Starting a Small Business
When starting a new business, you should be prepared for which of the following?
Twelve-hour workdays six to seven days each week
a disadvantage of a franchise
Must follow the parent company’s business structure
trendy buzzwords and sophisticated language should be in a mission statement.
False
Jordan is making a decision about how the products his business sells are transported to his store. Which of the four Ps would this decision fall under?
Place
Which of the following is the most powerful form of buying suggestion?
word of mouth
The first and primary question you should ask yourself before starting a small business?
Do I have what it takes?
a type of business which operates as a separate legal entity
corporation
Mission statement should focus on what area
overall market
Price is what type of variable?
psychological
Which of the following may drive customers away?
inventory shortage
The section of the business plan that identifies a target market
Marketing Analysis
a business which is owned and operated by one individual
sole proprietor
How far ahead should a vision statement be
5 to 10 years
Customers do not buy products, they buy which of the following?
Benefits
Which of the following is the right or license to sell a company’s product or service at a designated location?
franchise
“to increase our brand recognition” is an example of which of the following?
Goal
This is NOT a tip provided in the segment for naming a business?
Making the name difficult to pronounce
Which of the following is NOT a characteristics of vision statements as described in the presentation?
revolutionary
A store’s location may impact which of the following?
customer's buying decision
Angel investors are wealthy individuals who seek high returns through private investments.
True
the term for specific, time-sensitive accomplishments used to measure the short-term progress of an organization?
Objectives
This is protection provided to authors of original works such as literature?
What is a copyright
A vision statement should capture the __________ picture of what you want your organization to become.
long- term goal
The marketing mix should relate directly to who?
Company's target market
Which of the following are the grants of intellectual property rights to the inventor?
Patent