Into To Entrepreneurship Final

Bill Clinton owns a business that appeals to hunters and fishers. The market that Bill is trying to appeal to is called his _______ market.

Target

Steve Jobs is thinking about starting a computer company. After doing some research, he decided that the computer industry can be divided into the following product categories - handheld computers, laptops, tablet computers, PCs, work stations, minicomputers, mainframes, and super computers. He is now trying to decide which product he is most interested in competing in. The process that Steve is going through is called _______.

Market Segmentation

The amount of money consumers pay to buy a good is its _________.

Price

In ________-based pricing, the list price of an item is determined by adding a fixed markup percentage (say 30%) to a product's cost.

cost

The Donald Trump Dance Center in New York City targets professional dancers who aspire to earn a living, dancing on Broadway. This specific portion of the overall dance industry is referred to as a _______ market.

niche

Nike's familiar phrase "Just do it" is an example of a(n) ________.

Tagline

A ________ market is a place within a market segment that represents a narrower group of customers with similar interests.

niche

A _______ illustrates a firm's positioning strategy relative to its major rivals.

product attribute map

Creating ________ means creating awareness and a sense of anticipation about a company and its offerings.

Buzz

Markets can be segmented in a number of ways, including by geography, demographic variables, psychographic variables, behavior variables, and product type and others.

True

Efforts to establish and maintain a company's image with the public are referred to as _______.

public relations

A firm's "position" is concerned with how it is situated relative to its rivals.

True

According to the textbook, a successful brand can increase the market value of a company by ________ to _________ percent.

50; 75

A(n) ________ is an early user of a firm's product who is willing to give a testimonial regarding his or her experience with the product.

reference account

Which of the fooling statements is correct regarding the concept of branding?

A brand can be one a company's most valuable assets.

Steve Knight is very concerned about maintaining the integrity of his brand. The company thereby closely control advertising social media. PR and other things that might create a positive and consistent brand message. This process is called _________.

Brand Management

According to the textbook, a brand is all of the following except a(n) ________.

Industry endorsement

The first step in selecting a target market is to study the industry in which the firm intends to compete and determine the different potential target markets in that industry. This process is called ________.

Market Segmentation

Which of the following is the correct sequence of events to the process of selecting a target market and position strategy?

Segment the market, select a target market, Create a unique positioning strategy

When Red Bull was first being introduced into the United States, the company would hand out free samples of its product at extreme sports events (e.g., skateboarding, wakeboarding and mountain biking competitions). Red Bull's objective was to create ________ surrounding its product.

buzz

Which of the following is NOT one of the four elements that constitute a firm's marketing mix?

Passion

Intellectual property is any product of human intellect that is intangible but has value in the marketplace.

True

The Partnering for Success feature in chapter 11 focuses on GoPro and Red Bull, two companies that have established a cobranding relationship. Cobranding is when two companies ________.

form a partnership and combine their brands

Kevin Costner owns an acting consulting company. The way Kevin prices his services is to figure his cost and then add a 33% markup. The method that Kevin uses to determine his prices is called _______-based pricing.

cost

In ________ pricing, the list price is determined by estimating what consumers are willing to pay for a product and then backing off a bit to provide a cushion.

Value-based

________ refers to the activities the firm takes to communicate the merits of its products to its target market.

promotion

Every March thousands of marijuana growers gather in New Mexico to display their products and to see what their competitors are up to. This type of event is called a _______.

trade show

_______ marketing is a low-budget approach to marketing that relies on the ingenuity, cleverness, and suprise rather than traditional techniques.

Guerrilla

The Google AdWords program allows advertisers to buy ads that will be shown on other web sites instead of googles home page.

False

Which of the following are the key forms of itellectu8al property protection?

Trade Secrets

Copyrights

Patents

Trademarks

Which form of intellectual property protection is the only one expressly mentioned in the original articles of the US Constitution?

Patents

A grant from the federal government conferring the rights to exclude others from making, selling, or using an invention for a specific period of time is referred to as a(n) ________.

Patent

In terms of priority in filing a patent application, the United States uses a first-to- _________ system.

File

Which of the following selection correctly identifies the three types of patents?

Utility, design, plant

The sole entity responsible for granting patents in the United States is the _________.

U.S. Patent and Trademark office

The term of a utility patent is ________ years from the date ________.

20: of the initial application

A ________ is any word, name, symbol, or device used to identify the source of origin of products or services and to distinguish those products or services from others.

Trademark

Which of the following symbols is the copyright bug?

©

Which of the following is NOT one of the 10 warning signs that a business is growing too fast?

Comfortable operating margins

Sustained growth is defined as growth in both revenues and profits over an extended period of time.

True

All businesses have the potential to be fast growth firms.

False

Business success doesn't always scale.

True

A firm's core strategy is largely determined by its core competencies, or what it does particularly well.

True

_______ are(is) generated when increasing production lowers the average cost of each unit produced.

Economies of Scale

Steve Jobs leases a manufacturing facility that produces computer monitors. Steve tries to keep production volume high, because his lease payments are $15,500 a month, regardless of whether he produces five computer monitors a month or 12,238. Steve's lease payment is a _______ payment.

Fixed

Dr. Fauci has a company that sells medical equipment to brain surgeons. The company fields a direct sales force that travels the country demonstrating its equipment to brain surgeons and hospital administrators. Recently, Dr. Fauci's company started producing equipment for eye surgeons, partly to maximize the value of his sales force, which can now call on both brain surgeons and eye surgeons when it makes hospital visits. Dr. Fauci's firm is attempting to capture economies of ________ through this strategy.

scope

Kamala Harris owns a firm that designs and sells women's jewelry. She is currently trying to grow her firm by developing new product lines. Shelby is pursuing a(an) ______ growth strategy.

internal

Which of the following is an example of an external growth strategy?

Stategic Alliances

Work that is done for a company by people other than the company's full-time employees is referred to as ________.

Outsourcing

A(n) ___________ strategy involves making additional versions of a product so that it will appeal to different clientele.

product line extension

Franchising is a form of business ownership in which a firm that already has a successful product or service licenses to its trademark and method of doing business in exchange for __________.

an initial franchise fee and an ongoing royalty

Franchising is best attempted when a ___________.

firm has a strong trademark, a desire to grow, and a well-designed business method

Which of the following businesses is suitable for franchising?

Red Rock Cafe

Creating ________ means creating awareness and a sense of anticipation about a company and its offerings.

Buzz