Entrepreneurship Final Exam Review

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

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

One major advantage of being an entrepreneur is that

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

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

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

A major disadvantage of primary data is __________.

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

Thoughts or concepts that come from creative thinking are called

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

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

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

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

Which of the following would be considered a capital resource?

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

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

__________ businesses generate fresh produce and other farm products.

The second step in market research is 

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

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

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

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

Economists make no distinction between a want and a need.

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

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

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

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

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

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

People go into business for themselves because

All of the following are examples of primary data EXCEPT 

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

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

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

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

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

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

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

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

How does competition benefit consumers?

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

Using the telephone to promote your product is called phishing.

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

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

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

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

Data that help you determine where your potential customers live?

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

Which of the following is compared in a competitive analysis

Businesses use many strategies to maintain customer loyalty, including

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

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

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

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

The FINAL step of the problem-solving model is to

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

Entrepreneurship thrives in a command economy.

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

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

Which of the following is an example of a need?

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

The last step in market research is to 

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

The FIRST step of primary market research is to

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

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

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

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

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

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

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

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

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

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

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

Ideas are different from opportunities.

Newspaper advertising

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

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

Not all products have features.

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

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

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

A wholesaling business sells products directly to consumers.

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

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

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

The most common type of primary market research is

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

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

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

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

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

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

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

Which of the following is an example of psychographic data?

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

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