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Which of these pricing strategies will help a new firm maximize cash flow?
a. Lower price to raise volume
b. Raise price and reduce direct costs
c. Set a higher price to raise perceived value
d. Sell online
e. None of these choices
A firm entering a _____ market in an established industry with an innovative product
can experience rapid rates of growth.
a. Technology
b. Slow growth
c. Niche
d. Diversified
e. Local
A Customer Value Proposition is:
a. Always composed of total benefits, points of differentiation, and focus on a key value
b. The best alternative for validating a solution wit customers
c. A way to focus on the favorable points of difference with competitors
d. A focus on the unique differences being offered that provide the most value for the
customer
e. None of these is correct.
According to Pasmore and Torres, the second step in succession planning is ____.
a. announcement of the process
b. transition
c. execution of the search
d. situation assessment
e. key-person insurance
The concept that customers are not likely to switch easily to something new is:
a. a SWOT analysis
b. Inertia
c. Brand loyalty
d. All of these choices
e. None of these choices
In order to answer the question "Why does the business exist?" you need to know its
____.
a. purpose
b. mission
c. strategies and tactics
d. core values
e. All of these choices
A/An ____ lays out the benefits, distribution channel, product/service, and potential
competition for each identified customer segment.
a. customer matrix
b. market matrix
c. customer profile
d. industry profile
e. None of these choices
An accountant can help a growing business in all of the following except ____.
a. auditing
b. bookkeeping
c. preparing documents for acquisition of intellectual-property rights
d. preparing documents for acquisition of intellectual-property rights
e. preparing taxes
Only about 25 percent of all U.S. businesses are ____, but they account for 67 percent
of all sales transactions.
a. nonprofits
b. LLCs
c. corporations
d. sole proprietorships
e. None of these choices
When an entrepreneur specifies that rewards and bonuses be linked to profits and
performance of both the individual and the company, a/an ____ is in place.
a. annual bonus
b. deferred compensation plan
c. profit sharing plan
d. common stock plan
e. capital appreciation plan
Today, product/service warranties are not a competitive marketing tool.
a. True
b. False
Harvest entrepreneurs start and build a venture for the purpose of selling it.
a. True
b. False
On average, a customer will see an ad ____ times before actually purchasing the
product.
a. 5 to 10
b. 10 to 20
c. 15 to 20
d. 20 to 25
e. 10 to 15
The North American Industry Classification System (NAICS) is the classification
system that was developed by the United States, Canada, and Mexico to identify
industries and to allow for common standards and statistics across North America.
a. True
b. False
Creativity enables entrepreneurs to differentiate their businesses from competitors so
that customers will notice them.
a. True
b. False
Identifying all the tasks in the production process makes it easier to determine what
equipment and supplies are needed for completing the task.
a. True
b. False
Briefly discuss the components/elements of the industry life cycle.
Under the law administered by the Equal Employment Opportunity Commission
(EEOC), before the point of hire you may not ask about what aspects of an applicant's
life?
Why is succession planning important?
Why is it important to correctly define a problem?
How can consultants provide services for the new venture?
Give a concise description of the four elements of a business concept opportunity.
Define and discuss search engine marketing.
Briefly discuss the product development cycle.
Discuss the sections of the cash flow statement.
