Entrepreneurship I Final Review

When government sets safety standards for the workplace, it is attempting to

Many businesses fail due to insufficient capital. Insufficient capital is also known as a lack of

When sellers offer one-size-fits-all products that will appeal to most buyers, they are using

In the early stages of a startup business, entrepreneurs assume sole responsibility for

If a marketer changes one marketing mix element, they should expect that the __________ will also change.

While managers help make entrepreneurs’ visions a reality, they aren’t required to

Before starting their business ventures, which of the following would entrepreneurs recognize first:

Balancing value and satisfaction for the customer is part of which element of marketing?

A person who opens a business without plans to make it a large corporation or open multiple chains.

Which of the following is a true statement about business ethics and the law:

Why does government set and collect taxes?

One difference between business ethics and the law is that business ethics  

A business should conduct environmental scans on a continuous basis so it can

Marketers divide their markets by grouping customers according to their

A survey designed to help you assess your strengths and weaknesses is known as a

The end goal of a feasibility study is to

Inflation is a factor involved in which category of an environmental scan?

A person who takes on the risk by developing products and or business concepts but works for someone else.

Owners/Managers should not conduct a feasibility study if they are

Geographic segmentation is dividing a market by where customers are

Which of the following is a public good that is provided by government:

The standards surrounding how we conduct ourselves and how we interact with others in a business setting is:

When using mass marketing, marketers seek to appeal to the __________ market.

The possibility of loss (failure) or gain (success) is a

Why is it important to assess personal strengths and weaknesses before interviewing for a job?

The two main sources of revenue used to pay the costs of government regulation are

Environmental scanning is sometimes called environmental

Entrepreneurs who are aware of their personal strengths and weaknesses increase their chances of

Element of marketing that marketers use to inform, persuade, or remind customers of their products?

Franklin is a marketer who has selected what he thinks is the best strategy. What should he do next?

Which of the following is a true statement about ethical business practices:

To buy a product, customers in a market must first

Government tries to protect competition by

The process of creating new or more effective products, processes, services, technologies or ideas:

Which of the following is a true statement about the term “environment”:

Marketing an evening class to women ages 18–30 who are high school graduates. What type of segmentation

A goal can be evaluated to determine its

Which of the following quotes encourages you to evaluate yourself as a person:

Which of the following is a factor that relates to the government category of an environmental scan:

The financial section of a feasibility study must include sources of

Individual who identifies an opportunity to create new value, develops & offers a unique product, and assumes the risks

Which of the following is an example of increased financial risk for a company with poor business ethics:

One of the reasons that has caused government’s role in business to expand is that

Mass marketing is not as precise as __________ marketing.

You decide not to take a certain action because you know it’s the wrong thing to do. You decide based on your

A business’s chain of command can be found in its

One way in which government protects private property is to provide

The characteristic that reflects where customers fit in the day-to-day buying routine is their

When assessing strengths and weaknesses, what is wrong with simply saying, “I am a good leader”?

A firm’s strategy is important because it shows

Sorting customers by their physical and social characteristics is called _________ segmentation.

Which of the following is the best description of the marketing mix:

The same person can be included in more than one

Stage 1 of the entrepreneurship process is:  

Which of the following was one of government’s original roles in business:

A main reason that environmental scanning is important is so that businesses can be aware of

When reviewing your education and experience to help assess strengths and weaknesses, look for

The rapid and unimpeded flow of capital, labor and ideas across national borders is: ________________.

When marketers sort customers psychographically, they divide them by

How do entrepreneurs develop their skills?

A large tech company donates a portion of its proceeds to charity. This is an example of __________ responsibility.

A business cannot control its

When examining a market, marketers primarily notice its

Market segmentation is about dividing the market into __________ groups.

A business with poor ethics is likely to

Employees should seek positions that

When the total market is divided, one of its groups is called a market

Government is involved in settling business disagreements through the use of

A feasibility study can form a solid foundation for which of the following business documents:

Which of the following is an example of a demographic trend:

Feasibility studies can help owners/managers determine

Sawyer is a marketer who is planning his strategy. He most likely wants to choose a route that is

Knowing your strengths and weaknesses can help you

Which of the following is   one of the four pillars of a business’s social responsibility:

A target market can be described as the