:
Briefly summarize low customer contact businesses.
Q:
Describe the three typical locations for service firms.
The three typical locations for services are: at the client's location, at a mutually accessible location, and at your firm's location.
At the Client's Location: Typically, these services include things such as house or office cleaning, pest control, remodeling, lawn and gardening services, carpet cleaning, and similar services which must be performed at the client's location. Reliable transportation, preferably modified to organize and store tools efficiently, is imperative. More importantly, the range of your client's locations must be planned to prevent transportation times from being unmanageable. As the firm grows, it may outgrow its home-based headquarters. As your clients seldom, if ever, visit you, you have more latitude in where you can be located and the ability to seek out low-cost space. Reasonable distance to the clients and adequate storage room for your expanded fleet and equipment are essential to choosing a site.
Mutually Accessible Location: Services using this approach often have too much specialized equipment to be readily transported and a need for at least some client involvement. Even though your service may be traditionally located in a mutually accessible area, consider what you might do to make it home-based. You might generate clientele by being located in a shopping center, but will the added sales be offset by the high cost of rent, utilities, insurance, and other payments? Can you offer pickup and delivery and do the work at home?
Q:
What are the payment procedures available in exporting?
Q:
What is nondirect distribution? Describe the various distribution channels.
Q:
Explain guerilla and multichannel marketing.
Q:
Explain the pros and cons of direct response advertising forms.
Q:
Differentiate direct sales from direct mail.
Q:
Which of the following is a disadvantage of leasing?
A. It requires a considerably high initial cash outlay than building or buying.
B. It is expensive than building or buying a property that are of the same value.
C. Lease expenses are not deductible business expenses.
D. Renovation options are limited in a leased property.
Q:
The _____ layout has aisles running from the front of the store to the back like the typical grocery, discount, or convenience store.
A. grid
B. free-form
C. process
D. production line
Q:
Which of the following layouts is more typically found in upscale department stores?
A. Grid layout
B. Production line layout
C. Free-form layout
D. Process layout
Q:
In a _____ layout, the store is laid out in sections with aisles that angle or meander through the store.
A. production line
B. free-form
C. grid
D. process
Q:
Identify the layout that is very efficient and organized but lacks some visual impact.
A. Production line layout
B. Process layout
C. Grid layout
D. Free-form layout
Q:
Which of the following layouts is most appropriate for low-volume, flexible manufacturing?
A. Process layout
B. Production line layout
C. Free-form layout
D. Grid layout
Q:
In a _____ layout, material flows in on one side of the operation and continues to the other end of the operation.
A. free-form
B. process
C. grid
D. production line
Q:
Which of the following statements about handling an early termination is true?
A. The bailout clause doesn't not help in handling easy terminations if sales do not meet an agreed-to level.
B. It is good to set up a long-term lease initially.
C. A "cap" or limit on how long to continue paying rent aids in easy lease termination.
D. If business falters, there is no obligation to continue paying monthly rent.
Q:
Which of the following is true of leasing issues?
A. Landlords do not have the right to move a business elsewhere at their discretion.
B. It costs more to limit the landlord's ability to lease to competing businesses.
C. It is irrelevant to look for stores in a landlord's property that match your business hours.
D. There are no penalties or problems for rent default.
Q:
A _____ is a concession which covers the time while you prepare your location prior to opening.
A. rent-free use period
B. leasehold improvement
C. construction allowance
D. hidden charge
Q:
_____ refer to permanent changes made to the location to fit business's needs.
A. Rent defaults
B. Hidden charges
C. Leasehold improvements
D. Signage requirements
Q:
Which of the following businesses requires a stake in the company and is good for brainstorming with other entrepreneurs?
A. Empowerment zone
B. Manufacturing business
C. Remote location service
D. Business incubator
Q:
Which of the following statements is true of low customer contact businesses?
A. Customer access is relatively important when compared to high customer contact businesses.
B. Some examples of low customer contact businesses are restaurants and dry cleaners.
C. Empowerment zones offer businesses low-cost space and tax advantages.
D. Business incubators are expensive and offer limited small business support services.
Q:
A _____ is an example of a low customer contact business.
A. retail establishment
B. medical or legal office
C. restaurant
D. manufacturing business
Q:
Which of the following is true of high customer contact businesses?
A. Remote location services are examples of high customer contact businesses.
B. Traffic generators reduce customer traffic to the target market area.
C. Businesses providing a strong contrast to existing competition in the same area increase customer traffic.
D. Customer ease is not critical in high customer contact businesses.
Q:
_____ refer to other businesses that bring customers to a target market area.
A. Traffic generators
B. Freight forwarders
C. Fulfillment centers
D. Contract manufacturers
Q:
Which of the following is an example of a high customer contact business?
A. Manufacturing businesses
B. Legal offices
C. Business incubators
D. Remote location services
Q:
_____ businesses have diverse operations and three critical site selection considerations: traffic, customer ease, and competition.
A. Home-based
B. Low customer contact
C. E-tailer
D. High customer contact
Q:
A(n) _____ is a nonprofit organization or institution that provides business services by using handicapped or rehabilitated workers.
A. contract manufacturer
B. e-tailer
C. sheltered workshop
D. fulfillment center
Q:
When an existing firm with the correct production capabilities makes your product for you, it is referred to as _____.
A. contract manufacturing
B. a sheltered workshop
C. e-tailing
D. freight forwarding
Q:
Which of the following statements is true of service locations?
A. Services at a remote location can be located anywhere in the world.
B. Office cleaning is an example of services at a mutually accessible location.
C. Services at a remote location needs frequent face-to-face client involvement.
D. Services at a mutually accessible location are ideal for home-based businesses.
Q:
Identify the type of service location in which face-to-face meetings with clients are infrequent.
A. Mutually accessible location
B. Remote location
C. The client's location
D. The competitor's location
Q:
Services at a _____ often have too much specialized equipment to be readily transported and a need for at least some client involvement.
A. client's location
B. competitor's location
C. remote location
D. mutually accessible location
Q:
Pest control, lawn services, and carpet cleaning are examples of services at a _____.
A. client's location
B. competitor's location
C. remote location
D. mutually accessible location
Q:
Which of the following is true of business locations?
A. Target market customers are essential factors for selecting business locations.
B. Most entrepreneurs prefer their business locations to be outside their hometown.
C. The cost of moving a company across town or across the country is cheap.
D. Proximity of competitors does not affect choice of business locations.