Entrepreneurship Final Exam Review

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

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

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

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

How does competition benefit consumers?

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

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

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

Data that help you determine where your potential customers live?

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

The most common type of primary market research is

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

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

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

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

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

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

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

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

Which of the following would be considered a capital resource?

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

__________ businesses generate fresh produce and other farm products.

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

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

One major advantage of being an entrepreneur is that

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

Newspaper advertising

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

Which of the following is an example of psychographic data?

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The last step in market research is to 

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

The FIRST step of primary market research is to

Thoughts or concepts that come from creative thinking are called

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

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

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

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

Which of the following is an example of a need?

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

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

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

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

People go into business for themselves because

Using the telephone to promote your product is called phishing.

Businesses use many strategies to maintain customer loyalty, including

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

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

Not all products have features.

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

Economists make no distinction between a want and a need.

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

Ideas are different from opportunities.

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

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

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

Entrepreneurship thrives in a command economy.

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

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

The second step in market research is 

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

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

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

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

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

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

Which of the following is compared in a competitive analysis

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

The FINAL step of the problem-solving model is to

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

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

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

All of the following are examples of primary data EXCEPT 

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

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

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

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

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

A major disadvantage of primary data is __________.

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

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

A wholesaling business sells products directly to consumers.

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

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

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