Small Business Management Exam Practice Tests
Course Introduction
Small Business Management explores the essential principles and practices of establishing, operating, and growing a small business in todays dynamic marketplace. The course covers foundational topics such as business planning, financing, marketing, operations, and legal considerations, emphasizing practical strategies for managing daily challenges and seizing entrepreneurial opportunities. Through case studies, real-world examples, and hands-on projects, students develop critical skills in decision-making, leadership, and problem-solving, preparing them to launch or effectively manage a small business in various industries.
Recommended Textbook
Marketing 9th Canadian Edition by Frederick Crane
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20 Chapters
4207 Verified Questions
4207 Flashcards
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Page 2
Chapter 1: Marketing: Customer Value, satisfaction, relationships, and Experiences
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197 Verified Questions
197 Flashcards
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Sample Questions
Q1) TD Bank creates an online area where customers can discuss with TD ways to make communities 'greener,' by reducing paper or planting more trees.TD is likely using _________ to engage these customers.
A)social CRM
B)CSR plan
C)societal marketing concept
D)social media
Answer: A
Q2) The owners of Authentic Indigenous Foods interviewed hundreds of native Canadians in order to identify recipes using the food products the company produces and markets.Which marketing mix element would make the owners eager to be featured in an upcoming edition of Taste of Home magazine?
A)product
B)promotion
C)price
D)place
Answer: B
Q3) What is the difference between micromarketing and macromarketing?
Answer: Answers will vary
Page 3
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Chapter 2: Developing Successful Marketing Strategies
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201 Verified Questions
201 Flashcards
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Sample Questions
Q1) When Samsung considers launching a new smartphone,the first step the marketing department engages in is:
A)establishing the budget.
B)developing advertising appeals.
C)goal setting.
D)situation analysis.
Answer: D
Q2) If McDonald's Canada decided to diversify its business offerings into a new area like financial services,their marketing strategy would be:
A)market penetration.
B)market development.
C)related diversification.
D)unrelated diversification.
Answer: D
Q3) What is a corporate mission? How can it be used as a motivational tool?
Answer: Answers will vary
Q4) Describe the composition of the three levels within organizations. The three levels are:
Answer: Answers will vary
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Chapter 3: Scanning the Marketing Environment
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224 Verified Questions
224 Flashcards
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Sample Questions
Q1) Canada is sometimes referred to by some economists as the "land of _________" because it has several major industries that can be considered _______,including the airline industry and the banking industry.
A)pure competition, purely competitive
B)oligopoly, oligopolistic
C)monopoly, monopolistic
D)monopolistic competition, monopolistically competitive
Answer: B
Q2) Search-Engine Optimization (SEO)refers to the concept of:
A)using various techniques to move your content to the top of the first page
B)using various techniques to keep your content confidential
C)ensuring your newsletters do not end up in someone's spam email box
D)mass marketing
Answer: A
Q3) The largest consumer group working on behalf of the Canadian consumer is:
A)The Consumers Association of Canada.
B)The Consumer Protection Association.
C)The Ralph Nader Association.
D)Consumer and Corporate Affairs.
Answer: A
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Chapter 4: Ethics and Social Responsibility in Marketing
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161 Verified Questions
161 Flashcards
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Sample Questions
Q1) The first step in any social audit is to:
A)set the budgets for marketing programs.
B)identify social responsibility causes consistent with the company's mission.
C)recognize a firm's social expectations and the rationale for engaging in social responsibility endeavours.
D)determine the types of resources needed to achieve social responsibility objectives.
Q2) Which of the following statements described the activities of a whistle-blower?
A)Mattel employees were sorry that 150 of the 10 million Power Wheels cars and trucks the company sold had caught on fire.
B)Mattel research engineers proved that the spate of fires in the company's Power Wheels cars and trucks was the result of consumers' tinkering with the engine.
C)One of the Mattel Power Wheel cars that caught on fire and slightly burned its rider was owned by a former Mattel employee.
D)A Mattel engineer who worked on the Power Wheels cars knew that they were prone to catching on fire and reported this to a consumer watchdog group.
Q3) Identify and describe the two types of personal moral philosophy.
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Chapter 5: Consumer Behaviour
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226 Verified Questions
226 Flashcards
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Sample Questions
Q1) The back of a box of Hinode Harvest Blend rice mix suggests cooking with chicken broth for added flavour.Which of the following methods will work best in educating potential consumers?
A)using behavioural learning techniques
B)creating habit-forming behaviour
C)attempting to create stimulus generalization
D)using cognitive learning techniques
Q2) A reference group to which a person actually belongs is called a(n)_____ group.
A)primary reference
B)membership
C)aspiration
D)dissociative
Q3) When marketing to Quebec Canadians,in comparison to the rest of Canada,all of the following are true,except:
A)commercial advertising to children is prohibited
B)marketers must be sensitive to the needs and wants of Quebecois consumers and appreciate the inherent differences between them and other Canadians.
C)Quebec Canadians have a greater appreciation for the senses
D)more than 60% of Quebec Canadians bank at two financial institutions
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Page 7
Chapter 6: Organizational Markets and Buyer Behaviour
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181 Verified Questions
181 Flashcards
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Sample Questions
Q1) Which of the following is not considered a market for organizational buyers?
A)industrial
B)reseller
C)government agencies
D)retailer
Q2) According to a web research company,just 7 percent of online business-to-business transactions occurred in independent trading communities,and 93 percent occurred at private exchanges in 2001.What are the differences between independent trading communities and private exchanges? Can you suggest a reason for this disparity in usage?
Q3) John Deere employees almost 100 supplier-development engineers that focus on working with suppliers to:
A)improve efficiency
B)provide feedback on product development
C)demonstrate how important that supplier is to John Deere
D)act as a bridge between the supplier and John Deere's customers
Q4) Describe the three types of organizational markets and give examples of each.
Q5) Describe what sustainable procurement involves and give an example.
Q6) What are independent e-marketplaces? What are the features of the settings they may exist in?
Page 8
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Chapter 7: Reaching Global Markets
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213 Verified Questions
213 Flashcards
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Sample Questions
Q1) List and briefly describe the five strategies global companies have for matching products and their promotion efforts to global markets.
Q2) The world's largest manufacturer of peppermint candy canes was in Albany,Georgia,until it could no longer afford to buy the sugar needed for its operation.It moved its manufacturing business to Mexico where there are no restrictions (as existed in the U.S.)on the amount of sugar that can be brought into the nation.The movement of this U.S.business to Mexico was caused by a(n)_____ established by the U.S.government.
A)tariff
B)blocked currency
C)quota
D)excise tax
Q3) Molson Canadian recently opened an office in London,UK to implement a locally-driven marketing strategy.Molson would be considered a(n)___________ firm.
A)polycentric
B)foreign exploitative
C)international
D)transnational
Q4) Give one argument for and one argument against protectionism.
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Chapter 8: Marketing Research: From Information to Action
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132 Verified Questions
132 Flashcards
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Sample Questions
Q1) Impiric is an integrated marketing solutions company.Whenever a client comes to it wondering why a product was not welcomed by its target audience or why customers have stopped buying another product,Impiric always suggests the marketing research process begins with:
A)determining the target market.
B)deciding how much time and money the client is willing to spend.
C)defining the problem.
D)defining the alternatives and uncertainties.
Q2) Alex works for RBC where he is trying understand whether the bank should be open on Sundays,in order to compete with CIBC.Which department is Alex likely a part of?
A)advertising
B)sales
C)publicity
D)marketing research
Q3) According to the text,what are the four steps in the marketing research process?
Q4) Give one example each of (1)a leading question,(2)two questions in one,(3)an ambiguous question,and (4)a non-mutually exclusive answer.
Q5) What is the difference between a semantic differential scale and a Likert scale?
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Chapter 9: Market Segmentation, Targeting, and Positioning
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220 Verified Questions
220 Flashcards
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Sample Questions
Q1) The least complex sales forecasting technique is the:
A)direct forecast.
B)survey of buyers' intentions forecast.
C)trend extrapolation.
D)Delphi forecast.
Q2) Heinz Ketchup sells their traditional 'Red Ketchup' product in three market segments.One of the advantages of this strategy is _____________ is avoided.
A)the extra cost of developing and producing additional versions of the product
B)creating a service gap
C)indirect distribution and logistics problems
D)strategic planning
Q3) When a telemarketer calls to sell a consumer vinyl siding for his or her home,the first question the telemarketer asks is if the person answering the phone is a homeowner.Whether the prospect is a homeowner indicates the use of which type of consumer segmentation variable?
A)usage
B)behaviour
C)demographic
D)buying situation
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Chapter 10: Developing New Products and Services
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228 Verified Questions
228 Flashcards
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Sample Questions
Q1) The movie A Beautiful Mind opened originally in a select number of theaters before opening nationwide.After its theatre run,it was shown on pay-per-view channels and then on premium movie channels.The movie was made widely available in video stores.What type(s)of consumer good is this movie? Explain your answer.
Q2) When analyzing a new potential service offering,it is critical for the organization to use which of the following tools?
A)consumer usability analysis
B)test-case analysis
C)capacity management
D)alternative competitive analysis
Q3) The Build-A-Bear Workshop in West Edmonton Mall sells custom made teddy bears designed to be given as gifts for almost every occasion imaginable.For the Build-A-Bear Workshop,teddy bears are an example of a:
A)product class.
B)product mix.
C)product line.
D)marketing mix.
Q4) Describe the business analysis stage of the new-product process.
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Page 12
Chapter 11: Managing Products and Brands
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Sample Questions
Q1) Tums,which has long been used for reducing heartburn,is now being promoted as a source of calcium for the prevention of osteoporosis.Its manufacturer is using which of the following market modification strategies?
A)finding new users
B)creating new use situations
C)increasing use by existing customers
D)modifying the product characteristics
Q2) Imagine Eveready has developed solar rechargeable batteries that cost only slightly more to produce than regular batteries (less than the rechargeable batteries currently available)and can be recharged by sunlight up to 5 times,after which they are meant to be discarded.Unfortunately,the production process cannot be patented,and competitors could arrive within a few months.Which of the following is the best description of the product life cycle of this product?
A)rapid growth followed by rapid decline
B)long, level beginning, and rapid ascent
C)moderately slow introduction, followed by modest growth, gradually levelling off D)high introductory sales, with rapid decline
Q3) How long is a product life cycle? What determines its length?
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Chapter 12: Managing Services
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141 Verified Questions
141 Flashcards
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Sample Questions
Q1) Which component of the promotional mix is particularly important for professional service firms?
A)advertising
B)sales promotion
C)personal selling
D)public relations
Q2) Social media is playing a significant part in marketing the service product of top companies.Interbrand found that _________ percent of service brands on the Interbrand list had a Facebook page,and _____ percent use Twitter.
A)100; 95
B)90; 90
C)80; 85
D)75; 75
Q3) What are the four unique elements of services? How would they apply to a discount brokerage service?
Q4) Describe what is meant by an experience economy.Give an example.
Q5) Where would potatoes,a photographic studio,and a psychologist fit into the service continuum?
Q6) What is a Customer Contact Audit? Illustrate an example.
Page 14
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Chapter 13: Pricing Products and Services
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323 Verified Questions
323 Flashcards
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Sample Questions
Q1) Four types of price discounts are:
A)quantity, trade-in, promotional, and cash.
B)seasonal, functional, cash, and quantity.
C)quantity, seasonal, promotional, and cash.
D)cash, trade-in, seasonal, and promotional.
Q2) A new special on this week at your local dress shop is a 2 for 1 dress special with free tailoring.Last week,it was regular pricing on everything and tailoring was being charged $25.00 a dress.The marketers at this dress shop are engaging in:
A)revenue sharing
B)diminishing returns
C)quantitative analysis
D)value-pricing
Q3) If competitive market circumstances are such that there is almost no price competition,no product differentiation,and the only advertising that informs prospects that the product is available,then ____ must exist in this industry.
A)a pure monopoly
B)an oligopoly
C)monopolistic competition
D)pure competition
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Page 15
Chapter 14: Managing Marketing Channels and Supply Chains
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287 Verified Questions
287 Flashcards
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Sample Questions
Q1) A Ford-owned dealership is considered a branch office because it:
A)performs a sales function as an option to agents and brokers.
B)works for several producers and carries non-competitive, complementary merchandise in an exclusive territory.
C)takes title to merchandise but sells only to buyers who call on them, pays cash for merchandise, and furnishes their own transportation for the merchandise.
D)carries a producer's inventory and performs the functions of a full-service wholesaler.
Q2) Walmart ensures its customers,those who order online,the ability to pick-up that good within 24 hours at the nearest store.From a transportation perspective,which factor below has the biggest stake at risk to ensure the goods arrive within 24 hours?
A)replenishment
B)distribution management
C)stockout creation
D)customer service
Q3) Define and describe a similarity and difference between multichannel distribution and a strategic channel alliance.
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Page 16
Chapter 15: Retailing
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Sample Questions
Q1) Many fast food retailers,including McDonald's and Burger King,have followed a predictable pattern of how new forms of retail outlets enter the marketplace.McDonald's has evolved from a relatively simple hamburger joint with low margins,low prices,limited product offerings,and low institutional status to a worldwide chain with higher margins,high status,and a diverse list of products.This evolution of McDonald's restaurants is consistent with the:
A)wheel of retailing.
B)evolution of retailing.
C)retail cycle.
D)fast food retail cycle.
Q2) Loblaws,a Canadian supermarket,features fruits and vegetables piled high on tables which have umbrellas.The idea behind this arrangement was to give Loblaws "a market feel." In terms of the retailing mix,this tactic was concerned with:
A)the price
B)the communication
C)the location
D)the merchandise
Q3) Describe the retail life cycle.
Q4) What is the retail positioning matrix? Give an example.
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Chapter 16: Integrated Marketing Communications and Direct Marketing
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207 Verified Questions
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Sample Questions
Q1) When a representative for Pampered Chef cooking utensils invites friends to her home and spends 30 minutes demonstrating the superiority of the Pampered Chef products,she is engaging in:
A)direct marketing.
B)sales promotion.
C)public relations.
D)personal selling.
Q2) An advantage of publicity is its:
A)credibility.
B)control.
C)empathy.
D)intrusiveness.
Q3) During which stage of the consumer purchase decision process would a combination of a salesperson and newspaper advertising be most effective in reducing a consumer's anxiety?
A)pre-purchase
B)post-purchase
C)purchase
D)research
Q4) List the key elements of the communication process.Briefly describe each.
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Chapter 17: Advertising, Sales Promotion, and Public Relations
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221 Verified Questions
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Sample Questions
Q1) An announcement that German pharmaceutical giant Bayer is looking for a buyer for its household insecticide business as part of its restructuring program is an example of which type of publicity tool?
A)public service announcement
B)news release
C)lobbying
D)sponsorship
Q2) According to advertisers,those who watch online TV are more:
A)engaged
B)happy
C)likely to be multitasking at the same time
D)busy and less engaged
Q3) What are the differences between merchandise allowances,case allowances,and finance allowances?
Q4) Automobile advertising is likely to follow which strategy?
A)Drip schedule.
B)Blitz schedule.
C)Pulse schedule.
D)Turnover schedule.
Page 19
Q5) Identify the three different approaches used to schedule advertising.
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Chapter 18: Personal Selling and Sales Management
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214 Verified Questions
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Sample Questions
Q1) Which type of salesperson would routinely be involved in an industrial straight rebuy situation?
A)an order taker
B)an outside order getter
C)a missionary salesperson
D)a sales engineer
Q2) Two types of order takers exist; __________ visit customers and replenish inventory stocks of resellers,and __________ typically answer simple questions,take orders,and complete transactions with customers.
A)inside order takers; outside order takers
B)missionary salespeople; inside order takers
C)outside order takers; inside order takers
D)salesclerks; telemarketers
Q3) Linda attributes her success to:
A)having a great product
B)working for a well-known company
C)using technology to sell
D)really understanding her customer's needs
Q4) Describe how Twitter can be used effectively in the sales process.
Q5) Define personal selling.Define sales management.
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Chapter 19: Pulling It All Together: The Strategic Marketing Process
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202 Verified Questions
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Sample Questions
Q1) Which statement best reflects the advice given by management experts regarding the tendency to excessively analyze a problem?
A)Don't put a product on the market until it's perfect.
B)Try a "do it, fix it, try it," approach.
C)If a problem arises, assemble a committee of the appropriate people to solve it.
D)Better to ask forgiveness than permission.
Q2) The application of modern measurement technologies to understand,quantify,and optimize marketing spending is known as:
A)Profitability analysis
B)Sales analysis
C)Marketing component analysis
D)Marketing ROI
Q3) IKEA is likely to have which generic business strategy?
A)diversification
B)service leadership
C)quality leadership
D)cost focus
Q4) What is marketing ROI? Why is it used?
21
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Chapter 20: Using Social Media to Connect With Consumers
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176 Verified Questions
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Sample Questions
Q1) If a clothing store is hoping to let customers know of its competitive prices on jeans,a useful smartphone app to spread this information is
A)Instagram.
B)an app released by The Find, where a customer can search for the product among 500,000 stores.
C)Twitter.
D)an app released by Facebook that lets customers receive discounts for "checking in" at a store location.
Q2) Describe the communications process of both traditional media and social media.
Q3) In thinking about starting an ad campaign on Facebook,the brand manager considers
A)that each user who visits a Facebook Page will see the same advertisement.
B)whether the ad has a balance of text, audio, and video when it is placed on users' Facebook Pages.
C)letting users specify ad positioning and placement on the Facebook Page.
D)tracking new sales produced by the ad by linking it to a coupon code, product, or promotional offer.
Q4) What are the four guidelines proposed by Buddy Media to engage fans on Facebook?
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Q5) What are "apps," and what significance do they have with respect to convergence?