Entrepreneurship Ch. 1 - 7

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Which of the following is NOT one of the four main costs of losing a​ customer?

loss of competitive advantage

Expenses that vary directly with changes in the production or sales volume are called​ _____ costs.

variable

Which of the following factors is the most influential regarding choice of location and distribution​ systems?

type of business

Which of the following is defined as a startup company valued at over​ $1 billion?

unicorn

Which of the following BEST describes a small​ business?

One with fewer than 500 employees

Which element of a business definition addresses receiving​ payment?

Production and delivery capability

Which statement about publicity is​ true?

Publicity does not have to be paid for.

​A(n) _____ is a financial statement showing cash receipts less cash disbursements for a business over a period of time.

cash flow statement

Emergency funds and a pool of cash resources are referred to as​ _________.

cash reserves

Which of the following is the practice of learning as much about purchasing an existing business as you possibly can before the purchase decision is​ made?

due diligence

Which of the following is NOT a primary role of the marketing​ plan?

identifying optimal production locations and operational channels

A drawback of using email or social networks to contact sales prospects is the​ _____.

potential to receive​ "flames" in response

Which of the following is NOT a step in the brand building​ process?

Develop brand pricing strategy.

The​ _____ section of a business plan answers the ​who, what,​ when, why​, and how questions for the business.

Executive Summary

Which element of a business plan provides a snapshot of the​ business?

Executive Summary

Which of the following are models of a new product that will secure maximum customer feedback with minimal​ effort?

Minimum viable products

A​ ____ is a​ decision-making process in which the costs of taking an action are compared to the benefits.

cost/benefit analysis

What is the goal of market​ positioning?

to distinguish your product from others being offered to the market segments you have targeted

Which of the following is an example of primary​ research?

written surveys

Which sales person is most likely to​ succeed?

the one who focuses on the benefits of owning the product

Which of the following words or phrases should you use when dealing with​ customers?

"Consider this"

The simplest way to determine a promotional budget is​ __________.

percentage of sales

According to the​ text, which of the following is the accurate description of how entrepreneurs create a business​ idea?

​Listen; Observe; Analyze

A company that is constantly matching or undercutting the prices of the competition is using a​ _______ approach to pricing.

​meet-or-beat the competition

An elevator pitch should be about​ ________ long.

30 seconds to 2 minutes

According to the​ text, which statement is NOT true of business​ plans?

Business plans identify the competitive advantages of the future.

According to the​ text, which statement most accurately describes business​ plans?

Business plans should provide as much detail as possible on how investments will be used.

Which of the following is NOT one of the​ "five roots of​ opportunity"?

Implementation of new organizational designs

Which type of analysis provides a critical view of industry​ definition, industry size and growth​ (or decline), product and industry life​ cycle, and any current or anticipated legal or regulatory​ concerns?

Industry analysis

Understanding the​ product's features and the benefits they can create is part of which principle of​ selling?

Know your product or service

Logos are registered with the​ ________ to protect them from being used by others.

U.S. Patent and Trademark Office

The primary methods of calculating the value of a business are​ ____________.

asset​ valuation, earnings​ valuation, and cash flow valuation

A promotion that combines education and entertainment to make a more lasting impression upon an audience is called​ _______.

edutainment

According to the​ text, which of the following is a​ regional/community decision in regard to a location​ decision?

environmental regulations

Which of the following is NOT an industry force identified by Michael​ Porter?

future comparative advantage

​_________ is a variable cost of doing business.

labor

Generally, what is the optimal location for a retail​ business?

near the target market

____________ refers to the remainder of revenues minus fixed and variable costs and taxes.

net profit

A company that uses secret shoppers is using​ ___________ as a research approach.

observation

The estimated time required to earn sufficient net cash flow to cover the​ start-up investment in a business is called the​ ______.

payback period

Which pricing strategy involves the firm setting high prices on its products or services to send a message of uniqueness or premium​ quality?

prestige pricing

If you conduct 100 interviews with students on your​ campus, what type of research have you​ completed?

primary

Which of the following are words that are appropriate to use when dealing with​ customers?

regret

The principles of entrepreneurship​ ________.

relate to all aspects of life

The term for unwanted Internet advertisements or emails is​ ______.

spam

Products Unlimited wants to learn more about the marketing strategies and promotion patterns of competitors. What type of research would be the best option for the​ company?

tracking

When a logo has been registered with the U.S. Patent and Trademark Office to protect it from being used by​ others, it becomes a​ _________.

trademark

Suppose your business requires a​ start-up investment of​ $1,000. The business is projecting a new cash flow per month of​ $400. How many months will it take for you to make back your​ start-up investment?

2.5 months

According to TARP​ Worldwide's study of negative​ word-of-mouth, about​ _____ of consumers who hear a negative​ word-of-mouth stop buying the product.

42%

Which statement is true of a business​ plan?

A business plan is used to analyze markets and opportunities in realistic terms before securing financing.

Which of the following is NOT an example of a fixed​ cost?

commissions

Which section of the business plan identifies the legal form of the​ business?

company description

The​ ___ approach to a promotional budget is often used in highly competitive markets to prevent​ market-share loss.

competitive spending

Which of the following should be counted as an asset in a seed capital estimate for a​ 24-hour fitness​ center?

computers and other technology

Which of the following is NOT a potential benefit of​ entrepreneurship?

dependency

_______ refers to the percentage of value of an asset subtracted periodically to reflect the declining value of the asset.

depreciation

Before meeting with bankers and other potential​ investors, entrepreneurs should​ __.

develop a business plan

According to the Customer Service​ Institute, it costs about​ _____ times as much to attract a new customer as it does to keep an existing one satisfied.

five

__________ are expenses that remain constant and must be paid regardless of whether sales are generated.

fixed costs

A​ _____ is typically composed of 10 to 12 people who meet screening​ criteria, such as being users or prospective users of a product.

focus group

The relative value of one currency to another is called the​ _______.

foreign exchange rate

Another term for population statistics is​ _______.

demographics

Which method of asset valuation establishes a minimum value for a​ firm?

liquidation value

You have been hired to help Buy Now improve its customer service. Some managers at Buy Now are skeptical of the value of investing in customer service. Which of the following facts might convince them that customer service really is​ important?

About​ 65% of a​ company's business comes from existing customers.

According to the​ text, which method of asset valuation generally excludes intangible​ assets?

Adjusted book value

Which of the following best describes a problem driven approach to a business opportunity decision​ process?

An entrepreneur has an idea for a product and searches for a market

According to Michael​ Porter, which of the following is NOT one of the key aspects of intense​ rivalry?

An industry experiencing fast growth

​_____ is a method that analyzes the underlying value of a​ business's assets as a basis for negotiating a price.

Asset valuation

ABC Company anticipates​ start-up costs of​ $4,600. How much should the company keep in​ reserves?

At least​ $2,300

Which of the following is NOT a good tip for an entrepreneur who is making a business plan​ presentation?

Avoid using visual aids as they distract from your presentation.

Which statement is true about a​ company's vision?

A​ company's vision is built on the core values of the organization.

Which of the following is the market segment where brand loyalty or responsiveness to price is​ observed?

Behavioral

Which of the following refers to the cost of the direct labor used plus the cost of delivering a​ service?

Cost of services sold

​_________ refers to the amount of gross profit that is earned on each unit of the product or service a business sells.

Economics of one unit of sale

A(n) ______ is a​ 30-second to​ 2-minute presentation that conveys in an engaging way what a business is proposing and why the listener should be interested.

Elevator pitch

​A(n) _________ is someone who recognizes an opportunity to start a business that other people may not have noticed and acts on it.

Entrepreneur

Which of the following is NOT a question to ask before making an appointment for a sales​ call?

How should I advertise the​ product?

The first offering of corporate stock to investors on the open​ (public) market is referred to as​ a(n)__________.

Initial public offering

Which of the following statements is NOT true of customer​ service?

Investing in customer service is likely to have a low return.

Which of the following statements is NOT true of industry​ research?

It focuses on individual consumers.

Which statement about independent sales representatives is​ true?

They can be​ multi-line representatives.

Which of the following BEST represents the goal of customer relationship​ management?

To affirm that customer service is an aspect of marketing

Which of the following is the benefit of establishing a trademark for your​ product?

To create instant brand recognition

Which of the following is an example of a product​ benefit?

a coat keeps the wearer warm to 0 degrees

The plan for how an organization or individual intends to outperform competitors is known as​ ______.

a strategy

The act of giving up one thing for another is called​ _____.

a trade-off

The accounting method wherein transactions are recorded at the time of​ occurrence, regardless of the transfer of​ cash, is called the​ ______ method.

accrual

How much cash reserve should a​ start-up have?

at least half the​ start-up costs

Market research should be conducted​ _______.

before you open your business

A​ company's competitive strategy is a combination of its​ ______ with its competitive advantage.

business definition

A​ company's plan to generate revenue and make a profit from operations is referred to as​ a(n) ________.

business model

Another name for​ word-of-mouth marketing is​ ______.

buzz marketing

Which accounting method is a system wherein transactions are recorded when cash is paid out or​ received?

cash accounting method

A method of calculating the worth of a business by using projected future cash flows and the time value of money is called​ ______ valuation.

cash flow

According to the​ text, the​ ______ method of valuation is less likely to be used for an entrepreneurial venture.

cash flow

When managers plan and create steps towards a specific goal which is based on cause and​ effect, they are engaging in​ _____.

causal logic

How can a small business profit from the​ ideas, suggestions, and complaints of present and former​ customers?

conduct a satisfaction survey

According to Jay Conrad​ Levinson's study of the furniture​ industry, ______ is the primary influence on buying patterns.

confidence in the product

If an entrepreneur wants to analyze the cost of producing a tangible​ item, he or she should look at the​ ________.

cost of goods sold

Which of the following is an example of variable​ costs?

cost of goods sold

In which building block of the​ Osterwalder-Pigneur Business Model Canvas are economies of scale and economies of scope​ relevant?

cost structure

​______refers to everything a business does to keep the customer happy.

customer service

Which of the following terms BEST describes total sales revenue minus total cost of goods​ sold?

gross profit

In which stage of the product life cycle do competitors begin to enter the​ market?

growth

According to the​ text, the three ways of looking at earnings valuations are​ ______.

historical​ earnings, future earnings under current​ ownership, and future earnings under new ownership

At which stage of the product life cycle are modifications to the design or technology​ made?

introduction

The​ free-enterprise system​ _________.

is based on voluntary exchange

Travel​ Now, a new​ last-minute travel​ agency, wants to generate some publicity and provide the​ "who, what,​ when, where,​ why, and​ how" details of the company. Travel Now​ should_____.

issue a press release

Mick Wood is considering buying a firm. Which method of valuation should he consider if he wants to identify the minimum value of the​ firm?

liquidation value

Any funds you have borrowed to start or operate the business are referred to as​ ______.

loans

The collection and analysis of data regarding target​ markets, industries, and competitors is known as​ ______.

market research

A group of consumers or businesses that have a similar response to a particular type of product or service is called​ a(n) _______.

market segment

The development and use of strategies for getting a product or service to customers and generating interest in it is referred to as​ _______.

marketing

Which business function identifies customers and their needs and​ wants?

marketing

A​ _____ is defined as a business with five or fewer​ employees, initial capitalization requirements of less than​ $50,000, and habitual operational involvement of the owner.

microenterprise

A​ company's _____ is a concise communication of its​ purpose, business​ definition, and values.

mission statement

As compared to typical​ products, fad products move​ ______ through the product life cycle.

more quickly

Which of the following is a secondary research​ method?

online searches

In which step of a SWOT analysis should an entrepreneur consider external events or circumstance that can help the entrepreneur gain an advantage over the​ competition?

opportunities

The value of what must be given up in order to obtain something else is called​ ______.

opportunity cost

Which method of determining a promotional budget involves spending more when​ you're selling​ more?

percentage of sales

The use of advertising and publicity to get a marketing message to customers is referred to as​ _______.

promotion

A person or organization that may be receptive to a sales pitch is a​ ______.

prospect

A​ ____ refers to a model or pattern that serves as an example of how a product would look and operate if it were produced.

prototype

If a newspaper writes an article about your​ business, it is​ _______.

publicity

What type of payment system is described in the text as a fixed payment made at regular​ intervals, such as every week or every​ month?

salary

According to the​ text, which of the following is NOT a common category of fixed​ expenses?

sales commission

What type of research is carried out indirectly through existing​ resources?

secondary

Which is NOT recommended in the context of communicating with sales​ prospects?

sending spam

Peter Drucker argued that for a business to be considered entrepreneurial it​ ___.

should exploit changes in the world

Which term describes the specific ways in which a business carries out its​ strategy?

tactics

What is the essence of​ selling?

teaching customers how the product will benefit them

You are opening a hot dog stand. According to the​ text, which of the following is NOT a typical​ start-up cost for your new​ business?

television advertisements

Which of the following is characteristic of causal​ logic?

the future is found or predicted

What is opportunity​ cost?

the value of what must be given up to obtain something else

Michael Porter argues that buyers have the most power when​ __________.

they are concentrated

Which three elements should be part of a solid business​ definition?

the​ offer, the target​ market, and the production and delivery capability

Which type of social entrepreneurship invests directly in business enterprises with the goal of encouraging entrepreneurial approaches to achieve social impact rather than monetary​ returns?

venture philanthropy

When making a sales​ call, visualizing your product or service fulfilling a need will help you​ _____.

identify what the customer needs

Which type of document summarizes income and expense activity over a specified period and shows net profit or​ loss?

income statement

At which stage of the product life cycle is it important to educate the consumer about the​ product?

introduction

Which section of the business plan is designed to hook potential investors and encourage them to read the rest of the business​ plan?

Executive summary

Which of the following is generally the strongest force in an​ industry?

Existing competitive rivalry

As compared to its​ mission, a​ company's vision is typically​ ______.

broader and more comprehensive

Money or property owned or used in business is called​ _____.

capital

In addition to achieving​ profitability, social entrepreneurship​ _______.

has a goal of attaining beneficial returns for society

In a​ free-market system,​ ____.

individuals and companies may compete for their own economic gains

Joseph Schumpeter expanded​ Say's definition of entrepreneurship by suggesting that​ _____.

innovation is the key to entrepreneurship

Effectual logic​ ________.

is also known as entrepreneurial thinking

​A(n) ________ is a trusted advisor with whom a person forms a developmental partnership through which​ information, insight,​ skills, and knowledge are shared to promote personal​ and/or professional growth.

mentor

Which of the following is NOT typically found on the cover page of a business​ plan?

mission statement

An entrepreneur recognizes​ ________ where other people see only​ ________.

opportunity; problems

According to the​ text, it is important to write a business plan before starting a business in order to​ _______.

organize the​ entrepreneur's thoughts

Which element of a solid business definition answers the​ question, "How will you provide your offer to your targeted​ customers?"

production and delivery capability

The amount of earnings remaining after all costs are deducted from the income of a business is called​ ______.

profit

What is the sign that the entrepreneur has added value to the resources he or she is​ using?

profit

Which of the following is NOT a factor that creates competitive​ advantage?

profit

According to Michael​ Porter, a supplier has the least power when​ __________.

substitutes are readily available

A​ company's _________ refers to the distinctive features and benefits that set the company apart from the competition.

unique selling proposition

The Lean Startup approach​ _____.

works to ensure​ product-market fit

Which customer segment in the​ Osterwalder-Pigneur Business Model Canvas is composed of all the supplier and customer segments that are​ served?

​Multi-sided markets

______ is the term for businesses using conventional approaches through print and broadcast media to drive traffic to their online sites.

brand spiraling

Which of the following is NOT included in the salaries category of fixed​ expenses?

commissioned sales reps

The selling price minus all variable costs is called the​ _______.

contribution margin

Bar Acezzories wants to know whether it should add a new product line of specialized beer glasses to its range of bar accessories. The cost of goods sold for each beer glass is​ $12 and the glasses can be resold for​ $20 each. The unit of sale is one glass and there are no additional labor costs. What is the gross profit assuming that Bar Acezzories sells 12​ glasses?

$96

A​ brief, written statement that informs customers and employees what an​ organization's goal is and describes the strategy and tactics to meet it is referred to as​ ______.

A mission statement

​_____ are measurements of the key drivers of a​ start-up business that guide informed decisions and steps.

Actionable metrics

If a company emphasizes paid promotions using media​ outlets, such as radio and​ magazines, which type promotion is the company focusing​ on?

Advertising

ShoesRUs is trying to define its target market for its new running shoe. Which of the following statements is the BEST definition of a target market for the​ company?

All runners in the United States

Which of the following statements is correct regarding ideas and​ opportunities?

An opportunity has a unique characteristic that distinguishes it from an ordinary idea.

Joseph Schumpeter described five basic ways that entrepreneurs can find opportunities to create new​ business? Which of the following is NOT included in​ Schumpeter's definition?

Carrying on a family business tradition

What describes the rate of failure for a new business​ venture?

One in five new businesses fails within the first eight years.

Which of the following is NOT one of the factors in the marketing​ mix?

Personnel

Which statement is true about deciding how to approach business​ opportunities?

The route of having an idea for a product or service and searching for a market is a​ problem-driven approach.

According to French economist​ Jean-Baptiste Say, entrepreneurs​ ________.

add value to scarce resources

Which of the following is NOT one of the four common standards of asset​ valuation?

adjusted replacement value

A method that assesses the value of a business based on a stream of earnings that is multiplied either by an​ agreed-upon factor or by the​ price/earnings ratio is called​ ______.

earnings valuation

​_______ are individuals who recognize opportunities and organize and manage a​ business, assuming the risk for the sake of potential return.

entrepreneurs

A review that addresses the roles of the​ community, region,​ nation, or the rest of the world as they relate to a business is called​ a(n) _______.

environmental analysis

A study to assist in making the​ go/no go decision based on a close examination of​ product/service, market,​ industry, and financial data is called​ a(n) __________.

feasibility analysis

The U.S. Small Business Association defines a small business as having​ ____ employees and selling​ ______ worth of products or services annually.

fewer than​ 500, less than​ $5 million

​_________ pricing takes the​ organization's product cost and adds a desired​ mark-up.

cost-plus

When you want to learn about your​ industry, competition, or​ markets, which type of research is generally​ best?

secondary

Another term for​ start-up investment​ is_____.

seed capital

​______ refers to the​ one-time expense of opening a business.

seed capital

According to the​ text, which of the following statements is​ true?

Smart marketers emphasize product benefits instead of features.

According to the Customer Service​ Institute, about​ ___ of a​ company's business comes from existing customers.

65%

What type of entity is formed with the intention of addressing social or other​ issues, with any profits going back into the organization to support its​ mission?

A​ not-for-profit organization

Which of the following is a disadvantage of the Internet as an advertising​ media?

Banner ads feed​ click-throughs to full ads

Which principle of selling will help a salesperson make a good personal​ impression?

Be clean and well dressed.

According to the​ text, which is the best way to handle customer​ complaints?

Do not overreact to a negative comment.

Which of the following BEST describes​ breakeven?

Fixed costs are covered by sales but no profit has been made

Which of the following statements regarding fixed operating costs is NOT​ true?

Fixed operating costs do not change over time.

Which statement about franchising is​ true?

Franchises fail less often than fully independent businesses.

Which of the following is NOT an example of​ advertising?

Free mention of an event in a newscast

______ is an example of publicity.

Free mention of your company in a newspaper

Which earnings valuation method is likely to establish the upper limit of what a buyer is willing to​ pay?

Future earnings under new ownership

Which of the following describes a​ hypothesis-driven approach to business startups that includes iterative​ development?

Lean startup

Which statement is NOT true of market​ research?

Market research should only be conducted at the beginning of a venture.

Which of the following BEST represents a mission​ statement?

Our goal is to honor and empower wounded warriors.

According to the​ text, what is the common mistake made by many inexperienced sales​ people?

Thinking that an emphasis on product features will sell the product

What is the essence of good customer​ service?

To build positive relationships before and after a sale

According to the​ text, which of the following is NOT recommended as part of good financial record keeping for your​ business?

Use cash for business whenever possible.

According to the​ text, which of the following is NOT a guideline for business​ plans?

Use historical data and reports for your industry

An entrepreneur who receives a percentage of the value of a sale is being paid​ ______.

a commission

Which of the following is NOT part of a business​ plan?

a detailed description of the​ founders' abilities and experiences

In which step of the sales call should you offer discounts or other incentives to customers who help identify other potential customers for​ you?

asking for references

The factors that contribute to the ease or difficulty of a new competitor joining an established market are known as​ _________.

barriers to entry

_______ refers to business equipment that is expected to last a year or more.

capital equipment

The​ beliefs, values, and behavioral norms of an organization are known as its​ _______.

culture

Which of the following is a disadvantage of television​ advertising?

long lead time

Burger​ King's "Have It Your​ Way" campaign is an example of​ ______.

market positioning

Which approach to promotional budgeting funds expenditures according to the strategies and tactics developed to reach specific promotional​ objectives?

objective and task

Which is NOT one of the four basic ways to segment a​ market?

polygraphic

The​ _______ of a product is its relative place in the​ customer's mind compared with its competitors.

position

Distinguishing a product or service from similar products or services being offered to the same market refers to​ _______.

positioning

Research that is conducted directly on one or more specific subjects is referred to as​ _____ research.

primary

Undercover or deceptive marketing efforts that are intended to appear as if they happened naturally are referred to as​ ________.

stealth marketing

Which of the following do you NOT need in order to calculate net present​ value?

total sales

The basic unit of the product or service sold by a business is referred to as the​ _____.

unit of sale

Which term BEST describes business activities that avoid harm to the environment or help to protect it in some​ way?

Green entrepreneurship

Which of the following would NOT typically be considered a​ start-up expense?

Installation of equipment and furniture

_______ distinguishes goods or services through a​ design, symbol,​ name, term, or other features.

brand

Which of the following​ is/are NOT​ business-to-business sales promotional​ tools?

coupons

The term for money when it is exchanged internationally is​ _______.

currency

_________ refers to​ company-wide policies,​ practices, and processes that a business uses with its customers to generate maximum customer satisfaction and optimal profitability.

customer relationship management

In which area of business can a small business outperform its larger​ competitor?

customer service

Sell More Now is training its salespeople.​ Today's instruction is on how to make a sales call. Which step in the​ eight-step sales call method requires listening to and responding to concerns of the​ customer?

dealing with objections

Which type of market segmentation involves dividing a population based on a variable such as age or​ gender?

demographic

According to the​ text, which of the following is NOT one of the eight steps of a successful sales​ call?

development

Which of the following is NOT part of the​ eight-step sales call described in the​ text?

development

Employees who actively produce or deliver a product or service are called​ _______.

direct labor

Which of the following is NOT a category sales expert Brian Tracey recommends for classifying objections when the goal is to turn objections into​ advantages?

distribution

__________who sell​ multiple, non-competing product lines within a specific industry or geographical area can be used to quickly build a national presence while keeping commission as a variable cost.

independent sales representatives

Until the product is​ sold, expenses associated with materials and direct labor for production are referred to as​ ______.

inventory costs

Which of the following includes​ start-up money plus any money you or others contributed in the business in exchange for part​ ownership?

investment

Offering a clear and compelling vision for the organization that inspires others to commit to it is referred to as​ _____.

leadership

Reading messages and getting a feel for discussions on a​ website, newsgroup, or the​ like, without participating in the online​ conversation, refers to​ _____.

lurking

​Nike's "Just Do​ It" advertising is an example of​ ______.

marketing

Which type of pricing approach uses a predetermined percentage applied to a​ product's cost to obtain its selling​ price?

markup

Promoting brand loyalty becomes essential in the​ ______ stage of the product life cycle.

maturity

A trusted advisor with whom a person forms a developmental partnership through which​ information, insight,​ skills, and knowledge are shared to promote personal​ and/or professional growth is known as a​ ______.

mentor

A​ _______ is a concise communication of​ strategy, including a business definition and an explanation of competitive advantage.

mission

Which of the following is used to determine the time needed to earn back initial​ disbursements?

payback period

Offering a product for a lower price during the early stages of the life cycle in order to gain market share is referred to as​ _____.

penetration pricing

_______ is a concern for human and social welfare that is expressed by giving money to charities and foundations.

philanthropy

Which type of research should you conduct when you need to ask questions specific to your​ product?

primary

​_________ advertising is designed to create​ awareness, interest, purchasing​ behavior, and​ post-purchase satisfaction for specific products and services.

product

According to the​ text, which type of advertising is more common for small entrepreneurial​ companies?

product advertising

Which of the following is NOT one of the traditional four Ps of​ marketing?

production

Salesman Joe​ Girard's Law of 250 refers to​ _______.

treating everyone you sell to like gold

Which of the following are a fixed cost of doing​ business?

utilities

When a company advertises​ "more for​ less" and balances quality and​ price, the company is using a​ _____ pricing approach.

value

According to the​ text, the star salesperson​ ______.

views every sales call as an opportunity to improve selling skills

A transaction between two parties who willingly agree to trade money for a product or service is referred to as​ _____ exchange.

voluntary

Market research is the process of finding out all of the following EXCEPT​ ______

what the optimal production locations are


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