Unit 1
Many entrepreneurs encounter which situations of emotional risks?
Unemployment and uncertain income
Companies have been forced to pay more attention to the specific needs of consumers because of which factor?
Competition
Which is an example of a demographic trend that has encouraged entrepreneurial discovery?
Increased cultural diversity
Local governments strongly promote and support small businesses mainly due to which factor?
Businesses are important to the economy.
The costs of operating a business are often called which expenses?
Overhead
When planning for her new business, Janine allocates two percent of the estimated annual sales of her company to web and newspaper advertising. Janine is developing which document?
A promotional budget
A marketing plan should outline the specific activities that the business will use to perform which action?
Achieve its marketing objectives
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?
Personal experiences
Which source of start-up information would be recommended to an entrepreneur looking for information about the average start-up and operation costs for a self-serve laundromat?
Coin Laundry Trade Association
Costs of sales for a new manufacturing venture typically include which factors?
Raw materials, equipment, and product inventory
Which is the first factor that a business should consider when it is deciding if it should sell a product?
Market demand
One reason why it is often important for businesses to conduct a competitive analysis is to identify factors?
external threats
Many entrepreneurs encounter which situations of emotional risks?
Unemployment and uncertain income
When planning for her new business, Janine allocates two percent of the estimated annual sales of her company to web and newspaper advertising. Janine is developing which document?
A promotional budget
A business that fails to protect its employees from unnecessary risk or health hazards on the job may be sued for which situation?
Negligence
One factor that an entrepreneur should consider while assessing a venture opportunity is whether it will encounter which situation?
Lead to more opportunities
Businesses that segment the market based on psychographics are grouping people according to which attribute?
Lifestyles
Regan is deciding if she is willing to give up a secure position with a well-known company so she can start a home-based business. Which risk is Regan assessing?
Financial
Which item might be included in the appendix of a marketing plan?
A product photograph
One way that a business can learn about the activities of competitors is to perform which action?
Review secondary data
Which statement is true about entrepreneurship and small-business growth?
Many people start entrepreneurial ventures during times of economic recession.
Which is an important advantage for the corporate form of business ownership?
Ability to raise large amounts of capital
Which is an operational issue that entrepreneurs must consider when planning their businesses?
Production process
Which is an activity that a business performs when conducting a competitive analysis?
Monitors marketing strategies of a rivalry
When the Green Company selected its target market, it decided to ignore the segment differences and generate appeal with one offer. The company is using which marketing strategy?
Mass