Chapter 1 & 2

franchise. owner-managed firm. social venture. unicorn.

A business run by the individual who owns it is referred to as a(n)

downsizing. outsourcing. telecommuting. offshoring.

A company allows its employees to set up home offices and communicate electronically to its corporate office. This is an example of

boundary recognition efficiency income

According to the BRIE model, which of the following is an element that is necessary to start a business?

includes a business name or government registration refers to moving goods or services to others for money the most frequently occurring element of the BRIE model includes the product or service to be offered

According to the BRIE model, which of the following is true of a resource?

franchise small business unicorn high-growth venture

According to the text, the definition of a ________ is one that involves 1-50 people and has its owner managing the business on a day-to-day basis.

human resources. customer relationship management. service recovery. organizational culture.

An organization undertakes activities such as recruiting, selecting, training, and retaining qualified people, otherwise known as

external internal salaried current

Employees of other departments or branches, coworkers, and other people who work within the same organization are________ customers.

perseverance. effectuation. the corridor principle. crowdsourcing.

If you don't succeed the first time, try, try again is also called the strategy of

Consumers are spending less time shopping online and more time in brick-and-mortar stores. Older consumers have increased their use of restaurants and retailers. Restaurants and retail stores have lowered expectations of cleanliness and disinfecting. Online browsing has resulted in better informed customers.

In what way has the consumer mindset changed in the past few years?

perseverance. crowdsourcing. effectuation. the corridor principle.

One of the seven key strategies of the entrepreneurial way is pivot, also called

True False

Organizational culture impacts employees, not customers.

the focus is on effectiveness rather than efficiency. the preferred source of funding is the owner's own money rather than other people's money. the delegation of responsibilities is easy and necessary rather than difficult. the meta strategy is for novelty rather than imitation.

Small businesses differ from high-growth ventures in that in small businesses

Small Business Administration U.S. Department of Business Development U.S. Department of Commerce U.S. Entrepreneurial Administration

The ________ is a U.S. government agency that helps people start a business and also provides them support and advocacy.

Price. service effectiveness. prompt feedback. delivery.

There are three potential areas of customer satisfaction or dissatisfaction when a company provides products or services: quality, quantity, and

feasibility analysis customer development processes pilot testing revising your planning approach

Which of the following actions is performed during the plan step of the entrepreneurial process?

high-growth ventures high-performing small businesses lifetime/part-time firms traditional small business

Which of the following categories does the majority of small businesses fall under?

peer admiration personal growth political power industry recognition

Which of the following is a reward universally mentioned by entrepreneurs?

pivot scale up bird in the hand take it on the road

Which of the following isn't one of the seven key strategies of the entrepreneurial way?

Small businesses consider sales as more important than marketing. The preferred funding source for a small business is other people's money. When facing bankruptcy, a small business is likely to sell more rather than cut costs. For a small business, the focus is more on effectiveness than on efficiency.

Which of the following statements is true of a small business?

assembly line worker healthcare worker federal government jobs transportation and warehousing

Which of these jobs is expected to continue to grow at a rapid pace?

It refers to an entire spectrum of companies that market products and services on the Internet and through other technology. It is a trade agreement entered into by the United States, Canada, and Mexico to help eliminate barriers to trade. It is a process by which employees are terminated or empty positions are left unfilled once someone leaves an organization. It refers to the group of companies operated by the federal government that sells products free of cost.

Which statement best describes the term 'e-commerce?'

True False

Customer service is the ability of knowledgeable and capable employees to deliver products to their external and internal customers.

customer service. customer-focused organizations. service sector. service dealers.

The term used to describe businesses and organizations that are engaged primarily in service delivery is

a person who owns or starts an organization, such as a business. a person who purchases an existing business. working for yourself. characterized by being different or new.

The text defines an entrepreneur as

True False

The ultimate goal of customer relationship management is customer loyalty.

distribution procedure transport method delivery system supply chain

The________ is the method by which the product or service is provided to customers.

intention boundary exchange resources

Which of the following is the most frequently occurring element of the BRIE model?

service recovery. a problem/solution. customer satisfaction. de-escalation.

William purchased a vacuum cleaner that stopped working after a month of use. He took it back to the store and they honored the warranty and gave him a new vacuum. This act of remedying a problem is called

Attitudes Emotions Values Ethics

_______ are basic and fundamental beliefs that help motivate or guide the actions and attitudes that people have about many given things.

Learning organization Customer-focused organization Service industry Cottage industry

________is a term that describes an organization that uses knowledge as a basis for competitive advantage.