QUESTION Imagine a student receiving the following feedback from an instructor: You flunked the last test. You do not study hard enough. How would you restate the feedback to be more professional and focused on behavior. What will be an ideal response? ANSWER Student answers will vary, but should follow a pattern like this: […]
QUESTION What questions would NOT be answered in the marketing plan section of a business plan? a. What are the sales forecasts for the product? b. What are the income projections for the product? c. How does the product compare to the competition? d. What will ensure repeat customers? ANSWER b
QUESTION What is the best example of a mission statement? a. We are in the business of entertaining children. b. We are seeking improved profits. c. We must retrain our employees. d. We are focused on quality. ANSWER a
QUESTION Which statement about the growth stage of the business life cycle is FALSE? a. Sales increase throughout the industry. b. New companies start up. c. Industries cluster in one geographical area. d. Production becomes more efficient. ANSWER c
QUESTION Which statement about the introductory stage of the business life cycle is FALSE? a. One business is often alone in the industry. b. There is no need to worry about competition. c. New ventures spend a lot of money on marketing. d. Profits are usually invested back into the business. ANSWER b
QUESTION Buzz and viral marketing are the most expensive forms of promotion. Indicate whether the statement is true or false ANSWER FALSE
QUESTION Employees who have neither the effort nor the skills to do a job fall into the training category of ________. a. lifters b. life-support c. leaners d. learners ANSWER b
QUESTION When writing a business plan, entrepreneurs identify the competition, including the ________, which is the subset of the group on which their product is focusing. a. strategic niche b. competitive niche c. market niche d. SWOT niche ANSWER c
QUESTION You may be entering questionable ethical territory if you follow the utilitarian approach. Why? What will be an ideal response? ANSWER Because some utilitarians believe the end result justifies whatever path was used to get there. Using this method it is possible you will completely the overlook the path taken.
QUESTION What stage of the business life cycle is characterized by rapidly increasing sales and profits? a. introductory b. growth c. maturity d. decline/rebirth ANSWER b
