Question 1

Customer understanding enables the entrepreneur to ______:

Accepted Answer

A)  create value. 
B)  capture value. 
C)  communicate value. 
D)  deliver value. 
E)  All of the above 
A)  create value. 
B)  capture value. 
C)  communicate value. 
D)  deliver value. 
E)  All of the above

Question 2

In addition to acquiring and retaining customers, marketing spans the boundaries between___.

Accepted Answer

A)  Sales and service 
B)  A company and its customers 
C)  Products and services 
D)  None of the above 
E)  All of the above. 
A)  Sales and service 
B)  A company and its customers 
C)  Products and services 
D)  None of the above 
E)  All of the above.

Question 3

The attractiveness of a market segment is related to its size, growth rate, and ___.

Accepted Answer

A)  cost 
B)  price 
C)  competitive advantage 
D)  potential profit 
E)  none of the above 
A)  cost 
B)  price 
C)  competitive advantage 
D)  potential profit 
E)  none of the above

Question 4

It is difficult for small companies to save money on "media buys" because ___.

Accepted Answer

A)  their range of advertising is limited. 
B)  their marketing is not creative enough to generate viral exposure. 
C)  their product mix is too diverse. 
D)  they are the first in a new market. 
E)  None of the above. 
A)  their range of advertising is limited. 
B)  their marketing is not creative enough to generate viral exposure. 
C)  their product mix is too diverse. 
D)  they are the first in a new market. 
E)  None of the above.

Question 5

Effective guerrilla marketing tactics appeal to emotion and create drama.

Accepted Answer

A) True 
 B)False

Question 6

Studies show that accurate pre-venture market analysis can reduce the failure rates of new ventures by what percent?

Accepted Answer

A)  10% 
B)  30% 
C)  60% 
D)  80% 
E)  95% 
A)  10% 
B)  30% 
C)  60% 
D)  80% 
E)  95%

Question 7

Entrepreneurs should not initially consider their resources and capabilities when first developing their marketing strategies.

Accepted Answer

A) True 
 B)False

Question 8

______ is the customer's ability to recognize and recall the brand.

Accepted Answer

A)  Technique awareness 
B)  Brand awareness 
C)  Value awareness 
D)  All of the above 
E)  None of the above 
A)  Technique awareness 
B)  Brand awareness 
C)  Value awareness 
D)  All of the above 
E)  None of the above

Question 9

Marketing is at the heart of an organization because its role is to identify and serve customers' needs.

Accepted Answer

A) True 
 B)False

Question 10

Entrepreneurs frequently stumble in their marketing, because of personal biases and beliefs.

Accepted Answer

A) True 
 B)False

Question 11

______ are key marketing dimensions that set the strategic framework.

Accepted Answer

A)  Segmentation, targeting, and positioning 
B)  Price, Promotion and Product 
C)  Global Brand Awareness 
D)  Price setting 
E)  None of the choices above 
A)  Segmentation, targeting, and positioning 
B)  Price, Promotion and Product 
C)  Global Brand Awareness 
D)  Price setting 
E)  None of the choices above

Question 12

Brand awareness is created through a customer's exposure to what?

Accepted Answer

A)  Advertising or publicity 
B)  Social media 
C)  Education 
D)  Promotion 
E)  Price reductions 
A)  Advertising or publicity 
B)  Social media 
C)  Education 
D)  Promotion 
E)  Price reductions

Question 13

Entrepreneurs must obtain information that will allow them to understand consumer buying behavior and customer expectations related to:

Accepted Answer

A)  Product design, pricing, and distribution 
B)  Product design, pricing, or distribution 
C)  Product design or pricing 
D)  Pricing and distribution 
E)  Pricing or distribution 
A)  Product design, pricing, and distribution 
B)  Product design, pricing, or distribution 
C)  Product design or pricing 
D)  Pricing and distribution 
E)  Pricing or distribution

Question 14

The communications mix includes:

Accepted Answer

A)  Advertising, cross selling, investor relations, personal selling, and direct marketing. 
B)  Advertising, sales promotion, public relations, personal selling, and direct marketing. 
C)  Sales promotion, advertising, consumer relations, multi-level reselling, personal selling. 
D)  A and C only. 
E)  A and B only. 
A)  Advertising, cross selling, investor relations, personal selling, and direct marketing. 
B)  Advertising, sales promotion, public relations, personal selling, and direct marketing. 
C)  Sales promotion, advertising, consumer relations, multi-level reselling, personal selling. 
D)  A and C only. 
E)  A and B only.

Question 15

Entrepreneurs market to which of the following audiences?

Accepted Answer

A)  Investors 
B)  Business partners 
C)  Customers 
D)  Employees 
E)  All of the above 
A)  Investors 
B)  Business partners 
C)  Customers 
D)  Employees 
E)  All of the above

Question 16

The core product is______, while the augmented product set of attributes is peripherally related to it.

Accepted Answer

A)  The brand 
B)  The technology 
C)  The cost 
D)  The essential good or service. 
E)  None of the above 
A)  The brand 
B)  The technology 
C)  The cost 
D)  The essential good or service. 
E)  None of the above

Question 17

The entrepreneur's decision on how to segment a market is critical because___.

Accepted Answer

A)  the entrepreneurs cannot go back to revise them in the future 
B)  waiting for one to emerge is an expensive strategy. 
C)  the segmentation function will often be outsourced to a marketing firm who requires clear instructions. 
D)  None of the above 
A)  the entrepreneurs cannot go back to revise them in the future 
B)  waiting for one to emerge is an expensive strategy. 
C)  the segmentation function will often be outsourced to a marketing firm who requires clear instructions. 
D)  None of the above

Question 18

Two inexpensive ways to identify the appropriate target market are to pursue multiple markets or to wait for one to emerge.

Accepted Answer

A) True 
 B)False

Question 19

A positioning statement has which of the following:

Accepted Answer

A)  Target group and need 
B)  Brand and concept 
C)  Point of difference 
D)  All of the above 
E)  None of the above 
A)  Target group and need 
B)  Brand and concept 
C)  Point of difference 
D)  All of the above 
E)  None of the above

Question 20

The cost-based method of pricing is marking up a product based on its cost plus a desired profit margin.

Accepted Answer

A) True 
 B)False

Customer understanding enables the entrepreneur to ______:

In addition to acquiring and retaining customers, marketing spans the boundaries between___.

The attractiveness of a market segment is related to its size, growth rate, and ___.

It is difficult for small companies to save money on "media buys" because ___.

Effective guerrilla marketing tactics appeal to emotion and create drama.

Studies show that accurate pre-venture market analysis can reduce the failure rates of new ventures by what percent?

Entrepreneurs should not initially consider their resources and capabilities when first developing their marketing strategies.

______ is the customer's ability to recognize and recall the brand.

Marketing is at the heart of an organization because its role is to identify and serve customers' needs.

Entrepreneurs frequently stumble in their marketing, because of personal biases and beliefs.

______ are key marketing dimensions that set the strategic framework.

Brand awareness is created through a customer's exposure to what?

Entrepreneurs must obtain information that will allow them to understand consumer buying behavior and customer expectations related to:

The communications mix includes:

Entrepreneurs market to which of the following audiences?

The core product is______, while the augmented product set of attributes is peripherally related to it.

The entrepreneur's decision on how to segment a market is critical because___.

Two inexpensive ways to identify the appropriate target market are to pursue multiple markets or to wait for one to emerge.

A positioning statement has which of the following:

The cost-based method of pricing is marking up a product based on its cost plus a desired profit margin.

The Power of Entrepreneurship

The Entrepreneurial Process

Opportunity Recognition, Shaping, and Reshaping

Prototyping Your Ideas

Understanding Your Business Model and Developing Your Strategy

Building the Founding Team

The Business Planning Process

Building Your Pro Forma Financial Statements

Financing Entrepreneurial Ventures Worldwide

Raising Money for Starting and Growing Businesses

Debt and Other Forms of Financing

Legal and Tax Issues, Including Intellectual Property

Entrepreneurial Growth

Social Entrepreneurship

Filters

Exam 6: Entrepreneurial Marketing

Customer understanding enables the entrepreneur to ______:

In addition to acquiring and retaining customers, marketing spans the boundaries between___.

The attractiveness of a market segment is related to its size, growth rate, and ___.

It is difficult for small companies to save money on "media buys" because ___.

Effective guerrilla marketing tactics appeal to emotion and create drama.

Studies show that accurate pre-venture market analysis can reduce the failure rates of new ventures by what percent?

Entrepreneurs should not initially consider their resources and capabilities when first developing their marketing strategies.

______ is the customer's ability to recognize and recall the brand.

Marketing is at the heart of an organization because its role is to identify and serve customers' needs.

Entrepreneurs frequently stumble in their marketing, because of personal biases and beliefs.

______ are key marketing dimensions that set the strategic framework.

Brand awareness is created through a customer's exposure to what?

Entrepreneurs must obtain information that will allow them to understand consumer buying behavior and customer expectations related to:

The communications mix includes:

Entrepreneurs market to which of the following audiences?

The core product is______, while the augmented product set of attributes is peripherally related to it.

The entrepreneur's decision on how to segment a market is critical because___.

Two inexpensive ways to identify the appropriate target market are to pursue multiple markets or to wait for one to emerge.

A positioning statement has which of the following:

The cost-based method of pricing is marking up a product based on its cost plus a desired profit margin.

The Power of Entrepreneurship

The Entrepreneurial Process

Opportunity Recognition, Shaping, and Reshaping

Prototyping Your Ideas

Understanding Your Business Model and Developing Your Strategy

Building the Founding Team

The Business Planning Process

Building Your Pro Forma Financial Statements

Financing Entrepreneurial Ventures Worldwide

Raising Money for Starting and Growing Businesses

Debt and Other Forms of Financing

Legal and Tax Issues, Including Intellectual Property

Entrepreneurial Growth

Social Entrepreneurship

Filters