Entrepreneurship Final

The academic study of entrepreneurship has identified a profile, or set of characteristics and achievements, that can distinguish an entrepreneur from a regular person. True or false?

False

Which of the following are not a step in the venture creation process?

A. emergence of the opportunity

B. emergence of the entrepreneur

C. emergence of the venture

D. emergence of the idea

D. emergence of the idea

Frank Knight defined an entrepreneur as:

A. Supplier of commodities; provider of innovation & progress; seeks opportunities to minimize costs of risk to gain profits

B. Willing to bear uncertainty by using personal judgment & by using calculated probabilities to minimize uncertain results.

C. The sole occupation to apply knowledge to the creation of a product for human consumption

D. The sole risk taker that buys at a certain price, sells at an uncertain price for potential gain

B. Willing to bear uncertainty by using personal judgment & by using calculated probabilities to minimize uncertain results.

Failure is necessary for all of the following reasons except:

A. Success breeds complacency

B. Failure reinforces the need for risk taking

C. Studying past failure is a good tactic

D. Failure restricts your ability to think

D. Failure restricts your ability to think

Most entrepreneurial initiatives fail. True or false?

False

Which of the following is not one of the stages of grief?

A. Depression

B. Anger

C. Mental instability

D. Denial

C. Mental instability

Cognition is our mental process, and is comprised of all of the following except:

A. organize

B. communicate

C. implement

D. understand

C. implement

According to Mark Cuban, most entrepreneurial initiatives fail because of lack of effort. True or false?

True

Focusing on a particular loss to explain why the loss occurred is referred to as:

A. The dark side

B. Restoration orientation

C. Loss orientation

D. Failure

C. Loss orientation

You are nervously anticipating the first quiz in your entrepreneurship class and are waiting outside of the classroom for the class scheduled before yours to exit. As the students begin to leave, you see a student crying and being comforted by another as they walk out. An overwhelming feeling of doom comes over you as take your seat. 

The metacognitive process that you just experienced is called _________. 

A. freaking yourself out

B. associating facts with outcomes

C. judging

D. framing

D. framing

The entrepreneurial motivations of individuals usually relate to which of the following factors?

A. The venture

B. The entrepreneur

C. The environment

D. All of the options

D. All of the options

Alfred Marshall defined an entrepreneur as:

A. The sole risk taker that buys at a certain price, sells at an uncertain price for potential gain

B. Not being a risk taker, but willing to bear uncertainty; uses personal judgment & control to weight probability of risk vs. success; believes success comes from luck

C. The sole occupation to apply knowledge to the creation of a product for human consumption

D. Supplier of commodities; provider of innovation & progress.

D. Supplier of commodities; provider of innovation & progress.

The decision to accept entrepreneurial motivation comes from one's

A. Family

B. Education

C. All of these choices

D. Goals

D. Goals

Which of the following is not a characteristic of small business owners?

A. There is rarely innovation in the business

B. Business replaces traditional wages

C. There is medium to low risk in the business

D. Wealth creation is rapid

D. Wealth creation is rapid

Which of the following is incorrect:

A. Small business owners manage their businesses by expecting stable sales, profits, and growth

B. Entrepreneurs manage their businesses by expecting stable sales, profits, and growth

C. Entrepreneurs focus their efforts on innovation, high profitability and sustainable growth

B. Entrepreneurs manage their businesses by expecting stable sales, profits, and growth

Only people who can come up with or invent stuff are worthy to be called entrepreneurs. True or false?

False

The Effectuation process of creativity starts with what one has, and:

A. may reach multiple goals from a combination of what is available.

B. is means-driven

C. All of the selections are correct.

D. is risk averse

C. All of the selections are correct.

With psychic risk entrepreneurs________.

A. fear losing their sanity

B. fear failure and thus overcompensate for it or succumb to negative thoughts and feelings.

C. fear losing money

D. fear adapting

B. fear failure and thus overcompensate for it or succumb to negative thoughts and feelings.

Entrepreneurs are thrill seeking doers and rarely think things through or research before getting started. True or false?

False

Characteristics often attributed to the entrepreneur include:

A. Determination & perseverance

B. Ability to be indecisive

C. Prefers to be a loner

D. Power hungry

A. Determination & perseverance

Which of the following is not a risk of entrepreneurship?

A. The entrepreneur is required to risk their physical health.

B. The entrepreneur is required to risk equity.

C. The entrepreneur is required to risk family and social time.

D. The entrepreneur is required to risk their career.

A. The entrepreneur is required to risk their physical health.

The statistical analysis of entrepreneurship has 3 classifications of economic development. Which one relies on knowledge an innovation driven by an expanding service sector need?

A. Efficiency-driven

B. Innovation-driven

C. Factor-driven

B. Innovation-driven

Entrepreneur is derived from the French entreprendre meaning to:

A. Enter

B. Undertake

C. Engage

D. Erect

B. Undertake

Jean Baptiste Say defined an entrepreneur as:

A. Not being a risk taker, but willing to bear uncertainty; uses personal judgment & control to weight probability of risk vs. success; believes success comes from luck

B. The sole risk taker that buys at a certain price, sells at an uncertain price for potential gain

C. The sole occupation to apply knowledge to the creation of a product for human consumption

D. Supplier of commodities; provider of innovation & progress; seeks opportunities to minimize costs of risk to gain profits

C. The sole occupation to apply knowledge to the creation of a product for human consumption

Entrepreneurs themselves perceive the concept of risk in which of the following ways?

A. Calculated risk taking

B. Distorted risk taking

C. Social risk

D. Gambling risk

A. Calculated risk taking

The causal process is when entrepreneurs:

A. Have the ability to effectively & appropriately change decision policies

B. The ability to recognize & analyze new product, methods and markets

C. Are means-driven, risk averse using a circular process

D. Act in a rational manner with planned risk taking; start with a desired outcome and use a linear process

D. Act in a rational manner with planned risk taking; start with a desired outcome and use a linear process

Most entrepreneurial initiatives fail because of lack of money. True or false?

False

The statistical analysis of entrepreneurship has 3 classifications of economic development. Which one relies on industrialization & economies of scale?

A. Efficiency-driven

B. Factor-driven

C. Innovation-driven

A. Efficiency-driven

Only people who are weird and or social outcasts are crazy enough and or smart enough to be entrepreneurial. True or false?

False

Unstructured and chaotic is the norm for entrepreneurs. True or false?

False

Frank Knight believed all of the following except

A. The entrepreneur is not a risk taker

B. The entrepreneur buys at a certain price, and sells at an uncertain price for potential profit

C. The entrepreneur has a willingness to bear real uncertainty

D. The entrepreneur uses personal judgment and control of resources to weigh probabilities of risk and success

B. The entrepreneur buys at a certain price, and sells at an uncertain price for potential profit

Prior to 1700, business ventures of any magnitude were funded by all of the following except:

A. The Church

B. Private investors

C. The Ruling Class

D. The Monarchy

B. Private investors

Which of the following believed that the entrepreneur was the sole risk taker?

A. Richard Cantillon

B. Alfred Marshall

C. Frank Knight

D. Jean-Baptiste Say

A. Richard Cantillon

Which of the following is not a reason for exceptional entrepreneurial activity in the United States?

A. A high percentage of individuals with professional, technological or business degrees who are likely to become entrepreneurs

B. America's willingness to exploit third world nations and anyone else weaker than us.

C. A national culture that supports risk taking and seeking opportunities

D. U.S. leadership in entrepreneurship education at both the undergraduate and graduate level

B. America's willingness to exploit third world nations and anyone else weaker than us.

Which of the following is not a characteristic of the Entrepreneurial Mindset?

A. Creativity and Innovativeness

B. External Locus of Control

C. High Energy Level

D. Initiative and Responsibility

B. External Locus of Control

Which of the following are the four different types of entrepreneurs?

A. Serial, Social, Bears and Corporate

B. Serial, Social, Bulls and Corporate

C. Serial, Social, Gazelles and Corporate

D. Social, Gazelles, Corporate and Intellectuals

C. Serial, Social, Gazelles and Corporate

Entrepreneurial motivation requires persistence.  Which of the following is not a way that one stays persistent?

A. Desire to take from society

B. Desire for Independence

C. Desire for creative control

D. Desire for self-fulfillment

A. Desire to take from society

The 1 common trait that all successful entrepreneurs have is that they had access to money prior to and during their new venture creation. True or false?

False

The statistical analysis of entrepreneurship has 3 classifications of economic development. Which one relies on labor & natural resources?

A. Innovation-driven

B. Factor-driven

C. Efficiency-driven

B. Factor-driven

An entrepreneur that has a portfolio of opportunities in various stages of development?

A. Serial Entrepreneur

B. Gazelle

C. Corporate Entrepreneur

D. Social Entrepreneur

A. Serial Entrepreneur

Information has always been plentiful and the need to access sufficient amounts of it led to established libraries, such as the famed Library of Alexandria and more recently the New York Public Library. The creation of the World Wide Web gave rise to a search engine like Google. 

The creation of search engines is an example of what?

A. Incongruities

B. Process Needs

C. Trends/Fads

D. Unexpected Occurrences

E. Knowledge - Based Concepts

F. Perceptual Changes

G. Demographic Changes

H. Industry & Market Changes

H. Industry & Market Changes

Most innovations result from:

A. The total genius of inventors

B. The subconscious adaption to reality

C. Lucky guesses

D. A conscious & purposeful search for new opportunities

D. A conscious & purposeful search for new opportunities

Which of the following is not a source of innovative ideas for entrepreneurs?

A. If I want it, maybe others will too

B. Is there something that can be made from leftovers?

C. Laziness and or a desire not to do something can lead to profitable solutions

D. Waiting and or wishing someone else will do it for you.

D. Waiting and or wishing someone else will do it for you.

Code of ethics issues that impact customers may include:

A. Product quality, product safety, truth in advertising, & aggressive credit collections

B. Philosophy of top management, reward systems & job dimensions

C. Honesty, health & safety, harassment, discrimination, & drug screenings

D. Environmental issues, political issues, & social responsibility

A. Product quality, product safety, truth in advertising, & aggressive credit collections

Which of the following is not one of the four phases of the creative process?

A. Post-mortem analysis

B. Evaluation/Implementation

C. Knowledge accumulation

D. Idea Experience

A. Post-mortem analysis

Code of ethics issues that impact society may include:

A. Environmental issues, political issues, & social responsibility

B. Honesty, health & safety, harassment, discrimination, & drug screenings

C. Philosophy of top management, reward systems & job dimensions

D. Product quality, product safety, truth in advertising, & aggressive credit collections

A. Environmental issues, political issues, & social responsibility

When Henry Ford decided to switch to a moving assembly line instead of building cars 1 at a time. This not only simplified vehicle assembly but shortened the time necessary to produce a single vehicle from 12 hours to 90 minutes. 

This is an example of what form of innovation?

A. Incongruities

B. Process Needs

C. Trends/Fads

D. Unexpected Occurrences

E. Knowledge - Based Concepts

F. Perceptual Changes

G. Demographic Changes

H. Industry & Market Changes

B. Process Needs

What are the four sectors we look to for the seed of a fad or trend?

A. Societal, technology, economic and educational

B. Societal, technology, economic and governmental

C. Societal, technology, commercial and governmental

D. Societal, technology, commercial and educational

B. Societal, technology, economic and governmental

The unethical practice of "cooking the books" is an ethical issue affecting

A. Employees

B. Shareholders and investors

C. Customers

D. Employers

B. Shareholders and investors

Paintings from antiquity show us that famous people of that time carried a few extra pounds on them than what we would today call healthy. Researchers tell us that this is because having some extra fat on a person meant that they were healthy and that rich people could afford to eat. However, today, people who are carrying around noticeable fat are seen as obese and unhealthy. This has led to a flood of diet trends and fads as well as businesses providing meal options geared toward reducing fat intake.

This is an example of what?

A. Incongruities

B. Process Needs

C. Trends/Fads

D. Unexpected Occurrences

E. Knowledge - Based Concepts

F. Perceptual Changes

G. Demographic Changes

H. Industry & Market Changes

F. Perceptual Changes

When entrepreneurs rely on existing solutions, techniques, or products to try to do things better, they are utilizing what type of creative process?

A. Inventive

B. Innovative

C. Tried-and-True method

D. Adaptive

D. Adaptive

Aging demographics indicates which type of trend?

A. Economic

B. Governmental

C. Societal

D. Technological

C. Societal

TCPalm, a subsidiary of the USA Today Network, reporter Melissa E. Holsman wrote in her December 18, 2019 article "Former Indiantown Nonprofit Housing director Donna Carman blames money thefts on gambling" that Donna Carman, the former executive director of Indiantown Nonprofit Housing pleaded guilty to “siphoning” up to $50,000 from the not-for-profit corporation. During the trial, her attorney, Michael B. Cohen, argued that his client’s illegal actions to a gambling addiction. Her criminal conduct, he wrote, “represented aberrant behavior.”

Which of the below best describes Donna Carman's actions:

A. Her gambling addiction created pressure that led to her perceiving that stealing the money was the right thing to do.

B. She saw an opportunity to win big and borrowed the money to do so. It wasn't her fault the big win didn't happen.

C. She rationalized that no one would miss the money or care about it.

A. Her gambling addiction created pressure that led to her perceiving that stealing the money was the right thing to do.

The phase of the creative process when the idea or solution the individual is seeking is discovered is referred to as:

A. Background accumulation

B. Idea experience

C. Incubation process

D. Evaluation & implementation

B. Idea experience

On March 22, 2019 New York Daily News reporters Elizabeth Keogh, Thomas Tracy, and Stephen Rex Brown published the story "Charity volunteer for slain NYPD officers embezzled $410,000 and spent it on dentistry, landscaping, Barbra Streisand tickets: prosecutors". In the story, the journalist trio report on Lorraine Shanley, who served as volunteer treasurer for the Survivors of the Shield from 2010 to 2017. The article details how during her tenure, she spent $410,000 in donations on personal expenses including her son’s legal bills, her grandchild’s private school tuition, dentistry, landscaping for her Staten Island home and Barbra Streisand tickets. 

“Lorraine Shanley allegedly capitalized on tragedy and monetized people’s generosity," Manhattan U.S. Attorney Geoffrey Berman said. “As alleged, Shanley stole over 20% of the donations to a charity whose sole mission is to help the families of NYPD officers killed in the line of duty.”

Which of the below best explain Lorraine Shanley's unethical choices: 

A. Lorraine Shanley perceived an opportunity to help her family and herself out of some financial barriers.

B. Lorraine Shanley rationalized that no one would miss the money or care about what it was used for since there was so much of it.

C. Lorraine Shanley perceived pressure to spend the money.

A. Lorraine Shanley perceived an opportunity to help her family and herself out of some financial barriers.

Which of the following is not a type of innovation?

A. Invention

B. Adaptation

C. Duplication

D. Synthesis

B. Adaptation

A person can develop their own creativity by:

A. Taking up a new hobby

B. Seeing new & different relationships in people, objects & places around them

C. Focusing on money

D. Quitting a boring job

B. Seeing new & different relationships in people, objects & places around them

Why do we need ethics?

A. Without it, our actions would be random and deadly.

B. Any flaw in our ethics will increase our ability to be successful in our endeavors.

C. All of the selections are correct.

D. It is our means of deciding a course of action.

D. It is our means of deciding a course of action.

As the population that uses cars grew, parking became problematic and sparse. The Smart car, a small car capable of fitting in to tiny spaces was created so that more cars could be fit in to the existing spaces. The Smart car really didn't catch on as a solution to the problem. This is an example of what form of innovation?

A. Incongruities

B. Process Needs

C. Trends/Fads

D. Unexpected Occurrences

E. Knowledge - Based Concepts

F. Perceptual Changes

G. Demographic Changes

H. Industry & Market Changes

A. Incongruities

Which of the following is not a principle of Innovation?

A. Try/test/revise

B. Be action oriented

C. Start big

D. Learn from failures

C. Start big

Which of the following is not a method of generating new ideas?

A. Mindtapping

B. Reverse Brainstorming

C. Bug List

D. Focus Group

A. Mindtapping

Which of the following questions concerning innovation is not relevant?

A. “What is the problem?”

B. “When should the product go to market?”

C. “Whom does it affect?”

D. “What costs are involved?”

B. “When should the product go to market?”

The entrepreneur becomes creative by:

A. Recognizes that problems are to solutions what demand is to supply

B. All of the selections are correct

C. Turns problems into opportunities

D. Seeking out unique opportunities to fill needs and wants

B. All of the selections are correct

Business ethics is defined as:

A. A set of moral principles & values that defines right & wrong

B. Written set of guidelines issued to workers & management to help them conduct their actions in accordance to primary values & standards

C. Proper business policies & practices regarding potentially controversial issues, such as corporate governance, insider trading, bribery, discrimination, corporate social responsibility & fiduciary responsibilities

D. Actions that follow accepted principle of right & wrong

C. Proper business policies & practices regarding potentially controversial issues, such as corporate governance, insider trading, bribery, discrimination, corporate social responsibility & fiduciary responsibilities

In using the innovative process of creativity, the entrepreneur could do all of the following except:

A. Approach tasks from unusual angles

B. Tends to be means oriented

C. Discovers problems and avenues of solutions

D. Question basic assumptions related to current practices

B. Tends to be means oriented

The incubation process involves which of the following?

A. Changing jobs

B. Talking to friends

C. Letting the subconscious work

D. Working harder

C. Letting the subconscious work

A bank in a small US town close to the border of Canada read a census report that the number of people who speak French as their first language has gone up 30% in the past 10-years. The bank decides to begin advertising their services in French in an attempt to gain some of the French speaking people in the town as patrons. 

This innovation in doing business was likely caused by?

A. Incongruities

B. Process Needs

C. Trends/Fads

D. Unexpected Occurrences

E. Knowledge - Based Concepts

F. Perceptual Changes

G. Demographic Changes

H. Industry & Market Changes

G. Demographic Changes

Ethics is defined as:

A. Actions that follow accepted principle of right & wrong

B. Written set of guidelines issued to workers & management to help them conduct their actions in accordance to primary values & standards

C. A set of moral principles & values that defines right & wrong

D. Clear vision owned & embodied by top management

C. A set of moral principles & values that defines right & wrong

On January 27, 2018 Boston Globe ran the following article; "Employee theft ‘shockingly common’ at nonprofits", in which reporter Todd Wallack reported that a board member of the Somerville Homeless Coalition was reviewing the nonprofit’s annual financial documents in 2015 when he spotted something odd. The forms said the chief operating officer, the No. 2 executive, earned $12,000 more than the organization’s top executive the previous year. Could that really be correct, he asked?

Turns out it wasn’t a typo. It was theft.

Somerville Homeless soon discovered that the COO — who handled all the finances — allegedly embezzled approximately $108,000 over 18 months. The charity said he brazenly added some of the money directly into his paycheck — where it showed up on the group’s annual financial forms — used the organization’s credit card for personal expenses, and added his middle-aged son to the group’s health insurance.

The COO's unethical behavior was caused by which of the following:

A. Perceived opportunity to help his family out financially.

B. Perceived pressure from his middle-aged child to continue taking care of their health care needs.

C. Rationalization that they should earn as much or more than the CEO since they handled the money.

C. Rationalization that they should earn as much or more than the CEO since they handled the money.

Code of ethics issues that impact employees may include:

A. Environmental issues, political issues, & social responsibility

B. Philosophy of top management, reward systems & job dimensions

C. Honesty, health & safety, harassment, discrimination, & drug screenings

D. Product quality, product safety, truth in advertising, & aggressive credit collections

C. Honesty, health & safety, harassment, discrimination, & drug screenings

During the evaluation/Implementation phase of the creative process, a great deal of _______ is needed?

A. Courage

B. Perseverance

C. Self-discipline

D. All of the selections are correct

D. All of the selections are correct

Creativity to the Entrepreneur is:

A. None of the selections are correct

B. something that can never be developed

C. another word for dreams

D. the generation of ideas that results in the improved efficiency or effectiveness of a system

D. the generation of ideas that results in the improved efficiency or effectiveness of a system

Which of the following statements is true about creativity?

A. People can learn to be creative

B. People are born creative & most can do nothing to change their level of creativity

C. The creative mind cannot be developed

D. Creativity has nothing to do with learning

A. People can learn to be creative

The combination of existing concepts & factors into a new formulation would define which of the following terms?

A. Invention

B. Analysis

C. Synthesis

D. Extension

C. Synthesis

Which statement is true about fads?

A. Creates enduring memories

B. Has a long window of opportunity

C. Fun, but no lasting impact on society

D. Has a slow acceptance rate

C. Fun, but no lasting impact on society

Which of the following ethical rationalizations are used to justify questionable conduct.

A. The act is not "really" illegal or immoral.

B. The act is in the individual's or the firm's best interest.

C. All of the selections are correct.

D. The act will never be found out.

C. All of the selections are correct.

What are the four types of innovation?

A. Analysis, synthesis, duplication, retention

B. Extension, retention, analysis, duplication

C. Synthesis, extension, retention, analysis

D. Invention, extension, synthesis, duplication

D. Invention, extension, synthesis, duplication

Once seen as a niche product only consumed by vegans and vegetarians, plant-based meats have gained mainstream acceptance among traditionally carnivorous foodies in the coming year. The market is predicted to grow by 28% each year until it reaches a whopping $85 billion by 2030, thanks to an increasing number of consumers with health, environmental, and animal welfare concerns. Impossible Foods and Beyond Meat are leading the charge, producing alt-meats for grocery store shoppers and partnering with chain restaurants like Burger King, KFC, and Subway to bring affordable options to the masses. It is believed that even more restaurants will introduce plant-based meat menu items that go beyond (pun semi-intended) beef-free burgers.

This type of societal change and acceptance is known as: 

A. Knowledge - Based Concepts

B. Incongruities

C. Perceptual Changes

D. Demographic Changes

E. Process Needs

F. a trend

G. Industry & Market Changes

H. Unexpected Occurrences

F. a trend

Psy's Gangham Style music video is an example of a societal acceptance and enjoyment best known as a _________.

A. Unexpected Occurrences

B. a fad

C. Knowledge - Based Concepts

D. Incongruities

E. Process Needs

F. Perceptual Changes

G. Demographic Changes

H. Unexpected Occurrences

I. Industry & Market Changes

B. a fad

A code of ethics is:

A. Duty to adhere to rules & laws are obligatory, regardless of the consequences of the action

B. A written statement of ethical practices or guidelines to which an entity adheres.

C. A set of moral principles & values that defines right & wrong

D. An action is ethical & morally right if the consequences are more favorable than unfavorable as determined only by a non-monetary cost-benefit analysis

B. A written statement of ethical practices or guidelines to which an entity adheres.

Items and services that a consumer wants but will not spend a lot of time shopping for are called

A. Convenience goods

B. Consumable goods

C. Shopping goods

D. Specialty products

A. Convenience goods

A short opportunity window means that the product most likely will not be in demand for very long. We studied trends and fads in a previous module. Do you think a short opportunity window would indicate that the product/service is a trend or a fad?

A. Trend

B. Fad

B. Fad

A SWOT analysis refers to:

A. Small, weal, ordinary & tact

B. None of the options

C. Sound warning of takeovers

D. Strengths, weaknesses, opportunities & threats

D. Strengths, weaknesses, opportunities & threats

In Dr. Michael Porter's framework of forces on an industry or business, Threat of Substitutes is best described as ____________________?

A. This force is a concern when similar products/services, which customers might switch to if they become upset with what is currently available to them.

B. This force describes the situation when other companies that are needed in the supply chain can affect your company.

C. This force describes how easy is it for new businesses to enter the market and take customers away from the existing competitors.

D. This force tries to determine if lower profits will occur because too many competitors are in the market and thus customers can freely move between competitors. A concern with this force is that if it is severe, it can lead to competitive moves including price cutting, increased advertising expenditures, or spending on service/product improvements and innovation.

E. This force occurs when customers can easily choose between business, thus causing businesses to have to adapt to keep customer's coming back.

A. This force is a concern when similar products/services, which customers might switch to if they become upset with what is currently available to them.

Why do companies use target marketing?

A. Helps control the advertising budget

B. You cannot satisfy all of the needs and wants of everyone

C. Not everybody will buy from you

D. All of the options are correct

D. All of the options are correct

Which of the following would be considered a Shopping Goods?

A. A car

B. Chewing gum

C. None of the options are correct

D. Disposable plates

A. A car

A long opportunity window means that the product has been generally accepted by the market. We studied trends and fads in a previous module. Do you think a long opportunity window would indicate that the product/service is a trend or a fad?

A. Trend

B. Fad

A. Trend

Which of the following is not one of your competitors?

A. Indirect Competitors

B. Significant Competitors

C. Insignificant Competitors

D. Direct Competitors

C. Insignificant Competitors

In Dr. Michael Porter's framework of forces on an industry or business, Competitive Rivalry is best described as ____________________?

A. This force describes the situation when other companies that are needed in the supply chain can affect your company.

B. This force describes how easy is it for new businesses to enter the market and take customers away from the existing competitors.

C. This force tries to determine if lower profits will occur because too many competitors are in the market and thus customers can freely move between competitors. A concern with this force is that if it is severe, it can lead to competitive moves including price cutting, increased advertising expenditures, or spending on service/product improvements and innovation.

D. This force is a concern when similar products/services, which customers might switch to if they become upset with what is currently available to them.

E. This force occurs when customers can easily choose between business, thus causing businesses to have to adapt to keep customer's coming back.

C. This force tries to determine if lower profits will occur because too many competitors are in the market and thus customers can freely move between competitors. A concern with this force is that if it is severe, it can lead to competitive moves including price cutting, increased advertising expenditures, or spending on service/product improvements and innovation.

Chewing gum is a

A. shopping good.

B. convenience good.

C. specialty good.

D. unsought good.

B. convenience good.

Target markets are needed because

A. All of the selections are correct.

B. you cannot be all things to all people.

C. not everyone will buy from you.

D. keeps your advertising budget within reason.

A. All of the selections are correct.

Which of the following is not a Marketing Philosophies?

A. Advertising-driven Philosophy.

B. Production-driven Philosophy.

C. Sales-driven Philosophy.

D. Consumer-driven Philosophy.

A. Advertising-driven Philosophy.

How you plan on getting your product to the consumer, along with how you will let them know about it is called

A. Advertising

B. Marketing

C. SWOT analysis

D. Brainstorming

B. Marketing

Tillie sells fruit from her trees.  Walmart also sells fruit.  What type of competitor is Tillie to Walmart?

A. Direct competitor.

B. Indirect Competitor.

C. Significant competitor,

D. Opportunistic competitor.

B. Indirect Competitor.

A meaningful characteristic of an effective target market for purposes of selling minivans is

A. whether the person has children.

B. whether the person has diabetes.

C. whether the person likes tacos.

D. what hair color the person has.

A. whether the person has children.

The characteristics of an effective target market are

A. Definable, afforable, sizable and reachable

B. Definable, meaningful, sizable and targetable

C. Definable, meaningful, sizable and reachable

D. Definable, meaningful, impressionable and reachable

C. Definable, meaningful, sizable and reachable

True or False, the NEW OLD approach to new venture creation adapts existing products or services or extends them into areas where they are not presently available.

A. True

B. False

A. True

What is USP?

A. Unique Selling Proposition

B. Unique Selling Point

C. Unique Sales Pitch

D. Uniform Sales Point

A. Unique Selling Proposition

Telling your potential customers about your product is called

A. Secondary function of accountants

B. Advertising

C. Bragging

D. Mass media

B. Advertising

In Dr. Michael Porter's framework of forces on an industry or business, Power of Suppliers is best described as ____________________?

A. This force describes the situation when other companies that are needed in the supply chain can affect your company.

B. This force is a concern when similar products/services, which customers might switch to if they become upset with what is currently available to them.

C. This force occurs when customers can easily choose between business, thus causing businesses to have to adapt to keep customer's coming back.

D. This force describes how easy is it for new businesses to enter the market and take customers away from the existing competitors.

D. This force tries to determine if lower profits will occur because too many competitors are in the market and thus customers can freely move between competitors. A concern with this force is that if it is severe, it can lead to competitive moves including price cutting, increased advertising expenditures, or spending on service/product improvements and innovation.

A. This force describes the situation when other companies that are needed in the supply chain can affect your company.