Question 1

A critical marketing step is to clearly define their target market.

Accepted Answer

A) True 
 B)False

Question 2

Bootstrap marketing is a marketing approach that takes an unconventional, low-cost and creative approach to marketing that can give ________ a competitive edge over ________ competitors.

Accepted Answer

A)   small companies; larger
B)   larger companies; smaller
C)   small companies; entrepreneurial
D)   entrepreneurs; small

Question 3

Which of the following is not a suggestion for using time compression management (TCM)  to turn speed into a competitive advantage?

Accepted Answer

A)   Instill speed in the company's culture.
B)   Use technology to find shortcuts wherever possible.
C)   Pay workers more if they do their jobs the same way - only faster.
D)   Set aggressive goals for time reduction and stick to them.

Question 4

The process of systematically creating the optimum experience for customers every time they interact with the company is ________.

Accepted Answer

A)   total quality management (TQM) 
B)   time compression management (TCM) 
C)   customer experience management (CEM) 
D)   guerilla marketing

Question 5

Successful marketing requires a business owner to ________.

Accepted Answer

A)   understand target customers' needs, demands, and wants
B)   offer customers products and services that will satisfy their needs, demands, and wants
C)   provide customers with service, convenience, and value so that they will return
D)   All of the above

Question 6

The marketing approach that is most effective today for a small business is ________.

Accepted Answer

A)   mass marketing
B)   market segmentation
C)   niche marketing
D)   individualized (one-to-one)  marketing

Question 7

The foundation of every business is ________.

Accepted Answer

A)   its products and services
B)   satisfying the customer through a customer-driven marketing strategy
C)   doing whatever it takes to earn a profit
D)   operating in a socially responsible manner

Question 8

Warren Cassell, owner of Just Books, a very small book store, makes special orders for customers at no extra charge, provides free gift-wrapping, conducts out-of-print book searches, offers autographed copies of books, hosts "Meet the Author" breakfasts, and publishes a newsletter for book lovers. By offering his customers lots of "extras" they do not get at larger bookstores, Cassell has won a growing base of loyal customers. Cassell is relying on which marketing strategy?

Accepted Answer

A)   Demographic marketing
B)   Transaction selling
C)   Individualized marketing
D)   Bootstrap marketing

Question 9

Your friend Maria is experiencing declining sales in the business she has owned and successfully operated for three years. She has asked for your guidance in determining the course(s) of action she should take. Your recommendation to her is to undertake a marketing research project. Briefly outline the steps involved in market research. She is concerned that market research will be too expensive and sophisticated for a small business such as hers. Is this true? Explain.

Accepted Answer

The steps in marketing research include:...

Question 10

Studies have found that customers value convenience and easy access to goods and services.

Accepted Answer

A) True 
 B)False

Question 11

Which of the following is not a primary market research source?

Accepted Answer

A)   Customer surveys
B)   Focus groups
C)   Daily transactions
D)   All of the above are sources of primary market research.

Question 12

Which of the following statements concerning marketing research is false?

Accepted Answer

A)   Market research is the vehicle for gathering the information that serves as the foundation for the company's marketing plan, helps avoid costly marketing mistakes, and can uncover unmet customer needs the business can serve.
B)   Market research involves systematically collecting, analyzing, and interpreting data pertaining to the small company's market, customers, and competitors.
C)   Small companies are at a distinct disadvantage compared to larger ones when conducting market research since it is so expensive.
D)   Small businesses cannot afford to miss their target markets and market research can help them focus their efforts.

Question 13

An individualized (one-to-one)  marketing campaign requires business owners to ________.

Accepted Answer

A)   collect information on their customers, linking their identities to their transactions
B)   calculate the long-term value of their customers so they know which ones are most desirable and most profitable
C)   practice "just-in-time marketing" by knowing what their customers' buying cycle is and time their marketing efforts to coincide with it
D)   All of the above

Question 14

Tracking ________ patterns can enable entrepreneurs to adjust their strategies accordingly to better position them to take advantage of the opportunities these trends may create.

Accepted Answer

A)   population
B)   demographic
C)   weather
D)   traffic

Question 15

A bootstrap marketing plan should identify a small company's target customers and describe how the business will attract and keep them.

Accepted Answer

A) True 
 B)False

Question 16

What can a company do to achieve stellar customer service and satisfaction?

Accepted Answer

A)   Listen to customers with the help of suggestion boxes, focus groups, surveys, and other tools.
B)   Define what "superior service" means so that customers and employees know exactly what to expect and what to provide.
C)   Hire friendly, courteous sales and service representatives.
D)   All of the above

Question 17

The best way to find out what customers really want and value is to ask them.

Accepted Answer

A) True 
 B)False

Question 18

One "natural" advantage small businesses have over large businesses, which can be a significant competitive advantage, is ________.

Accepted Answer

A)   building a community with customers and connecting with them on an emotional level
B)   their ability to conduct market research
C)   their lower costs
D)   their ability to serve many highly diverse target markets

Question 19

Companies with a customer focus typically ask their customers all but which of the following questions?

Accepted Answer

A)   What are we doing right?
B)   What have we done wrong?
C)   What can we do in the future?
D)   What have our competitors done wrong?

Question 20

Which of the following was not identified as one of the bootstrap marketing principles in your text?

Accepted Answer

A)   Strive to be like everyone else so that your company "fits in."
B)   Create an identity for your business.
C)   Connect with customers on an emotional level.
D)   Do not just sell-entertain.

Exam 8: Building a Powerful Bootstrap Marketing Plan

What can a company do to achieve stellar customer service and satisfaction?

Correct Answer
verified

The foundation of every business is ________.

Correct Answer
verified

Which of the following is not a primary market research source?

Correct Answer
verified

Tracking ________ patterns can enable entrepreneurs to adjust their strategies accordingly to better position them to take advantage of the opportunities these trends may create.

Correct Answer
verified

Which of the following was not identified as one of the bootstrap marketing principles in your text?

Correct Answer
verified

An individualized (one-to-one) marketing campaign requires business owners to ________.

Correct Answer
verified

Companies with a customer focus typically ask their customers all but which of the following questions?

Correct Answer
verified

Which of the following statements concerning marketing research is false?

Correct Answer
verified

The marketing approach that is most effective today for a small business is ________.

Correct Answer
verified

Studies have found that customers value convenience and easy access to goods and services.

Correct Answer
verified

Which of the following is not a suggestion for using time compression management (TCM) to turn speed into a competitive advantage?

Correct Answer
verified

Bootstrap marketing is a marketing approach that takes an unconventional, low-cost and creative approach to marketing that can give a competitive edge over competitors.

Correct Answer
verified

Successful marketing requires a business owner to ________.

Correct Answer
verified

A critical marketing step is to clearly define their target market.

Correct Answer
verified

The process of systematically creating the optimum experience for customers every time they interact with the company is ________.

Correct Answer
verified

Correct Answer
verified

The best way to find out what customers really want and value is to ask them.

Correct Answer
verified

One "natural" advantage small businesses have over large businesses, which can be a significant competitive advantage, is ________.

Correct Answer
verified

A bootstrap marketing plan should identify a small company's target customers and describe how the business will attract and keep them.

Correct Answer
verified

Correct Answer
verified
The steps in marketing research include:...
View Answer

Exam 8: Building a Powerful Bootstrap Marketing Plan

What can a company do to achieve stellar customer service and satisfaction?

Correct AnswerverifiedShow Answer

The foundation of every business is ________.

Correct AnswerverifiedShow Answer

Which of the following is not a primary market research source?

Correct AnswerverifiedShow Answer

Tracking ________ patterns can enable entrepreneurs to adjust their strategies accordingly to better position them to take advantage of the opportunities these trends may create.

Correct AnswerverifiedShow Answer

Which of the following was not identified as one of the bootstrap marketing principles in your text?

Correct AnswerverifiedShow Answer

An individualized (one-to-one) marketing campaign requires business owners to ________.

Correct AnswerverifiedShow Answer

Companies with a customer focus typically ask their customers all but which of the following questions?

Correct AnswerverifiedShow Answer

Which of the following statements concerning marketing research is false?

Correct AnswerverifiedShow Answer

The marketing approach that is most effective today for a small business is ________.

Correct AnswerverifiedShow Answer

Studies have found that customers value convenience and easy access to goods and services.

Correct AnswerverifiedShow Answer

Which of the following is not a suggestion for using time compression management (TCM) to turn speed into a competitive advantage?

Correct AnswerverifiedShow Answer

Bootstrap marketing is a marketing approach that takes an unconventional, low-cost and creative approach to marketing that can give ________ a competitive edge over ________ competitors.

Correct AnswerverifiedShow Answer

Successful marketing requires a business owner to ________.

Correct AnswerverifiedShow Answer

A critical marketing step is to clearly define their target market.

Correct AnswerverifiedShow Answer

The process of systematically creating the optimum experience for customers every time they interact with the company is ________.

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

The best way to find out what customers really want and value is to ask them.

Correct AnswerverifiedShow Answer

One "natural" advantage small businesses have over large businesses, which can be a significant competitive advantage, is ________.

Correct AnswerverifiedShow Answer

A bootstrap marketing plan should identify a small company's target customers and describe how the business will attract and keep them.

Correct AnswerverifiedShow Answer

Correct AnswerverifiedThe steps in marketing research include:...View AnswerShow Answer

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
verified

Correct Answer
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Correct Answer
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Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Bootstrap marketing is a marketing approach that takes an unconventional, low-cost and creative approach to marketing that can give a competitive edge over competitors.

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
The steps in marketing research include:...
View Answer