MGMT 440 Final Cheek

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A manufacturing firm needs to establish which of the following budgets?

material purchases budget

In principle, incumbents and entrepreneurs face the same challenges in finding new strategic positions, whereas in practice, incumbents often have an edge.

false

It is usually more expensive to gather secondary data than primary data.

false

Pricing procedures are the same for all types of ventures.

false

Sales forecasting is a process of projecting future sales through educated guesses.

false

The first step in the preparation of the cash-flow budget is the identification and timing of cash outflows.

false

The major purpose of a business plan is its utilization as a working document.

false

The patent process is neither complex nor does it require careful planning.

false

The registration of a trademark lasts for 40 years, with continuous renewal every 10 years.

false

cost that does not change in response to changes in activity for a given period of time.

fixed cost

In handling questionable costs, the cost in question is substituted first as a _____ cost and then as a _____ cost.

fixed; variable

The reason many small business managers lack expertise is that they are

generalists

Which of the following stages of venture development requires major changes in entrepreneurial strategy?

growth

Which of the following pricing models is not indicative of pricing in the social media age?

growth stage model

Sometimes consumers associate a higher price with

higher product quality

Capital budgeting is designed to show

how many projects, in total, should be selected.

Copyrights may be expressed in all of the following except

ideas

Items that can qualify for patent protection include all of the following except

ideas

From an entrepreneur's standpoint, financial statement analysis is useful because it

is a way to anticipate conditions

An indicator of the planning pitfall of "no realistic goals" is

lack of timetable to accomplish things

An infringement budget deals with

legal battles

Specific forms of partnership include _____ and _____.

limited partnerships; limited liability partnerships

group of consumers who have purchasing power and unsatisfied needs.

market

the process of identifying a specific set of characteristics that differentiate one group of consumers from the rest.

market segmentation

The key to marketing analysis is

marketing research

One type of budget used by the entrepreneur is a(n) _____ budget.

operating

The registration of a trademark has a lifetime of

10 years plus 10-year renewable periods.

Which of the following statements regarding sole proprietorships is true?

A sole proprietorship is owned and operated by one person.

Which of the following statements about entrepreneurial marketing is not true?

In entrepreneurial marketing, actions are constrained by resources currently controlled.

What is meant by product life cycle pricing?

The pricing needs to be adjusted at each stage in a product's life cycle.

A typical symptom of impending bankruptcy is when

other firms seem to be selling products that are a generation ahead.

Which of the following survey methods is the most expensive to conduct?

personal interviews

The day before the presentation, the entrepreneur should

practice the complete presentation by moving through each slide

According to the textbook author, a pitfall to avoid in planning is lack of

priorities

A patent infringer can be liable for all _____ resulting from the infringement as well as for legal fees.

profits

The comprehensive business plan should be the result of

reflections on the direction of the venture

The textbook discusses all of the following aspects that distinguish social media marketing from traditional marketing except

relevancy

Products or services that consumers make a special effort to find and purchase are _____ goods.

specialty

The text of a patent application is known as the

specification

The second stage of venture development is

start-up activities

Analysis of a firm's external and internal environments provides the firm with the information to develop

strategic intent and strategic mission

Penetration pricing is setting the price to

be below competition

Which of the following is a critical factor that should be discussed in the management segment?

board of directors and consultants

Which of the following is needed to prepare a pro forma balance sheet?

the last balance sheet prepared before the budget period began

The completed business plan provides the entrepreneur with a

tool for communicating with financial sources

A common mistake in business planning is using acronyms and technical jargon without clearly explaining them early in the business plan.

true

A patent is an intellectual property right.

true

Because of the fair use doctrine, it is sometimes difficult to establish infringement.

true

The actual need for systematic planning will vary with the nature, size, and structure of the business.

true

The first step in creating an operating budget is to prepare the sales forecast.

true

The freemium model requires new and exciting content each month to build a long-term relationship with fee-paying customers.

true

Three primary legal forms of organization are the sole proprietorship, the partnership, and the corporation.

true

Ratio analysis can be applied from which of the following directions?

vertical and horizontal

When using the internal rate of return method, the future cash flows are discounted at a rate that makes the net present value equal to

zero

Investments in which returns are expected to extend beyond one year are referred to as

capital investments

A series of short paragraphs, each of which identifies a particular feature that is protected by the patent, is known as a

claim

The part of a patent application that identifies the features that are protected is known as the

claim

Which of the following should be done to avoid the pitfall of "no market niche" (segment)?

clearly target a niche

Which of the following influences the choice of marketing philosophy?

competitive pressure

Which of the following is a marketing philosophy that focuses on research?

consumer-driven philosophy

Legal protection is granted to computer programs in which of the following forms?

copyright

A marketing information system compiles and organizes data relating to _____, revenue, and profit from the customer base.

cost

The textbook recommends that social media marketers consider which of the following three aspects of social media when using those tools for marketing purposes?

creating enabling encouraging

To an entrepreneur, one of the benefits of a business plan is that it identifies

critical risks

The emerging body of law governing cyberspace is often referred to as

cyberlaw

The owner of a copyright may not

deduct the intrinsic value of the rights from one's taxes

Which of the following is not a trademark?

description

Inhibitors to marketing research include all of the following except

distribution

New ventures are important to the economy in terms of innovation and

employment

A firm's pricing structure dictates almost no knowledge to customers.

false

Which of the following is a useful rule used to avoid pitfalls in selecting a trademark?

Never choose a trademark without first conducting a trademark search.

Which of the following falls under Chapter 7 bankruptcy?

the debtor is relieved of obligations

If infringement can be proven in court, a monetary award may be given to the trademark holder.

true

Marketing information that has already been compiled is known as secondary data.

true

Pricing for the product life cycle correlates with customer demand and sales volume.

true

Research indicates that strategic planning enhances a firm's performance.

true

Social media marketing is the application of online collaborative media for marketing purposes.

true

The pro forma income statement is prepared before the pro forma balance sheet.

true

The major thrust of the business plan, as defined in the textbook, is to

encapsulate the strategic development of the project in a comprehensive document.

In preparing a business plan for oral presentation, the entrepreneur should scan the outline once or twice.

false

For the author of creative material to obtain a copyright, the material must be in _____ form.

tangible

Babies and career are indicative of the priorities that shape the buying decisions of persons in the nest-building stage of the family life cycle.

true

Because corporate law makes it difficult for businesses to consider employee, community, and environmental interests in their decision making, the B corporation has been introduced.

true

Many research studies suggest that strategic planning influences a venture's survival.

true

Control versus communication is an important distinction between social media marketing and traditional marketing.

false

Design patents last for 20 years.

false

In conventional marketing, the role of a marketer is that of internal and external change agent.

false

In an entrepreneurial culture, strategic orientation is driven by

a perception of opportunity

The entrepreneur must be

able to handle questions from the evaluators

All of the following techniques are used in gathering primary data except

analysis of financial records

Which of the following is a psychological characteristic of consumers?

aspiration

A business plan _____ potential financial backers.

establishes a first impression of the company and its principals on

The process of trademark registration is

expensive

An entrepreneur must graph at least two numbers-total sales and total expenses-when using the graphic approach for break-even analysis.

false

Chapter 13 bankruptcy involves a reorganization of the enterprise.

false

Copyrights have to be registered with the Copyright Office.

false

The second section of a business plan is

the business description

Even after marketing research is done, many entrepreneurs are unsure of how to price their products or services.

true

Financial information pulls together all the information presented in the other segments of the business.

true

In bankruptcy terms, Chapter 7 is often called liquidation.

true


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