Chapter 1
Technology makes it easier to operate in a _________ envirnoment
Global
Which is false? Apple Computer started with $13,500, Dell Computers started with $1,000, Nike started with $1,000, Walt Disney started in his garage
Apple
Opportunity selection
It is important to conduct ongoing market research to identify _________ problems
potential
The knowledge-based economy, technology, and informed customers has changed the way a _________ views competition
business
According to the SBA, a description of the business, balance sheet, and personal finance statements of owners are components of the
Business Plan
What population does this describe: On average 1,000 a day turn 65, they control less than half of the nation's discretionary income, they control over 70% of the financial assets in the United States
Baby boomers
The microchip, internet and Printed Circuit are ___________ breakthroughs
industry
Profiling draws a ____ around your target customer
magic circle
Never underestimate the power of your ____ competitors.
indirect
small business ownership
When doing industry research you should contact trade associations for your ______ and those your ______ and ________ might belong to
industry, customers, suppliers
You can find the following information on what website: Economic and employment statistics, IRS reporting requirements, and Industry-specific data
The Bureau of Labor Statistics
Surveys are part of ___________ research
primary
An advertisement, the floor of a store and the store sign are examples of customer
touchpoints.
When building a team you should find people who are _______________
good at what you can’t do
The product life cycles include:
embryo, growth, mature, decline
Phone, mail, and personal interviews are ways to conduct _________ research
primary
Government agencies, Educational facilities, and Non-profit organizations include this market segment:
B2B
Distinctive competency gives you the greatest _____ in a marketplace
strength
A profit profile consists of salaries, cost of goods sold and _________
gross sales
The five major environmental variables are:
Competition, Social, Political, Cultural, Legal
A clear picture of your enterprise is your __________ definition
business
The four P's of product differentiation are
Place, Product, Promotion, Price
The three value disciplines are:
operational excellence, product leadership, customer intimacy