SIE Exam

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Buiz starting with no start up capital and those starting with more than $50K are among most likely to survive long term

False

Competitors of a company are not a source of business ideas

False

Funds left over after deducting the CGS are referred to as the net profit

False

More specific the suggested EDITS one receives, the more one learns how to write well, into their words "do it this way" v. "figure this out and respond" Dr. Bell

False

Mr. Oles was the first person to suggest a dress code for the class and Mr. Barshop agreed

False

Price skimming involves setting a price above that of the competition so as to indicate a higher quality or that a product is a status symbol

False

Pure inovation is an overall strategic approach in which a firm patterns itself on other firms, with the exception of one or two key areas

False

Second sourcing provides customers with greater certainty of supplies or services

False

When one firm absorbs another through a purchase, its called a merger

False

When one serves on a Board, for either a profit or a non for profit org, they are protected from lawsuits

False

The research and development team of Leonide Inc has generated 5 diff product ideas. All 5 ideas are being rated against each other based on product, uniqueness, idea profitability, protectable intellectual property and product team quality. Based on their ranking in this stage, only 3 ideas will make it to the immediate next step is what stage

Feasibility study

Which of the following is the primary goal for performing due diligence?

Finding any inefficiencies, unnoticed opportunities, waste and mismanagement

In the goal step of the strategic planning process, the key is to

Focus on the kind of customers the business wants to deal with

Which of the following is a generic strategy that targets a portion of the market, called a segment or niche?

Focus strategy

Room 119 in Mccoy is named after

Gary Woods

Which of the following is a characteristic of a traditional business?

Generally has sales between $100K and $1 million depending on the industry

The amount by which sales price exceed product costs refers to

High margins

What rate is the % of ppl who buy out total population of people approrached for the sale of product or service

Hit

Changes in competitors, sales & profits in an industry over time are referred to as

Industry dynamics

Which of the following is a disadvantage of buying a franchise?

You give up control of marketing and operating

commercialization

best described as process of making a new product available to consumers

What is a credit agreement that allows the borrower to pay all or part of the balances at any time as the loan balance is paid off, becomes available to be borrowed again

Revolving credit

Which of the following should be avoided while coming up with a company or brand name considering the possibility of future expansion

Selecting a company or brand name thats too narrow

Which of the following is most likely to increase the odds of start up successes?

Starting business in a business incubator

Which of the following is the first step for performing due diligence?

Study the financial reports & other records of the business

When a product is sold in limited area, for limited time, it is referred to as

Test marketing

The new product development process is likely to be easier for services than for innovative goods

True

Which of the following statements about family businesses succession is true?

Turning over management authority is not easy for most founders

At Sea Shell Diner, a burger cost $4 and a pack of 2 cookies costs $2. the dinner also offers combo meal consitising of burger and cookies for $5. The pricing strategy is an example of

bundling

Optimum price

refers to highest price of product that will produce desired level of sales in intended market

a good marketing strategy is most likely to focus on

sales plan that show specific ways to secure sales from customers

vision statement

simple 5-10 word sentence or tagline that expresses fundamental idea of goal of firm

Which of the following statements is true of executive summary

single most widely distributed written description of a business

Which of the following is the biggest problem with simulated test markets

they dont always reflect actual buying behavior

financial statements in a business plan include income statements, cash flow, balance sheet and respective assumptions

true

goal of appendix is to provide supporting info that helps detail the key selling points of a business plan

true

if product has protection through propietary technology, it is mentioned in product subsection of companys section of a buisness plan

true

Smart Home, a retailer for consumer electronics, sells reputed brands desktops at near cost price. These are located at end of store so customers notice other products first. This is an example of

Bait pricing technique

The story of the railroad emphasized the importance of

Being committed and dedicated

Which of the following will be an example of odd even pricing

Buy a t shirt for $19.89

Ivory Isles Resort set a low base price $250 for rooms. It appears to be great bargain. However the customers have to pay additional charges for using services such as a casino, spa, hot pool. According to this info, Which of the following pricing strategies is used by Ivory Isles?

Captive pricing

Which of the following is most likely to increase odds of successes for a start up?

Choosing a business that produces high margins

Which of the following is commonly used to estimate the value of a buisness

Comptable sales of other firms

Which of the following is true of a small business?

Considers sales as more important than marketing?

Which of the following statements is true about elastic products?

Customers will respond to price increases for elastic products much more negatively than for inelastic products

What analysis is based on the concept that the longer you have to wait to receive money the less valuable it is right now

Discounted cash flow

Which of the following is the first step (and usually addressed first) of a business marketing plan?

Discussing the target market of the business

Which of the following is a disadvantage of purchasing an existing business?

Existing managers and employees resisting change

Which of the following approaches yields better results in richer dynamic uncertain environments or industries?

External Focus

Which of the following statements best describes the process of idea screening in new product development

It is the process of selecting the most promising ideas to be further evaluated for feasibility qwa

Sam used management skills to start loans advising website. He started seeing clients to his home before it grew into a well established company in the next ten years. Which of the following entrepreneurial methods did he use in the beginning, to reduce the financial risk of his start up?

Lean method

As a firm gets more experience, it can often work with fewer mistakes and greater efficiencies, thereby lowering cost. This leads to the cost benefit of

Learning

Which of the following is most likely to be the best indicator of a successful start up?

Level of experience of the founders

Mr. Barshop noted that what is most important to a business?

Location

Mr. Barshop recommended a book that focused on

Location

Which of the following types of customers are likely to generate more potential customers than the other type?

Loyal customers

According to the SCAMPER tool, a feature that allows customers to order directly from a website rather than visiting a store is an example of

Magnification

Which of the following survey methods is the most expensive?

Mail

Which of the following is true of the introduction stage of a product?

Most customers are unaware of the offerings

If a business is trying to grow, the right price for its products is one that is

Necessary to capture a desired market share given an anticipated level of sales volume

What is the amount of money left after deducting the operating expenses of the business?

Net profit

Charging lower prices at certain times to encourage customers to come during slack periods is known as

Off peak pricing

Imitation plus one degree of similarity results in

Patterning a business on existing firms

The "story" of Smitty from LA focused on

Paying your productive people well

What involves introducing products to potential customers & taking orders for later delivery

Preselling

Which of the following pricing practices in the most inappropriate?

Pricing a product, advertised for high quality and prestige, lower than the competition

What would happen when a small business that is growing becomes too great to be handled alone by an individual owner?

Professional managers are hired to share the management load

A start up, typically cannot

Provide positive cash flow immediately

Which of the following is true for start ups?

Provides new, unique products or services that aren't available

Which of the following is most likely to be an advantage of buying an existing business?

Purchasing a business often requires less cash layout than for creating a start up

What is a concession which covers the time while you prepare your location prior to opening?

Rent free use period

Magic numbers is define as

The post tax income the entrepreneur personally seeks from the business

Which of the following statements is true about me too products

The vast majority of new ideas for a small business will be me too products

Which of the following is true of niche markets?

They are specific and narrow

A niche market is a narrowly defined segment of the population that is likely to share interests or concerns?

True

According to "what do i do in a group" assessment, a good manager needs to focus on two things

True

Barshop and Oles has been both private and public company (traded on the stock market) and its currently private

True

Even if a compeitior matches a sale or offers some other promotions to edwmatch ones offering, its not as aggressive an action as a price war

True

Key man (person) insurance is bought to protect the company against loss of crucial employees

True

Patents/trademarks are popular strategic actions for protecting firms from competition

True

People starting small to medium size ventures need to know how to seek and obtain venture captial

True

Random discounts shouldnt be too frequent bc consumers begin to realize if they stock up in this sales period, they can probably wait until the next sales period

True

Strategy is the idea and actions that explain how a firm will make its profits

True

in the context of a business plan, a firms responsiveness to customers is a key concern of bankers

false

research suggests that firms without business plans are less likely to close down that firms with plans

false

Which of the following stages of new product development typically involves specifying the details of each ideas technolocial feasibility its cost how it can be marketed and its market potential?

idea evalution

Most small businesses are more

imitative than innovative

Soul pine issues a card to each new customer on which every purchase is stamped and when a customer completed 9, they get 10 service for free. This is example of

loyalty program

Which of the following terms refers to amount profit an entrepreneur incurs, stated as % of total price?

margin

Markup price

price setting method where amount is added to cost of product to set the retail price and provide profit

While developing a new product, in the product development stage, the 1st versions of products are using in further consumer testing. Theres first versions of products are called

prototypes


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