Entrepreneurship Ch 1-5 Final Review 2022

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

People go into business for themselves because

The mrketing _ uses the needs of customers as the primary focus during all of the mkting steps.

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

The FIRST step of primary market research is to

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

Businesses use many strategies to maintain customer loyalty, including

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

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

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

The ____ is the amount earned as a result of an investment, usually expressed as a percentage.

The objective of every pricing strategy is to increase profits.

Once an entrepreneur has identified their goals, it is time to develop a 

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

Which of the following is compared in a competitive analysis

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

__________ businesses generate fresh produce and other farm products.

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

The most common type of primary market research is

A ____ price is determined by subtracting a percentage amount from the retail price of an item,

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

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

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

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

Which of the following is an example of psychographic data?

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

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

The different products and services a business sells are its product 

Product characteristics that will satisfy consumer needs are called

All of the following are examples of strategies for maintaining customer loyalty EXCEPT

Markup and markdown prices are methods of competition-base pricing.

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

A marketing ___ is a written report that helps you define your market, customers & competition.

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

A wholesaling business sells products directly to consumers.

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

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

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

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

Ideas are different from opportunities.

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

The FINAL step of the problem-solving model is to

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

A business's marketing plan should never be included in the business plan.

The last step in market research is to 

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

When services are combined under one charge, they are said to be bundled.

Data that help you determine where your potential customers live?

A major disadvantage of primary data is __________.

The second step in market research is 

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

Thoughts or concepts that come from creative thinking are called

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

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

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

The _________ is the name, symbol, or design used to identify a product.

A business's percentage of the total sales generated by all companies in the same market

All of the following are examples of primary data EXCEPT 

Not all products have features.

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

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

There will usually be more than one price that can be charged for a product.

One major advantage of being an entrepreneur is that

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

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

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

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

____ is based on belief that certain prices have an impact on how customers perceive a product.

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

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

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

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

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

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

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

Pricing that starts out with a low intro price with the goal of building  strong customer base.

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

The marketing ___ is a blending of the 4 P's used to reach a target market.

The process of selling your idea to a company for the development and launch of a new product 

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

_______ is selling at a high price in order to create a feeling o superior quality.

Price __ is used when a product is new & starts with a high price to recover development costs.

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

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

Establishing informal ties with people who can help your business grow is called

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

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

Pricing objectives should be developed only after prices have been set.

Name the main aspects of a product that a business must spend time developing.