Entrepreneurship 1 pretest

Certain product characteristics often require a business to select intermediaries that have specific

Capabilities

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

Choosing distribution channels

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

Coca-Cola adding Caffeine-Free Diet Coke

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:

Coin laundry trade association

The primary goal during the brainstorming process is to

Come up with as many idea as it is possible

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

Competition

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

Complete

Which of the following are product factors that a business considers when selecting a channel of distribution:

Complexity, perishability, and unit value

When determining venture-creation opportunities, entrepreneurs must first;

Conduct research

Sandy opened a small business that carries a very wide variety of products of varying qualities at many different prices. Sandy is losing customers who are disappointed with selection, quality, and quantity of items. What is lacking in Sandy's product mix?

Consistency

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

Consumer spending habits

One of the main goals of promotion is marketing is to

Create desire

Which of the following processes helps aspiring entrepreneurs generate venture ideas?

Creative thinking

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

Customer Profile

Marketers often condense USPS into short slogans because

Customers tend to remember just one thing from an advertisement

Which of the following is an example of a measurable objective that a business might include in it's promotional plan:

Distribute 500 flyers by March 1st

One way that a national business chain can make sure that customers will remember its name is to develop a brand name that is

Easy to read and pronounce

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

Enhance customers-satisfaction levels

The costs of operating a business are called ______

Expenses

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

Geographic

Home-based businesses are attractive to many people because the businesses generally

Have lower start-up cost

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

Higher Pay Roll

What is a trend that affects the growth of entrepreneurial ventures?

Higher demand for more convenience products

Marketers determine distribution intensity so they can achieve

Ideal market exposure

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

Intellectual property

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

It is always changing

Which of the following statements is true about entrepreneurial discovery:

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

Business that segment the market based on psycho graphicsare grouping people according to their

Lifestyles

Which of the following is usually a characteristics of a creative person:

Likes to seek out new challenges

if your company cannot fulfill its USP, it will

Loose credibility

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

Lower Tariffs

Which of the following is an example of a business using flexible pricing policy?

Lowering prices during bad economic times

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

Market Segmentation

Which of the following characteristics is deprived of a meaningful company objective:

Measurable

People who are naturally creative often are?

Mentally flexible

A business that fails to protect it's employees from unnecessary risk or health hazards on the job may be used for

Negligence

Can any brand name be selected and used by a business a brand name that is

No, the name be legally available for use

Repeated exposure to the largest, most diverse population of people is a benefit of ______ advertising.

Out-of-home

In order for a business are often called ______ expenses

Overhead

An entrepreneur considers venture location and financial needs during the ________ process.

Planning

When a business presents a service to the marketplace by emphasizing it's economic value, the business is positioning the product on the basis of it's

Price

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

Production Process

Newspapers and magazines are categorized as _____ media

Publications

Channel members should stare an equal commitment to the product's

Quality

Costs of sales for a new manufacturing venture typically include

Raw materials, equipment, and product inventory

Which of the following is most likely to have a negative effect on domestic small business growth:

Restrictive loan policies

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

Satisfy an unmet demand

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

Should we proceed with this project

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

Size of the market next year

When generating ideas for new businesses, entrepreneurs often look for ways to

Solve Problems

A business might take an existing product and alter it to fulfill a specific need for a different

Target Market

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:

Test Marketing

When writing a letter of inquiry, when should you identify the purpose of your letter?

The beginning of the letter

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

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

Which of the following is an example of an external change that could affect a business's sales forecast:

The population of a town increases when a new hospital opens in the community

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

The small business administration (www.sba.gov)

Jean usually says "Good morning" to Dave when he arrives at work each day. Today though, Jean didn't even look up when Dave passed by her desk. Dave should assume that

There must be a reason for Jean's behavior, but he doesn't know exactly what that reason is

What is one of the main reason why small businesses are strongly promoted and supported by local government?

They are important to the economy

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

They can help obtain funding

Market opportunity is often affected by

Timing

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

To complete

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

To identify business purpose

Why would a manager of a local business keep track of the prices that similar businesses in the area charging?

To remain competitive

What is the break even point in units for a business whose total fixed costs are $325,000, selling price per unit is $18 and variable cost per unit is $15.50

130,200

Clyde rented an ice-cream truck in order to earn money for college in the fall. His truck rental is $200 per week and has a yearly license of $52. It costs him for $200 for 500 ice-cream bars that he plans to sell for $1.10 each. How many ice-cream bars must Clyde each week in order to reach the break-even point?

288

Jack, a manager, said to his staff "I know that many of you think that this is a risky course of action. But I've decided that we should proceed. If this is successful, it could benefit the company. If it fails, i'll accept the consequence and work to find a new solution." What is Jack doing?

Accepting responsibility for his actions

Which of the following individuals would a business be most likely to ask for a prediction of next year's sales:

Accounting Clerk

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

Achieve it's marketing objectives

Marketing strategies are designed and implemented for the overall purpose of

Achieving planned goals

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

Am e-mail vendor pricing and discounts

The Roderick company recently laid off several employees due to declining sales. Now, the company's management expects the remaining employees take over responsibilities previously held by the workers who were let go. Unfortunately, management failed to explain who among the staff would be responsible for completing which tasks. The employees' job responsibilities have become

Ambigious

After Porter realized that he processed an order incorrectly, he waited too long to correct the problem. As a result, an incorrect item was shipped to the customer. Now, the customer will need to ship the item back to the warehouse, and Porter's company will need to pay extra charges to have the product to have the product returned. This situation illustrates that

An employee's decisions and actions can negatively impact others

Which of the following is a way that a business can determine if a product will fulfill it's target market's neeeds:

Ask the customers

A business that emphasize a product's environmental friendless is positioning the product by focusing on

Attributes

When beginning to develop a promotional plan, it is important for a business to

Become an active net-worker

Businesses recieve positive feedback about the effectivenss of their promotional messages when consumers

Buy their products