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Question
There is an emerging school of thought that opposes the idea of writing a business plan and advocates experimentation and trial-and-error learning gleaned through customer feedback and formal planning. How does the approach to writing a business plan described in this book differ from this philosophy? How does trial-and-error learning figure into the approach to writing a business plan advocated in this book?Answer
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Related questions
Q:
In the context of international franchising, under a ________ franchise arrangement, the U.S. firm grants the rights to an individual or company (the master franchisee) to develop one or more franchise businesses and to license others to develop one or more franchise businesses within the country.
A) master
B) direct
C) subordinate
D) concurrent
E) multinational
Q:
The Franchise Disclosure Document is the document that consummates the sale of a franchise.
Q:
The Franchise Disclosure Document contains a total of 23 categories of information that give a prospective franchisee a broad base of information about the background and financial health of the franchisor.
Q:
While franchise agreements vary, each agreement typically contains these sections: the ________ agreement and the ________ agreement.
A) statutory; purchase
B) franchise; buy
C) buy; membership
D) procurement; statutory
E) purchase; franchise
Q:
The document that consummates the sale of a franchise is called the ________.
A) franchise disclosure document
B) franchise agreement
C) license agreement
D) uniform franchise contract
E) franchise circular
Q:
List and explain three of the common misconceptions about franchising.
Q:
Which of the following is not a type of trademark?
A) Trademark
B) Certification mark
C) Documentation mark
D) Collective mark
E) Service mark
Q:
Design patents are the most common type of patent and cover what we generally think of as new inventions.
Q:
A utility patent can be obtained for a new product or process or the "idea" for a new product or process.
Q:
The average time for the approval of a patent is approximately seven months.
Q:
Patent ________ takes place when one party engages in the unauthorized use of another party's patent.
A) breach
B) encroachment
C) violation
D) infraction
E) infringement
Q:
The sole entity responsible for granting patents in the United States is the ________.
A) U.S. Patent and Trademark Office
B) Federal Patent, Copyright and Trademark Office
C) Securities and Exchange Commission
D) U.S. Department of Patents
E) U.S. Treasury Department
Q:
The first patent, which was granted for a process of making potash, an ingredient in fertilizer, was signed by ________.
A) John Adams
B) Thomas Jefferson
C) Abraham Lincoln
D) Theodore Roosevelt
E) George Washington
Q:
Patents, trademarks, copyrights, and licenses are the four key forms of intellectual property.
Q:
Which of the following is an example of intellectual property?
A) DripCatch's cash reserves
B) The computer that you use
C) Nike's swoosh logo
D) United's fleet of planes
E) Google's headquarters in Mountain View, California
Q:
A niche market is a place within a market segment that represents a narrow group of customers with similar interests.
Q:
The proper sequence in selecting a target market and positioning strategy is (1) craft a unique positioning strategy, (2) select a target market, and (3) segment the market.
Q:
A firm's target market is the limited group of individuals or businesses that it goes after or tries to appeal to.
Q:
A ________ market is a place within a market segment that represents a narrower group of customers with similar interests.
A) position
B) niche
C) slot
D) spot
E) gap
Q:
Once a firm has segmented the market, the next step is to ________.
A) decide on a position within the segment
B) settle on pricing
C) select a target market
D) establish the company's brand
E) immediately decide on the "4Ps" of the marketing strategy
Q:
Katherine Ford is thinking about starting a computer company. After doing some research, she has decided that the computer industry can be divided into the following product categories handheld computers, laptops, tablet computers, PCs, work stations, minicomputers, mainframes and super computers. She is now trying to decide which product category she is the most interested in competing in. The process that Katherine is going through is called market ________.
A) splitting
B) subdividing
C) segmentation
D) dividing
E) separating
Q:
Which of the following is the correct sequence of events to the process of selecting a target market and position strategy?
A) Create a unique positioning strategy, Select a target market, Segment the market
B) Segment the market, Create a unique positioning strategy, Select a target market
C) Segment the market, Select a target market, Create a unique positioning strategy
D) Select a target market, Create a unique positioning strategy, Segment the market
E) Create a unique positioning strategy, Segment the market, Select a target market
Q:
Which of the following statements is untrue regarding a firm's sales process?
A) A formal sales process helps a firm fine tune its approach to sales and build uniformity into the process.
B) Following a formal or structured process to generate and close sales benefits a firm.
C) A "sales process" is equally valuable whether a firm is selling directly to customers or through intermediaries.
D) A firm's sales process depicts the steps it goes through to identify its target market.
E) A formal sales process involves a number of identifiable steps.
Q:
Describe the concept of guerrilla marketing. Why is guerrilla marketing particularly suitable for entrepreneurial firms?
Q:
Many startups emphasize advertising over public relations primarily because it's cheaper and helps build the firm's credibility.
Q:
A firm's marketing mix is the assortment of products and services that it sells.
Q:
Efforts to establish and maintain a company's image with the public are referred to as ________.
A) open relations
B) public relations
C) civic relations
D) community relations
E) advertising
Q:
In ________ pricing, the list price is determined by estimating what consumers are willing to pay for a product and then backing off a bit to provide a cushion.
A) value-based
B) tactical
C) strategic
D) cost-based
E) economic-based
Q:
Before Kimberly Campbell opened her jiffy print store, she processed several large print jobs for local merchants for free, to demonstrate the quality of her service and to solicit feedback. Two of the merchants wrote favorable reviews of Kimberly's service, and agreed to let Kimberly post the reviews on her company's Web site. The companies that wrote the favorable reviews are referred to as ________.
A) appreciation reports
B) acknowledgement accounts
C) referent accounts
D) tribute reports
E) approval reports
Q:
A firm's marketing mix consists of ________.
A) product, price, promotion, and place
B) passion, pride, promotion, and place
C) passion, pleasure, product, and price
D) enthusiasm, passion, product, and price
E) place, promotion, passion, and product