entrepreneurship final

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What is the difference between a marketing plan and a promotional plan?

A promotional plan details how marketing goals will be carried out.

Why does specialization of labor often accompany the growth of a small company to a large one?

As the work load increases, employees become less able to work in multiple roles.

The example of CarMax's sales increasing due to employees buying cars there could be used to illustrate which of the following points?

Car pricing was previously complicated.

Which of the following is the best example of an indirect competitor for Krispy Kreme?

Cinnabon

How does associative thinking help businesses consider ways to expand?

It can help businesses develop related products to promote.

Why did Krispy Kreme decide to manufacture all the donut mix and distribute it to the stores?

It made the products more consistent in various stores

Which of the following would be a disadvantage of releasing cash flow to buy out an investor?

It might not have the funds available to cover unanticipated expenses

Which of the following gives Dunkin' Donuts a competitive edge over Krispy Kreme?

Its stores generally require less overhead

Which one of the following provides the reason the mining industry need its own regulations instead of following OSHA's?

Mining conditions vary and need to be defined by industry experts.

Why are cash-only businesses likely to lose some customers?

Not everyone regularly carries cash.

The income of the customers is less of a factor in which of the following circumstances?

The product is something that everyone will use.

How do unions benefit employees?

They provide strength in numbers when negotiating contracts.

Which of the following is an example of diminishing returns?

a farmer increases the crops planted but gets increasingly smaller harvests

The ceiling in a market would increase in which of the following cases

a high demand

If Krispy Kreme were to seek a metaphor for a new advertising campaign, which of the following would be the best choice for its warm, freshly made donuts?

a hug from mom

A credit report is particularly sensitive information because

a person's entire identity can be stolen with the information.

Monitoring the competition is important for all the following reasons EXCEPT

a similar décor will attract customers.

To keep employee information secure, employers should

all of the above

Mrs. Field's Cookies is an indirect competitor for Krispy Kreme because

both companies sell specialty treats, but different types.

How do those who give away software or content using a freemium pricing strategy make money

by charging for upgrades or allowing advertising

Beyond detailing regulations, what service does OSHA provide?

consulting with businesses

If a retailer notices that a customer has been overcharged for a product after the customer has left the store, the ethical thing to do is

contact the customer and fix the problem

If a check bounces, the business can do all the following EXCEPT

contact the customer's employer

The customer relationship is best built when

customers know they can count on quality products and services.

The fact that McDonald's, a company best known for its hamburgers, moved into the specialty coffee market is an example of

diversification

Education can help develop business leadership skills for all of the following reasons EXCEPT

entrepreneurs cannot succeed without a college education

The controlling function of management could also be described as

evaluation

A small business should never go above the top of the ceiling in its market.(true/false)

false

Adding more employees will always lead to more production. (true/false)

false

Collecting primary data usually requires hiring a marketing firm to conduct a study.(true/false)

false

Crowd sourcing can take the place of market research. (true/false)

false

High salaries are the most important determiner of employee satisfaction (true/False)

false

If a business offers a discount on a product, it cannot make a profit on that product.(true/false)

false

If there is enough space, any kind of storage will be adequate. (true/false)

false

Once a business determines its target market, it should not change its target market.(true/false)

false

One side is usually more powerful than the other when a contract is being negotiated.(true/false)

false

Price competition is only a good strategy for businesses that specialize in low-cost items(true/false)

false

Small businesses have more time to spend on customers, so they should add additional services for free(true/false)

false

The supply chain is limited to getting finished products to stores(true/false)

false

When a product or service is completely developed, the product life cycle ends. (true/false)

false

Megan Grassell decided to found a business in order to

fill a gap in the current market

The conception phase of the product life cycle could be described as dealing with

ideas

Under what conditions can people be asked to do dangerous jobs?

if proper training and safety equipment are provided

Value added benefits a small business because

it helps justify higher prices

The advantages of using client relations management software include all the following EXCEPT

it is unlikely that a rival business will be using it.

Which of the following best explains why Clarence Saunders's Keydoozle concept failed?

it was inefficient

Which of the following is an example of showing initiative?

noticing a problem and solving it

Small businesses can generally distinguish themselves in all the following ways EXCEP

ongoing extremely low prices.

Those interested in entrepreneurship volunteer their time with service organizations for all of the following reasons EXCEPT

paid experience will be more valuable

Why are plastic shopping bags now banned in many parts of the United States?

plastic bags are damaging to the environment

Ethics for the workplace are often defined by

professional organizations

Which of the following is an example of poor product management?

receiving a shipment of Christmas-themed items on December 23rd

Which of the following has the steps of the hiring process in the correct order?

recruitment, interview, offer

All the following are examples of employee benefits EXCEPT

restaurants nearby.

All the following are ways in which business owners can promote their business to reference groups EXCEPT

selling an item at a competitive sale price.

All of the following might occur in the development phase EXCEPT

selling the product to consumers

The "Hot Now" sign is a competitive advantage for Krispy Kreme because

serving fresh, hot donuts is unique to Krispy Kreme.

Which of the following details how a formal wear business might adjust its promotional mix to accommodate different markets?

social media for rentals and print ads for formal wear sales

The difference between supervisors and management is that

supervisors work more directly with support staff

Brokers such as PayPal benefit online businesses because

the business does not have to get an account with credit-card companies.

A business could attribute a rise in sales to a radio advertising campaign if

the radio ads were the only promotion at the time.

Why is discipline especially important for entrepreneurs?

there is little supervision when starting a business

What was unique about the bras that Grassell created?

they appealed specifically to the needs and taste of young teens

Customers are often willing to pay more if they know that they are supporting small businesses (true/false)

true

Customers will choose the lowest price for similar products. (true/false)

true

Diversification generally works best when companies add products related to their established business. (true/false)

true

Economy of scale suggests that increasing production lowers costs. (true/false)

true

Employees can share medical or other personal information with their coworkers.(true/false)

true

Offering to service products the business sells is a good example of value added.(true/false)

true

Price will factor less in decision making if the product meets an immediate need.(true/false)

true

The fact that Megan Grassell exceeded her funding goals is a good indication that her product will be popular. (true/false)

true

Women and minorities may find business organizations that are designed to help them succeed in business. (true/false)

true

Having clear standards helps promote fairness in all the following ways EXCEPT

using seniority as a guide is always the most fair.

Which of the following demonstrates a laissez-faire leadership style?

waiting until a project is complete to review it and give feedback

When businesses ask where or how you heard of them, they really want to know

which promotional channel reached you


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