Entrepreneurship and Small Business Management
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Course Introduction
This course explores the foundational principles of entrepreneurship and the management of small businesses, offering students practical knowledge and skills to start, operate, and grow a business venture. Topics include opportunity identification, business planning, financing, marketing strategies, operations management, and legal considerations specific to small enterprises. Emphasis is placed on innovation, risk assessment, and the development of an entrepreneurial mindset, preparing students to overcome challenges commonly faced by entrepreneurs and equipping them with the tools necessary for sustained business success.
Recommended Textbook
ABCs of Relationship Selling through Service 12th Edition by Charles M. Futrell
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14 Chapters
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Page 2
Chapter 1: The Life, times, and Career of the Professional Salesperson
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144 Verified Questions
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Sample Questions
Q1) Which of the following is identified by the text as an example of a technical skill?
A)Analytical ability
B)Strategic thinking
C)Knowing where his or her product fits into the customer's business
D)Planning abilities
E)Working through other people
Answer: A
Q2) According to the Golden Rule of Personal Selling,an effective salesperson:
A)has the Midas touch.
B)owes greater allegiance to his/her employer than to customers.
C)unselfishly treats others as they would like to be treated.
D)can use manipulation if needed to make the sale.
E)creates customer loyalty through discipline,persistence and optimism.
Answer: C
Q3) A wholesale salesperson would sell designer clothing to a department store which in turn would resell the items to individual customers.
A)True
B)False
Answer: True
3
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Chapter 2: Ethics Firstthen Customer Relationships
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Sample Questions
Q1) All of the following are involved in the majority of sales people's ethical issues EXCEPT: A)co-workers.
B)managers.
C)customers.
D)friends.
E)employers.
Answer: D
Q2) Jason Montgomery,a hospital administrator in Montana,lodged a complaint against the hospital owners when he was asked to keep two sets of accounting records so that the hospital could reduce its tax liability.Montgomery was engaged in:
A)reciprocity.
B)preconventional moral development.
C)whistle-blowing.
D)consensual reporting.
E)ethical declarations of wrongdoing.
Answer: C
Q3) What are the two types of codes of ethics?
Answer: Principle-based statements and policy-based statements
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4
Chapter 3: The Psychology of Selling: Why People Buy
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Sample Questions
Q1) Before developing a sales presentation,a salesperson should consider what psychological factors may influence the buyer's decision.
A)True
B)False
Answer: True
Q2) According to the two Ls in the SELL Sequence,a salesperson should:
A)lead into the benefits,and let the customer talk.
B)limit the length of a sales presentation,and let visual aids do the talking.
C)learn the prospect's personality type,and let the personality type guide the closing.
D)limit the number of benefits,and list features at the end of the presentation.
E)locate the prospect's needs,and leave closing until the end of the sales presentation.
Answer: A
Q3) The size,color,and price of a product are all examples of product benefits. A)True
B)False
Answer: False
Q4) What is the first stage in the consumer buying decision process?
Answer: Need arousal
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Page 5
Chapter 4: Communication for Relationship Building: Its Not
All Talk
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Sample Questions
Q1) Entering a buyer's intimate space before the prospect is ready is endearing to the buyer and helps the salesperson close the sale.
A)True
B)False
Q2) If the salesperson talks and the buyer only listens,_____ has occurred.
A)distortion
B)hard-sell communication
C)non-communication
D)noise
E)one-way communication
Q3) Why is it important for salespeople to be aware of the physical space between themselves and their prospects?
Q4) According to the text,sales representatives should dress in conservative business clothes to enhance their effectiveness.
A)True
B)False
Q5) A senser is a people-oriented individual who is sensitive to people's needs.
A)True
B)False
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Chapter 5: Sales Knowledge: Customers, products, technologies
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Sample Questions
Q1) Which of the following is NOT a guideline to follow when communicating with a cell phone?
A)Use text messaging to simplify your life
B)Use the caller ID feature as a screening method
C)Turn off the phone during meetings and sales calls
D)Return messages as soon as possible
E)Speak extra loudly into the phone
Q2) If one case of Winston brand chocolate molds costs $10.00,but a single order for 10 cases costs a total of $94.00,it is MOST accurate to say that:
A)someone in the manufacturer's book keeping department made an error.
B)the manufacturer offers a cash discount.
C)the manufacturer offers a cumulative quantity discount.
D)the manufacturer offers a noncumulative quantity discount.
E)the manufacturer offers a trade discount.
Q3) To reduce the amount of time that must be devoted to sales training,modern companies do not teach their salespeople about the company's history.
A)True
B)False
Q4) What are the four types of discounts that buyers typically receive?
Page 7
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Chapter 6: Prospecting : the Lifeblood of Selling
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Sample Questions
Q1) A simple way to remember the steps of the sales process is to use the acronym MAD.
A)True
B)False
Q2) Identify the prospecting method that is based on the law of averages.
A)Cold canvassing
B)Orphaned customers
C)Center of influence
D)Networking
E)Sales lead clubs
Q3) To enlarge its prospect list,Dunn Portrait Photographers seeks the assistance of area bridal stores to identify engaged couples.This is an example of the _____ method of prospecting.
A)center of influence
B)cold canvas
C)group
D)public exhibition
E)endless chain
Q4) What prospecting methods are best for contacting numerous prospects in a large area?
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Chapter 7: Planning the Sales Call Is a Must
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Sample Questions
Q1) A marketing plan created for an end-user most likely addresses:
A)the business proposition.
B)forecasted profit and ROI.
C)how the product can be used.
D)how a reseller will sell the product once purchased.
E)the features,advantages,and benefits of the product.
Q2) In a SMART sales call objective,the "A" refers to the fact that the objective should:
A)authorize immediate response.
B)be achievable.
C)create product awareness.
D)augment the sales potential.
E)be analytical.
Q3) A SMART sales call objective is specific,measurable,actionable,reliable,and timely. A)True
B)False
Q4) What is the customer relationship model? What are the implications of the model on salespeople?
Q5) How would the FAB formula be used in a customer benefit plan?
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Chapter 8: Carefully Select Which Sales Presentation
Method to Use
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Sample Questions
Q1) The typical last step of the problem-solution sales presentation is to:
A)make the sales presentation.
B)propose follow-up activities.
C)analyze prospect's problems against those of its competitors'.
D)prepare a written solution for the prospect's problem(s).
E)handle prospect's objections to the solution.
Q2) Donna is planning her first Pampered Chef party during which she will try to sell the company's cooking utensils and gadgets.Donna is new to sales and feels nervous about the sales presentation.Which of the following methods would be best for Donna?
A)Formula
B)Memorized
C)Customized
D)Problem-solution
E)Need-satisfaction
Q3) The customer does most of the talking in the approach and presentation stages of the need- satisfaction method.
A)True
B)False
Q4) What is another name for the formula sales presentation method?
Page 10
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Chapter 9: Begin Your Presentation Strategically
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Sample Questions
Q1) Ashana Vogel,a book salesperson,approaches a prospect with the following words,"Hello,Dr.Stein-your colleague Josh Stockard suggested I contact you concerning our new accounting workbooks." What type of approach is Ashana using?
A)Introductory
B)Referral
C)Premium
D)Complimentary
E)Product
Q2) A retail salesperson should always ask customers this question "May I help you."
Comment on this statement.
Q3) The first question to ask a prospect when using the SPIN approach is referred to as the strategic question.
A)True
B)False
Q4) Why would a salesperson use an opinion approach?
Q5) You have decided to open your sales presentation with either a demonstration or a statement.List the three basic objectives you should hope to accomplish with either of these techniques.
Q6) What is the most common and least powerful approach a salesperson uses?
Page 11
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Chapter 10: Elements of a Great Sales Presentation
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Sample Questions
Q1) Which among the following is NOT a valid reason for using dramatics in the sales presentation?
A)To provide a clear explanation of the product.
B)To create two-way communications.
C)To capture the prospect's interest.
D)To increase the salesperson's persuasive powers.
E)To create a powerful proof technique.
Q2) The prospect reaches the conviction stage after buying the product.
A)True
B)False
Q3) The first essential step of the sales presentation is discussing the: A)product's FABs.
B)marketing plan.
C)SELL sequence.
D)business proposition.
E)firm's warranties.
Q4) What is the best nonverbal selling technique?
Q5) A salesperson should control the sales presentation. A)True
B)False
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Chapter 11: Welcome Your Prospects Objections
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Sample Questions
Q1) You are a salesperson trying to sell traffic lights to a county government official,but you have become convinced that there is not going to be a purchase.If you are 100 percent sure that you cannot overcome your prospect's objection and the prospect is not going to buy at this time,you should:
A)ask for the order anyway.
B)re-address major customer benefits.
C)assume you have encountered a hopeless objection.
D)end the sales interview as quickly and politely as possible.
E)ask for another appointment later and give the prospect a brochure.
Q2) Which of the following is the best example of a stalling objection?
A)"Your price is too high for the quality."
B)"Frankly,your competitor makes a more efficient refrigeration unit."
C)"You've got to do better than that with the price and financing."
D)"Sounds good! I'll need to clear it with my boss before I can make a purchase."
E)"I think you have a great product,but at this moment we don't need a new security system."
Q3) Define value as it is used in the price/value formula.
Q4) Give examples of practical and psychological objections.
Q5) What is the difference between a direct denial and an indirect denial?
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Chapter 12: Closing Begins the Relationship
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Sample Questions
Q1) Which type of close is effective with a prospect who is a self-styled expert or who has a big ego?
A)Compliment
B)Assumptive
C)Summary-of-benefits
D)Alternative-choice
E)Minor-points
Q2) The salesperson is trying to convince a buyer to purchase a Little Wonder Snow Blower.When the salesperson says,"This blower has a 13HP engine for power,three large,ball-bearing pneumatic wheels so it won't get stuck in drifts,and an adjustable,ergonomically-designed handle." The salesperson is using a(n)_____ close.
A)compliment
B)alternative-choice
C)minor-points
D)summary-of-benefits
E)assertive
Q3) Which closing technique can be used by salespeople if they need a simple and straightforward close?
Q4) What are two other names sometimes given to the T-account close?
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Chapter 13: Service and Follow-Up for Customer Retention
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Sample Questions
Q1) You are a home appliance salesperson.One of your customers wants his television to be repaired on a holiday,but the company service manager is on vacation.The company regulations say that without written consent from the service manager,service engineers are not allowed to work on holidays.How would you handle this situation?
A)Inform the customer that the company policies are against such a service.
B)Try to obtain approval by phone from the service manager or a higher authority.
C)Advise the customer to seek the help of a freelance service person.
D)Ignore the customer's request until the service manager returns.
E)Provide service without approval and without pay.
Q2) The customer could be right when he/she:
A)believes that he is right in spite of being wrong.
B)asks the salesperson to set an illegal price.
C)tempts the salesperson to conduct an unethical task.
D)is asking for terms that are harmful for the seller.
E)is dishonest.
Q3) What is a business acquaintance?
Q4) List two of the seven deadly sins of business selling.
Q5) List the three levels of business friendship.
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Chapter 14: Time, territory, and Self-Management: Keys to Success
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Sample Questions
Q1) Many companies concentrate on improving the way their salespeople manage their time and territories because:
A)the cost of direct selling is rapidly decreasing.
B)the time available for face-to-face customer contact is increasing.
C)there is reduced emphasis on profitability.
D)time is always limited.
E)they want to increase the salesperson's responsibilities.
Q2) List the three basic routing patterns used by salespeople.
Q3) Which among the following is NOT a reason for increasing the number of sales calls?
A)Increase of potential future sales
B)Increase of orders placed
C)Increase of product lines sold
D)Increase of cost of goods sold
E)Increase in servicing requirements
Q4) Lin Zander sells health and beauty aids to retailers.If she sells $74,130,she exactly covers all of her territory's direct costs.Based on an 8-hour workday,a five-day week,and a 48-week year,how much does Zander need to sell hourly to reach her break-even point?
Q5) Briefly explain territory time allocation step in territory management.
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