Entrepreneurship
Textbook Exam Questions
Course Introduction
Entrepreneurship explores the process of identifying, evaluating, and developing opportunities to create new ventures or drive innovation within existing organizations. This course introduces students to foundational concepts such as business modeling, market analysis, financing, risk assessment, and strategic planning. Through real-world case studies, interactive projects, and exposure to entrepreneurial thinking, students will develop the skills necessary to launch and manage successful startups or spearhead innovation initiatives in diverse industries. The course also examines the broader economic and social impacts of entrepreneurship, highlighting its role in driving change and creating value in today's global marketplace.
Recommended Textbook Principles of Marketing 17th Edition by Philip T. Kotler
Available Study Resources on Quizplus
20 Chapters
3307 Verified Questions
3307 Flashcards
Source URL: https://quizplus.com/study-set/238 Page 2
Chapter 1: Marketing: Creating Customer Value and Engagement
Available Study Resources on Quizplus for this Chatper
152 Verified Questions
152 Flashcards
Source URL: https://quizplus.com/quiz/3683
Sample Questions
Q1) The selling concept holds that consumers will not buy enough of the firm's products unless the firm undertakes a large-scale selling and promotion effort.
A)True
B)False
Answer: True
Q2) When demand for athletic shoes produced by Nike and endorsed by Michael Jordan is high, Nike limits how many pairs of shoes are manufactured. This action maintains strong demand by limiting supply. This decision contradicts the philosophy of which marketing concept?
A) marketing concept
B) product concept
C) production concept
D) societal marketing concept
E) selling concept
Answer: C
Q3) Marketing is managing profitable customer relationships.
A)True
B)False
Answer: True
Page 3
To view all questions and flashcards with answers, click on the resource link above.
Chapter 2: Company and Marketing Strategy: Partnering to
Build Customer Engagement, Value, and Relationships
Available Study Resources on Quizplus for this Chatper
169 Verified Questions
169 Flashcards
Source URL: https://quizplus.com/quiz/3684
Sample Questions
Q1) Marketing ________ addresses the what and why of marketing activities, while marketing ________ addresses the who, where, when, and how.
A) analysis; planning
B) planning; implementation
C) implementation; planning
D) organization; implementation
E) control; planning
Answer: B
Q2) Amor, a successful brand of women's clothing, recently introduced a line of fitness equipment. This is an example of ________.
A) mass customization
B) niche marketing
C) diversification
D) prospecting
E) product adaptation
Answer: C
Q3) What does marketing ROI measure?
Answer: Marketing ROI measures the profits generated by investments in marketing activities.
To view all questions and flashcards with answers, click on the resource link above. Page 4
Chapter 3: Analyzing the Marketing Environment
Available Study Resources on Quizplus for this Chatper
162 Verified Questions
162 Flashcards
Source URL: https://quizplus.com/quiz/3685
Sample Questions
Q1) A company or association's ________ is designed to help guide responses to complex social responsibility issues.
A) code of ethics
B) marketing plan
C) non-disclosure policy
D) privacy policy
E) non-compete clause
Answer: A
Q2) Rather than assuming that strategic options are bounded by the current environment, firms adopting a(n) ________ to the marketing environment develop strategies to change the environment.
A) environmental stance
B) proactive stance
C) reactive stance
D) relativist approach
E) no-compromise approach
Answer: B
To view all questions and flashcards with answers, click on the resource link above.
Page 5
Chapter 4: Managing Marketing Information to Gain Customer Insights
Available Study Resources on Quizplus for this Chatper
160 Verified Questions
160 Flashcards
Source URL: https://quizplus.com/quiz/3686
Sample Questions
Q1) Costs are involved in obtaining, ________, storing, and delivering information.
A) analyzing
B) interviewing
C) conducting
D) designing
E) reporting
Q2) A(n) ________ is a segment of the population selected for marketing research to represent the population as a whole.
A) focus group
B) immersion group
C) primary group
D) sample
E) secondary group
Q3) What is the most common CRM mistake?
Q4) In this scenario, which of the following is an example of primary data?
A) list of corporations obtained from the Chamber of Commerce
B) information obtained from competitors' pamphlets
C) data obtained from the surveys conducted in the 75 companies
D) information obtained from the Internet about current market trends
E) data obtained from competitors' Web sites
To view all questions and flashcards with answers, click on the resource link above. Page 6
Chapter 5: Consumer Markets and Buyer Behavior
Available Study Resources on Quizplus for this Chatper
169 Verified Questions
169 Flashcards
Source URL: https://quizplus.com/quiz/3687
Sample Questions
Q1) A marketer of women's hair care products targeting Chinese customers created an advertising message that told women their hair could be worn any way they wanted as opposed to wearing it straight. The message suggested the women did not need to conform to the mainstream media definition of beauty. It is most accurate to say that this ad was based on an understanding of customers' ________.
A) social class
B) life-cycle stage
C) self-concept
D) status
E) role
Q2) Generally, the consumer's purchase decision will be to buy the most preferred brand, but two factors can come between the purchase intention and the purchase decision. Which of the following is one of these factors?
A) economic risks
B) attitudes of others
C) cognitive dissonance
D) alternative evaluation
E) buyer's remorse
Q3) Explain why selective attention is not controllable by a marketer.
To view all questions and flashcards with answers, click on the resource link above.
Page 7
Chapter 6: Business Markets and Business Buyer Behavior
Available Study Resources on Quizplus for this Chatper
169 Verified Questions
169 Flashcards
Source URL: https://quizplus.com/quiz/3688
Sample Questions
Q1) What happens in a modified rebuy?
Q2) In the business buying process, the buyer and seller are relatively less dependent on each other.
A)True
B)False
Q3) What are the major characteristics of government markets?
Q4) Explain the concept of derived demand.
Q5) The buying center is a fixed and formally identified unit within the buying organization.
A)True
B)False
Q6) What are the noneconomic criteria that influence government buying?
Q7) The government market consists of schools, hospitals, nursing homes, prisons, and other institutions that provide goods and services to people in their care.
A)True
B)False
Q8) What functions do buyers serve in a buying center?
Q9) What is product value analysis?
8
Q10) What are the major characteristics of institutional markets?
To view all questions and flashcards with answers, click on the resource link above.
Chapter 7: Customer Value-Driven Marketing Strategy:
Creating Value for Target Customers
Available Study Resources on Quizplus for this Chatper
169 Verified Questions
169 Flashcards
Source URL: https://quizplus.com/quiz/3689
Sample Questions
Q1) List some important factors that companies need to consider when choosing a market-targeting strategy.
Q2) Which of the following is a drawback of local marketing?
A) Local marketing increases manufacturing costs by reducing the economies of scale.
B) Local marketing requires specialization that is difficult to identify.
C) Local marketing is not profitable for most small firms.
D) Local marketing cannot accommodate the needs of modern buyers who are technology savvy.
E) Local marketing almost always results in brand dilution.
Q3) Business information services such as Experian Marketing Services and Nielsen help marketers to ________.
A) save significant amounts of money on shipping products
B) spend more time identifying potential customers
C) learn more specific details from consumers about their products
D) segment people and locations into marketable groups of like-minded consumers
E) expand their product offerings to interested clients and provide high-quality service to them
Q4) What is differentiation?
To view all questions and flashcards with answers, click on the resource link above. Page 9
Q5) What is product position? What functions do perceptual positioning maps serve?
Chapter 8: Products, Services, and Brands: Building
Customer Value
Available Study Resources on Quizplus for this Chatper
170 Verified Questions
170 Flashcards
Source URL: https://quizplus.com/quiz/3690
Sample Questions
Q1) Specialty products are consumer products and services that customers evaluate on suitability, quality, price, and style, by gathering information and making comparisons.
A)True
B)False
Q2) Line extension refers to extending an existing brand name to new product categories.
A)True
B)False
Q3) Rhodia invites tourists from all over the world to experience its pristine nature, clear skies, and beautiful summertime climate. This exemplifies ________.
A) corporate image marketing
B) social marketing
C) place marketing
D) social engineering
E) negative brand equity
Q4) Products and services fall into two broad classes based on the types of consumers that use them. Name these two broad classes and describe how they are different from each other.
Page 10
To view all questions and flashcards with answers, click on the resource link above.
Chapter 9: Developing New Products and Managing the Product Life Cycle
Available Study Resources on Quizplus for this Chatper
159 Verified Questions
159 Flashcards
Source URL: https://quizplus.com/quiz/3691
Sample Questions
Q1) Most products in the marketplace are in the ________ stage of the product life cycle.
A) growth
B) decline
C) maturity
D) introduction
E) development
Q2) According to the commercialization stage of the new product development process, following the decision to introduce the new product at a particular time, a company must next decide ________.
A) where to launch the new product
B) how to launch the new product
C) why to launch the new product
D) what pricing strategies to implement
E) what marketing mix elements to use
Q3) A company introducing a product that is similar to its competitors' product will do a complete test market to gain maximum information before product introduction.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above. Page 11
Chapter 10: Pricing: Understanding and Capturing
Customer Value
Available Study Resources on Quizplus for this Chatper
162 Verified Questions
162 Flashcards
Source URL: https://quizplus.com/quiz/3692
Sample Questions
Q1) A company will be at an advantage even if it costs more than its competitors to make and sell a similar product.
A)True
B)False
Q2) John assured his venture capitalists an earning of 25-percent return on equity when he began his IT startup. In order to achieve this result, he will most likely use which of the following pricing approaches?
A) value-based pricing
B) markup pricing
C) EDLP
D) customer-based pricing
E) target return pricing
Q3) Average cost tends to increase with accumulated production experience.
A)True
B)False
Q4) Why is price considered one of the most flexible elements of the marketing mix?
Q5) Briefly describe how economic conditions impact a firm's pricing strategies.
Page 12
Q6) What is a demand curve? Explain its importance in the context of pricing decisions.
To view all questions and flashcards with answers, click on the resource link above.
Chapter 11: Pricing Strategies: Additional Considerations
Available Study Resources on Quizplus for this Chatper
168 Verified Questions
168 Flashcards
Source URL: https://quizplus.com/quiz/3693
Sample Questions
Q1) Solar Tanning Salon prices tanning sessions at $25 per visit. It also offers seasonal passes for $175 that allow the customer to visit the salon multiple times in a year. This is an example of a ________.
A) sample
B) promotional allowance
C) product bundle
D) discount
E) product line
Q2) A seasonal discount is a price reduction to buyers who buy merchandise while the products are in season.
A)True
B)False
Q3) Dynamic pricing is least prevalent online.
A)True
B)False
Q4) While regulations exist to prohibit deceptive pricing practices, in reality, most reputable sellers do the minimum required to meet the regulations.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above. Page 13
Chapter 12: Marketing Channels: Delivering Customer Value
Available Study Resources on Quizplus for this Chatper
168 Verified Questions
168 Flashcards
Source URL: https://quizplus.com/quiz/3694
Sample Questions
Q1) A ________ is a layer of intermediaries that performs some work in bringing the product and its ownership closer to the final buyer.
A) product platform
B) channel level
C) resource bank
D) contact center
E) customer franchise
Q2) Which of the following is true of the exclusive distribution strategy?
A) It makes products available to everybody, everywhere.
B) It is used primarily for convenience items.
C) It helps promote a brand's luxury image.
D) It gives producers no control over their products.
E) It enlists all of the intermediaries willing to carry a company's products.
Q3) The term supply chain is considered limited because it ________.
A) ignores the make-and-sell aspect of the market
B) suggests that planning begins with raw materials and factory capacity
C) takes a step-by-step, linear view of purchase-production-consumption activities
D) takes a sense-and-respond view of the market
E) suggests that planning starts with identifying the needs of target customers
To view all questions and flashcards with answers, click on the resource link above.
Page 14
Chapter 13: Retailing and Wholesaling
Available Study Resources on Quizplus for this Chatper
168 Verified Questions
168 Flashcards
Source URL: https://quizplus.com/quiz/3695
Sample Questions
Q1) Many retailers are now experimenting with limited-time shops that allow them to promote their brands to seasonal shoppers and create buzz in busy areas. Which of the following terms best represents such shops?
A) power centers
B) strip malls
C) pop-up stores
D) category killers
E) lifestyle centers
Q2) Category killers are giant specialty stores that carry a very deep assortment of a particular line.
A)True
B)False
Q3) Retailers are classified on characteristics including the amount of service they offer, the breadth and depth of their product lines, how they are organized, and ________.
A) the relative prices they charge
B) the number of locations they have
C) the strength of their Internet presence
D) their sustainability and environmental policies
E) the stability of their financial situation
To view all questions and flashcards with answers, click on the resource link above.
Page 15
Chapter 14: Engaging Consumers and Communicating
Customer Value: Integrated Marketing Communications Strategy
Available Study Resources on Quizplus for this Chatper
166 Verified Questions
166 Flashcards
Source URL: https://quizplus.com/quiz/3696
Sample Questions
Q1) Consumers today receive commercial messages from a broad range of sources. However, consumers ________ the way marketers do.
A) don't distinguish between message sources
B) never pay attention to sales promotions
C) don't care about buzz marketing
D) are not able to block out messages
E) block out all media messages
Q2) A marketing communications director has overall responsibility for the company's communications efforts.
A)True
B)False
Q3) Which promotional tool is the most immediate, customized, and interactive?
A) segmented advertising
B) sales promotion
C) direct marketing
D) horizontal diversification
E) public relations
Q5) What are the four major communication functions? Page 16
Q4) In the communication process, what is noise and what is its significance?
Q6) What is the FTC three-day cooling off rule? What purpose does the rule serve?
To view all questions and flashcards with answers, click on the resource link above.
Page 17
Chapter 15: Advertising and Public Relations
Available Study Resources on Quizplus for this Chatper
166 Verified Questions
166 Flashcards
Source URL: https://quizplus.com/quiz/3697
Sample Questions
Q1) To break through the clutter, many marketers have subscribed to a new merging of advertising and entertainment, dubbed ________.
A) Madison & Vine
B) Wall St. & Fifth Ave
C) buzz marketing
D) podcasting
E) webisodes
Q2) In its advertisements, Timex promotes its affordable and sturdy watches. Fossil emphasizes style and fashion in its advertisements, and Rolex stresses luxury and status. These are all examples of ________ appeals.
A) rational
B) reminder
C) believable
D) entertainment
E) distinctive
Q3) Informative ads are used primarily in the growth stage of the product life cycle.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above. Page 18
Chapter 16: Personal Selling and Sales Promotion
Available Study Resources on Quizplus for this Chatper
166 Verified Questions
166 Flashcards
Source URL: https://quizplus.com/quiz/3698
Sample Questions
Q1) Which of the following is the last step in the selling process?
A) qualifying
B) handling objections
C) demonstration
D) follow-up
E) approach
Q2) In the ________, separate sales forces are set up for different industries.
A) territorial sales force structure
B) digital marketing system
C) customer sales force structure
D) geographical operations system
E) product sales force structure
Q3) During the prospecting stage, a salesperson needs to identify the good leads and screen out the poor ones through a process known as ________.
A) closing
B) satisficing
C) presenting
D) qualifying
E) approaching
Q4) Describe the nature of personal selling and the role of the sales force.
To view all questions and flashcards with answers, click on the resource link above. Page 19
Chapter 17: Direct, Online, Social Media, and Mobile Marketing
Available Study Resources on Quizplus for this Chatper
158 Verified Questions
158 Flashcards
Source URL: https://quizplus.com/quiz/3699
Sample Questions
Q1) ________ involves sending an offer, announcement, reminder, or other item to a person at a particular address.
A) Kiosk marketing
B) Online marketing
C) Ambush marketing
D) Direct-mail marketing
E) Telemarketing
Q2) Consumers' names and additional information likely become part of ________ whenever they enter a sweepstakes, apply for a credit card, visit a Web site, or send a tweet.
A) other consumers' contact lists
B) telemarketers' lists
C) their computer's cookie history
D) a company's database
E) the FTC's surveys regarding online privacy
Q3) Most companies use direct marketing as a supplementary channel or medium.
A)True
B)False
Q4) Explain integrated social media marketing.
Q5) Describe the largest form of online advertising.
To view all questions and flashcards with answers, click on the resource link above. Page 20
Chapter 18: Creating Competitive Advantage
Available Study Resources on Quizplus for this Chatper
165 Verified Questions
165 Flashcards
Source URL: https://quizplus.com/quiz/3700
Sample Questions
Q1) Most companies are started by individuals who live by their wits. They visualize an opportunity, take risks, and knock on every door to gain attention. Which of the following stages in marketing strategy is being illustrated here?
A) exponential marketing
B) formulated marketing
C) entrepreneurial marketing
D) affinity marketing
E) ambush marketing
Q2) To plan effective marketing strategies, a company needs to find out all it can about its competitors. It must constantly compare its marketing strategies, products, prices, channels, and promotions with those of close competitors. This is an example of
A) blue ocean strategy
B) competitor analysis
C) organizational evaluation
D) perfect competition
E) quantitative analysis
Q3) Explain how a market follower can gain advantage from a market leader.
Q4) What is the primary focus of a customer-centered company?
To view all questions and flashcards with answers, click on the resource link above. Page 21
Chapter 19: The Global Marketplace
Available Study Resources on Quizplus for this Chatper
171 Verified Questions
171 Flashcards
Source URL: https://quizplus.com/quiz/3701
Sample Questions
Q1) A company should make several important decisions before deciding which markets to enter. These include all of the following EXCEPT ________.
A) how many countries it wants to enter
B) what volume of foreign sales it wants
C) how many different products it wants to offer in a specific country
D) what its international marketing objectives are
E) what its international marketing policies are
Q2) Which of the following was designed to help foster trade between nations?
A) tariffs
B) GATT
C) exchange controls
D) quotas
E) nontariff trade barriers
Q3) Explain why a global company would need to make adjustments to a highly standardized promotion campaign for different markets.
Q4) Why is a company unlikely to set a uniform price all around the world?
Q5) Briefly explain why economic communities are formed.
Q6) Companies that go global confront several major risks. Describe three of these risks.
To view all questions and flashcards with answers, click on the resource link above. Page 22
Chapter 20: Sustainable Marketing: Social Responsibility and Ethics
Available Study Resources on Quizplus for this Chatper
170 Verified Questions
170 Flashcards
Source URL: https://quizplus.com/quiz/3702
Sample Questions
Q1) Critics claim that firms are harmed and competition is reduced when companies expand by ________.
A) developing their own new products
B) diversifying into new industries
C) acquiring competitors
D) developing new markets
E) initiating joint ventures
Q2) Marketers are the least effective when they appeal to existing wants rather than when they attempt to create new ones.
A)True
B)False
Q3) Whereas environmentalists consider whether the marketing system is efficiently serving consumer wants, consumerists are concerned with marketing's effects on the environment and with the environmental costs of serving consumer needs and wants.
A)True
B)False
Q4) What are the various risks a company takes when producing shoddy, harmful, or unsafe products?
Page 23
Q5) Briefly define the four marketing concepts.
To view all questions and flashcards with answers, click on the resource link above.