Small Business Management
Question Bank
Course Introduction
Small Business Management explores the foundational principles and practical strategies necessary for starting, operating, and growing a successful small business. This course examines essential topics such as entrepreneurial thinking, business planning, financing, marketing, operations, human resources, and risk management tailored to the unique challenges faced by small enterprises. Students will learn how to identify business opportunities, develop a business model, understand legal and ethical considerations, and implement effective management practices. Through case studies and real-world applications, the course prepares students to confidently manage and sustain a small business in a competitive environment.
Recommended Textbook
Marketing the Core 4th Edition Canadian by Roger
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18 Chapters
4898 Verified Questions
4898 Flashcards
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Page 2
A. Kerin
Chapter 1: Creating Customer Relationships and Value
Through Marketing
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233 Verified Questions
233 Flashcards
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Sample Questions
Q1) The element of the marketing mix demonstrated when a newspaper carrier throws a paper on the front porch is __________.
A)product
B)price
C)promotion
D)place
E)procurement
Answer: D
Q2) The element of the marketing mix that describes a means of getting the product to the consumer is
A)promotion.
B)price.
C)product.
D)place.
E)process.
Answer: D
Q3) Define the marketing concept.
Answer: The marketing concept is the idea that an organization should strive to satisfy the needs of consumers, while also trying to achieve the organization's goals.
Page 3
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Chapter 2: Developing Successful Marketing and Organizational Strategies
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296 Verified Questions
296 Flashcards
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Sample Questions
Q1) A tool that helps a firm search for growth opportunities from among current and new markets as well as current and new products is referred to as _________.
A)diversification analysis
B)divestment analysis
C)open road analysis
D)matrix prospecting
E)market prospecting
Answer: A
Q2) A marketing manager for Ben and Jerry's, has been provided with a dashboard display for business activity.In Figure 2-4 above, notice that dollar sales for 2010 were $240 million and in 2011 they were $250 million.What simple formula was used to calculate the dollar sales for each of these years?
A)Dollar sales ($) = average price multiplied by quantity sold.
B)Dollar sales ($) = average price multiplied by quantity manufactured.
C)Dollar sales ($) = average cost of goods sold minus fixed costs.
D)Dollar sales ($) = average cost of goods sold minus variable costs.
E)Dollar sales ($) = average price minus shrinkage rate.
Answer: A
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Chapter 3: Scanning the Marketing Environment
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240 Flashcards
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Sample Questions
Q1) The demographic characteristics of the population and its values are referred to as
A)social forces.
B)economic forces.
C)psychographics.
D)aspects of cultural values.
E)subjective consumer data.
Answer: A
Q2) increased use of various types of communication technology.
Answer: All four trends are relevant to growing sales of these home entertainment products.Older Americans will have more leisure time in retirement to spend at home, some of which would be spent watching more television.People of all ages living far from centers where they can attend live sports, music, and other events are likely to watch such entertainment on television.Increased incomes and communication technology will make it possible for these consumers to buy high-quality equipment to enjoy better reception.All four trends favor producers of home entertainment systems.
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Chapter 4: Ethical and Social Responsibility in Marketing
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174 Flashcards
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Sample Questions
Q1) Recently a project team for Cosco, the world's largest children's products company, developed a high chair that could be used as an infant feeding seat, a youth chair, a play chair, a booster chair, and it could be reclined to make an infant bed.Its design could be made and sold for $49.Cosco rushed the chair into production to beat its competition before it was properly safety tested and when some children were injured as a result of this chair, Cosco denied culpability by saying that only a few consumers had had any trouble with the chair.These consumers had not read the instructions that came with the chair and had assembled it improperly.Cosco's actions exemplify which of the following philosophies?
A)existentialism
B)moral idealism
C)communism
D)socialism
E)utilitarianism
Q2) Using Figure 4-3 above, describe the three major forms or concepts of social responsibility.
Q3) Business culture affects ethical behavior in competition.Briefly discuss the two most common kinds of unethical competitive behavior.In answering, provide concrete examples for both.
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Page 6
Chapter 5: Understanding Consumer Behavior
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319 Verified Questions
319 Flashcards
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Sample Questions
Q1) Why would Dr Pepper select country music performer Garth Brooks to appear in an ad campaign? How would he be a sociocultural influence on consumer behavior?
Q2) Those needs which are basic to survival and which must be satisfied first are
A)physiological needs.
B)safety needs.
C)social needs.
D)personal needs.
E)self-actualization needs.
Q3) Various product-rating organizations such as government agencies and TV "consumer" programs are called
A)personal sources
B)internal searches
C)alternative evaluations
D)public sources
E)cognitive dissonance
Q4) How might Ford Motor Company apply the three methods of attitude change in its marketing activities?
Q5) How do selective perception, selective exposure, selective comprehension, and selective retention differ?
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Chapter 6: Understanding Organizations As Customers
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203 Flashcards
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Sample Questions
Q1) eBay is the predominant person-to-person trading community in the world.The eBay Business Web site is an example of a(n)
A)webfront operation.
B)clicks-and-mortar store.
C)e-marketplace.
D)non-competitive market.
E)integrated market.
Q2) Harley-Davidson is admired by its suppliers for involving suppliers in future products, referring to suppliers as stakeholders, using quality benchmarks, and
A)building long-term relationships.
B)signing lifetime contracts to demonstrate loyalty.
C)offering their products at cost for all key supplier personnel.
D)listing the names of all suppliers on their Harley-Davidson promotional material.
E)extending Harley-Davidson healthcare benefits to supplier' employees.
Q3) What is the buying center? In what type of business would a buying center most likely be found?
Q4) What are the three types of organizational buying situations? Give an example of each.
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Page 8
Chapter 7: Understanding and Reaching Global
Consumers and Markets
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218 Verified Questions
218 Flashcards
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Sample Questions
Q1) Generally, as the proportion of middle-income households in a country __________, the nation's purchasing power increases.
A)increases
B)decreases
C)levels off
D)reaches 33% of the total population
E)reaches 50% of the total population
Q2) According to Figure 7-8 above, cell "A" refers to which type of product and promotion strategy?
A)product extension strategy
B)communication adaptation strategy
C)product adaptation strategy
D)dual adaptation strategy
E)product invention strategy
Q3) Identify and describe the factors a company should consider in order to do a thorough cross-cultural analysis.In your answer be sure to define cross-cultural analysis.
Q4) Give an example of a global channel of distribution.
Q5) If your primary motive were to raise prices on imports, would you use tariffs or quotas? Why?
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Chapter 8: Marketing Research: From Customer Insights to Actions
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246 Verified Questions
246 Flashcards
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Sample Questions
Q1) Based on Figure 8-3 above, identify and describe the five steps in the marketing research approach?
Q2) A special kind of individual interview in which researchers ask lengthy, free-flowing kinds of questions to probe for underlying ideas and feelings is called a
A)extensive interview.
B)discovery interview.
C)probing interview.
D)guided interview.
E)depth interview.
Q3) Offering a product for sale in a small geographic area to help evaluate potential market actions is called __________.
A)scanning market
B)test markets
C)experimental market
D)implementation market
E)trial market
Q4) What is a panel? How is it used in marketing research? What disadvantage is associated with its use?
Q5) How do movie studios use marketing research?
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Chapter 9: Market Segmentation, Targeting, and Positioning
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224 Verified Questions
224 Flashcards
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Sample Questions
Q1) One advantage of a market-product grid is that it can be used to A)make cost-cutting decisions under conditions of uncertainty.
B)screen many new product ideas in order to select the one with best long-run market potential.
C)determine which target market segments to select and which product groupings to offer.
D)select representative samples of consumers for marketing research studies.
E)relate the product life cycle to consumer demand.
Q2) Chip-N-Dough Cookie Co.in Santa Ana, CA sells organic cookies to corporate customers in tins with the customer's corporate logo printed on it.The largest order has been for 15,000 tins or 360,000 cookies.This is an example of A)family branding.
B)mass customization.
C)synergistic marketing.
D)market melding.
E)specialty customization.
Q3) What is product differentiation? How does it relate to market segmentation? How does it potentially improve a firm's revenues?
Q4) Define market segmentation.How does it link needs with marketing actions?
Page 11
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Chapter 10: Developing New Products and Services
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350 Verified Questions
350 Flashcards
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Sample Questions
Q1) Marketing dashboards are useful in measuring actual market performance versus the goals set in new-product planning.Once areas of shortfalls are identified, the first step market research would take would be to determine _________.
A)how to change the promotional strategy
B)whether the problem is internal or external
C)whether to drop the failing product or market, or keep it
D)how much they are willing to spend to correct the problem
E)if the numbers and processes they are using for evaluation are accurate
Q2) The __________, introduced in 2001 and now in its fifth generation, was the first commercially successful MP3 digital player.
A)Sony X-series
B)Phillips GoGear
C)SanDisk Sansa
D)Zune HD
E)Apple iPod
Q3) List two reasons why test marking certain products might not be viable.
Q4) The Thirsty Dog! & Thirsty Cat! Product (see Figure 10-8 above), failed in the marketplace for a variety of reasons.List and describe the eight factors that often contribute to a new-product failures.
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Chapter 11: Managing Successful Products, Services, and Brands
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337 Flashcards
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Sample Questions
Q1) Private branding is also referred to as private labeling or _________.
A)reseller branding
B)generic branding
C)multibranding
D)co-branding
E)multiproduct branding
Q2) The consumers represented by "C" in Figure 11-6 above are called _________.
A)innovators
B)late majority
C)early majority
D)early adopters
E)laggards
Q3) People who tried the product, were satisfied, and bought again are called
A)replicate purchasers
B)recurring purchasers
C)reiterate purchasers
D)die hard purchasers
E)repeat purchasers
Q4) Compare the three ways to manage a product through its product life cycle.
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Chapter 12: Pricing Products and Services
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414 Verified Questions
414 Flashcards
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Sample Questions
Q1) Lady Marion Seafood, Inc.sells 5-pound packages of Alaska salmon.Assume its variable costs per package is $30, and its fixed cost is $250,000.It wants a target profit of $38,000 on a volume of 16,000 packages.What should it charge for a five-pound package of salmon?
A)$25.00
B)$30.00
C)$40.00
D)$48.00
E)$55.00
Q2) While consumer tastes and price and availability of similar products determine what consumers want to buy, consumer income determines
A)where they buy.
B)the degree of brand loyalty.
C)the degree of repeat buys.
D)what they can buy.
E)their desire to buy.
Q3) Explain predatory pricing.
Q4) Figure 12-1 above, indicates that there are four common approaches for selecting an approximate price level.List and provide a brief description for each one.
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Chapter 13: Managing Marketing Channels and Supply Chains
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307 Verified Questions
307 Flashcards
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Sample Questions
Q1) Walmart is a channel captain because of their strong image, number of outlets, and purchasing volume.The source of walmart's power is
A)its economic influence.
B)its expertise.
C)its identification with a particular channel member.
D)its legitimate rights through contracts.
E)its political connections.
Q2) Figure 13-3 above, depicts four common marketing channels for consumer products and services which differ by the kind and number of intermediaries.Cubicle "a" would be a good example of which of the following?
A)automobiles
B)jewelry
C)insurance products
D)construction machinery
E)candy
Q3) Give an example of a customer service standard that would apply to each of three different types of channel intermediaries.
Q4) As the level of customer service increases, what happens to total logistics costs?
Page 15
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Chapter 14: Retailing and Wholesaling
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350 Verified Questions
350 Flashcards
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Sample Questions
Q1) What type of contractual system describes a situation where assistance in selecting the location, setting up the store or facility, advertising, and training personnel is provided?
A)administered system
B)franchising system
C)conglomerate system
D)vertical integrated system
E)retail-sponsored cooperative
Q2) With the slogan, "There is a place for fun in your life!", Mall of America has verbalized its __________ strategy.
A)retail mix
B)wheel of retailing
C)retail life cycle
D)positioning
E)distribution
Q3) Why are vending machine prices often higher than those in a retail store?
Q4) What is the retailing mix?
Q5) Describe the retail life cycle.
Q6) What is the value of retailing for consumers and the economy?
Q7) Briefly describe the three levels of service offered in retail outlets.
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Chapter 15: Integrated Marketing Communications and Direct Marketing
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286 Verified Questions
286 Flashcards
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Sample Questions
Q1) The promotional objective of the growth stage of the product life cycle is to _______ consumers.
A)inform
B)remind
C)update
D)persuade
E)hark back
Q2) Consumers who read, hear, or see the message sent by a source during the communication process are referred to as _________.
A)encoders
B)receivers
C)purchasers
D)transmitters
E)the target market
Q3) In marketing, the acronym IMC refers to _________.
A)interactive media convergence
B)internal marketing communications
C)integrated marketing collaboration
D)integrated marketing communications
E)international marketing communications
Page 17
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Chapter 16: Advertising, Sales Promotion, and Public Relations
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328 Verified Questions
328 Flashcards
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Sample Questions
Q1) Many commercials that use sex appeals gain the attention of the audience, but they
A)contain no information to help consumers.
B)do not appeal to either men or women.
C)have little impact on consumers' recall, recognition, or purchase intent.
D)wear out quickly, boring the consumer.
E)don't appeal to the Net generation.
Q2) TransWave International is a small company that has developed a system that uses the Web and patented electronic sensors as an early-warning device for pipeline leaks.Pipeline safety is becoming a big issue in the U.S.as more natural gas lines are being laid near population centers.The timing is right for this company to be extremely successful, but it must use __________ advertising so oil companies will know of its product's existence.
A)reminder
B)objective
C)pioneering
D)competitive
E)institutional
Q3) What are the steps that are taken to develop the advertising program?
Q4) Identify the three different approaches used to schedule advertising.
Page 18
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Chapter 17: Personal Selling and Sales Management
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281 Verified Questions
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Sample Questions
Q1) There are three key reasons for putting the customer into customer solutions in selling: Considerable time and effort is necessary to fully understand a specific customer's requirements, effective customer solutions are based on relationships among sellers and buyers, and __________, thereby creating value for them.
A)ultimately, it is the customer who converts a lead into a sale
B)adaptive selling; only the customer knows how much they are willing to pay for any given solution
C)consultative selling is central to providing novel solutions for customers
D)only the customer knows when the solution has finally been found
E)customers who participate in the customer solutions process are more forthcoming with information
Q2) During the presentation stage, a salesperson may encounter objections.What are the six basic types of objections, and how should they be handled?
Q3) Describe the need-satisfaction presentation format.In the answer include the two selling styles that are common with this format.
Q4) Explain the difference between the stimulus-response presentation format and the formula selling presentation format.
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Chapter 18: Building an Effective Marketing Plan
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Sample Questions
Q1) The Industry Analysis provides perspective for information regarding
A)the competition, the economy, and the company's customers.
B)the competition, the company , and the company's customers.
C)the company, the economy, and the company's customers.
D)current trends, the competition, and the economy.
E)current trends, projected changes, and competitive advantages.
Q2) Paradise Kitchens Inc.uses the following font choices: Company Analysis and Customer Characteristics to indicate that
A)Customer Characteristics and Company Analysis are synonymous and can be used interchangeably.
B)Company Analysis is a subcategory of Customer Characteristics.
C)Customer Characteristics is a subcategory of Company Analysis.
D)Company Analysis is the name of a secondary source and Customer Characteristics refers to internally collected primary data.
E)Company Analysis is the formal marketing term and Customer Characteristics is the layman's term.
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