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WorksheetsFinal Exam Review – BUS300
Total questions: 142
Worksheet time: 1hrs 25mins
Which is an example of a self-assessment that is useful to an entrepreneur? Select two options.
a) Personality type
b) Academic knowledge
c) Risk tolerance
d) Travel interests
Which method can you use to find and identify entrepreneurial opportunities? Select two options.
Learn how to start a new business.
Purchase an existing business.
Join an existing business to gain experience.
Develop a profile for your desired customer base.
What makes a self-assessment valuable to an entrepreneur?
The ability to determine how others see you
The ability to get good grades in classes
The ability to discover yourself and your interests
The ability to explain yourself to others
Which statement best describes a goal of self-assessment?
Self-assessment helps others learn about your strengths and weaknesses.
Self-assessment helps you explain yourself to others.
Self-assessment helps you learn about your strengths and weaknesses.
Self-assessment helps other people know how to work with you.
Which is a critical question for a business plan? Select two options.
How can I accomplish what I want to accomplish?
What resources do I need for this business plan?
Who is my competition?
What do I want to accomplish?
What are some advantages to starting your own business from the ground up? Select two options.
Freedom to try new things
Access to reliable suppliers and distribution networks
Reliable brand recognition and customer base
The ability to develop a particular company culture
Which best describes how an entrepreneur pursues a business opportunity?
An entrepreneur looks for ways to meet a specific community’s needs.
An entrepreneur markets old solutions to new markets.
An entrepreneur is willing to take risks for the potential of big rewards.
An entrepreneur focuses on providing specific services within a market.
Which traits describe a person who might want to be an entrepreneur? Select two options.
Having passion about a product or service
Being comfortable in familiar roles and environments
Being eager to create value through innovation
Being happy to work hard to achieve others’ visions
For what reason do you write a business plan? Select two options.
Implement effective and executable business strategies.
Clarify the competitive advantage of your business.
Ensure your business has the highest likelihood of succeeding.
Build a repository of effective strategies
What characterizes the growth stage of the business lifecycle?
Expanding operations and production capacity
Investing in additional employees to meet increased demand
Developing a thorough and effective business plan
Strategic marketing to increase the customer base
Arranging funding and investors to create a viable business
John’s mentor encouraged him to think like a designer as he begins his entrepreneurial journey. Which concepts are part of this process? Select two options.
Iteration
Marketing
Empathy
Sympathy
Which statements describe components measured by a self-assessment for an entrepreneur? Select two options.
Work style
Business metrics
Salary plan
Personality type
Which is a characteristic of a successful entrepreneur? Select two options.
Innovative
Persistent
Passionate
Opportunistic
Connor is eager to find his next entrepreneurial project. What activities will help him recognize opportunities?
Studying market research reports and industry journals for clues about market trends
Taking calculated risks like making bold pitches to investors or trying new technologies
Avoiding too much communication with successful professionals so he can stay creative
Focusing on what he knows and where he is comfortable so he can ensure his success
Which is a goal of a self-assessment? Select three options.
Learn your strengths.
Measure your readiness to engage.
Determine your risk tolerance.
Determine if you have support.
Learn your weaknesses.
What takes place in the growth stage of the business lifecycle? Select three options.
Divesting inefficient assets
Strategic planning for the future
Focusing on effective marketing strategies
Assembling a core team
Investing in additional resources
Eva has established a mature business with a reliable workforce and management team. She is considering the next steps for her business. Which areas of growth should she focus on? Select two options.
Optimizing the efficiency of her business’s production line
Downsizing the workforce to increase profitability
Restructuring her business plan
Expanding into new markets
Which takes place in the maturity stage of the business lifecycle? Select three options.
Maintaining market positioning
Maximizing your brand visibility
Regulating your profit level
Expanding the brand through franchising
Customer retention
Which minimum information should you include in an executive summary of your business plan? Select three options.
Key product or service
Description of the company
Market research
Market potential
Competitor organizations
Darcy is considering her options for the structure of her new business. Which professionals should she consult before she finalizes her plans? Select three options.
Tax attorney
Marketing professional
Certified professional accountant
Sales management professional
Business consultant
How can one overcome chronic lateness? Select two options.
Start your day by doing difficult tasks first.
Allow time for unexpected traffic delays.
Do not commit to too many appointments.
Do not procrastinate on important tasks.
Johan is looking for his first entrepreneurial opportunity. What is an important step as he begins his journey? Select two options.
Trusting his instincts and knowledge about his ideas and ignoring the input of others
Seeking out a network of successful entrepreneurs with whom he can collaborate
Staying focused on his goals by shutting out the noise of social networks
Defining the types of opportunities he is looking for and what he wants to accomplish
What are the characteristics of the decline/renewal stage of the business lifecycle? Select three options.
Businesses are challenged by more competition or changes in market trends.
Business owners need to look for new market opportunities.
Businesses may need to increase production to meet demand.
Businesses may need to downsize to increase efficiency and survive.
Businesses will assemble a core management team to move forward.
Which area of business management must entrepreneurs do to be successful?
Outsource service providers early in the business life cycle.
Create and maintain a physical storefront or service location within a community.
Build a strategic marketing and sales plan through market research.
Maintain a small workforce to maximize profits within the market.
Entrepreneurship and small businesses have similar business concepts. Which strategy sets the business types apart?
Small businesses focus their operations on customers in their community, while entrepreneurs identify market gaps to fill.
Entrepreneurs are interested in servicing market gaps, while small businesses prefer to service the local communities and their residents.
Small business offerings cover narrow market opportunities, while entrepreneurs look for volume and growth.
Entrepreneurs are interested in scale and creation of value, while many small businesses are interested in community-based revenue streams.
Which best describes the typical goals of a small business owner?
Meeting a specific need within their local community while maintaining a stable business
Identifying solutions that meet consumer needs in new ways
Taking calculated risks that could result in significant growth
Expanding their business model rapidly to take advantage of new opportunities
Which factor is important for becoming an entrepreneur? Select two options.
Ask business questions.
Analyze opportunities.
Identify opportunities.
Research related information.
Emma has an idea for a new business that closes a gap in a new technology market. Why should she take the time to make a business plan instead of acting on her idea immediately?
She could decide that she shouldn’t waste time planning instead of getting the product to the market.
She could realize that the cost of implementing her idea is higher than she thought.
She could come up with a new idea that is even better than the first one.
She could discover that her idea is already being implemented by another company.
Daniel is doing a self-assessment of his work and professional values. What can he learn about himself?
Whether he prefers routine or flexibility
How he works best
What he is naturally good at
How much supervision he needs to be effective
How he likes to spend his free time
Marta is working to improve her organizational habits. What can she do to become more organized? Select two options.
Give herself a pep talk in the mirror every morning.
Allow more time to arrive at scheduled appointments.
Declutter her office and home.
Assign a space for everything.
What methods can an entrepreneur use to find opportunities? Select two options.
Identifying obstacles to projects and products and walking away from them
Networking with successful business professionals to learn about their success
Being willing to ask a mentor for help learning and finding new opportunities
Waiting for the right opportunity to arise before you worry about resources
What is a key indicator that a business has reached the maturity stage? Select two options.
The business works to secure funding and leadership.
The business has a solid presence in the market.
The business functions smoothly and operations are stable.
The business experiences increased competition within the market.
Which options describe what might motivate an entrepreneur? Select two options.
The pursuit of a particular passion or interest
The desire to have less responsibility for others
The desire to have more control over their work
The ability to work fewer hours than a typical employee
One risk of creating a startup business is _______.
limited cash flow
guaranteed profits
instant brand recognition
no competition
Successful opportunity recognition for entrepreneurs includes which best practices? Select two options.
Studying the failures of other entrepreneurs
Waiting for the right opportunity to arise before preparing yourself for it
Networking and collaborating with successful professionals
Identifying opportunities that look like problems to others
Which elements of design thinking help an entrepreneur be successful? Select two options.
Empathy
Absolutism
Prototyping
Why would an entrepreneur choose to create a startup instead of purchasing a franchise?
Financial independence
Fewer and weaker competitors
Creative freedom
More work-life balance
Which is an attribute of an entrepreneur? Select two options.
Entrepreneurs have excellent business skills.
Entrepreneurs are willing to proceed without a plan.
Entrepreneurs are often willing to take risks.
Entrepreneurs are often creative problem-solvers.
Which is an advantage of buying a franchise over buying a business? Select two options.
Proven success rate
Support from franchising organization
Financing is easier
More prescriptive product offerings
Which options are determined by the legal structure of a business? Select three options.
The legal liability of the owner(s)
The financial liability of the owner(s)
The human resources structure of the business
The marketing plan of the business
The tax structure of the business
Which is the most significant consideration for an entrepreneur wishing to purchase a franchise? Select two options.
Marketing effort needed
Brand value
Operating cash flow
Family work/life balance
Hugo wants to learn more about his personality type. What can he learn from a self-assessment in this area?
Whether he would function well in a solitary work environment
Whether he prefers a predictable routine or flexible schedule
Whether he is introverted or extroverted
How he would approach problem-solving
Whether he can overcome procrastination
Lucy is purchasing the rights to a restaurant business and is building a new building in a new location. Why is this easier than starting her own restaurant? Choose TWO.
She will be able to choose her own suppliers to keep her costs low.
She will be able to create a marketing plan that is tailored to her budget and preferences.
She will be able to rely on the parent company for staff training and brand recognition.
She will be able to secure financing easier thanks to the franchise’s prior success.
Which factor should be considered when finalizing the desired business structure? Select three options.
Business size and complexity
Number of investors
Operating capital
Control of the business
Number of employees
Which activities are important in the creation of a new business? Select two options.
Securing funding
Expanding the workforce
Creating a core team
Optimizing efficiency
What takes place in the seed stage of the business lifecycle? Select three options.
Market research
Shifting to niche market opportunities
Securing funding
Refining business concepts
Expanding operations to new offerings
Which is a method for combating procrastination? Select two options.
Complete the easiest task first so you feel accomplished.
Break up bigger tasks into smaller parts.
Reward yourself for getting things checked off your list.
What is the major difference between a self-assessment and a test? Select two options.
Self-assessments are more holistic and comprehensive than tests.
Self-assessments are often used to determine if one is on track to get where they want to be.
Self-assessments have no right or wrong answers.
Self-assessments require validated tests in order to see the full picture of one's self.
What information should you include in the marketing and sales strategy of your business plan? Select three options.
A description of your company
Details of your management team
Your value proposition
Your proposed marketing channels
How you will get and keep customers
What are the most important aspects of good business planning? Select three options.
Sticking to your plan along the way; do not re-evaluate
Looking ahead to the future; plan for it
Delegating responsibility for following the plan; don’t get distracted
Keeping track of your progress; check your goals
Learning and growing from experience; be responsive
Which attribute can help a business survive and adapt? Select two options.
Flexibility
Innovation
Resilience
Adaptability
Which statements describe elements of entrepreneurial design thinking? Select two options.
Creative thinking about a problem
Sticking to one design instead of many
Focusing on low-cost materials
Identifying opportunities for improvement
Which response describes the defining characteristic of an entrepreneur?
Leveraging a strong work ethic
Mitigating obstacles or challenges
Setting and delivering against goals
Strong management skills
What is an important outcome of the seed stage of the business lifecycle? Select two options.
Securing funding to build the business
Optimizing efficiency of the business
Diversifying product and service options
Establishing a team of essential employees
What are some advantages to purchasing a franchise as an entrepreneur? Select two options.
Brand recognition
Access to successful processes
Freedom to try new things
Ability to choose your suppliers
Ted is creating a presentation on entrepreneurship. What tips should he include to encourage his audience to develop entrepreneurial skills?
To get out of their comfort zone
To stick with what they know
To look for opportunities everywhere
To pay attention to what caused other businesses to fail
What takes place in the decline/renewal stage of the business lifecycle?
Adapt business strategies to the current market.
Shift to niche market opportunities.
Revitalize the business focus.
Expand the brand through franchising.
Customer retention.
What information is important to include in a description of your product or service for a business plan? Select three options.
A clear explanation of what your product or service will be
A clear description of your competitors and their products
How you will distinguish yourself from your competitors
How your product or service will add value to your customers
A clear explanation of your product or service’s lifecycle
How does creating a business plan set an entrepreneur up for success? Select two options.
A business plan articulates your idea so that everyone can understand it.
A business plan is a clear explanation of every aspect of your company.
A business plan is an opportunity to focus on your business instead of your competition.
A business plan can be outsourced to someone else so that you can focus on your business.
Bianca is creating a presentation on entrepreneurship. How should she describe entrepreneurs?
Entrepreneurs attempt to disrupt innovation with new ideas.
Entrepreneurs avoid taking risks and prefer routine tasks.
Entrepreneurs work only in large corporations.
Entrepreneurs are primarily interested in government jobs.
Jason is explaining the role of a business plan to Michael, a new entrepreneur. What should he emphasize to Michael?
A thorough business plan is the foundation of every successful business.
Successful entrepreneurs don’t always use a business plan to achieve profitable business.
Starting a business plan soon after deciding to start a business is a hallmark of successful entrepreneurs.
Creating a prototype of a product should happen before you begin a business plan.
Which is a stage included in the entrepreneurial design thinking process? Select two options.
Collaborate
Ideate
Assure
Prototype
How can you use your business plan to achieve professional success? Select three options.
Share your clearly articulated ideas with potential investors.
Establish priorities to get you from the concept stage to a viable business.
Prove to others that you are a successful entrepreneur.
Compare your potential business to those that may have failed in the past.
Define and hire the appropriate workforce to achieve your plans.
How can an entrepreneur achieve meaningful and innovative solutions? Select two options.
Being empathetic to people’s needs and challenges
Participating in many focus groups for different products
Pursuing unique perspectives on problems
Being comfortable with products that are familiar to many
Which strategy should you use to execute a business plan? Select three options.
Know why the business plan is important.
Review the plan structure quarterly.
Work the business plan in sections.
Continue to integrate new opportunities into the plan.
Understand the plan's purpose(s).
Which is an important objective in opportunity recognition? Select two options.
Explain the business value of an opportunity quantitatively.
Learn to determine the characteristics of a business opportunity.
Learn to analyze opportunities for benefits and drawbacks.
Explain the market positioning of the business opportunity.
Which quality control testing process is used to measure the quality of digital products? Select two options.
Material inspection
Usability testing
Security testing
How does following up after a sale benefit a business?
It prolongs the connection between the seller and the buyer.
It provides an opportunity for a salesperson to employ upselling strategies.
It offers an opportunity to address consumer objections.
It ensures that a customer is happy and encourages consumer loyalty.
Which is a standard of quality? Select two options.
Customer sentiment
Performance indicators
Product sales
Improvement methods
Which is the primary difference between business-to-business (B2B) sales and business-to-customer (B2C) sales? Select three options.
B2B transactions are predominant.
B2B sales often have multiple stakeholders
B2B sales usually include a value proposition.
B2B sales transactions usually require legal review.
B2B sales usually require analysis before approval.
How do positive sales outcomes benefit a business?
Allowing a new business to expand
Developing a loyal customer base
Identifying a target market
Reducing competition within the market
Which marketing platform could be used to store and analyze data on interactions with the consumers to which a business caters?
Customer relationship management
Social media marketing
Kendra is working on closing a sale with a potential customer. What critical steps should she take to ensure a smooth sale? Select two options.
She should write a clear proposal that includes the conditions and limitations of the agreement.
She should ensure that her customer understands all the terms of the sale.
She should manage the customer’s objections to the deal by understanding their concerns.
She should establish a personal connection with the potential customer by asking them questions.
Entrepreneurs seeking crowdfunding must be prepared to provide what information?
Pitch deck
Comprehensive business plan
Equity offering
Compelling campaign
What are factors that entrepreneurs should consider when seeking venture capital investments in their business?
Fierce competition for limited funds
The need to create a compelling marketing campaign
Surrendering a portion of ownership in the company
Offering collateral in exchange for funding
What is the purpose of sales in a business beyond financial transactions? Select two options.
Building relationships with customers
Creating value for your customers
Increasing your visibility in the market
Why is a good business plan critical to entrepreneurial success? Select two options.
A careful planning process ensures that you have a clear understanding of what you want to accomplish.
A good business plan outlines the blueprint of your business and every step to success.
A good business plan doesn’t waste time solving problems that may not happen.
A good business plan doesn’t get in the way of enthusiastic action and innovation.
Which approaches can help you recognize potential business opportunities? Select two options.
Noticing problems in your everyday life and looking for solutions to them
Actively look for business opportunities
Asking your colleagues to inform you about their failed businesses
Investing money in many different types of businesses
A packaged investment that allows an entrepreneur to begin a business is a ________.
brand
business opportunity
market segment
SWOT analysis
Which is an advantage of buying a franchise over buying a business? Select two options.
Proven success rate
Support from franchising organization
Financing is easier
More prescriptive product offerings
Which is a business outcome? Select two options.
Position the business for growth.
Establish a strong market presence.
Maximize the long-term success likelihood.
Adapt strategies for competition.
Why is a self-assessment valuable when there is little scientific discipline in their design? Select two options.
Self-assessments can be used for analysis of personality traits and career choice.
Self-assessments can replace formal progress assessments.
Self-assessments can help make decisions on business strategies.
Self-assessments can only help with structured decisions.
What types of information can you learn from a self-assessment? Select two options.
Your knowledge of statistical analysis
Your learning style
Your personality type
Your understanding of other people’s personalities
Why would one choose to take a self-assessment? Select two options.
To qualify for a professional license
To identify interests and strengths
To help set goals for your professional life
To determine your technical ability in a subject area
A business that an entrepreneur begins from scratch is called a ________.
franchise
business image
brand segment
startup
Which is the most critical marketing information your target audience needs about your business and its offerings?
Target market
Competition
Value
Pricing
What is an example of quality control testing that can be performed on a product? Select two options.
Evaluating the taste of a food product
Testing the data security of an application
Evaluating the distribution channel of a product
Testing the knowledge of your sales force
Which is a strategy entrepreneurs use to identify potential customers? Select two options.
Leverage customer research
Build customer profiles
Address customer objections
Build brand recognition
Why is selecting the right distribution channels for your product important? Select three options.
Distribution channels affect product visibility.
Distribution channels help determine the price of a product.
Distribution channels affect a customer’s ability to obtain a product.
Distribution channels affect your sales force’s quotas.
Distribution channels hurt your competitors.
Which budget item is used to project expenses and revenue for the operating budget? Select three options.
Fixed expenses
Variable expenses
Sales and revenue projections
Marketing and branding
Professional services
What is a marketing strategy? Select two options.
Planning product positioning
Setting distribution channels
Hiring effective management
Placing the brand in every market
What do salespeople need to consider when selling to business-to-business customers versus business-to-customer sales? Select three options.
The sales process will be more transactional and based on immediate needs.
They will need to satisfy multiple stakeholders.
They will need to address the customer’s return-on-investment (ROI) concerns.
The decision-making process is more complex.
Which statement provides a view of each account's balance?
Balance sheet
Cash flow statement
Income statement
Statement of retained earnings
What is a reason that your product’s website might have a high bounce rate? Select three options.
Your website is easy to navigate.
Your website is confusing.
Your product inspires little action.
Your website is boring.
Jack has created a new and innovative camping stove that he would like to sell on the open market. To create the first major production run of stoves, Jack needs to invest $250,000. He has $100,000 in personal savings. He negotiates with the manufacturer to create a limited run using his initial $100,000 investment. He decides to sell these camping stoves at a local outdoor market to raise the $250,000 he needs. What type of funding is Jack relying on to launch his camping stove?
Self-funding and bootstrapping
Crowdfunding and bootstrapping
Friends and family
Business loans and lines of credit
Lisa and Allison created a new board game based on a popular style of live action role playing (LARP). They are members of an online group of 30,000 members who love LARPing. They are offering the members of the group an opportunity to purchase the game first if they contribute $10 to their first production run. Which type of funding are Lisa and Allison relying on to launch their product?
Bootstrapping
Crowdfunding
Venture capital
Angel investors
How does a return on investment (ROI) calculation help an entrepreneur? Select two options.
It assesses the financial performance of a product.
It measures demand elasticity.
It measures the effectiveness of a product.
It assesses the competitive position of a product in the market.
Determining product fit requires some work. There are three methods commonly used to test a product to determine market fit. Select the three methods.
40% rule
Bounce rate
Customer lifetime value
Performance feedback
What value do the distribution channels provide? Select three options.
Optimized home delivery
Customer convenience
Logistics and fulfillment
Brand visibility and promotion
How should a sales representative prepare to reach out to potential customers? Select two options.
Have clear data to include in the initial sales presentation to a customer.
Manage the customer’s objections by preparing additional discounts and incentives.
Prepare a proposal that includes clearly stated terms, pricing, and refund policies.
Learn about their customer prospects, their needs, and potential questions.
Which tools are used by entrepreneurs to set product and service pricing? Select three options.
Market analysis
Cost-plus pricing
Competitive positioning
Profit-based pricing
Which marketing platform could be used to manage content storage, audience engagement, and community management?
Radio and TV broadcasts
Social media marketing
Digital asset management
Marketing work management
Nora is explaining the selling process to a new employee. Which is a step that she will cover? Select three options.
Brand building
Handling objections
Closing
Follow-up
Which platform could be used to improve communications and project collaboration to meet organizational goals?
Customer relationship management
Content marketing platform
Marketing work management platform
Email marketing platform
An investor is considering investing in a new start-up. What information would they require from an entrepreneur before agreeing to make an investment in the new company? Select two options.
Comprehensive business plan
Property or inventory list
Pitch deck
How can a salesperson cover the presentation step of the discovery process? Select three options.
Product demonstration
A questionnaire
Facility tour
A visual experience
Which is an example of secondary data in business marketing? Select two options.
A published report on market research within an industry
A study on market trends from an academic publication
Which quality control testing process is used to assess the quality of physical products? Select two options.
Material inspection
Usability
Compliance
Which quality control testing process is used to measure the quality of digital products? Select two options.
Material inspection
Usability testing
Security testing
Durability testing
Elena is creating a proposal to sell a networking solution to another company. What should she expect from this sale? Select two options.
To work with multiple stakeholders throughout the buying process
To work quickly due to a short sales cycle
To tailor a solution to the specific needs of the business
Which marketing platform could be used to store and analyze data on interactions with the consumers to which a business caters?
Customer relationship management
Social media marketing
Marketing resource management
Which statement provides an overall view of money moving in and out of a business?
Balance sheet
Income statement
Cash flow statement
Which statement provides a report showing what a company earned over a given time period?
Income statement
Balance sheet
Statement of retained earnings
Cash flow statement
Maria is a tech entrepreneur. She has spent the last year starting EcoBrew, a sustainable coffee startup that turned spent coffee grounds into eco-friendly products like biodegradable coffee cups. She just received word that James believes in her vision and has agreed to give her $100,000 in exchange for 15% equity stake. He has also agreed to introduce Maria to his network of retail contacts to help her scale. What type of funding did Maria just receive?
Bootstrapping
Crowdfunding
Angel investor
Business loan
What activities should be part of the launch and iteration phase of a new product or service? Select two options.
Monitor intellectual property
Monitor customer feedback
Monitor market trends
Which factors help companies decide on the pricing of their products and services? Select three options.
Understanding their target market’s spending habits
Evaluating the effectiveness of their sales force
Defining production costs
Researching their brand’s position in the market
Which statement best describes the idea of product/market fit?
Product/market fit identifies a need in the market and whether your product meets that need.
Product/market fit identifies existing products in the market that fulfill a given task.
Product/market fit establishes a marketing plan for a product or service.
Product/market fit establishes distribution channels within a market for a product or service.
What is an essential element of the process of launching a new product or service? Select two options.
Idea validation
Manufacturing and Supply Chain Management
Investing your own resources
How do business-to-business sales benefit a company? Select two options.
They often offer high transaction volumes.
They meet the needs of individual customers.
They result in higher value than B2C sales.
Which tool ensures that the information needed to ensure that products or services are meeting customers' requirements is being captured? Select two options.
Prototyping and product development
Intellectual property protection
Investing
How does secondary data differ from primary data? Select two options.
Secondary data is collected directly by the business or researcher.
Secondary data is collected by others who are not involved in the business.
Secondary data is used to provide wider and more generalized context.
Which is a skill that is important for sales? Select two options.
Closing the deal
Effective communication
Understanding product preference
Understanding customer needs
Which is a marketing objective? Select two options.
Complete a SWOT analysis.
Research market competition.
Train employees on marketing.
What cost factors should an entrepreneur consider when determining the selling price of their product or service? Select three options.
Direct costs
Time to market
Research and Development
Operational expenses
How can a company measure the quality performance of their product or service? Select two options.
Stakeholder opinions
Sales numbers
Defect rates
Exit polls
Bess is creating a marketing implementation plan. What should be included? Select two options.
Specific dates for executing planned marketing strategies
The specific marketing budget and actual costs for marketing strategies.
Responsible parties who will execute planned marketing strategies
What should an entrepreneur expect to provide to obtain a business loan or line of credit? Select two options.
Collateral
Compelling marketing campaign
Strong credit history
How does monitoring return on investment (ROI) over time help an entrepreneur? Select two options.
Informs decisions about resource allocation
Informs decisions about sunk costs
Informs decisions about overall business growth
Which are used to calculate the return on investment? Select two options.
Net profit
Investment cost
Gross profit
Bridget is crafting a marketing strategy for her new business. Which components are critical to defining her plan? Select two options.
Identifying a specific group to which she would like to advertise
Selecting a skilled management team to support the development of her business
Defining clearly how her business will add value to its target market
Bridget is crafting a marketing strategy for her new business. Which components are critical to defining her plan? Select two options.
Identifying a specific group to which she would like to advertise
Selecting a skilled management team to support the development of her business
Defining clearly how her business will add value to its target market
What is an indicator that a product has good customer lifetime value? Select three options.
The customer wants to use your product for a long time.
The customer has a specific use for your product and will not need it again.
The customer wants to purchase an updated version of your product.
The customer is willing to pay for future iterations of your product.
Which element of marketing heavily influences both how a customer sees a brand and how profitable it is for a business?
Target market
Value proposition
Pricing strategy
What element of marketing helps your customers identify and understand the values of your business?
Target audience
Brand recognition
SEO strategy
Which is a category found on a cash flow statement? Select three options.
Operating activities
Liability activities
Investing activities
Financing activities
What is an outcome of choosing the correct distribution channel for your product? Select three options.
Optimal market reach
Increased costs
Improved customer satisfaction
Which is a characteristic of business-to-consumer (B2C) sales? Select two options.
B2C customers have more price sensitivity.
B2C customers have long-term relationships with B2C companies.
B2C customers expect customization.
B2C customers are more likely to make impulse purchases.
How does crafting a marketing strategy benefit a new business? Select two options.
It exposes a new product or service to the entire available market.
It allows for more efficient use of marketing resources.
It allows a business to identify a target market.
It gets the business’s message out to the widest possible audience.
What is an example of a business-to-customer (B2C) sale? Select three options.
IBM selling a networking services solution to an airline reservation company
Tesla selling a new automobile through a community dealership
Apple selling a phone and tablet in a Best Buy store
Pepsi selling a case of soda in a local grocery store
What motivates businesses to have a primary focus on sales outcomes? Select two options.
Sales generate revenue
Sales build innovation
Sales build customer motivation
Sales build job growth
Which is an example of primary in business marketing? Select two options.
Feedback on a new product from a focus group of users
Feedback on a new product from customer surveys
Feedback from a market research report on a similar product
Which is a main category found on a balance sheet? Select three options.
Income statement
Assets
Owners/shareholders equity
Accounts receivables ledger
Liabilities
