Entrepreneurship
Mock Exam
Course Introduction
Entrepreneurship is a dynamic course that explores the process of identifying, creating, and pursuing business opportunities in various environments. Students will learn the foundational principles of entrepreneurial thinking, opportunity recognition, business model development, and the creation of value through innovation. The course covers essential topics such as business planning, resource acquisition, market analysis, financing strategies, and the management of new ventures. Through case studies, practical exercises, and group projects, students will develop the skills needed to launch and sustain successful entrepreneurial ventures, while also understanding the challenges and rewards of entrepreneurial careers.
Recommended Textbook
Marketing An Introduction 6th Canadian Edition by Gary Armstrong
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16 Chapters
2482 Verified Questions
2482 Flashcards
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Page 2
Chapter 1: Marketing: Creating and Capturing Customer Value
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164 Verified Questions
164 Flashcards
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Sample Questions
Q1) The ultimate aim of customer relationship management is to produce ________.
A)customer delight
B)customer satisfaction
C)steady sales volume
D)a reliable database
E)sustainable business
Answer: A
Q2) Market offerings can include products, services, information, or experiences offered to a market to satisfy a need or want.
A)True
B)False Answer: True
Q3) It is cheaper for a company to acquire new customers than to maintain relationships with current customers.
A)True
B)False Answer: False
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Page 3
Chapter 2: Company and Marketing Strategy: Partnering to
Build Customer Relationships
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163 Verified Questions
163 Flashcards
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Sample Questions
Q1) The process of customer-driven marketing involves ________.
A)product, price, promotion, and adaptation
B)market segmentation, market targeting, differentiation, and positioning
C)marketing analysis, planning, implementation, and feedback
D)analysis, targeting, implementation, and control
E)problem identification, information search, decision, and implementation
Answer: B
Q2) Modern marketing departments are changing their focus to ________.
A)customer management
B)product management
C)brand management
D)functional management
E)market organization management
Answer: A
Q3) Mission statements should be realistic and general in nature.
A)True
B)False
Answer: False
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Chapter 3: Sustainable Marketing, Social Responsibility and Ethics
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165 Verified Questions
165 Flashcards
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Sample Questions
Q1) Consumers can rarely buy functional versions of highly promoted branded products at lower prices.
A)True
B)False
Answer: False
Q2) When ABC, Inc., worked to design products that are easier to reuse or recycle, ABC was adopting ________.
A)pollution prevention
B)green marketing
C)a sustainability vision
D)design for environment (DFE)practices
E)new environmental technologies
Answer: D
Q3) In the progress toward environmental sustainability, a company must first strive for pollution prevention and product stewardship before developing "beyond greening" plans.
A)True
B)False
Answer: False
Page 5
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Chapter 4: Analyzing the Marketing Environment
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152 Verified Questions
152 Flashcards
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Sample Questions
Q1) According to our conceptualization of marketing intermediaries, which of the following would likely be a marketing intermediary for Pepsi-Cola?
A)Pepsi's ad agency
B)Pepsi's sugar supplier
C)Pepsi's bank
D)Pepsi's marketing consultants
E)Pepsi's insurance companies
Q2) The demographic environment is of major interest to marketers because it involves people, and people make up markets.
A)True
B)False
Q3) The green movement will likely spark the least interest in which of the following?
A)recycling programs
B)environmentally sustainable strategies
C)social responsibility
D)Internet usage
E)biodegradability
Q4) Why is it important for marketers to understand people's views of themselves?
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Page 6
Chapter 5: Managing Marketing Information to Gain Customer Insights
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165 Verified Questions
165 Flashcards
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Sample Questions
Q1) Choose the statement that is a typical consumer concern about intrusion on consumer privacy.
A)Researchers ask too many questions.
B)Marketers use their personal information to manipulate our buying.
C)Marketers build huge databases full of personal information about customers.
D)Marketers make too many products and services available, creating unnecessary consumer wants.
E)Protecting personal information is impossible.
Q2) The real value of a company's marketing research and information system lies in the ________.
A)amount of data it generates
B)variety of contact methods it uses
C)efficiency with which it completes studies
D)quality of customer insights it provides
E)marketing information system it follows
Q3) What would a researcher need to decide when designing a sample?
Q4) How did Jason know he needed marketing research?
Q5) Compare and contrast closed-end questions and open-end questions for gathering data.
Q6) Identify ways that a researcher should evaluate secondary data. Page 7
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Page 8
Chapter 6: Understanding Consumer and Business Buyer
Behaviour
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168 Verified Questions
168 Flashcards
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Sample Questions
Q1) Personicx life-stage segmentation is useful for ________.
A)creating targeted, personalized campaigns
B)describing various age groups
C)understanding various social classes
D)identifying various social groups
E)describing a person's economic situation
Q2) Might the owners of The Attic Trunk believe that people change what they buy over their lifetimes? Explain.
Q3) Early adopters are opinion leaders in their communities and adopt new ideas early but carefully.
A)True
B)False
Q4) According to Statistics Canada, by the year 2017 roughly ________ of the population will be a member of a visible minority.
A)10%
E)50%
Page 9
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Chapter 7: Segmentation, Targeting, and Positioning
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170 Verified Questions
170 Flashcards
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Sample Questions
Q1) For market segments to be useful they must be measurable, accessible, substantial, differentiable, and actionable.
A)True
B)False
Q2) Procter & Gamble sells six brands of laundry detergent in North America, each designed for one of six laundry type segments Procter & Gamble has identified. Together, these six brands take four times the market share of Procter & Gamble's nearest competitor. Which of the following is a disadvantage of Procter & Gamble's differentiated marketing strategy?
A)lost sales that would have been made with an undifferentiated marketing strategy across all segments
B)lost customer loyalty due to lack of brand loyalty
C)increased costs for separate marketing plans for each brand
D)other suppliers controlling pricing
E)lack of resources to succeed in an attractive segment
Q3) The majority of North America-based companies have developed the resources and the will to operate in multiple foreign countries.
A)True
B)False
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Page 10
Chapter 8: Developing and Managing Products and Services
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192 Verified Questions
192 Flashcards
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Sample Questions
Q1) Because so many purchase decisions are made in stores, a product's packaging may be a seller's last and best chance to influence consumers.
A)True
B)False
Q2) Product improvements and product modifications and new brands can all be classified as ________.
A)pioneer products
B)new products
C)product concepts
D)product ideas
E)test products
Q3) Service inseparability means that the quality of services depends on when, where, and how it is provided.
A)True
B)False
Q4) Give three examples of shopping products.
Q5) Quaker produces a variety of cereals. This variety is called its product line.
A)True
B)False
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Chapter 9: Brand Strategy and Management
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136 Verified Questions
136 Flashcards
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Sample Questions
Q1) For a fee, some companies ________ names or symbols previously created by other manufacturers, names of well-known celebrities, and/or characters from popular movies and books, any of which can provide an instant and proven brand name.
A)service
B)license
C)market
D)package
E)brand
Q2) Brand communications is an important part of the ongoing management of a brand. What does this entail?
Q3) Thanks to the rise in popularity of social media customers are beginning to tell stories about their favourite brands. This is an example of ________.
A)selling out
B)brand advocacy
C)solicitation
D)mixed messaging
E)computerization
Q4) How might Selman & Saks use brand positioning?
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Chapter 10: Pricing: Understanding and Capturing
Customer Value
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170 Verified Questions
170 Flashcards
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Sample Questions
Q1) Which pricing mix strategy should be used in relation to saleable scrap materials, and how does this strategy function?
Q2) Of the following, which is a poor reason for a company to set prices low?
A)to prevent competition from entering the market
B)to stabilize the market
C)to create excitement for a product
D)to prepare for an easy exit from a market
E)to match a competitor
Q3) When Pepsi came out with Pepsi Blue and priced it at half price to attract buyers, Pepsi was using ________.
A)marketing-skimming pricing
B)market-penetration pricing
C)new-product pricing
D)discount pricing
E)promotional allowances
Q4) Value-based pricing is the reverse of cost-based pricing.
A)True
B)False
13
Q5) Give two examples of products for which marketers may use optional-product pricing.
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Chapter 11: Marketing Channels
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125 Verified Questions
125 Flashcards
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Sample Questions
Q1) In a vertical marketing system, producers do not use intermediaries to sell their products.
A)True
B)False
Q2) How do channel members add value?
Q3) Give two examples of multichannel distribution systems.
Q4) Which of the following is true of RFID or radio frequency ID tags?
A)RFID eliminates the need for intermediaries and facilitates a direct marketing system.
B)RFID can de-automate the entire supply chain.
C)The use of RFID makes it difficult to know where a product is located physically within the supply chain.
D)Retailers and suppliers using RFID have higher risks of shoplifting and robbery.
E)"Smart shelves" can tell when it is time to reorder and can place orders automatically.
Q5) What is a contractual vertical marketing system? Give an example of a type of business that works as a contractual VMS.
Q6) How can a company benefit from a just-in-time logistics system?
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Page 14
Chapter 12: Retailing and Wholesaling
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107 Verified Questions
107 Flashcards
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Sample Questions
Q1) Amex Retail, the largest and oldest retail chain in America, was recently recognized as one of the most influential companies in the U.S. The company aims to capitalize on this opportunity by implementing major marketing activities to capture the attention of consumers, politicians, and environmentalists. The company was one of the first to do away with plastic bags, and the public relations division is contemplating the adoption of additional green retailing practices. Would this move reflect sound business tactics? What other measures can Amex Retail take in this direction?
Q2) GameStop, a video game retailer, offers a deep assortment of video games and video game consoles. GameStop is best described as a(n)________.
A)department store
B)supermarket
C)specialty store
D)discount store
E)off-price retailer
Q3) Independent off-price retailers purchase merchandise at rates that are substantially higher than regular wholesale rates.
A)True
B)False
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Chapter 13: Communicating Customer Value: Advertising and
Public Relations
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169 Verified Questions
169 Flashcards
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Sample Questions
Q1) What does frequency tell a marketer?
Q2) Technical expertise, scientific evidence, and testimonial evidence are all examples of execution styles that creative teams use in advertising messages.
A)True
B)False
Q3) How has clutter in television and other ad media created an increasingly hostile advertising environment?
Q4) Integrated marketing communications require a company's mass-market advertisements, website, email, and personal selling communications to all have
A)equal portions of the advertising budget
B)independent communications directors
C)separate marketing objectives
D)the same target audience
E)the same clear and compelling message
Q5) Marketers can choose from two basic promotion mix strategies-push promotion or pull promotion. Compare these two strategies.
Q6) When does a marketer use reminder ads?
Q7) When does a marketer use a comparative ad?
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Chapter 14: Personal Selling and Sales Promotion
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169 Verified Questions
169 Flashcards
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Sample Questions
Q1) Which one of the following do members of a sales force typically represent?
A)They represent the company to competitors.
B)They represent the company to investors.
C)They represent the customer to the company.
D)They represent the company to industry.
E)They represent the goods they sell.
Q2) Which of the following is a part of sales force automation systems frequently used by salespeople?
A)customer-contact and relationship management software
B)time-and-duty analysis software
C)telephones
D)desktop computers
E)time-motion software
Q3) Of the following, which is the least creative sales position?
A)order taker
B)order getter
C)account executive
D)account development rep
E)outside salesperson
Q4) What sales force structure will work best for Reliable Tool?
Page 17
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Chapter 15: Direct, Online, Social Media, and Mobile Marketing
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158 Verified Questions
158 Flashcards
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Sample Questions
Q1) An online security concern that consumers have is contracting harmful viruses. A)True
B)False
Q2) For inbound telephone marketing, the company provides a toll-free phone number so it can receive orders solicited by television and print ads, direct mail, and catalogs.
A)True
B)False
Q3) Most companies that create print catalogs now also provide ________ catalogs.
A)video
B)email
C)store
D)digital
E)specialty
Q4) Though direct mail permits high target-market selectivity and can be personalized, it does not allow easy measurement of results.
A)True
B)False
Q5) What types of online advertising might benefit The Treble Clef?
Q6) How could spam harm The Treble Clef?
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Chapter 16: The Global Marketplace
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109 Verified Questions
109 Flashcards
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Sample Questions
Q1) Give an account of the functions of the World Trade Organization (WTO)and the formation of WTO from GATT.
Q2) Which of the following is most likely a benefit of joint ownership?
A)It allows a firm to gain the financial and managerial resources that it may otherwise lack.
B)It is the simplest way for a domestic company to enter a foreign market.
C)It minimizes the need to build a new manufacturing facility in the foreign market.
D)It allows one firm to acquire complete ownership of the other firm in the venture.
E)It provides significant economies of scale for both the local firm and the foreign investor.
Q3) Which of the following is true of the Uruguay Round of the WTO?
A)It promoted short-term global trade growth.
B)It increased the world's merchandise tariffs by 50 percent.
C)It reduced the influence of the WTO in agriculture.
D)It toughened the international protection of intellectual property.
E)It consisted of discussions that lasted for two years.
Q4) What is the best mode of entry into foreign markets for I Design?
Q5) Explain the whole-channel view of the distribution process.
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