ELE 3010 Midterm Exam Hope Parnell Clemson University

defining, business

1st step in preparing a marketing plan is _____________ the ____________ situation

patent

A _____ is a contract between the government and an investor

opens the firm to make different "fronts" of competition

A broad-scope strategy:

infrastructure

Concerns regarding roads, electricity, banking facilities, communication, and educational systems have to do with a country's:

having the least disrupting influence on established consumption patterns.

Continuous innovations are described as:

entrepreneurial action within an organization

Corporate entrepreneurship is best described as:

10-12, customers

focus group should consist of ________ potential ___________

informal, market

focus groups are an ___________ method of gathering __________ info

sell, business

the business plan presentation for potential investors should enable the entrepreneur to _______ his/her __________ concept in a designated period of time

primary data

observation, interviewing, and focus groups are examples of collecting

A moderator leads the group in an open, in-depth discussion

Focus groups use which of the following methods?

marketing research

process of gathering info in order to determine who will buy the product and what is the most appropriate distribution channel

Entrepreneurs rent or sporadically use resources; managers like to own resources

In regards to the differences between the entrepreneurial and administrative focuses which of the following is correct?

a narrow-scope strategy

Offering a small product range to a small number of customer groups is:

30

Once accepted, the trademark is published in the Trademark Official Gazette for ____ days to allow any party to oppose or request an extension to oppose the use of the mark

distribution

The _________ element of the marketing mix involves decisions as to what is the most appropriate channel.

organization plan

The ______________ __________ describes the business' form of ownership

resources

The basic building blocks to a firm, or the inputs into the production process , are:

International entrepreneurship

____ ______ is the process of an entrepreneur conducting business activities across national borders

Operating risk

______ ______ is defined as the risk of interference with the operations of the venture

Risk

______ refers to the probability, and magnitude, of downside loss.

Proactiveness

________ includes initiative and risk taking, as well as competitive aggressiveness and boldness

break even numbers

_________ _________ __________ would NOT be an operations information needed

Criticism

_________ is not desirable when brainstorming is in the process

financial resources

___________ ___________ are an internal environmental variable

distribution

a key element in the pricing strategy is ____________.

environmental analysis

an assessment of external uncontrollable variables that may impact the business plan is an ____________ _____________

defining, purpose, objectives

considered to be the most difficult state of marketing research for an entrepreneur due to lack of knowledge or experience in marketing is _____________ the ____________ or ____________

form of ownership

the organization plan describes the business':

environmental, industry analysis

the section of the business plan in which the entrepreneur identifies changes occurring on the national and international level is the ____________ and __________ _________

identify competitors

when collecting marketing info the entrepreneur should ___________ _____________

lenders

when evaluating business plans, __________ are primarily concerned with the four Cs of credit

little, price, competition

when products can't be easy differentiated there is ________ room for ________ variations from the _____________.

TV

which form of promotion is too expensive for most entrepreneurs to use?

Creating a new product development process for your company

A new entry includes all of the following except:

How much capital do I need?

All of the following are questions an opportunity assessment plan might answer except:

there are short term horizons

All these are characteristics of an entrepreneurial environment except:

focuses on the opportunity, not the venture

An opportunity assessment plan:

copyrights

Authors or publishers of software are protected under:

can learn from the action of first movers without incurring the same costs

By delaying entry, late movers:

the desire to grow at a slow and controlled pace

Entrepreneurial culture and growth orientation consists of all of the following except:

exist when the basic (relatively easy to observe) elements of the technology resemble the basic elements of the market

In regards to thinking structurally, superficial similarities:

Space

It is a practice in some cultures to hug and even kiss when greeting a known business partner. What aspect of nonverbal language is being referred to in the above example?

adjustments, market

It's a commitment to make ___________ as needed or dictated by __________ conditions is true of implementing a market plan

business-to-business

Kind of marketing that involves a more direct channel of distribution than consumer markets

market segmentation

Process of dividing the market into smaller homogenous groups

the process usually involves identification of everything wrong with an idea

Reverse brainstorming is much like brainstorming except that:

False

T/F: *The product life cycle consist of five main stages*

False

T/F: A reflection task would involve thinking about what strategies should be used to solve a problem

True

T/F: Bricolage is entrepreneurs making do by applying combinations of the resources at hand to new problems and opportunities

False

T/F: Customers always embrace change in products and services.

True

T/F: Entrepreneurial opportunities are those situations in which new goods, services, raw materials and organizing methods can be sold at greater than their production cost.

True

T/F: Entrepreneurially managed firm structure is usually flat with multiple informal networks

False

T/F: Entrepreneurially run firms are driven by controlled resources whereas traditionally managed firms are driven by perception of opportunity

True

T/F: Generally, independent, venture-capital based start-ups by entrepreneurs tend to outperform corporate start-ups significantly

False

T/F: In encouraging a culture for corporate entrepreneurship, using older, proven, technology is recommended in order to increase stability in the organization

False

T/F: In order to be the basis for a firm's superior performance, a bundle of resources must be valuable, rare, and imitable.

False

T/F: In the McMullen-Shepherd Model the first stage is the evaluation stage

False

T/F: Newness of a new entry is always an advantage

True

T/F: The McMullen-Shepherd Model helps identify the common traits of successful entrepreneurs

True

T/F: The business plan describes both internal and external elements

True

T/F: The effectuation process starts with what one has and selects among possible outcomes

True

T/F: The period of time when the environment is favorable for entrepreneurs to exploit a particular new entry is called the window of opportunity

False

T/F: The promotional strategy was not taken seriously is a common reason why business plans fail

True

T/F: The question "What is this technology all about?" is a comprehension question.

False

T/F: The three main categories of patents are design, utility, and provisional patents

True

T/F: industry analysis needs to only be conducted using primary research data

false

T/F: only service businesses need an operations plan

True

T/F: the employee's perspective is not one of the main perspectives an entrepreneur should consider when writing the business plan

product life cycle

The ____ is defined as the stages each product goes through from introduction to decline

design

The _____ patent is granted for a 14-year term

provisional patent

The ______ _______ is filled to establish a date of conception of an invention and replaces what used to be known as a disclosure document

size, scope, new venture

The depth and detail of a business plan depend on the ________ and _________ of the ________ _____________

securing commitment from top management

The first step in establishing corporate entrepreneurship in an organization is:

product, price, distribution, promotion

The marketing mix consists of (4 things)

description of the venture

The part of the plan that describes the location and size of the business, the personnel and office equipment that will be needed, and the history of the venture is called the ____________ ____ _______ _______________

big-dream approach

The problem-solving method invovles developing new ideas by thinking without constraints

claims section

The section of the patent application which provides the criteria by which any infringement will be determined is the:

barter

What term describes the practice of paying for goods indirectly through another source?

education

Which among the following influences whether customers are able to use the good or service properly and whether they are able to understand the firm's advertising or other promotional messages?

Ownership risk

Which among the following political risks is considered the biggest risk of all?

Encourages colleagues to follow hierarchy

Which is NOT a leadership characteristic of a corporate entrepreneur according to the text?

Defining the business situation

Which is the first step in preparing a marketing plan?

collective notebook method

Which of the following creative methods involves having participants write down their ideas several times a day?

Design patent

Which of the following is a contract that grants the owner protection, based on the appearance of an object?

Energy

Which of the following is not an aspect of nonverbal or hidden language?

A company must be willing to invest money without a guarantee of a return

Which of the following is true about corporate entrepreneurship?

Private companies are not included in the act

Which of the following is true regarding the Sarbanes-Oxley Act?

The Gordon method

Which of the following problem-solving techniques begins with group members not knowing the exact nature of the problem?

Potential entrepreneurs should establish a formal method for monitoring and evaluating competitive products and services on the market.

Which of the following statements is true?

unlike a patent, trademark does not last indefinitely

Which of the following statements is(are) not true?

Analyzing and interpreting the results

Which stage of marketing research is considered to be the most difficult for an entrepreneur due to lack of knowledge or experience in marketing?

marketing

distribution, pricing, and promotion of the product are discussed in which section of the plan?

assessment of risk

identifies potential hazards and alternative strategies to meet business plan goals and objectives

plan, prepared

if the entrepreneur is constantly faced with significant changes in the marketing strategy, then it's likely that the _________ was not _____________ properly.

production plan

if the new venture is a manufacturing operation, a ____________ __________ in the business plan is necessary