Entrepreneurial Marketing Test Preparation
Course Introduction
Entrepreneurial Marketing explores the unique strategies and innovative approaches that entrepreneurs use to identify opportunities, attract customers, and create market value in dynamic and uncertain environments. The course emphasizes the importance of creativity, resourcefulness, and adaptability in developing and executing marketing plans for new ventures and startups. Key topics include market research for startups, customer discovery and validation, value proposition development, low-budget marketing tactics, leveraging digital and social media platforms, and building lasting relationships with early adopters. Through real-world case studies, interactive exercises, and practical projects, students learn how to craft and implement effective marketing strategies that drive growth and competitive advantage for entrepreneurial ventures.
Recommended Textbook
Entrepreneurship Successfully Launching New Ventures MA 4th Edition by Barringer Bruce
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15 Chapters
1125 Verified Questions
1125 Flashcards
Source URL: https://quizplus.com/study-set/1517 Page 2
Chapter 1: Introduction to Entrepreneurship
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75 Verified Questions
75 Flashcards
Source URL: https://quizplus.com/quiz/30049
Sample Questions
Q1) The passion that entrepreneurs have typically stems from the potential financial rewards that are associated with an entrepreneurial career.
A)True
B)False
Answer: False
Q2) Entrepreneurship is the process by which individuals pursue opportunities within the constraints of the resources they control.
A)True
B)False
Answer: False
Q3) Innovation is the process of creating something new, which is central to the entrepreneurial process.
A)True
B)False
Answer: True
Q4) The number one reason that people become entrepreneurs is to be their own boss.
A)True
B)False Answer: True
To view all questions and flashcards with answers, click on the resource link above. Page 3
Chapter 2: Recognizing Opportunities and Generating Ideas
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75 Verified Questions
75 Flashcards
Source URL: https://quizplus.com/quiz/30056
Sample Questions
Q1) A common way that gaps in the marketplace are recognized is:
A) by observing changing environmental trends
B) by recognizing problems that need to be solved C) via studying industry reports D) when people become frustrated because they can't find a product or service that they need and recognize that other people feel the same way E) via combined focus groups and brainstorming sessions
Answer: D
Q2) It is more likely that an entrepreneur will get a new business idea through a strong-tie than a weak-tie relationship.
A)True
B)False
Answer: False
Q3) Many new businesses are successful by taking advantage of fads.
A)True
B)False
Answer: False
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Page 4
Chapter 3: Feasibility Analysis
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75 Verified Questions
75 Flashcards
Source URL: https://quizplus.com/quiz/30057
Sample Questions
Q1) Which of the following is an example of a resource that normally would not be evaluated as part of the "resource sufficiency" stage of organizational feasibility analysis?
A) ability to form favorable business partnerships
B) financial resources
C) affordable office space
D) key equipment needed to operate the business
E) key support personnel
Answer: B
Q2) Mintel, IBISWorld, and BizMiner are databases most likely to be used during the ________ feasibility stage of the feasibility analysis process.
A) organizational
B) economic
C) political/legal
D) industry/target market
E) product/service
Answer: D
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Chapter 4: Writing a Business Plan
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75 Verified Questions
75 Flashcards
Source URL: https://quizplus.com/quiz/30058
Sample Questions
Q1) Paul Hempken just spoke to an investor, who is interested in his business idea. Paul offered to send the investor a copy of his full business plan, but the investor asked for a short overview of the business plan instead. What portion of his business plan should Paul send the investor?
A) marketing plan
B) executive summary
C) elevator pitch
D) company description
E) operations plan
Q2) The first rule in making oral presentation is to follow instructions.
A)True
B)False
Q3) Most business plan writers interpret or make sense of a firm's historical and/or pro forma financial statements through:
A) ratio analysis
B) assumptions analysis
C) scenario analysis
D) proportion analysis
E) relative analysis
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Page 6
Chapter 5: Industry and Competitor Analysis
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75 Verified Questions
75 Flashcards
Source URL: https://quizplus.com/quiz/30059
Sample Questions
Q1) Some industries, like the athletic shoe industry, are dominated by a small number of firms with strong brands. These industries are difficult to break into without spending heavily on advertising. The barrier to entry that the firms in these types of industries have erected is referred to as:
A) government and legal barriers
B) capital requirements
C) product differentiation
D) cost advantages independent of size
E) access to distribution channels
Q2) The information that is gathered by a firm to learn about its competitors is referred to as tactical intelligence.
A)True
B)False
Q3) The primary opportunity available to firms in fragmented industries is consolidation. The most common way to do this is through a geographic roll-up strategy, in which one firm starts acquiring similar firms that are located in different geographic areas.
A)True
B)False
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Chapter 6: Developing an Effective Business Model
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75 Verified Questions
75 Flashcards
Source URL: https://quizplus.com/quiz/30060
Sample Questions
Q1) Which of the following is a "support" activity in the value chain?
A) inbound logistics
B) service
C) marketing and sales
D) outbound logistics
E) resource procurement
Q2) Why is it important for a firm to have a well-thought-out business model?
Q3) Historically, it has been difficult for a new venture to use a differentiation strategy.
A)True
B)False
Q4) A company's product/market scope defines the products and markets on which it will concentrate.
A)True
B)False
Q5) There is no standard business model that dictates how firms in a particular industry should compete.
A)True
B)False
Q6) Describe the two potential fatal flaws of business models.
Page 8
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Chapter 7: Preparing the Proper Ethical and Legal Foundation
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75 Verified Questions
75 Flashcards
Source URL: https://quizplus.com/quiz/30061
Sample Questions
Q1) A(n) ________ details the responsibilities and the ownership shares of the partners involved with an organization.
A) partnership agreement
B) industry contract
C) business pledge
D) business agreement
E) partnership pledge
Q2) Which of the following is the most important thing that an entrepreneur, or team of entrepreneurs, can do to build a strong ethical culture in their organization?
A) implement an ethics training program
B) write a mission statement
C) lead by example
D) hire an ethics compliance officer
E) write a code of conduct
Q3) The limited liability corporation is a form of business organization that is rapidly losing popularity in the United States.
A)True
B)False
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Chapter 8: Assessing a New Ventures Financial Strength and Viability
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75 Verified Questions
75 Flashcards
Source URL: https://quizplus.com/quiz/30062
Sample Questions
Q1) Money owed to a company by its customers is referred to as:
A) accounts obtainable
B) accounts payable
C) accounts receivable
D) inventory
E) accounts collectable
Q2) A firm's working capital is its:
A) inventory and accounts receivable minus its current liabilities
B) current assets minus its current liabilities
C) total assets minus its total liabilities
D) cash and cash equivalents minus its current liabilities
E) accounts receivable minus its total accounts payable
Q3) Real estate, buildings, equipment and furniture are classified as ________ on a company's balance sheet.
A) intermediate term assets
B) fixed assets
C) other assets
D) permanent assets
E) current assets
Q4) What is ratio analysis? Why is it important?
To view all questions and flashcards with answers, click on the resource link above. Page 10
Chapter 9: Building a New Venture Team
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75 Verified Questions
75 Flashcards
Source URL: https://quizplus.com/quiz/30063
Sample Questions
Q1) Which of the following qualities was not identified in the textbook as a preferred attribute of the founder or founders of a firm?
A) prior entrepreneurial experience
B) firm started by a team
C) relevant industry experience
D) prior experience working in a government or university position
E) higher education
Q2) An increasingly important approach for recruiting employees is via social media sites like LinkedIn, Facebook, and Twitter.
A)True
B)False
Q3) If a new venture organizes as a corporation, it is legally required to have a(n) ________, which is a panel of individuals who are elected by a corporation's shareholders to oversee the management of the firm.
A) board of advisors
B) review team
C) team of advisors
D) accountability panel
E) board of directors
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Page 11
Chapter 10: Getting Financing or Funding
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75 Verified Questions
75 Flashcards
Source URL: https://quizplus.com/quiz/30050
Sample Questions
Q1) Why do most firms need funding? Provide a brief explanation of each reason.
Q2) Which "phase" of the SBIR Program is intended to demonstrate the proposed innovation's technical feasibility?
A) Phase I
B) Phase II
C) Phase III
D) Phase V
E) Phase X
Q3) According to the textbook, beyond their own funds, the second source of funds for many new ventures is:
A) government grants
B) business angels
C) friends and family
D) banks
E) venture capital
Q4) Approximately 80 percent of the 9,000 banks in the United States participate in the SBA Guaranteed Loan Program.
A)True
B)False
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Chapter 11: Unique Marketing Issues
Available Study Resources on Quizplus for this Chatper
75 Verified Questions
75 Flashcards
Source URL: https://quizplus.com/quiz/30051
Sample Questions
Q1) ________ marketing is a low-budget approach to marketing that relies on ingenuity, cleverness, and surprise rather than traditional techniques.
A) Rebel
B) Bug
C) Catching
D) Guerrilla
E) Revolutionary
Q2) The idea behind blogs is that they:
A) familiarize people with a business and help build an emotional bond between a business and its customers
B) are an effective recruiting tool and they help businesses network with government officials
C) help build an emotional bond between a business and its customers and are an effective platform for product development
D) are an effective tool for product development and familiarize people with a business
E) are an effective tool for recruiting and they familiarize people with a business
Q3) What is a brand? How does a new firm develop a brand?
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Chapter 12: The Importance of Intellectual Property
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75 Verified Questions
75 Flashcards
Source URL: https://quizplus.com/quiz/30052
Sample Questions
Q1) Intellectual property is any product of human intellect that is intangible but has value in the marketplace.
A)True
B)False
Q2) A trade secret is any formula, pattern, physical device, idea, process, or other information that provides the owner of the information with a competitive advantage in the marketplace.
A)True
B)False
Q3) A trademark consisting primarily of a surname, such as Jones or Smith, is typically not protectable.
A)True
B)False
Q4) What is intellectual property? Why is it called "intellectual" property? Why is intellectual property such an important issue for entrepreneurial firms?
Q5) Copyright infringement occurs when one work derives from another or is an exact copy.
A)True
B)False
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Chapter 13: Preparing for and Evaluating the Challenges of Growth
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75 Verified Questions
75 Flashcards
Source URL: https://quizplus.com/quiz/30053
Sample Questions
Q1) All businesses have the potential to be aggressive growth firms.
A)True
B)False
Q2) ________ means that as the number of employees a firm needs increases, it becomes increasingly difficult for it to find the right employees, place them in appropriate positions, and provide adequate supervision.
A) Difficult hazard
B) Adverse hazard
C) Adverse selection
D) Moral selection
E) Moral hazard
Q3) The majority of businesses go through a discernable set of stages of growth referred to as the:
A) business rotation cycle
B) business existence cycle
C) organizational sequence
D) business life cycle
E) organizational life cycle
Q4) What is the organizational life cycle and why is it important?
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Chapter 14: Strategies for Firm Growth
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75 Verified Questions
75 Flashcards
Source URL: https://quizplus.com/quiz/30054
Sample Questions
Q1) Paul Kite owns a chain of ice cream stores in New England. To draw attention to his stores, he adopted a very colorful and distinctive logo several years ago, which depicts a funny-looking cow churning ice cream. Recently, a dairy company asked Paul if it could use a characterization of his funny-looking cow on a line of yogurt it is coming out with, and offered to pay Paul's company 3 cents for every carton of yogurt it sells that has the cow's image on the carton. If Paul accepts this proposal, he will need to enter into a(n) ________ agreement with the dairy.
A) licensing
B) joint venture
C) strategic alliance
D) new product development
E) exporting
Q2) In a scale joint venture, the partners collaborate at a single point in the value chain to gain economies of scale in production of distribution.
A)True
B)False
Q3) Explain the difference between internal and external growth strategies. Provide examples of each.
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Page 16
Chapter 15: Franchising
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75 Verified Questions
75 Flashcards
Source URL: https://quizplus.com/quiz/30055
Sample Questions
Q1) According to the textbook, the main disadvantage of buying a franchise is:
A) franchise organizations typically grow slower than non-franchise organizations in the same industry
B) franchisors typically provide poor levels of support
C) the cost involved
D) the service sector of the U.S. economy is waning in importance
E) franchising is waning in its popularity
Q2) Which of the following statements is incorrect regarding franchising?
A) Franchising is growing in popularity in the United States.
B) There are some instances in which franchising is not appropriate.
C) New technologies are often introduced through franchise systems.
D) Franchising, by its very nature, involves the sharing of knowledge between a franchisor and a franchisee.
E) The failure rate for franchise systems is relatively high.
Q3) Which of the following is not an advantage of buying a franchise?
A) a proven product or service within an established system
B) franchisor ongoing support
C) availability of financing
D) potential for business growth
E) duration and nature of the commitment
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