ESB 1
Match each Type of Sales Channel to its corresponding description.
1. Direct-to-customer
2. Wholesale
3. B2B
4. Retail
A. Selling products directly to end customers for a profit, either in-store, online, mail-order, or by phone.
B. Selling products in bulk to various outlets or retailers for onward sale.
C. When a brand or manufacturer sells direct to consumers and the end users of their products, as opposed to selling to them solely through retailers.
D. Businesses that sell to other businesses who are the intended end user of the product.
1. = C
2. = B
3. = D
4. = A
For each statement about Product Quality Control Testing, select True or False.
1. Refine quality measures as needed to increase the level of satisfaction with your product
2. Determine what standards have to be met based on the product and industry
3. review the results of a competitors quality assurance testing
4. Establish the method to use for testing product quality
5. Establish testing after starting sales on the product
1. true
2. true
3. false
4. true
5. false
You recently started a small affiliate marketing service. Last month, you spent $1,000 on a Pay-Per-Click (PPC) online advertising campaign that resulted in $1,200 in sales.
What was last month's Return on Investment (ROI) for your affiliate marketing service?
20%
Match each Element of the Design Thinking Process to its corresponding description.
1. Define
2. Empathize
3. Test
4. Prototype
5. Ideate
A. Research your users' needs
B. State your users needs and problems
C. Challenge assumptions and Create ideas
D. Create Solutions
E. Try Your Solutions
1. B
2. A
3. E
4. D
5. C
A DJ wants to analyze market reactions to the new music selections played at his dance last weekend. He advertises his weekly dances using social media and email.
Which would be the most effective way to gather reactions from those who attended the dance?
Surveys
Which two ways can Customer Service and Support affect sales? (Choose two)
Increaed Sales through responsiveness and personalization, More sales through customer evangelists
For each statement about the Selection of Distribution Channels, select True or False.
1. Products that are bulky, large in size, and technically complicated are ususally sold through multiple handlers before reaching the end.
2. Product price affects thelength of a distribution channel.
3. Perishable products require more direct distribution.
1. false
2. true
3. true
Which two costs should be included when calculating start-up costs for a business? (Choose two)
Business cards, Permits, licenses, and incorporation fees
Which three characteristics help identify a business opportunity? (Choose three)
Quality, service, price
Which element of a marketing plan provides a synopsis of details to be outlined later in the plan?
A toy company wants to create a product/market fit hypothesis for a new toy. Which element of the hypothesis involves writing a statement explaining what the new toy does and how it is different from the competition?
Value Proposition
Which are two characteristics of direct distribution that differ from fulfillment centers? (Choose two)
Direct distribution is also known as a zero level channel
The manufacturer controls all aspects of distribution
A startup business is looking for ways to get funded. Which type of funding funds a business through private investments during a set period of time?
Incubator
Which two documents summarize the business plan of a company? (Choose two)
Pitch Deck, Lean canvas
For each statement about the Sales Process, select True or False.
1. Prospecting is usually the first step in the Sales Process.
2. Determining if the potential customer can afford your product is part of Prospecting.
3. Handling objections involves listening to the potential customer's concerns and addressing them.
4. Closing the deal is the last and final element in the Sales Process.
5. Presentation is best done with a powerpoint slide deck that is the same for each presentation.
1. true
2. true
3. true
4. false
5. false
You have an idea for a new product. Market research suggests the product is needed to solve a problem and will be enthusiastically embraced by customers.
What is one of the first steps you must do before creating a product prototype?
Identify Materials
A nail salon pays $2500 in rent per month and each nail technicians get paid $20 per client visit. Supplies cost $500 per month. At 150 client visits per month, how much does the salon have to mark up each visit, percentage-wise, for to break even at the end of the month.
100%
For each statement about requirements for Equity vs Debt Financing, select True or False.
1. Equity financing places a large financial burden on the company.
2. The main advantage of equity financing is that there is no obligation to repay the money acquired through it.
3. Debt financing requires borrowing money whereas equity financing requires selling a portion of the company.
4. Creditors look favorably upon a relatively low debt-to-equity ratio, which benefits the compnay if it needs to access additional debt financing in the future.
1. false
2. true
3. true
4. true
Which three elements are required to have a Trade Secret? (Choose three)
Information has economic value not generally known, Others cannot legitimately obtain the information, and subject to reasonable efforts to maintain its secrecy.
Which Sales Channel has been opened to manufacturers because of digital tools?
Direct-to-consumer
You create a new type of electric shaver that is lightweight, portable, and holds a longer charge.
You want to use value engineering to improve the shaver. Which action is an example of value engineering?
Using cheaper materials for the cover without affecting overall quality
According to the information in the Balance Sheet, what is your equity in the business?
Balance Sheet for year ending December 31
Assets
Cash: $10,000
Inventory: $2,000
Equipment: $5,000
Total Assets: $17,000
Liabilities
Credit card balance: $2,500
Long-term debt: $0
Unearned revenues: $3,500
Total Liabilities: $6,000
$11,000
Place the stages of the business life cycle in the correct order.
1. Survival of the fittest
2. Take-off
3. Existence
4. Maturity
5. Success
3 - existence, 1 - survival of the fittest, 5 - success, 2 - take-off, 4 - maturity
In the context of interpreting market research, classify the following data as either Primary or Secondary.
1. A marketing survey you posted on Facebook
2. Facts you collected from professional journal articles
3. Demographic data you obtained from the government.
4. Infromation collected from your company focus group.
Primary: 1, 4
Secondary: 2, 3
For each statement about requirements for Equity vs Debt Financing, select True or False.
1. Equity financing places a large financial burden on the company.
2. Debt financing requires borrowing money whereas equity requires selling a portion of the company.
3. The main advantage of equity financing is that there is no obligation to repay the money acquired through it.
4. Creditors look favorably upon a relatively low debt-to-equity ratio, which benefits the company if it needs to access additional debt financing in the future.
1. false
2. true
3. true
4. true