Entrepreneurship Final Exam Review

A(n) __________ is a written document that describes all the steps necessary for opening and operating a successful bus.

Data that help you determine where your potential customers live?

A(n) __________ is a short restatement of your business plan.

Which question should an entrepreneur answer in order to identify the target market?

In a brainstorming session, it is NOT a good idea to

Businesses use many strategies to maintain customer loyalty, including

Physical distribution includes not only transportation but _______of products within a channel

 This part of the MM involves locations & methods used to make products available to customers 

The __________ section of your bus. plan should describe your products and services and explain how they are different

A ________ release is a written statement meant to inform the media of an event or product.

A business’s percentage of the total sales generated by all companies in the same market is called

One major advantage of being an entrepreneur is that

A major disadvantage of primary data is __________.

Earning a college degree would belong in which stage of Maslow’s hierarchy of needs?

Employees, customers, and creditors are all stakeholders in an entrepreneur’s business.

Not all products have features.

If a store sells snow shovels for half-price in the middle of the summer, the store is offering customers a

Using the telephone to promote your product is called phishing.

Pricing that is determined by how much customers are willing to pay for a product or service is called

_________ are the physical characteristics or capabilities of the product or service.

Mixed economies often result when countries shift away from command economies toward market economies.

Which of the following is NOT an example of a sales promotion?

The FIRST step of primary market research is to

There are more small businesses in the United States than large businesses,

Data ____ is used to find hidden patterns and relationships in stored customer data.

Salespeople must present a positive image to the customer because they represent the company.

Which of the following would be considered a capital resource?

Individuals and businesses decide what, how, and for whom goods and services are produced in a

The four interdependent functions of business are production, marketing, management, and finance.

A direct channel moves the product directly from the  _____ to the consumer.

People who own, operate, and take the risk of a business venture are called

A wholesaling business sells products directly to consumers.

Surveys should be no longer than _____ if they are mailed to respondents.

__________ businesses generate fresh produce and other farm products.

A(n) ___ is a list of questions you would like to ask your customers to find out information.

More than half of all new businesses do not survive beyond four years.

An in-depth interview with several target customers who provide ideas on products and services

Ethical behavior, considers both the actions and the result of those actions.

The FINAL step of the problem-solving model is to

___ focuses on understanding customers as individuals instead of as part of a group.

In which of the following distribution options does the manufactur NOT get involved in selling?

The act of establishing a favorable relationship with customers & the general public is called

Trade associations exist to provide info, education, and networking opportunities to individuals in their industry

Which of the following would NOT be considered a good characteristic of a good team member?

Lenders and investors require a business plan before they will consider financing a business.

Lenders want to know where your bus. will be located bc the location of a bus. is often a critical to its success

Which of the following is an example of a service business?

Opportunity cost is the price an entrepreneur pays to have the opportunity to go into business

All of the following are examples of primary data EXCEPT 

Your business plan needs to convince readers that you have come up with a practical business idea.

Most people who own their own businesses do so for more than just monetary gain.

_____ are data that describe a group of people in terms of their tastes, opinions & lifestyles.

A television adv which lasts a half hour or more & goes into greater depth about the product.

Problem resolution requires the customer to adopt the salesperson's point of view.

A business that makes most of its money selling the same or similar products to the same market

People go into business for themselves because

How does competition benefit consumers?

The more often you use the problem solving model the better skilled you will be at decision making

The __________ is made up of thousands of retired executives who volunteer their time to provide entrepreneurs with real

“I will learn more about starting my own business” is a good example of a SMART goal.

To successfully use the marketing concept, a business must do which of the following?

___________ buying decisions are based on the logical reasoning of customers.

A type of online ad that changes the background of the page being viewed is called a

The second step in market research is 

Some customers will know exactly what they want, and the fulfillment of their needs is

According to the SBA, one third of all new businesses survive for at least ten years

Entrepreneurship thrives in a command economy.

Data on all of the following can be found in secondary data resources EXCEPT

Groups of customers within a large market who share common characteristics are called _______.

Newspaper advertising

Ideas are different from opportunities.

A description of the characteristics of the person that is likely to buy your products?

The best advertising method to use to reach a lot of people quickly is

A financial statement based on projected revenues and expenses is called a(n) __________ financial statement.

A(n) __________ strategy, or exit strategy, is the way an entrepreneur intends to extract their money from a business

Lower-level needs are not usually met through personal selling.

You should never have a third-party read your business plan before you show it to potential investors.

Almost all entrepreneurs are middle-aged people with prior business experience.

Within the main body of the business plan, which section contains info about the ownership structure of the business

The most common type of primary market research is

Under the Cost per Mil method of online advertising the charge is based on exposure of message.

In a CRM, any type of interaction a customer has with a company is called a

Which type of goals will be more helpful in determining how to target your marketing?

Economists make no distinction between a want and a need.

This type of pricing technique starts out with a low intro. price with the goal of building a strong customer base.

The U.S. __________ is an independent agency of the federal government that was created to help Americans start, build,

Which of the following is an example of a need?

Data that describe a group of people in terms of age, marital status, family size, income are _

Who would be the target market for a coffee shop that is located in a business area of a city?

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An example of a non financial goal is how much money your business will make.

It is the large businesses in the economy that create the most jobs.

Thoughts or concepts that come from creative thinking are called

Your business plan should never list any risks or potential problems your new business could face

A _________ is a refund offered to people who buy a product.

A business plan makes you think about all aspects of your business.

Which of the following is compared in a competitive analysis

Which of the following is an example of psychographic data?

Identifying and examining the characteristics of a competing firm is called a

The last step in market research is to