FUNDAMENTALS
Which statement is true regarding training for entrepreneurial ventures?
A. Organization
B. Optimism
C. Innovation
D. Determination
B. Optimism
When using mind mapping to generate product ideas, it is best begin by writing down the main problem or which other component?
A. Market opportunity
B. Supporting facts
C. Primary associations
D. Situation analysis
A. Market opportunity
Where in a marketing plan would a business owner place the plans to communicate with its customers?
A. Marketing objectives
B. Marketing strategies and programs
C. Situation analysis
D. Executive summary
B. Marketing strategies and programs
Which characteristic is descriptive of a meaningful company objective?
A. Measurable
B. Vague
C. General
D. Unlimited
A. Measurable
Who is the founder of Facebook
Mark Zuckerberg
What behavior is exhibited when an individual recognizes the possibility of an undesirable outcome and continues to work toward a goal?
A. Creativity
B. Self-discipline
C. Risk-taking
D. Flexibility
C. Risk-taking
When determining venture-creation opportunities, entrepreneurs must first perform which action?
A. Obtain financing
B. Conduct research
C. Identify staffing needs
D. Select a location
B. Conduct research
Proctor and Gamble's decision to offer different types of soaps in a wide range of prices is an example of which strategy?
A. Direct marketing
B. Market segmentation
C. Geographic segmentation
D. Industrial marketing
B. Market segmentation
Channel members should share an equal commitment to which component of the product?
A. Name
B. Price
C. Quality
D. Packaging
C. Quality
Founder of Tumblr
David Karp
Governments can encourage entrepreneurial development by performing which action?
A. Increasing interest rates on loans
B. Deregulating and reducing taxes
C. Establishing higher ethical standards
D. Passing more legislation with strict guidelines
B. Deregulating and reducing taxes
Which is the first factor that a business should consider when it is deciding if it should sell a product?
A. Promotional strategy
B. Taxation rate
C. Storage space
D. Market demand
D. Market demand
Sandy opened a small business that carries a very wide variety of products of varying qualities at many different prices. Sandy is losing customers who are disappointed with the selection, quality, and quantity of items. What is lacking in Sandy’s product mix?
A. Consistency
B. Breadth
C. Depth
D. Width
A. Consistency
If the XOB Company wants to emphasize the advantages of its product in comparison to similar products in the marketplace, it should position its product in relation to which factors?
A. Competitors
B. Consumers
C. Markets
D. Applications
A. Competitors
Who is the first black entrepreneur?
Madame C.J. Walker
Which statement is most likely to have a negative effect on domestic small-business growth?
A. Involuntary tax reductions
B. Restrictive loan policies
C. Low interest rates
D. Slow inflation
B. Restrictive loan policies
Jessica’s hobby is making jewelry. There is potential to sell her bracelets and earrings on eBay. This is an example of identifying a product opportunity by considering which factors?
A. Demographic changes
B. Business processes
C. Consumer attitudes
D. Personal experiences
D. Personal experiences
Marketers often condense USPs into short slogans due to which situation?
A. A successful USP is always very short.
B. All work team members must memorize them.
C. There cannot be product differentiation through any other means.
D. Customers tend to remember just one thing from an advertisement.
D. Customers tend to remember just one thing from an advertisement.
A business is extending its operating hours to accommodate its customers. Which is a business cost associated with this service?
A. Higher payroll expenses
B. Increased sales volume
C. Higher profit margins
D. Increased customer satisfaction
A. Higher payroll expenses
The CEO of HARPO Inc and owns a magazine
Oprah Winfrey
Entrepreneurs often discover business start-up ideas by looking for gaps between what is being done and which other factor?
A. How things are being done
B. What was done in the past
C. When changes were last made
D. What needs to be done
D. What needs to be done
Identifying new product opportunities usually requires a person to possess which characteristic?
A. Decisiveness
B. Emotional
C. Awareness
D. Indifference
C. Awareness
Which factor helps a business to determine its product mix?
A. Merchandise breadth and depth
B. Size and target market
C. Staple goods and regular goods
D. Seasonal goods and convenience goods
B. Size and target market
Which individual would a business be most likely ask for a prediction of sales for next year?
A. Financial planner
B. Inventory specialist
C. Accounting clerk
D. Experienced salesperson
D. Experienced salesperson
Cofounder of Blavity
Morgan DeBaun
What type of economic system is best suited for entrepreneurial ventures?
Capitalistic based.
When it comes to generating new ideas for new businesses, entrepreneurs often look for ways to...
(Where do many ideas come from?)
Solving Problems
What is niche segmentation?
Selection of a target market based on a very specific set of criteria that limits the audience to an extremely well-defined segment.
The plan to increase production by 10% over a two-year period is an example of which management activity?
Development of objectives.