MGT 492 EXAM 2

Operations management includes which of the following activities? (Select all that apply.)

- Production - Purchasing - Product development - Inventory

While diversity is important, which of the following is something that teams need to be in synch on? (Select all that apply.)`

- Risk preference - Values - Work Ethic

Which of the following are components of a customer journey map? (Select all that apply.)

- Whether interactions reinforce the customer's expectations. - What customers need. - How customers view the company. - Points where the company does not use the data collected.

In addition to fitting into one of the four classes, an invention must meet three criteria. What are they? (Select the three criteria.)

- an invention must have a utility -an invention must be nonobvious -An invention must not contain prior art

Which of the following are considered professional advisors to your business? (Select all that apply.)

- insurance agents - bankers -attorneys - accountants

Which of the following have the potential to be trademarked? (Select all that apply.)

- slogan - color - A container shape

To help you make decisions that might bring down the cost of starting your business, you should break out cash needs into types of capital resources. Which of the following are these types of capital? (Select all that apply.)

-Working capital -Startup expenses -Capital expenditures -Safety margin

Which of the following is a founding team problem that can lead to business failure? (Select all that apply.)

A formal hierarchy A lot of opportunities A lack of technical talent

Every founder needs to be able to tap people he or she respects and trusts on a personal level who can guide the founder's growth as a leader. According to the chapter, this is accomplished through what vehicle?

A mentor board

Which of the following are one of the four statutory classes of inventions established by Congress. (Select all that apply.)

Articles of manufacture Machines Composition of matter

At the feasibility stage, what are the three most important financial questions? (Select all three.)

Can we keep overhead to a minimum? Can we make money? How long will it take to be self-sustaining?

Research has found that the most important predictor of a founding team's success is:

Communication

What are consumers' expectations going forward? (Select all that apply.)

Consumers want experiences targeted to their precise needs. b. They want experiences with no learning curve. d. Consumers want to interact with anyone, anytime, anywhere as easily as possible.

All the following are metrics to measure the effectiveness of social media tools EXCEPT:

Cost per click

Which of the following metrics would be important to a startup business that produces self-improvement videos for sale direct to consumers online? (Select all that apply.)

Customer acquisition costs Monthly burn rate Average order size Viral coefficient

Which of the following satisfy the 20-point IRS test for classifying workers as independent contractors? (Select all that apply.)

Does not receive training from the entrepreneur. Is responsible only for the results. Hires, supervises, and pays her own employees.

To rightly consider that you have captured the mass market, which group of adopters would you want to have adopt your product?

Early majority

About 35 percent of a team's performance is accounted for by which of the following?

Face-to-face conversations

True or False? A patent gives the holder the right to make and sell their invention.

False

True or False? Copyrights protect the original ideas of authors, composers, screenwriters, and computer programmers.

False

True or False? In a two-person company, it's not as important to designate areas of responsibility.

False

True or False? Not every startup business is immediately involved in a supply chain; supply chains are something you can learn about as your business grows.

False

True or False? Once an inventor has been granted a U.S. patent, he or she has the right to exclude anyone in any country from making and distributing the protected invention.

False

True or False? Pricing should be designed to cover total costs.

False

rue or False? Brand image is about how you convey the effectiveness of your brand in the market.

False

A user manual is an example of:

Intellectual assets

Which of the following is correct regarding an advisory board?

It is a less costly alternative to a board of directors

Which of the following is a startup resource? (Select all that apply.)

People Financial resources Intellectual resources Physical assets

Marketing has been described by the "5 Ps". What are they? (Select all five.)

Product Promotion People Place Price

Promotion is price-focused and is a _____ strategy while advertising focuses on customer benefits that are non-price focused and is a _____ strategy.

Push; pull

What are the three broad types of risk that an entrepreneur faces and can manage? (Select all three.)

Risks that are easy and cheap to overcome but which can produce large rewards Risks that result from decisions that take you down the wrong path—sunk costs Deal-killer risks that might prevent the launch of the business

Avoiding inventory holding costs is critical for retailers. They can do this by doing which of the following effectively and without affecting the customer? (Select all that apply.)

Serving as an intermediary between the manufacturer and the customer, ordering direct from the manufacturer for the customer. c. Using an inventory management company, which pays you under due-on-receipt terms. d. Using a business such as UPS that stocks merchandise in their warehouses, processes orders, and makes deliveries.

What happens in the chasm? (Select all that apply.)

The early adopters stop buying. The early majority isn't ready to buy the product.

You're talking on your cell phone in a Starbucks. Someone overhears your discussion and acts on the information. You are in danger of losing your right to claim _____.

Trade secret

True or False? An Iowa State College study found that most farmers waited to see whether the first new-product trials were successful.

True

True or False? Intellectual property is not described by a physical form but, rather, is a right under the law.

True

True or False? It's a good idea to hold off decisions on equity splits in the first few months.

True

True or False? The goal of supply chain management is to optimize your operations to maximize speed and efficiency so you can deliver your products as quickly and cheaply as possible.

True

Which of the following are considerations when choosing a vendor as a source of supply for your business? (Select all that apply.)

What are the transportation costs associated with this vendor? c. Is the vendor familiar with your product line? d. What policies does the vendor have about maintenance and return? e. How do this vendor's prices compare with others?

Which of the following is determined by where your business lies in the value chain? (Select all that apply.)

Whether your company is a manufacturer, distributor, or retailer. What your company's profit margins will be. How much risk you will need to take. Who your customers are.

When deciding about a warranty for your product, which of the following should you consider? (Select all that apply.)

a. Should you have one universal warranty or separate warranties for each product? b. Do you need to get certifications from original equipment manufacturers whose components you're using? d. Who pays shipping and handling costs for refunds and returns? e. Who handles warranty claims?

What are some of the reasons you would NOT produce offshore in another part of the world? (Select all that apply.)

b. You're dealing in heavy products that have to be shipped by sea. d. Your customers are buying quality. e. Your business uses complex machinery in its manufacturing process.

Choose the best answer to complete the following sentence. The purpose of a business process map is to:

detail how information flows through the business.

All the following are elements of a one-paragraph marketing plan EXCEPT the:

market niche. b. marketing budget as a percentage of sales. c. purpose. e. company's convictions and identity.

Customers typically recognize three types of price: the price normally paid, which is the _____; the price compared to a substitute product, which is the _____; and the price paid for specials, which is the _____.

standard price; relative price; sale price

The intellectual property pyramid shows _____ at the base of the pyramid and _____ at the top of the pyramid.

trade secrets; patents

True or False? Every company experiences seasonality.

True