Entrepreneurship Practice Questions
Course Introduction
Entrepreneurship explores the process of identifying business opportunities, developing innovative solutions, and creating value through new ventures. The course covers foundational concepts such as ideation, market analysis, business model development, and resource acquisition. Students will learn about the challenges and rewards of launching and managing startups, the importance of leadership and adaptability, and effective strategies for navigating risk and uncertainty. Practical case studies and experiential assignments foster an entrepreneurial mindset and equip students with the tools needed to transform ideas into successful enterprises.
Recommended Textbook
Contemporary Marketing 16th Edition by Louis
E. Boone
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22 Chapters
3808 Verified Questions
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Page 2
Chapter 1: Marketing: The Art and Science of Satisfying Customers
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201 Verified Questions
201 Flashcards
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Sample Questions
Q1) Compared to transaction marketing,relationship marketing relies more heavily on information technologies.
A)True
B)False
Answer: True
Q2) The marketing concept focuses on the objective of achieving short-term profits instead of long-run success during tough economic times.
A)True
B)False
Answer: False
Q3) In relationship marketing,employees serve customers within an organization as well as outside it.
A)True
B)False
Answer: True
Q4) Marketing of a product begins after it hits the shelf.
A)True
B)False
Answer: False
Page 3
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Chapter 2: Strategic Planning in Contemporary Marketing
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188 Verified Questions
188 Flashcards
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Sample Questions
Q1) A marketing mix should be an ever-changing combination of variables to achieve success.
A)True
B)False
Answer: True
Q2) An organizational objective should specify time frames stating "Our organization aims for the highest levels of sustainable development."
A)True
B)False
Answer: True
Q3) SWOT analysis refers to an examination of a firm that is limited to the variables of its stability,work ethic,organizational structure,and technological expertise.
A)True
B)False
Answer: False
Q4) Organizations within the same industry usually have the same mission.
A)True
B)False
Answer: False
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Chapter 3: The Marketing Environment, Ethics, and Social Responsibility
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202 Flashcards
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Sample Questions
Q1) Paying universities for the use of their logo,team name,and mascot in advertising products and services to their students is considered ethical.
A)True
B)False
Answer: False
Q2) Ensuring ethical practices means promising customers and business partners to sacrifice quality and fairness for profit.
A)True
B)False
Answer: False
Q3) The choice between pleasing all consumers and remaining profitable-thus surviving-defines one of the most difficult dilemmas facing business.
A)True
B)False
Answer: True
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Page 5
Chapter 4: Social Media: Living in the Connected World
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175 Verified Questions
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Sample Questions
Q1) Describe the ways in which consumers rely on social media for their buying decisions.
Q2) Jason's Foods is a manufacturer of organic food products.The company is planning to market its products through social media sites and has developed effective strategies for the marketing campaign.The marketing team plans to use messages that focus on the health benefits of organic foods in order to generate greater awareness about its products and engage its target audience in the conversation.In doing so,the marketing team of Jason's Foods would be engaging in _____.
A) social media monitoring
B) content marketing
C) behavioral targeting
D) social bookmarking
Q3) Connotea is a social media platform aimed primarily at scientists and clinicians,where users can post news items and links to outside articles,then vote on which postings get the most prominent display.Connotea is an example of an online forum.
A)True
B)False
Q4) Outline some tips for landing a job in social media marketing.
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Chapter 5: E-Business: Managing the Customer Experience
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Sample Questions
Q1) List out the various Internet fraud issues that consumers and businesses face in e-marketing.
Q2) Simply-Fyde Shopping's website has an online catalog with the details of the products on offer.When customers pick their choices from the list,the items are automatically populated into a(n):
A) online trading database.
B) electronic shopping cart.
C) point-of-sale system.
D) Web browser.
Q3) Pure-play e-retailers,even with no real experience of selling and satisfying customers,have been more successful than traditional retailers who entered e-business.
A)True
B)False
Q4) A private exchange is a secure website at which a company and its suppliers share all types of data related to e-marketing,from product design through order delivery.
A)True
B)False
Q5) How can e-marketers increase the sale of their products through their websites?
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Chapter 6: Consumer Behavior
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Sample Questions
Q1) Discuss the four components of self-concept and explain how marketers can utilize this information.
Q2) Describe the three categories of problem-solving behavior with examples.
Q3) The degree of external search increases as purchasing behavior moves from routine to limited to extended problem solving.
A)True
B)False
Q4) Marketers are finding new product opportunities with two-income families demanding goods and services that fill the need for convenience,health,safety,and time constraints.
A)True
B)False
Q5) After purchasing a new oven and a cooking range,Martha was contacted by the store where she purchased the products.The salesperson inquired about the delivery,installation,and her overall satisfaction with the purchase.Such strategies employed by marketers help in reducing cognitive dissonance.
A)True
B)False
Q6) Who are opinion leaders? Why are they important to marketers?
Page 8
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Chapter 7: Business-to-Business (B2B)Marketing
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200 Verified Questions
200 Flashcards
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Sample Questions
Q1) Menhir Systems,an information technology company in Germany has moved its customer service and accounting operations to Austria to take advantage of the low labor costs.Also the closeness in geography and cultural values is an added advantage in choosing Austria for these operations.Menhir Systems is engaging in _____.
A) nearshoring
B) inshoring
C) leasing
D) sole sourcing
Q2) The organizational buying process differs from the consumer purchase process as the organizational buying process:
A) involves few decision makers in making purchase decisions.
B) is informal and less professional.
C) requires a longer time frame because of complexity of the decisions.
D) generally involves purchase of highly standardized products.
Q3) A buying center is a basic component of a firm's formal organizational structure.
A)True B)False
Q4) What is outsourcing? Why do firms outsource production of goods and services?
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Chapter 8: Global Marketing
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Sample Questions
Q1) An export trading company provides the first-time exporter with expertise in locating foreign buyers and ensuring that its goods meet local labeling and testing laws.
A)True
B)False
Q2) Licensing is an attractive entry strategy for small firms as it does not involve capital outlays.
A)True
B)False
Q3) Some of the largest direct investments by foreign companies in the United States have occurred in the automobile industry.
A)True
B)False
Q4) The _____ serves as a forum for trade negotiations,and mediates trade disputes between countries throughout the world.
A) FTAA
B) GATT
C) EU
D) WTO
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Page 10
Chapter 9: Market Segmentation, Targeting, and Positioning
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200 Verified Questions
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Sample Questions
Q1) Families,bachelors,and retirees could be considered separate market segments for a company promoting travel packages.
A)True
B)False
Q2) Home Depot introduced a new line of riding lawn mowers.The company decided to focus more on people living in the suburbs than those in the city because a survey showed the former category to be more inclined toward gardening.This is an example of a demographic segmentation by Home Depot.
A)True
B)False
Q3) Ford Motor Company surveyed 10,000 customers to analyze their needs and preferences in automobiles.At the end of the survey,respondents were asked to provide demographic information,including age.Responses concerning preferences were strikingly similar for each group within a specific five-year age range.This result is an example of the _____ effect.
A) income
B) life cycle
C) cohort
D) Hafner's
11
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Chapter 10: Marketing Research and Sales Forecasting
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Sample Questions
Q1) Sampling is the process of selecting survey respondents or research participants.
A)True
B)False
Q2) Douglas Knowles & Howe,a marketing research firm,contracts with clients to conduct complete marketing research projects,including telephone and online interviews.DK&H is a _____.
A) syndicated service
B) limited service
C) full-service research supplier
D) customer relationship management firm
Q3) What is the significance of marketing research to businesses? What are the stages involved in the marketing research process?
Q4) Personal interviews is usually the best means to obtain detailed information about consumers.
A)True B)False
Q5) Differentiate between a probability sample and a nonprobability sample.List out the different types of probability and nonprobability samples.
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Chapter 11: Relationship Marketing and Customer Relationship Management (CRM)
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200 Verified Questions
200 Flashcards
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Sample Questions
Q1) What are the different methods employed by marketers to obtain customer feedback?
Q2) An internal partnership consists of a relationship that involves long-term exchanges of goods or services in return for cash.
A)True
B)False
Q3) Business partners can communicate with each other through web services only if they are using the same software and network platforms.
A)True
B)False
Q4) A marketing effort sponsored by an organization that solicits responses from individuals who share common interests and activities is called _____ marketing.
A) frequency
B) affinity
C) internal
D) inclusive
Q5) Explain cobranding and comarketing.Give an example of each.
Page 13
Q6) Briefly explain the three levels of the relationship marketing continuum.
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Chapter 12: Product and Service Strategies
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Sample Questions
Q1) A series of related products offered by one company is called a product _____.
A) cluster
B) subgroup
C) line
D) pack
Q2) A company manufacturing hair care products introduced a new shampoo with keratin to enhance hair quality and reduce hair breakage.To ensure the right spot for the shampoo bottles on the supermarket shelves,the company paid retailers a substantial amount of money.The money paid is called:
A) push money.
B) rebate.
C) premium.
D) slotting fees.
Q3) When shifts in consumer preferences bring about an absolute slump in industry sales,a product is said to be in the _____ stage of the product lifecycle.
A) introductory
B) growth
C) maturation
D) decline
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Page 14
Chapter 13: Developing and Managing Brand and Product Categories
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Sample Questions
Q1) A brand is said to have high relevance if a large number of consumers feel the need for the benefits offered by the brand.
A)True
B)False
Q2) The term "product positioning" refers to:
A) a low cost market entry strategy in which two or more firms represent one another's complementary yet non-competing products in the markets.
B) the process of developing entirely new products for new markets.
C) consumers' perceptions of a product's attributes, uses, quality, as well as advantages and disadvantages relative to competing brands.
D) the process of developing a trade dress for a new product.
Q3) Some firms register a brand name before they have manufactured the product in order to prevent competitors from using the name.
A)True B)False
Q4) A product's package color,size and label shapes are all part of its trade dress.
A)True
B)False
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Chapter 14: Marketing Channels and Supply Chain Management
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200 Flashcards
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Sample Questions
Q1) Which of the following factors is a characteristic of a long marketing channel?
A) Manufacturers with broad product lines
B) Durable and inexpensive products
C) Marketers with a small and concentrated market
D) Manufacturers that cater to large orders of their products
Q2) When a logistics manager combines several unitized loads into a single,well-protected load for shipment,it is called:
A) suboptimization.
B) consolidation.
C) containerization.
D) palletization.
Q3) A wholesaler-sponsored voluntary chain allows retailers to save on advertising costs.
A)True B)False
Q4) When a producer grants exclusive rights to a wholesaler or retailer to sell its products in a specific geographic region it practices intensive distribution. A)True
B)False
Page 16
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Chapter 15: Retailers, Wholesalers,
and Direct Marketers
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200 Flashcards
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Sample Questions
Q1) The retail stores in a planned shopping center maintain uniform hours of operation,including evening and weekend hours.
A)True
B)False
Q2) The importance of selling agents in many markets has declined because:
A) many firms are increasingly turning to financial institutions for financial assistance.
B) manufacturers want better control of their marketing programs than selling agents allow.
C) profit margins for selling agents have been steadily eroding in perishable foods and processing industries.
D) manufacturers prefer to contract out exclusive rights to market a product while selling agents operate in specific territories.
Q3) Which of the following is most likely to be an example of a mass merchandiser?
A) A trade fair owner
B) A catalog retailer
C) A rack jobber
D) A convenience retailer
Q4) What are the different types of planned shopping centers?
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Chapter 16: Integrated Marketing Communications,
Advertising, and Public Relations
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Sample Questions
Q1) Discuss the role that integrated marketing communications (IMC)plays in the development of a promotional mix.
Q2) Feedback lets marketers evaluate the effectiveness of the message and tailor their responses accordingly.
A)True
B)False
Q3) The Tostitos BCS National Championship game will feature the top two college football teams competing for the national title.The Tostitos brand name is included in the event's name because Frito-Lay,the manufacturer,paid for:
A) sponsorship.
B) co-branding rights.
C) direct marketing privileges.
D) cooperative advertising.
Q4) Setting the timing and sequence for a series of advertisements is known as:
A) media sourcing.
B) media scheduling.
C) media polarizing.
D) media programming.
Page 18
Q5) Discuss product advertising,institutional advertising,and corporate advertising.
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Chapter 17: Personal Selling and Sales Promotion
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Sample Questions
Q1) Push money refers to cash incentives paid by manufacturers to wholesalers to stock new products.
A)True
B)False
Q2) Personal selling is likely to be the primary component of a firm's promotional mix when:
A) the firm markets inexpensive products that require no special handling.
B) the transactions frequently involve trade-ins.
C) the price of the products is relatively low.
D) the firm markets to a large number of customers in various locations.
Q3) Salespeople involved order-processing tasks persuade their wholesale or retail customers to carry more complete inventories of their firm's merchandise.
A)True
B)False
Q4) The follow-up step in the sales process often determines whether an individual who has made a recent purchase will become a repeat customer.
A)True
B)False
Q5) Describe the three major personal selling approaches.
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Chapter 18: Pricing Concepts
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Sample Questions
Q1) Every "regulatory" price increase is a tax.
A)True
B)False
Q2) A five-pound bag of roasted peanuts sells for $8,and the average variable cost is $4 per bag.If the total fixed cost for the roasted peanuts is $80,000,the breakeven point in bags is:
A) 20,000
B) 40,000
C) 80,000
D) 120,000
Q3) A profit-maximizing price rises to the point at which further:
A) increases will cause proportionate decreases in the number of units sold.
B) decreases will cause disproportionate decreases in the number of units sold.
C) increases will cause disproportionate decreases in the number of units sold.
D) increases will cause disproportionate increases in the number of units sold.
Q4) Which of the following is true of pure competition?
A) It is a market structure with very few sellers.
B) It presupposes a market condition where start-up costs are high for sellers.
C) It is a market structure with very few buyers.
D) It presupposes a market condition where sellers produce homogenous products.
Page 20
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Chapter 19: Pricing Strategies
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Sample Questions
Q1) A dual pricing strategy provides more flexibility to set prices with changing market conditions than a market-differentiated pricing strategy.
A)True
B)False
Q2) What is the importance of transfer pricing? How does it relate to an organization's profit center?
Q3) Most businesses slowly change the amounts they charge customers,even when they clearly recognize strong demand.
A)True
B)False
Q4) Transfer pricing typically is a simple and standardized process in most organizations.
A)True
B)False
Q5) An example of odd pricing would be:
A) a buy-two-get-one-free promotion.
B) selling a radar detector for $129.99 instead of $130.
C) subtracting trade-ins from the list price.
D) rebates that lower total price.
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Chapter 20: Your Career in Marketing
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Sample Questions
Q1) A comprehensive review of job openings gives one a more balanced perspective of the overall employment opportunity,including both long- and short-run factors.
A)True
B)False
Q2) An open-ended interview forces you to talk about yourself and your career goals.
A)True
B)False
Q3) Who among the following oversees account services,creative services,and media services departments?
A) Sales manager
B) Advertising manager
C) Promotion manager
D) Category manager
Q4) Which of the following is most likely to serve as a testimonial to your performance in academic and work settings?
A) Résumé
B) Cover letter
C) Letter of recommendation
D) Online application
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Chapter 21: Developing an Effective Marketing Plan
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Sample Questions
Q1) Which of the following is used to identify the firm's strengths,weaknesses,opportunities,and threats within the marketing environment?
A) Business portfolio analysis
B) Breakeven analysis
C) SWOT analysis
D) Marginal analysis
Q2) The need for a business plan is more acutely felt in a small company than in a large multinational company.
A)True
B)False
Q3) The mission statement puts into words an organization's overall purpose and reason for being.
A)True
B)False
Q4) An exit strategy is a plan for a firm to leave the market.
A)True
B)False
Q5) What are the reasons a company should develop a marketing plan?
Q6) Describe the different components of a business plan.
Page 23
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Chapter 22: Financial Analysis in Marketing
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Sample Questions
Q1) Calculate the markdown if a retailer decides to reduce the price of an item from $45 to $38 and sells 500 units.
A) 7%
B) 18.42%
C) 15.56%
D) 9%
Q2) Explain the difference between an income statement and a balance sheet.
Q3) In the context of financial statements,which of the following represents the systematic reduction over time in the value of certain company assets?
A) Depreciation
B) Attrition
C) Recession
D) Deduction
Q4) All successful organizations have the same inventory turnover ratio.
A)True
B)False
Q5) What is a markup? What are the two marketing decisions that decide the amount of markup? Explain why a markup is important to a marketer.
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