Entrepreneurship
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Course Introduction
Entrepreneurship is a dynamic course that explores the foundational principles and practical aspects of starting, managing, and growing new business ventures. Students are introduced to the process of developing innovative ideas, assessing market opportunities, crafting business plans, securing funding, and navigating the challenges faced by entrepreneurs. The course emphasizes creativity, critical thinking, and strategic decision-making, while also examining case studies of successful and failed startups. By the end of the course, students will have gained valuable insights and tools necessary to launch and sustain their own enterprises or contribute entrepreneurially within existing organizations.
Recommended Textbook
Selling Building Partnerships 9th Edition by Stephen Castleberry
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1711 Verified Questions
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Chapter 1: Selling and Salespeople
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Sample Questions
Q1) From a buyer's perspective,value in a purchase decision equals _____.
A) the cost of goods sold - the marketing margin
B) the relative price + the absolute cost
C) the marginal difference between asset price and cost of sales
D) the benefits received - (the selling price + time and effort to purchase)
E) distribution benefits received - production costs
Answer: D
Q2) Clara works in sales at Marylyn Cosmetics.She procures her products from the manufacturer and goes door-to-door in suburban neighborhoods to try to sell Marylyn products at discount rates.Clara can be described as a _____.
A) retail salesperson
B) distributor
C) missionary salesperson
D) trade salesperson
E) direct salesperson
Answer: E
Q3) What does it mean to say salespeople are account team managers?
Answer: This means that salespeople coordinate the activities within their firm to solve customer's problems.
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Page 3
Chapter 2: Ethical and Legal Issues in Selling
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Sample Questions
Q1) Harassment is not confined to requests for sexual favors in exchange for job considerations such as a raise or promotion.
A)True
B)False
Answer: True
Q2) A noncompete clause prevents employees from leaving the company until a specified amount of time has passed.
A)True
B)False
Answer: False
Q3) When spending from their company's expense accounts,salespeople should act as though they are spending their own money.
A)True
B)False
Answer: True
Q4) The Robinson-Patman Act forbids product differentiation.
A)True
B)False
Answer: False
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Chapter 3: Buying Behavior and the Buying Process
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Sample Questions
Q1) Automatic replenishment is a form of supplier relationship management (SRM).
A)True
B)False
Answer: False
Q2) Using the life-cycle costing approach,salespeople can demonstrate that:
A) a product in the decline stage of its product life cycle will have little, if any, service.
B) a product with a higher initial cost will have lower overall costs.
C) operational costs do not change over the life time of capital equipment.
D) a product in the introductory stage of its product life cycle will have more problems than one in a later stage.
E) operational costs actually decrease over the life time of capital equipment due to increased familiarity.
Answer: B
Q3) Members of the purchasing department and technical experts from engineering,production,and quality control departments perform value analysis.
A)True
B)False
Answer: True
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Chapter 4: Using Communication Principles to Build Relationships
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Sample Questions
Q1) One way to define _____ is to say Ned can speak at a rate of only 120 to 160 words per minute,but he can listen to more than 800 words per minute.
A) active listening
B) speaking-listening differential
C) lazy tongue syndrome
D) the need for indirect questioning
E) the need for open-ended questions
Q2) What is the 80-20 listening rule?
Q3) In communications,what are the four distance zones used for?
Q4) What is active listening? What techniques do active listeners use?
Q5) Active listening is as important when conversing over the phone as when conversing in person.
A)True
B)False
Q6) A contemplative posture during a sales presentation is a negative nonverbal signal.
A)True
B)False
Q7) What is the importance of inflection in communication?
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Chapter 5: Adaptive Selling for Relationship Building
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Sample Questions
Q1) Top salespeople are a valuable source of knowledge within a company.
A)True
B)False
Q2) Hylana walks into a prospect's office and sees a diploma from California Polytechnic College,a number of models of company products,and a library of reference manuals.She also notices a meticulously organized desk and brochures of her competitors that her prospect has been using to conduct market research thoroughly.Under which category of the social style matrix would you place Hylana's prospect?
Q3) A disadvantage of salespeople categorized as "drivers" according to the social style matrix is that customers perceive them as being:
A) pushy and dominating.
B) friendly and unstable.
C) cold and calculating.
D) undisciplined and inflexible.
E) irrational and passive.
Q4) Does simply having strong opinions make an individual assertive? Why or why not?
Q5) What are the differences among standard memorized,outlined,and customized sales presentations?
Q6) List the three types of sales presentations.
Page 7
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Chapter 6: Prospecting
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Sample Questions
Q1) James is a new salesperson.He is attending his first formal dinner party at the Chamber of Commerce.He knows that he will meet a lot of people who can help him become a successful salesperson,but he needs information on how to make the most of this networking opportunity.What advice would you give him?
Q2) Data mining involves the use of artificial intelligence and statistical tools to discover insights hidden in a database.
A)True
B)False
Q3) In seminars,salespeople should take the opportunity to especially invite prospects who are not willing to meet them face-to-face.
A)True
B)False
Q4) A seventeen-year-old high school student in the United States is not a prospect for a salesperson selling alcoholic beverages because the student is not eligible to buy alcohol.
A)True
B)False
Q5) What part of their jobs do most salespeople dislike performing the most?
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Chapter 7: Planning the Sales Call
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Sample Questions
Q1) Planning a sales call helps salespeople avoid wasting a prospect's time.
A)True
B)False
Q2) It is important for salespeople to consider the company's overall promotional campaign when developing multiple call objectives for a prospect.
A)True
B)False
Q3) Secretaries and receptionists in a prospect's firm usually are a rich source of information.
A)True
B)False
Q4) Which of the following statements about sales call objectives is true?
A) Sales call objectives should always be expressed in monetary terms.
B) Sales call objectives are unnecessary for missionary salespeople.
C) Sales call objectives are unnecessary when the sales rep is cold calling.
D) Sales call objectives should be limited to one objective per sales call.
E) Sales call objectives are based on strategic decisions about an account.
Q5) Seeding is the process of finding the key decision maker within a buying center.
A)True
B)False
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Chapter 8: Making the Sales Call
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Sample Questions
Q1) Which of the following is the best example of an open question?
A) Do you want your order to be delivered in the morning or in the afternoon?
B) Will you be buying three or four boxes of these customized candles?
C) Will you be paying cash or charging these items to your account?
D) Why do you consider June to be your most productive month?
E) Do you have a method to display the Christmas ornaments?
Q2) Dawn walks into a customer's office with her sales presentation planned and immediately recognizes that the customer is upset about something.In this situation,Dawn should:
A) maintain a happy and cheerful demeanor.
B) sit down immediately to start with the presentation.
C) ask if she should come back some other time for the meeting.
D) say something funny in an attempt to lighten up the customer's mood.
E) do all of the above.
Q3) When a sales representative makes a presentation,he or she should discuss product information right in the beginning before the buyer brings his needs and opinions into the picture.
A)True
B)False
Q4) What should salespeople do to make a good first impression?
Page 10
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Chapter 9: Strengthening the Presentation
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Sample Questions
Q1) Sales asset management system is a computer-to-computer transmission of data from a reseller to a vendor and back.
A)True
B)False
Q2) Salespeople can strengthen their presentations by showing the prospect the cost of the proposal is offset by added value; this process is called:
A) magnifying the benefit.
B) market analysis.
C) multiple-sense appeal.
D) value analysis.
E) content analysis.
Q3) What is the simplest nonverbal communication a salesperson can use to create a sense of product value?
Q4) Discuss how the concept of opportunity cost can be used to quantify the solution during a sales presentation.
Q5) Quantifying a solution is unnecessary when a prospect is in a high risk situation. A)True B)False
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Chapter 10: Responding to Objections
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Sample Questions
Q1) Which of the following methods of handling an objection is NOT appropriate to deal with a valid opinion or objection expressed by a prospect?
A) Direct denial
B) Compensation
C) Revisit
D) Acknowledge
E) Referral
Q2) Salespeople should use the postponement method when a prospect is blowing off steam and does not have a valid objection.
A)True
B)False
Q3) Which of the following statements about objections is FALSE?
A) Objections present sales opportunities.
B) Prospects who object indicate that they are showing some interest in the seller's presentation.
C) Salespeople should encourage buyers to voice their concerns or questions.
D) Salespeople should take every buyer's objections personally.
E) Real objections are logical to the prospect, no matter how they seem to the sales rep.
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Chapter 11: Obtaining Commitment
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Sample Questions
Q1) The owner of Molly's Gift Shop ordered a brass sculpture from The Brass Baron,a distributor of gardening equipment.The invoice she received from The Brass Baron read,"2/15,n/30," and arrived on March 19.If she pays the invoice on April 10:
A) she will get a two percent discount.
B) the price will increase by two percent.
C) she will get no discount.
D) she will get a 15 percent discount.
E) the price will be doubled.
Q2) A telemarketer who was trying to get Chloe to change her Internet usage plan asked Chloe,"Are you ready to switch now?" This scenario indicates that he was using the _____ closing method.
A) benefit summary
B) direct request
C) balance sheet
D) assumptive
E) alternative choice
Q3) The process of obtaining commitment always occurs at the end of a sales call.
A)True
B)False
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Page 13
Chapter 12: Formal Negotiating
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Sample Questions
Q1) After completing negotiations for the new computer system,Jane,the salesperson,added "Oh,there is also a $5,000 installation and instruction charge.Which win-lose negotiation tactic did Jane use?
Q2) A hospital's goal is to buy new x-ray equipment for its oncology unit.If the negotiation team cannot get the x-ray equipment salesperson to agree to free on board (FOB)destination,it will try to get a 5 percent reduction in price,failing which the negotiation team will want a 3/10,net 30 arrangement.What kind of planning has the hospital negotiation team done prior to the beginning of the negotiation?
Q3) Ambush negotiation occurs when either party begins to negotiate with a win-lose strategy when the other party does not expect it.
A)True
B)False
Q4) Generally,negotiators cannot anticipate buyers' negotiating position.
A)True
B)False
Q5) Describe how a salesperson will use a competing mode of negotiation.
Q6) Briefly describe the characteristics of people who resolve conflict in a competing mode.
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Chapter 13: Building Partnering Relationships
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Sample Questions
Q1) The two types of partnerships between buyers and sellers are called _____.
A) functional and mutual
B) tactical and strategic
C) cognitive and affective
D) relational and strategic
E) tactical and functional
Q2) Using a consultative customer-oriented sales approach:
A) focuses on solo exchanges as the primary type of business transaction.
B) improves customer retention and firm profitability.
C) fails to improve relationship marketing efforts in business selling commodities.
D) leads to low behavioral loyalty.
E) reflects the lowest degree of relationship marketing efforts.
Q3) When dissolution occurs in the latter stages of a relationship between two firms,the loss of investments made in the relationship can be significant and have an impact throughout both organizations.
A)True
B)False
Q4) Describe relational partnerships.
Q5) What different types of relationships can exist between buyers and sellers?
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Chapter 14: Building Long-Term Partnerships
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Sample Questions
Q1) Sheena,a salesperson for Myra Designer Wear,works closely with a client who retails her products in many major malls and stores.During the expansion phase of the partnering process with this retailer,she should try to maximize her selling opportunities by:
A) generating more reorders.
B) getting acquainted with the client's needs.
C) using the strategy of bulldozing.
D) engaging in full-price selling.
E) all of the above.
Q2) A champion is also known as a(n):
A) influential adversary.
B) gatekeeper.
C) spotter.
D) internal salesperson.
E) driver.
Q3) After a sale,a follow-up should be made by telephone.
A)True
B)False
Q4) What steps can a salesperson take to overcome conflict with a customer?
Q5) How is the strategy of upgrading used by salespeople?
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Chapter 15: Managing Your Time and Territory
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Sample Questions
Q1) A salesperson lacking goals will drift around their territory,wasting time and energy.
A)True
B)False
Q2) Activity goals are important because they reflect how efficiently the salesperson uses resources,such as time,to accomplish performance goals.
A)True
B)False
Q3) Performance goals are behavioral objectives.
A)True
B)False
Q4) In the context of routing,variable call patterns occur when:
A) paperwork regularly requires a full day to complete.
B) the salesperson must call on accounts in an irregular order.
C) computer assistance is unavailable.
D) a particular customers wants to see the salesperson every Monday.
E) the telephone and direct mail are used for prospecting.
Q5) Conversion ratios should also be calculated by account type.
A)True
B)False
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Chapter 16: Managing Within Your Company
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Sample Questions
Q1) Understanding the needs of the credit department and assisting it in collecting payments can better position a salesperson to help customers receive credit later.
A)True
B)False
Q2) For field sales managers,the easiest method of evaluating performance is to determine the salesperson's product knowledge.
A)True
B)False
Q3) Neva Tire Company has divided the state of Tennessee into three territories East,Central,and West.Salespeople are based in Knoxville,Nashville,and Memphis to cover these three territories.Based on this information,it can be said that these salespeople are:
A) temporary employees.
B) paid a straight commission.
C) paid a straight salary.
D) geographic salespeople.
E) product specialists.
Q4) List three kinds of outbound sales representatives.
Q5) When are straight salary compensation plans appropriate?
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Chapter 17: Managing Your Career
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Sample Questions
Q1) Robert sells a full line of equipment-from sawmills to machines that cut wood veneers.His sales manager wants him to spend his time selling.But,his customers expect him to spend a large part of his time showing them how to install,operate,and maintain their equipment.What can Robert do to handle his role stress?
A) Ask his sales manager to explain exactly what his duties are.
B) Quit this job and find one that is less stressful.
C) Work overtime to satisfy both his customers and his sales manager.
D) Accuse the sales manager of unfair treatment.
E) Always put the needs of his customer ahead of the requirements of his sales manager.
Q2) Why is it important to learn as much as you can about your current job?
Q3) How is a conventional résumé organized?
Q4) Interviewees should attempt to determine whether the interviewer is a sales manager or a personnel manager once the interview is over.
A)True
B)False
Q5) What is a stress interview? Describe some of the tactics used when conducting such interviews.
Q6) What is the difference between a panel interview and a group interview?
Page 19
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