Entrepreneurship Pre-Test
Questions
Course Introduction
Entrepreneurship is an engaging course that introduces students to the fundamental concepts, skills, and mindset required to identify, evaluate, and launch new business ventures. The course explores the processes involved in recognizing market opportunities, developing innovative ideas, crafting business models, and acquiring the resources necessary for startup success. It covers topics such as opportunity assessment, value proposition development, financing, marketing, and the legal aspects of forming and managing a business. Through case studies, projects, and real-world examples, students gain practical insights into the challenges and rewards of entrepreneurial endeavors and develop the confidence needed to pursue their own business ideas.
Recommended Textbook
Marketing 2016 18th Edition by William M. Pride O. C. Ferrell
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Page 2
Chapter 1: An Overview of Strategic Marketing
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Sample Questions
Q1) The marketing concept focuses on
A)achieving the goals of top executives.
B)creating maximum visibility for the firm.
C)maximizing sales in a way that helps to achieve organizational objectives.
D)maximizing market share in a way that helps to achieve organizational objectives.
E)satisfying customers' needs in a way that helps to achieve organizational objectives.
Answer: E
Q2) Marketing costs consume about one-quarter of a buyer's dollar.
A)True
B)False
Answer: False
Q3) The marketing mix consists of three major variables: product, price, and distribution.
A)True
B)False
Answer: False
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Chapter 2: Planning, Implementing, and Evaluating Marketing Strategies
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Sample Questions
Q1) Within a business organization, a profit center that is self-supporting in terms of sales, markets, production, and other resources is known as a
A)profit entity.
B)strategic business unit.
C)marketing program.
D)small business.
E)diversified corporation.
Answer: B
Q2) Marketing planning and implementation are inextricably linked in successful businesses.
A)True
B)False
Answer: True
Q3) In a traditional organization, marketing decisions are likely to be A)very decentralized.
B)centralized at the top levels of the organization.
C)made by frontline employees.
D)made by frontline managers.
E)made only by the CEO.
Answer: B
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Chapter 3: The Marketing Environment
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Sample Questions
Q1) Political forces are beyond the control of marketers, and so they can only react to them.
A)True
B)False
Answer: False
Q2) Your marketing team has started the analysis of your company's marketing environment. Competition has been very intense in recent years in your industry, so you decide to place more emphasis on analyzing the competitive forces in your industry. You group your competitors into the four types that a firm normally faces.In general, which one of the four types of competitors do you think will be the most formidable for your company?
A)Total Budget Competitors
B)Features-Oriented Competitors
C)Brand Competitors
D)Generic Competitors
E)Product Competitors
Answer: C
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Page 5
Chapter 4: Social Responsibility and Ethics in Marketing
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Sample Questions
Q1) Priya knows that her company has a formal code of conduct, but she does not see this code being equally and consistently applied to all employees. Priya believes that this sporadic enforcement of the formal code only enhances the ____ for committing unethical acts.
A)opportunity
B)culture
C)individual factors
D)compliance
E)punishment
Q2) ____ ethical issues generally surface when companies fail to disclose risks associated with a product or information regarding its function, value, or use.
A)Promotion-related
B)Distribution
C)Corporate
D)Product-related
E)Safety
Q3) A bribe offered to benefit an organization is generally considered acceptable.
A)True
B)False
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Page 6
Chapter 5: Marketing Research and Information Systems
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Sample Questions
Q1) All of the following are steps in the marketing research process except
A)collecting data.
B)interpreting research findings.
C)designing the research project.
D)reporting research findings.
E)understanding your customer.
Q2) Quota sampling is most commonly used in
A)descriptive research.
B)population research.
C)surveys.
D)collecting primary data.
E)exploratory studies.
Q3) Unethical behavior in the research process is not a major problem in the reporting of research findings.
A)True
B)False
Q4) Compare reliability and validity. Why are they important considerations in marketing research?
Q5) Discuss the role of the marketing information system in helping marketing managers make better decisions.
7
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Chapter 6: Target Markets Segmentation and Evaluation
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Sample Questions
Q1) Using the breakdown approach to sales potential, estimates are made
A)by referring to specific geographic factors.
B)by establishing levels of marketing effort that will be required to achieve specific levels of sales.
C)without reference to industry marketing efforts.
D)without reference to general economic conditions.
E)by starting with general economic conditions.
Q2) Which of the following variables would most likely be used to segment a business market?
A)An attitude of the company's CEO
B)The geographic location of the company
C)The lifestyle of the company's buying agent
D)Net income generated by the company
E)Common opinions of the company's employees
Q3) Why would a firm survey its sales force to forecast company sales? Why would a firm choose an expert forecasting survey instead?
Q4) Motives can be used to segment markets.
A)True
B)False
Q5) How do business markets differ from consumer markets?
Page 8
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Chapter 7: Consumer Buying Behavior
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Sample Questions
Q1) Marketers must consider the different nationalities represented within the Hispanic and Asian-American subcultures because of the unique culture, history, and buying patterns of each ethnic group.
A)True
B)False
Q2) An opinion leader is likely to be most effective under all of the following conditions except when the
A)follower has high product involvement.
B)follower has low product knowledge.
C)follower has values and attitudes similar to the opinion leader.
D)product details are numerous and complicated.
E)follower has attitudes and values that are different from those of the opinion leader.
Q3) The actual act of purchase is the second stage of the consumer buying decision process.
A)True
B)False
Q4) What is Maslow's hierarchy of needs? How does it apply to the consumer buying decision process?
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9
Chapter 8: Business Markets and Buying Behavior
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Sample Questions
Q1) Value analysis focuses primarily on the examination of the cost of products relative to design, quality, and materials used.
A)True
B)False
Q2) Refer to Scenario 8.1. Which of the following groups should Samsung not include in its buying center for the new equipment?
A)Purchasing agents at Samsung
B)Eventual users within Samsung
C)Potential future Samsung customers
D)Gatekeepers within Samsung
E)Senior managers at Samsung
Q3) A representative product taken from a lot or batch, evaluated, and purchased refers to
A)homogeneous selection.
B)description.
C)trust.
D)negotiated inspection.
E)sampling.
Q4) What factors affect the purchase method that business customers choose?
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Chapter 9: Reaching Global Markets
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Sample Questions
Q1) Which of the following alliances/agreements is the United States not a part of?
A)NAFTA
B)APEC
C)GATT
D)WTO
E)MERCOSUR
Q2) Before the 1990s, most firms entered international markets
A)globally and quickly.
B)incrementally and slowly.
C)incrementally and quickly.
D)domestically and slowly.
E)regionally and quickly.
Q3) Exporting, licensing and franchising, trading companies, contract manufacturing, and joint ventures are preferred modes of international market entry for firms with an export department structure.
A)True
B)False
Q4) Describe how economic and competitive forces affect international marketing strategies.
Q5) Describe the sociocultural forces that affect international marketing strategy.
Page 11
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Chapter 10: Digital Marketing and Social Networking
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Sample Questions
Q1) Sam's Club has developed a website that allows employees to create a profile and connect with co-workers for the purpose of getting acquainted and building a work related network. This is an example of a A)virtual reality.
B)podcast.
C)recruiting tool.
D)social network.
E)employment opportunity.
Q2) Sony launched an online campaign that prompted people to visit the Sony website. In order to evaluate the success of the campaign, Sony should A)compare sales before and after the campaign was launched.
B)monitor web traffic during the campaign.
C)monitor the website to see if web traffic increased after the launch of the campaign. D)compare demand before and after the campaign was launched.
E)measure sales and profitability after the campaign was launched.
Q3) Define the characteristics that distinguish e-marketing from traditional marketing.
Q4) In what ways can a company use YouTube to its advantage?
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Chapter 11: Product Concepts, Branding and Packaging
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Sample Questions
Q1) When we speak of the number of product lines that a company offers, we are referring to the ____________ of the company's product mix.
A)width
B)depth
C)length
D)size
E)volume
Q2) Which of the following is always used to determine the classification of a good?
A)Buyer's intent for using the product
B)Amount of shopping required by the buyer to obtain the product
C)Price of the product
D)Specific product features
E)Industry competitors
Q3) Many products never get beyond the introduction stage.
A)True
B)False
Q4) In the awareness stage of the product adoption process, the buyer seeks information about the product.
A)True
B)False
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Chapter 12: Developing and Managing Products
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Sample Questions
Q1) Elizabeth from marketing, Manuel from finance, Tony from production, Cynthia from engineering, and Alexandra from research and development were put together by their company to develop a new low-calorie, high-nutrition snack treat. These five people are a(n) ____ at their company.
A)venture team
B)SWOT team
C)brand management group
D)idea generation group
E)product positioning group
Q2) If you buy McDonald's French fries in Fort Collins, Colorado, and later buy McDonald's French fries in College Station, Texas, you expect them to be of the same quality. This is referred to consistency of quality.
A)True
B)False
Q3) Functional modifications help an organization achieve and maintain a progressive image.
A)True
B)False
Q4) Discuss the advantages and problems associated with test marketing.
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Chapter 13: Services Marketing
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Sample Questions
Q1) Attributes which are assessed only during the consumption of a service are called
A)tangibles.
B)search qualities.
C)experience qualities.
D)use benefits.
E)credence qualities.
Q2) What dimensions do customers use to evaluate service quality?
Q3) Which of the following service providers are most likely to use demand-based pricing?
A)Dentists
B)Lawyers
C)Doctors
D)Hair stylists
E)Cruise ships
Q4) Consumers tend to believe company-sponsored advertising more than word-of-mouth communication when gathering information on a service product.
A)True
B)False
Q5) In what ways do perishability and intangibility affect the pricing of services?
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Chapter 14: Marketing Channels and Supply-Chain Management
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Sample Questions
Q1) Marketing intermediaries can reduce the cost of exchanges.
A)True
B)False
Q2) Fansteel manufactures parts used in jet engines, which it sells to companies such as Boeing. When shipping products to Boeing, Fansteel seals the parts in 8' × 8' × 40' boxes for shipping to decrease loss and damage. This method of materials handling is A)unit loading.
B)containerization.
C)freight forwarding.
D)unitized shipping.
E)bonded packaging.
Q3) Refer to Scenario 14.1. If Liz Claiborne were to distribute their Kate Spade brand through its company-owned stores and through wholesalers, to major department stores, then Liz Claiborne would be using ____ distribution.
A)intensive
B)vertical
C)horizontal
D)dual
E)exclusive
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Chapter 15: Retailing, Direct Marketing and Wholesaling
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Sample Questions
Q1) What role does wholesaling play in the marketing channel? Is this role necessary?
Q2) Refer to Scenario 15.2. The move to sell Land's End products inside of Sears' stores may lead to potential problems with the customer's perception of Lands' End quality, in part due to the functional and psychological picture in the consumer's mind of Sears' stores. This picture is called the ____ of Sears.
A)store location
B)atmospherics
C)product depth
D)store image
E)interior persona
Q3) Agents represent either buyers or sellers on a temporary basis.
A)True
B)False
Q4) What type of retailing began with Montgomery Ward in the late 1800s?
A)Catalog marketing
B)Department stores
C)Direct selling
D)Discount retailing
E)Franchising
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Chapter 16: Integrated Marketing Communications
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Sample Questions
Q1) The phrase, purchase products, includes the acceptance of ideas and issues.
A)True
B)False
Q2) If a firm's promotional budget were extremely limited, for which of the following reasons would it be more likely to rely on personal selling as its main promotional tool?
A)People are more likely to believe a human being than a print ad.
B)TV and radio ads are not feasible for smaller companies.
C)It can achieve more sales through business customers than through individual consumers.
D)It is easier to measure a salesperson's effects on sales than advertising's effects on sales.
E)The firm is charging a higher price to cover the expensive salaries of its salespeople.
Q3) One truth about promotion is that it raises prices.
A)True
B)False
Q4) Public relations is a set of tools to be used primarily during crises.
A)True
B)False
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18
Chapter 17: Advertising and Public Relations
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Sample
Questions
Q1) An effective approach for dealing with potential unfavorable public relations resulting from a negative event is to discourage news coverage.
A)True
B)False
Q2) An advertising platform should consist of issues that are important to consumers. Selling features should be important to consumers and should be features that
A)competitive products lack.
B)can be seen easily in a photograph.
C)are familiar concepts to those in the target market.
D)competitive products have as well.
E)are reasonably inexpensive to develop.
Q3) Business organizations are the only major users of advertising.
A)True
B)False
Q4) Publicity is a subset or part of public relations.
A)True
B)False
Q5) What are the components of a print ad? What are the functions of each component?
Page 19
Q6) Describe the major types of advertising, and discuss how they differ.
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Chapter 18: Personal Selling and Sales Promotion
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Sample Questions
Q1) Tim has just finished compiling a list of potential customers and evaluating their ability, willingness, and authority to buy. He knows his next step in the personal selling process is to A)approach.
B)preapproach.
C)make the presentation.
D)prospect.
E)overcome objections.
Q2) Creative selling, which requires that salespeople recognize a potential buyer's needs and then provide the prospect with the necessary information, is performed by A)order takers.
B)order getters.
C)missionary salespeople.
D)trade salespeople.
E)technical salespeople.
Q3) Differentiate between team selling and relationship selling.
Q4) Using referrals falls under the approach step in the personal selling process.
A)True
B)False
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Chapter 19: Pricing Concepts
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Sample Questions
Q1) Refer to Scenario 19.2. BASF is considering the problem of actual distance in delivering its product from the plant in Germany to some of its customers in China. Which pricing strategy would help overcome this problem?
A)Geographic
B)Transfer
C)Commercial
D)Transit
E)Factory
Q2) Which of the following products is most likely to have an inverted C-shaped demand curve?
A)Visit to the Dentist
B)Eternity perfume
C)Starbucks coffee
D)Pillsbury cake mix
E)Ford Escape
Q3) A firm that competes on a price basis is unable to change prices frequently.
A)True
B)False
Q4) Identify and describe the major factors that affect pricing decisions.
Q5) What are the implications of a downward-sloping demand curve?
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Chapter 20: Setting Prices
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Sample
Questions
Q1) When Sharp first introduced its line of graphing calculators, it set the price quite high; it has lowered the price as competitors have entered the market. The pricing strategy initially used by Sharp is called
A)customary pricing.
B)odd-even pricing.
C)penetration pricing.
D)price skimming.
E)prestige pricing.
Q2) A company wanting to maximize profits from its new product would use product-line pricing.
A)True
B)False
Q3) Westin Hotels, Inc. has an objective of achieving a 25 percent return from its overall sales. This is an example of a ____ pricing objective.
A)market share
B)cash flow
C)return on investment
D)profit
E)status quo
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Page 22