ENTR 321 FINAL

What percentage of your marketing budget should you allocate to advertising to people outside your target customer segment?

0%

The registration of a trademark has a lifetime of

10 years plus 10-year renewable periods

Identify the order in which people adopt new goods by ranking the consumer types from 1 (first adopters) to 5 (last adopters).

1st adopter: Innovators 2nd: Early adopters 3rd: Early majority 4th: Late majority 5th: Laggards

Works created after January 1, 1978, have a copyright for the life of the author plus

70 years

The 4Ps of marketing include all the following except: a. principle b. product c. promotion d. price

A. principle

Contains support material such as blueprints and diagrams

Appendix and Bibliography

Contains reference information for data sources used in the business plan

Appendix and Bibliography?

Provides industry background

Business Description

Describes the customer value proposition for the new venture

Business description

The 4Cs of marketing include all the following except: a. cocreation b. choice c. continuity d. communities

C. Continuity

What metric did Paul Singh say was the best predictor of whether a B2B startup would experience rapid growth?

Calling 200 people through the phone to their potential customers

When considering bankruptcy, entrepreneurs as sole proprietors normally prefer

Chapter 13

True or False: Only major strategic decisions need to be supported through marketing research.

False

True or False: Pricing procedures are the same for all types of ventures.

False

True or False: Skimming is setting prices at such a low level that products are sold at a loss.

False

True or False: The traditional accounting equation is: assets + liabilities = owner's equity.

False

Provides a budget

Financials

Provides balance sheet and income statement

Financials

A key concept in developing an expense budget is that of

Fixed costs

Which of the following are not trademarks?

Generic words

Discusses the possibility of the venture being acquired

Harvest Strategy

Provides strategy for an initial public offering

Harvest Strategy

High-income people who have inherited their wealth

Innovators

Highest professionals, including merchants and financiers

Innovators

Present oriented, but worried about the impact of time

Innovators

Sole proprietorship

It's owned by one person, so raising capital by selling equity means you are no longer the only owner

Below-average-income wage earners

Laggards

Tradition-oriented people who often live in the past

Laggards

Unskilled labor

Laggards

Average-income wage earners

Late majority

Present (security) oriented

Late majority

Skilled labor

Late majority

Describes legal structure of the venture

Management

Provides resumes of all key personnel

Management

Discusses pricing strategy

Marketing

Identifies target markets

Marketing

Of the following, which does the textbook identify as critical to the marketing planning process? a. market niche b. market segmentation c. marketing research d. marketing myopia

Marketing research

Sets forth timetables for completion of major phases of the venture

Milestone Schedule

Shows the relationship between events and deadlines for accomplishment

Milestone Schedule

Can a sole proprietorship raise capital from selling equity to Angel investors?

No

Discusses the advantages of location

Operations Segment

Explains costs involved in testing

Operations segment

What is skimming?

Setting price to maximize profit

Angel investor

Someone who is investing their own money

From where does an S corporation take its name?

Subchapter S of the Internal Revenue Code

Which of the following falls under Chapter 7 bankruptcy? a. The debtor is relieved of obligations. b. The debtor is arrested. c. The debtor fails to file income taxes. d. The debtor surrenders most property to a court trustee.

The debtor is relieved of obligations.

To effectively pursue a patent violation, experts recommend that the entrepreneur

prepare a realistic budget for infringement

Venture capitalist

professional investors who invest in business ventures, providing capital for start-up, early stage or expansion

What is penetration pricing?

setting price to maximize market share

There are two parts to a patent application, claims and

specification

What is meant by pricing for the life cycle?

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

Of the following pricing models, which is not indicative of pricing in the social media age? a. the affiliate model b. the subscription model c. the freemium model d. the growth stage model

the growth stage model

Market segmentation is

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

Which provides intellectual property protection for the longest period of time? A) Trademark B) Patent C) Copyright D) This is a trick question

Trademark

True or False: Pricing in the social media age is sometimes based on a model that offers basic levels of service for free.

True

True or False: A budget is one of the most powerful tools that an entrepreneur can use in planning business operations.

True

True or False: A copyright provides exclusive rights to creative individuals for the protection of their artistic productions.

True

True or False: A trademark is a distinctive name, mark, or symbol that is identified with a company's product.

True

True or False: Marketing information that has already been compiled is known as secondary data.

True

True or False: Marketing research involves the gathering of information about a particular market, followed by analysis of the information.

True

True or False: Mobile social media applications can be differentiated based on location-sensitivity as well as on time-sensitivity.

True

True or False: One of the principal advantages of a corporate form of ownership is that liability (the most money a person can lose) is limited to an individual's investment.

True

True or False: Social media marketing is the application of online collaborative media for marketing purposes.

True

True or False: Three primary legal forms of organization are the sole proprietorship, the partnership, and the corporation.

True

True or False: Works created and copyrighted after January 1, 1978, are protected for the life of the author plus 70 years.

True

True or False: In the marketing shift from the 4Ps to the 4Cs, price shifts to choice and promotion shifts to communities.

True (however Price shifts to customizable not choice)

Can a sole proprietorship have employees?

Yes

Can you Trademark a color?

Yes

Can you Trademark a word?

Yes

You are starting a business. You won't have any co-founders or outside investors (co-owners). Can you (should you) still organize the business as a limited liability company?

Yes

A market is

a group of consumers who have purchasing power and unsatisfied needs.

Of the following, which is not associated with entrepreneurial tactics in market research? a. in-person interviews b. lead user research c. blog monitoring d. guerrilla marketing

a. in-person interviews

What kind of investor is Paul Singh?

angel investor

All of the following techniques are used in gathering primary data except a. surveys b. analysis of financial records c. experimentation d. observational methods

b. analysis of financial records

All of the following are ways of invalidating a trademark except: a. cleaning-out proceedings. b. clearing-out proceedings. c. generic meaning. d. abandonment.

b. clearing-out proceedings

The textbook recommends that social media marketers consider three aspects of social media when using social media tools for marketing purposes. What are they?

creating something of value, enabling customer promotion, and encouraging participation

Inhibitors to marketing research include all of the following except: a. irrelevancy b. cost c. complexity d. distribution

d. distribution

The owner of a copyright may do all of the following except a. deduct the intrinsic value of the rights from one's taxes. b. perform the work publicly. c. reproduce the work. d. display the work publicly.

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

Secondary data consists of

existing information

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

fair use

When a trademark becomes the name of a general group of products or services, the trademark protection may be lost because of

generic meaning

When developing a survey, you should consider

including questions only pertaining to the study.

All of the following are recognized as advantages of partnerships except: a. possible tax advantages b. lack of continuity c. ease of formation d. direct rewards

lack of continuity

Specific forms of partnership include which of the following?

limited partnerships and limited liability partnerships

True or False: Chapter 7, Chapter 9, and Chapter 11 are the most common forms of bankruptcy.

False

True or False: It is usually more expensive to gather secondary data than primary data.

False

True or False: It often is possible to obtain more capital and a better range of skills in a sole proprietorship than in a partnership.

False

True or False: Laws governing intellectual property rights include copyrights, trademarks, and leases.

False

Analyzes case if any sales projections are not attained

Critical Risks Segment

Discusses contingency plans in the event of price-cutting by the competition

Critical-Risks Segment

Future oriented

Early adopters

High-income people who have incomes from salary and investment

Early adopters

Middle managers and owners of medium-sized businesses

Early adopters

Above-average-income wage earners

Early majority

Owners of small businesses; non-managerial office and union managers

Early majority

Present oriented

Early majority

Most crucial part of the plan because it may be the only section read by busy individuals

Executive Summary

Should be the last section written

Executive Summary

The cash flow budget describes

cash inflows/cash outflows

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

claim