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Question
For a business to be successful in the early growth stage of the organizational life cycle, two important things must happen:
A) the founder or owner of the business must start transitioning from his or her role as the hands-on supervisor to a more managerial role and increased formalization must take place
B) a decision must be made whether the owner-manager and the current management team is capable of taking the business further and the organization must start laying the groundwork for future growth
C) increased formalization must take place and the business must achieve price stability
D) a decision must be made whether the owner-manager or the current management team is capable of taking the business further and business partnerships must be established
E) the founder or owner of the business must start transitioning from his or her role as the hands-on supervisor to a more managerial role and the business must be cash flow positive
Answer
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Related questions
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The royalty fees a franchisee pays are usually around 10 percent of gross income.
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Business format franchises typically allow franchisees substantial flexibility in how they run their individual franchise units.
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In a business format franchise, the franchisor provides a formula for doing business to the franchisee along with training, advertising, and other forms of assistance.
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While franchise agreements vary, each agreement typically contains two sections:
A) the statutory agreement and the purchase agreement
B) the franchise agreement and the buy agreement
C) the buy agreement and the membership agreement
D) the procurement agreement and the statutory agreement
E) the purchase agreement and the franchise agreement
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Which of the following is not a disadvantage of buying a franchise?
A) cost of the franchise
B) duration and nature of the commitment
C) restrictions on creativity
D) availability of financing
E) potential for failure
Q:
Which of the following is not an advantage of buying a franchise?
A) a proven product or service within an established system
B) franchisor ongoing support
C) availability of financing
D) potential for business growth
E) duration and nature of the commitment
Q:
According to the textbook, the main disadvantage of buying a franchise is:
A) franchise organizations typically grow slower than non-franchise organizations in the same industry
B) franchisors typically provide poor levels of support
C) the cost involved
D) the service sector of the U.S. economy is waning in importance
E) franchising is waning in its popularity
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According to the textbook, which of the following is not a cost that is typically associated with buying a franchise?
A) intellectual capital fees
B) capital requirements
C) continuing royalty payment
D) advertising fees
E) initial franchise fee
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The Savvy Entrepreneurial Firm feature in Chapter 15 focuses on Wahoo's Fish Taco, a franchise organization that offers Mexican food mixed with Brazilian and Asian flavors. According to the feature, one of things the founders of Wahoo did that has contributed to its success is:A) elect to make Wahoo's a relatively slow growth system, focusing on branding and service quality rather than rapid growthB) elect to make Wahoo's a nationwide system, operating in all 50 statesC) elect to make Wahoo's an extremely affordable system to buy into, with a $9,000 original franchise fee and an ongoing royalty of only 2 1/2 percent.D) elect to make Wahoo's a niche franchise that is only available in theme parks and food courts of mallsE) elect to make Wahoo's a fast growth system to establish a clear first-mover advantage in its niche
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A master franchisee, in addition to having the right to open and operate a specific number of locations in a particular area, also has the right to:
A) stop making royalty payments if its sales decline
B) sell products made by companies other than the franchisor
C) offer and sell the franchise to other people in its area
D) use its own operating manuals to run its franchise outlets
E) stop making royalty payments if it is losing money
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A(n) ________ involves the sale of a single franchise for a specific location.
A) individual franchise agreement
B) one-of-a-kind franchise agreement
C) pinpoint franchise agreement
D) specific franchise agreement
E) precise franchise agreement
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According to the textbook, one of the first companies in the United States to utilize franchising was:
A) McDonald's
B) Singer Sewing Machine
C) H&R Block
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Franchising is a form of business ownership in which a firm that already has a successful product or service licenses its trademark and method of doing business to another business in exchange for:
A) an initial franchise fee and an ongoing royalty
B) a one-time franchise fee
C) an equity position in the new business
D) an ongoing royalty
E) an initial franchise fee and an equity position in the new business
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________ is a form of business ownership in which a firm that already has a successful product or service licenses its trademark and method of doing business to other business in exchange for an initial franchise fee and an ongoing royalty.
A) Licensing
B) Joint Venturing
C) Contracting
D) Subcontracting
E) Franchising
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Michael Jones owns a Web design firm. The way Michael prices his products is to determine what consumers are willing to pay, and then he backs off a bit to provide a cushion. The method that Michael used to determine his prices is called:
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B) technical pricing
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D) competitive-based pricing
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A) value-based pricing
B) tactical pricing
C) strategic pricing
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In ________, the list price of an item is determined by adding a markup percentage to a product's cost.
A) cost-based pricing
B) compliance-based pricing
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A(n) ________ is an early user of a firm's product who is willing to give a testimonial regarding his or her experience with the product.
A) tribute account
B) reference account
C) approval report
D) appreciation account
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A) tagline
B) grabline
C) notice-line
D) catchline
E) attention-line
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Nike's familiar phrase "Just do it" is an example of a(n):
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B) tagline
C) notice-line
D) catchline
E) grabline
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A(n) ________ is the set of attributespositive or negativethat people associate with a company.
A) emblem
B) logo
C) symbol
D) brand
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A) gap market
B) task market
C) position market
D) hole market
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What is an elevator speech? How did it get its name?
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Why do most firms need funding? Provide a brief explanation of each reason.
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The percentage of the profits the venture capitalist gets is called the "carry."
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The number of angel investors in the United States has decreased dramatically over the past decade.
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Venture capitalists are individuals who invest their personal capital directly in startups.