Question 1

Listening to customers and responding to what you hear from them is a highly effective way to achieve stellar customer service.

Accepted Answer

A) True 
 B)False

Question 2

Promotion involves both advertising and lengthy warranties.

Accepted Answer

A) True 
 B)False

Question 3

Truly customer-oriented companies seek to go beyond customer satisfaction,striving for customer astonishment.

Accepted Answer

A) True 
 B)False

Question 4

Studies show that customers want ________ from businesses almost more than anything else.

Accepted Answer

A)  quality
B)  low cost
C)  cutting edge technology
D)  convenience

Question 5

Market research answers what important question for the small business owner?

Accepted Answer

A)  How shall I set up my distribution system?
B)  What should my goals and objectives be in my marketing plan?
C)  Who are my customers and what are they looking for?
D)  What form of business ownership would be most effective in this market?

Question 6

Describe the product life cycle,naming and explaining what characterizes each stage.

Accepted Answer

Product Life Cycle measures these stages...

Question 7

Which strategy allows a small company to maximize the advantages of its smallness and to compete effectively even in industries dominated by giants?

Accepted Answer

A)  Grand market strategy
B)  Mass strategy
C)  Niche strategy
D)  None of the above

Question 8

How is the target market important to the small business? What does this concept signify about changes in marketing?

Accepted Answer

One of the first steps in building a mar...

Question 9

What is the value of market research to the small business owner? How can he/she use it?

Accepted Answer

Market research is the vehicle for gathe...

Question 10

The marketing function cuts across the entire company,affecting every aspect of its operation.

Accepted Answer

A) True 
 B)False

Question 11

The total quality management (TQM) concept:

Accepted Answer

A)  strives to achieve quality not just in the product or service itself,but in every aspect of the business and its relationship with the customer.
B)  relies on quality inspections through an army of quality control inspectors.
C)  focuses on reducing the time it takes to fulfill a customer's request for a product.
D)  is built on market research.

Question 12

What is time compression management and what does it involve?

Accepted Answer

This philosophy of speed is called time ...

Question 13

The level of customer service in most small companies is excellent.

Accepted Answer

A) True 
 B)False

Question 14

Entrepreneurs who recognize demographic,social,and cultural trends as they emerge have the opportunity to ________ their companies from the competition in meaningful ways.

Accepted Answer

A)  integrate
B)  differentiate
C)  placate
D)  mediate

Question 15

Because of their organizational and managerial flexibility,small businesses often can detect and act on new opportunities faster than large companies.

Accepted Answer

A) True 
 B)False

Question 16

The time span between stages in the product life cycle:

Accepted Answer

A)  generally runs about six months to one year per stage.
B)  is highly influenced by the amount of promotion that is done.
C)  depends entirely on the type of products involved.
D)  depends on the types of market strategy the small business owner is pursuing.

Question 17

Most dissatisfied customers complain about rude or discourteous service to the owner or manager.

Accepted Answer

A) True 
 B)False

Question 18

The cost of marketing a product is highest in the:

Accepted Answer

A)  introductory stage.
B)  growth and acceptance stages.
C)  maturity stage.
D)  saturation stage.

Question 19

The most effective way to market to the diversity of the American market is to choose a single ethnic segment and market to it as if it were a homogeneous market.

Accepted Answer

A) True 
 B)False

Question 20

________ recognizes that any improvement in quality may improve a company's competitive ability.

Accepted Answer

A)  Customer service
B)  Return on quality
C)  Total quality management
D)  Total customer satisfaction

Exam 9: Building a Bootstrap Marketing Plan

Describe the product life cycle,naming and explaining what characterizes each stage.

Correct AnswerverifiedProduct Life Cycle measures these stages...View AnswerShow Answer

What is time compression management and what does it involve?

Correct AnswerverifiedThis philosophy of speed is called time ...View AnswerShow Answer

What is the value of market research to the small business owner? How can he/she use it?

Correct AnswerverifiedMarket research is the vehicle for gathe...View AnswerShow Answer

Entrepreneurs who recognize demographic,social,and cultural trends as they emerge have the opportunity to ________ their companies from the competition in meaningful ways.

Correct AnswerverifiedShow Answer

The marketing function cuts across the entire company,affecting every aspect of its operation.

Correct AnswerverifiedShow Answer

The cost of marketing a product is highest in the:

Correct AnswerverifiedShow Answer

Promotion involves both advertising and lengthy warranties.

Correct AnswerverifiedShow Answer

The most effective way to market to the diversity of the American market is to choose a single ethnic segment and market to it as if it were a homogeneous market.

Correct AnswerverifiedShow Answer

Which strategy allows a small company to maximize the advantages of its smallness and to compete effectively even in industries dominated by giants?

Correct AnswerverifiedShow Answer

Because of their organizational and managerial flexibility,small businesses often can detect and act on new opportunities faster than large companies.

Correct AnswerverifiedShow Answer

The time span between stages in the product life cycle:

Correct AnswerverifiedShow Answer

Truly customer-oriented companies seek to go beyond customer satisfaction,striving for customer astonishment.

Correct AnswerverifiedShow Answer

Market research answers what important question for the small business owner?

Correct AnswerverifiedShow Answer

________ recognizes that any improvement in quality may improve a company's competitive ability.

Correct AnswerverifiedShow Answer

Listening to customers and responding to what you hear from them is a highly effective way to achieve stellar customer service.

Correct AnswerverifiedShow Answer

Most dissatisfied customers complain about rude or discourteous service to the owner or manager.

Correct AnswerverifiedShow Answer

How is the target market important to the small business? What does this concept signify about changes in marketing?

Correct AnswerverifiedOne of the first steps in building a mar...View AnswerShow Answer

The level of customer service in most small companies is excellent.

Correct AnswerverifiedShow Answer

The total quality management (TQM) concept:

Correct AnswerverifiedShow Answer

Studies show that customers want ________ from businesses almost more than anything else.

Correct AnswerverifiedShow Answer

Correct Answer
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Product Life Cycle measures these stages...
View Answer

Correct Answer
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This philosophy of speed is called time ...
View Answer

Correct Answer
verified
Market research is the vehicle for gathe...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
verified

Correct Answer
verified

Correct Answer
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Correct Answer
verified
One of the first steps in building a mar...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
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