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Q:
________ patents are the most common type of patent and cover what we generally think of as new inventions.
A) Value
B) Product
C) Method
D) Utility
E) Design
Q:
Which of the following selections correctly identifies the three types of patents?
A) Manufacturing; process; plant
B) Usefulness; purpose; genetic
C) Explicit; implicit; plant
D) Utility; design; plant
E) Manufacturing; service; other
Q:
Since the first patent was granted, there have been over ________ patents granted in the United States.
A) 526,000
B) 2.3 million
C) 4.6 million
D) 8.7 million
E) 12.2 million
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:
Which form of intellectual property protection is the only one expressly mentioned in the original articles of the U.S. Constitution?
A) Assurances
B) Patents
C) Copyrights
D) Trade secrets
E) Trademarks
Q:
A grant from the federal government conferring the rights to exclude others from making, selling, or using an invention for a specific period of time is referred to as a(n) ________.
A) trademark
B) patent
C) idea secret
D) innovation
E) copyright
Q:
What are the two primary rules of thumb for determining whether intellectual property protection should be pursued for a particular intellectual asset?
Q:
What is intellectual property? Why is it called "intellectual" property? Why is intellectual property such an important issue for entrepreneurial firms?
Q:
Patents, trademarks, copyrights, and licenses are the four key forms of intellectual property.
Q:
Intellectual property is any product of human intellect that is intangible but has value in the marketplace.
Q:
Which of the following is not one of the four key forms of intellectual property protection?
A) Innovations
B) Copyrights
C) Trademarks
D) Trade secrets
E) Patents
Q:
Which of the following are the four key forms of intellectual property protection?
A) Patents, copyrights, trademarks, and trade secrets
B) Discoveries, covenants, trademarks, patents
C) Patents, official documents, copyrights, inventions
D) Discoveries, Internet domain names, innovations, trademarks
E) Convents, inventions, opportunities, and copyrights
Q:
There are two primary rules of thumb for deciding if intellectual property protection should be pursued for a particular intellectual asset. First, a firm should determine if the intellectual property has value in the marketplace. Second, a firm should determine if its intellectual property ________.
A) is directly related to its competitive advantage
B) could be licensed to another company
C) is more than three years old
D) is something that was developed "in-house"
E) rightfully belongs to the firm or the employees who developed it
Q:
Which of the following was not identified in the textbook as one of the common mistakes that entrepreneurs make regarding intellectual property?
A) Not fully recognizing the value of their intellectual property
B) Not properly identifying all their intellectual property
C) Not properly registering their Internet domain names
D) Not using their intellectual property as part of their overall plan for success
E) Not taking sufficient steps to protect their intellectual property
Q:
Which of the following is not an example of intellectual property?
A) Proactiv's formula for acne medication
B) Apple's trademark
C) Internet domain name www.dripcatch.com
D) Microsoft's Windows operating system
E) A computer monitor
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:
The opening feature focuses on DripCatch, a company that makes a device that catches water that drips off of glassware when it comes out of the dishwasher. The central form of intellectual property that DripCatch is hoping to benefit from is a(n) ________.
A) patent
B) Internet domain name
C) license
D) trademark
E) copyright
Q:
A firm's "position" is concerned with how it is situated relative to its rivals.
Q:
A niche market is a place within a market segment that represents a narrow group of customers with similar interests.
Q:
Markets can be segmented in a number of ways, including by geography, demographic variables, psychographic variables, behavioral variables, and product type.
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:
Birchbox's phrase "The Box is Monthly, the Discoveries are Endless" is an example of a(n) ________.
A) tagline
B) grabline
C) notice-line
D) catchline
E) attention-line
Q:
Nike's familiar phrase "Just do it" is an example of a(n) ________.
A) attention-line
B) tagline
C) notice-line
D) catchline
E) grabline
Q:
A product attribute map is used to help a firm determine if ________.
A) it is emphasizing benefits rather than features
B) its branding strategy is appropriate
C) its market segmentation is correct
D) its positioning strategy is appropriate
E) its target market is appropriate
Q:
A ________ illustrates a firm's positioning strategy relative to its major rivals.
A) product attribute map
B) positioning analysis grid
C) positioning plot
D) competitive analysis grid
E) positioning diagram
Q:
Which of the following selections is incorrect regarding a firm's "positioning" strategy?
A) Position is concerned with how the firm is situated relative to its competitors.
B) A firm's decision about how to position itself relative to its competitors starts with a product or service idea that is tested and refined through feasibility analysis and marketing research.
C) Determining which position in a market to occupy and compete in is a strategic call on the part of a company based on its mission, its overall approach to the marketplace, and its competitive landscape.
D) Once a firm positions itself in a certain way, it must be able to follow through with a product or service offering that lives up to the image it has created.
E) After selecting a positioning strategy, the firm's next step is to select a target market.
Q:
Broadway Dance Center in New York City targets serious dancers who aspire to earn a living dancing in Broadway plays. This specific portion of the overall dance industry is referred to a ________ market.
A) gap
B) task
C) position
D) hole
E) niche
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:
The first step in selecting a target market is to study the industry in which the firm intends to compete and determine the different potential target markets in that industry. This process is called ________.
A) market positioning
B) market splitting
C) market targeting
D) market subdividing
E) market segmentation
Q:
Kyle White owns a sporting goods store that appeals to hunters and fishermen. The market that Kyle is trying to appeal to is called his ________ market.
A) focal
B) objective
C) target
D) critical
E) intention
Q:
Wink Natural Cosmetics, the company profiled in the opening feature in Chapter 11, sells cosmetics products. According to the case, the company's initial marketing efforts were aimed at ________.
A) building the company's brand
B) finding strategic partners
C) finding the right target market
D) building a social media presence
E) effectively executing a Google AdWords campaign
Q:
A firm's sales process depicts the steps it goes through to identify prospects and close sales.
Q:
The final step in the formal sales process described in the book is ________.
A) qualify the lead
B) make the sales presentation
C) follow-up
D) closing the sale
E) meeting objections and concerns
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:
The first step in the formal sales process described in the book is ________.
A) qualify the lead
B) make the sales presentation
C) prospect for sales leads
D) meet objections and concerns
E) make the initial contact
Q:
A firm's sales process ________.
A) is typically not put in place until a year or more after a startup launches
B) describes its branding strategy
C) depicts the steps it goes through to identify prospects and close sales
D) describes its social media strategy
E) depicts the steps it goes through to identify its target market and positioning strategy
Q:
What is an exclusive distribution agreement? Why do firms enter into exclusive distribution agreements with other firms?
Q:
Describe the concept of guerrilla marketing. Why is guerrilla marketing particularly suitable for entrepreneurial firms?
Q:
Social plugins are tools that Web sites can use to provide users with personalized social experiences.
Q:
Many startups emphasize advertising over public relations primarily because it's cheaper and helps build the firm's credibility.
Q:
The Google AdWords program allows advertisers to buy ads that will be shown on other Web sites instead of Google's Home Page.
Q:
Because of the weaknesses associated with advertising, most startups do not advertise their products broadly.
Q:
In cost-based pricing, the list price is determined by estimating what customers are willing to pay for a product and then backing off a bit to provide a cushion.
Q:
Price is the only element in the marketing mix that represents a costall other elements produce revenue.
Q:
A referent account is an early user of a firm's product who is willing to give a testimonial regarding his or her experience with the product.
Q:
An important distinction should be made between a firm's core product and its actual product. While the core product may be a CD that contains an antivirus software program, the actual product may have a number of characteristics, including a quality level, features, design, a brand name, and packaging.
Q:
A firm's marketing mix is the assortment of products and services that it sells.
Q:
A(n) ________ channel is a route a product takes from the place it is made to the customer who is the end user.
A) trade
B) product
C) allotment
D) promotion
E) distribution
Q:
________ marketing is a low-budget approach to marketing that relies on ingenuity, cleverness, and surprise rather than traditional techniques.
A) Rebel
B) Bug
C) Catching
D) Guerrilla
E) Revolutionary
Q:
The Savvy Entrepreneurial Firm feature in Chapter 11 focuses on Airbnb, the company that created a marketplace for people to list, discover, and book unique spaces in people's homes or apartments while traveling. According to the feature, Airbnb was able to generate substantial buzz about its service via the use of ________.
A) Facebook
B) Google AdSense
C) blogs
D) newspaper ads
E) Twitter
Q:
Every January thousands of electronic products manufacturers gather in Las Vegas to display their products and to see what their competitors are up to. This type of event is called a ________ show.
A) trade
B) promotions
C) deal
D) goods
E) skill
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:
The Google program called ________ allows advertisers to buy keywords on the Google Home Page.
A) AdSense
B) Adcenter
C) AdWords
D) Search Marketing
E) AdGoogle
Q:
The What Went Wrong feature in Chapter 11 focuses on a series of missteps at JCPenney under the tenure of then CEO Ron Johnson. According to the feature, Johnson's three most damaging marketing-related mistakes were ________.
A) no testing of ideas in advance, poor product quality, and poor sales training for employees
B) reluctance to embrace online sales, a shift from value-based to cost-based pricing, and poor sales training for employees
C) poor product quality, a total misread of JCPenney's brand, and poor use of social media
D) Fair and Square Pricing, no testing of ideas in advance, and a total misread of JCPenney's brand
E) poor use of social media, Fair and Square Pricing, and poor sales training for employees
Q:
________ refers to the activities the firm takes to communicate the merits of its product to its target market.
A) Sponsorship
B) Advertising
C) Endorsement
D) Promotion
E) Price
Q:
Karen Simon recently purchased a digital camera. She considered three cameras-a Sony that was priced at $239.00, a Canon priced at $319.00, and a Nikon priced at $399.00. Karen couldn't tell much difference between the cameras, so she bought the Nikon, figuring that because it was the most expensive of the three, it must be the best. According to the textbook, Karen was making a ________.
A) price-quality attribution
B) price-merit attribution
C) cost-value acknowledgement
D) cost-worth attribution
E) price-worth acknowledgement
Q:
According to the textbook, most experts recommend ________ pricing because it hinges on the perceived value of a product or service.
A) value-based
B) cost-based
C) competitive-based
D) tactical
E) strategic
Q:
Annie Clarke owns a smartphone app development firm. The way Annie prices her products is to determine what consumers are willing to pay, and then she backs off a bit to provide a cushion. The method that Annie used to determine her prices is called ________ pricing.
A) predatory
B) technical
C) cost-based
D) competitive-based
E) value-based
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:
Kevin Jackson owns a general contracting company. The way Kevin prices his services is to figure his cost and then add a 33 percent markup. The method that Kevin uses to determine his prices is called ________-based pricing.
A) economic
B) value
C) competitive
D) cost
E) conformity
Q:
In ________-based pricing, the list price of an item is determined by adding a markup percentage to a product's cost.
A) cost
B) compliance
C) value
D) competitive
E) economic
Q:
Which element of the marketing mix is the only one that produces revenue?
A) Product
B) Place (or distribution)
C) Advertising
D) Price
E) Promotion
Q:
The amount of money consumers pay to buy a product is its ________.
A) price
B) fee
C) value
D) cost
E) charge
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(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
E) acknowledgment report
Q:
The Partnering for Success feature in Chapter 11 focuses on Caribou Coffee and Bruegger's Bagels, two companies that have established a cobranding relationship. Cobranding is when two companies ________.
A) pool their resources to buy advertising space to market their individual brands
B) locate their businesses in close proximity to one another because their brands are complementary
C) form a partnership to combine their brands
D) employ the same advertising agency to promote their brands
E) pool their resources to license a brand from a third company
Q:
A ________ is something that takes on a physical form, such as a smartphone or a laptop computer. A ________ is an activity or benefit that is intangible, such as an airplane trip or advice from an accountant.
A) product; service
B) service; component
C) component; service
D) formation; service
E) service; product
Q:
A firm's ________, in the context of its marketing mix, is the good or service it offers to its target market.
A) conception
B) idea
C) formation
D) product
E) invention
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
Q:
Which of the following is not one of the four elements that constitute a firm's marketing mix?
A) Price
B) Promotion
C) Passion
D) Place (or distribution)
E) Product
Q:
The 4Ps of marketing refer to a company's ________.
A) tactical mix
B) promotional blend
C) organizational mix
D) marketing mix
E) selling mix
Q:
What is a brand? How does a new firm develop a brand?
Q:
"Brand premium" is the term that denotes the set of assets and liabilities that are linked to a brand and enable it to raise a firm's valuation.
Q:
Creating buzz means creating awareness and a sense of anticipation about a company and its offerings.
Q:
A brand is the set of attributespositive or negativethat people associate with a company.