entrepreneurship final
What is the difference between a marketing plan and a promotional plan?
A promotional plan details how marketing goals will be carried out.
Why does specialization of labor often accompany the growth of a small company to a large one?
As the work load increases, employees become less able to work in multiple roles.
The example of CarMax's sales increasing due to employees buying cars there could be used to illustrate which of the following points?
Car pricing was previously complicated.
Which of the following is the best example of an indirect competitor for Krispy Kreme?
Cinnabon
How does associative thinking help businesses consider ways to expand?
It can help businesses develop related products to promote.
Why did Krispy Kreme decide to manufacture all the donut mix and distribute it to the stores?
It made the products more consistent in various stores
Which of the following would be a disadvantage of releasing cash flow to buy out an investor?
It might not have the funds available to cover unanticipated expenses
Which of the following gives Dunkin' Donuts a competitive edge over Krispy Kreme?
Its stores generally require less overhead
Which one of the following provides the reason the mining industry need its own regulations instead of following OSHA's?
Mining conditions vary and need to be defined by industry experts.
Why are cash-only businesses likely to lose some customers?
Not everyone regularly carries cash.
The income of the customers is less of a factor in which of the following circumstances?
The product is something that everyone will use.
How do unions benefit employees?
They provide strength in numbers when negotiating contracts.
Which of the following is an example of diminishing returns?
a farmer increases the crops planted but gets increasingly smaller harvests
The ceiling in a market would increase in which of the following cases
a high demand
If Krispy Kreme were to seek a metaphor for a new advertising campaign, which of the following would be the best choice for its warm, freshly made donuts?
a hug from mom
A credit report is particularly sensitive information because
a person's entire identity can be stolen with the information.
Monitoring the competition is important for all the following reasons EXCEPT
a similar décor will attract customers.
To keep employee information secure, employers should
all of the above
Mrs. Field's Cookies is an indirect competitor for Krispy Kreme because
both companies sell specialty treats, but different types.
How do those who give away software or content using a freemium pricing strategy make money
by charging for upgrades or allowing advertising
Beyond detailing regulations, what service does OSHA provide?
consulting with businesses
If a retailer notices that a customer has been overcharged for a product after the customer has left the store, the ethical thing to do is
contact the customer and fix the problem
If a check bounces, the business can do all the following EXCEPT
contact the customer's employer
The customer relationship is best built when
customers know they can count on quality products and services.
The fact that McDonald's, a company best known for its hamburgers, moved into the specialty coffee market is an example of
diversification
Education can help develop business leadership skills for all of the following reasons EXCEPT
entrepreneurs cannot succeed without a college education
The controlling function of management could also be described as
evaluation
A small business should never go above the top of the ceiling in its market.(true/false)
false
Adding more employees will always lead to more production. (true/false)
false
Collecting primary data usually requires hiring a marketing firm to conduct a study.(true/false)
false
Crowd sourcing can take the place of market research. (true/false)
false
High salaries are the most important determiner of employee satisfaction (true/False)
false
If a business offers a discount on a product, it cannot make a profit on that product.(true/false)
false
If there is enough space, any kind of storage will be adequate. (true/false)
false
Once a business determines its target market, it should not change its target market.(true/false)
false
One side is usually more powerful than the other when a contract is being negotiated.(true/false)
false
Price competition is only a good strategy for businesses that specialize in low-cost items(true/false)
false
Small businesses have more time to spend on customers, so they should add additional services for free(true/false)
false
The supply chain is limited to getting finished products to stores(true/false)
false
When a product or service is completely developed, the product life cycle ends. (true/false)
false
Megan Grassell decided to found a business in order to
fill a gap in the current market
The conception phase of the product life cycle could be described as dealing with
ideas
Under what conditions can people be asked to do dangerous jobs?
if proper training and safety equipment are provided
Value added benefits a small business because
it helps justify higher prices
The advantages of using client relations management software include all the following EXCEPT
it is unlikely that a rival business will be using it.
Which of the following best explains why Clarence Saunders's Keydoozle concept failed?
it was inefficient
Which of the following is an example of showing initiative?
noticing a problem and solving it
Small businesses can generally distinguish themselves in all the following ways EXCEP
ongoing extremely low prices.
Those interested in entrepreneurship volunteer their time with service organizations for all of the following reasons EXCEPT
paid experience will be more valuable
Why are plastic shopping bags now banned in many parts of the United States?
plastic bags are damaging to the environment
Ethics for the workplace are often defined by
professional organizations
Which of the following is an example of poor product management?
receiving a shipment of Christmas-themed items on December 23rd
Which of the following has the steps of the hiring process in the correct order?
recruitment, interview, offer
All the following are examples of employee benefits EXCEPT
restaurants nearby.
All the following are ways in which business owners can promote their business to reference groups EXCEPT
selling an item at a competitive sale price.
All of the following might occur in the development phase EXCEPT
selling the product to consumers
The "Hot Now" sign is a competitive advantage for Krispy Kreme because
serving fresh, hot donuts is unique to Krispy Kreme.
Which of the following details how a formal wear business might adjust its promotional mix to accommodate different markets?
social media for rentals and print ads for formal wear sales
The difference between supervisors and management is that
supervisors work more directly with support staff
Brokers such as PayPal benefit online businesses because
the business does not have to get an account with credit-card companies.
A business could attribute a rise in sales to a radio advertising campaign if
the radio ads were the only promotion at the time.
Why is discipline especially important for entrepreneurs?
there is little supervision when starting a business
What was unique about the bras that Grassell created?
they appealed specifically to the needs and taste of young teens
Customers are often willing to pay more if they know that they are supporting small businesses (true/false)
true
Customers will choose the lowest price for similar products. (true/false)
true
Diversification generally works best when companies add products related to their established business. (true/false)
true
Economy of scale suggests that increasing production lowers costs. (true/false)
true
Employees can share medical or other personal information with their coworkers.(true/false)
true
Offering to service products the business sells is a good example of value added.(true/false)
true
Price will factor less in decision making if the product meets an immediate need.(true/false)
true
The fact that Megan Grassell exceeded her funding goals is a good indication that her product will be popular. (true/false)
true
Women and minorities may find business organizations that are designed to help them succeed in business. (true/false)
true
Having clear standards helps promote fairness in all the following ways EXCEPT
using seniority as a guide is always the most fair.
Which of the following demonstrates a laissez-faire leadership style?
waiting until a project is complete to review it and give feedback
When businesses ask where or how you heard of them, they really want to know
which promotional channel reached you