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Study Resources (Business Management)

  61) Strategies for successful e-commerce efforts should include all of the following except ________. A) focusing on a niche market B) developing a community of customers C) attracting visitors by giving away "freebies" D) adding value to recipients by sending spam e-mail 62) For entrepreneurial companies that lack brand and name recognition, and if building.
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    51) A corporation formed in Taiwan doing business in the United States is a foreign corporation. 52) Most states do not require a Certificate of Incorporation or a charter to be filed for a new corporation. 53) What factors should an entrepreneur consider when choosing a form of ownership? 54) What is a.
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  Mini-Case 8-1: Customers: Key to Success Lloyd Dixon has owned and operated a small dress shop for the past three years. Each fashion season, Lloyd attends the apparel shows and he is always very impressed by the glamour and the hundreds of different manufacturers, all with the merchandise that they say.
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    91) Customer experience management (CEM) is the process of systematically creating the optimum experience for their customers every time they interact with the company. 92) Most dissatisfied customers complain about rude or discourteous service to the owner or the manager. 93) Giving customers a chance to complain about a problem usually is.
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  71) Search engine listings that are the result of "spiders," powerful programs that crawl around the Web and analyze sites for keywords links, and other data are ________ listings. A) wikis, or Web 2.0 B) widgets, or organic C) mashups, or natural D) natural, or organic 72) An effective search engine optimization (SEO) strategy can.
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    11) Franchisors generally do which of the following regarding financial assistance to franchisees? A) Provide direct financing. B) Assist in finding financing and occasionally provide direct assistance in a specific area. C) Waive royalty fees for franchisees not making an adequate profit. D) Franchisors provide no assistance because having or finding financing is a.
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    101) Because a majority of the average company's sales come from present customers, few can afford to alienate any customers. 102) Providing low prices is the most effective way for a small business to attract and maintain a growing customer base. 103) Total quality management (TQM) works best when it becomes an.
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    11) Successful marketing requires a business owner to ________. 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 12) The foundation of every business.
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    61) Most customers never complain to the business; in fact, for every complaint that a company receives, there are ________ other complaints that go unspoken. A) 2 B) 7 C) 10 D) 17 62) How can a company achieve stellar customer service and satisfaction? A) Listen to customers and define superior service. B) Set standards and.
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  11) A survey by PriceWaterhouseCoopers reports that 83 percent of Americans research products online before buying them. 12) Online sales and Internet activity will account for more than 60 percent of total retail sales. 13) Research indicates that younger audiences do not take the time to seek product information before.
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    1) One of the most valuable attributes of the Web is the ability to ________. A) provide companies with instantaneous customer feedback B) enable the site to create an appearance that the organization is able to meet customer needs that, in fact, are not possible based on its actual resources C) eliminate advertising.
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    1) ________ is the process of creating and delivering desired goods and services to customers and involves all of the activities associated with winning and retaining loyal customers. A) Marketing B) Personal selling C) Promotion D) Customer service 2) For an entrepreneur, a business plan ________. A) is of relatively little importance due to the dynamic.
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    21) Some forms of ownership are much more costly and involved to create. 22) Entrepreneurs should not spend much time selecting a form of ownership for their businesses because making the choice is merely a technicality, which has little impact on the business and its owner(s). 23) The sole proprietorship is the.
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    61) Which of the following statement(s) is/are true? A) Closely held corporations are owned by only a few shareholders — often family members. B) Most closely held corporations require shareholders interested in selling their stock to offer it first to the corporation. This is known as the right of first refusal. C) Shares.
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  Mini-Case 8-1: Customers: Key to Success Lloyd Dixon has owned and operated a small dress shop for the past three years. Each fashion season, Lloyd attends the apparel shows and he is always very impressed by the glamour and the hundreds of different manufacturers, all with the merchandise that they say.
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    31) Which of the following is not a primary market research source? A) Customer surveys B) Focus groups C) Daily transactions D) All of the above are sources of primary market research. 32) Which of the following is not a secondary source of market research data? A) Census data B) Trade publications C) Focus groups D) Magazines 33) A process.
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    91) Co-optation is a resistance strategy that is meant to have key executives and employees buy into the change by giving them a key role in the change decision. a. True b. False     92) Structural inertia is a source of organizational resistance to change. a. True b. False     93) Any redistribution of decision-making authority can threaten.
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    41) A general partner is personally liable only for the amount of money he has invested in the partnership. 42) One of the advantages of a partnership over a proprietorship is the increased sources of capital and credit it offers. 43) If a limited partner withdraws, sells his ownership in the partnership,.
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  112) Explain the concept of total quality management. How is it different from the quality inspection of a final product just before being packaged? 113) Why is it important for a small business to keep existing customers satisfied? How can a company achieve such customer satisfaction? 114) What marketing potential does the.
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  45) Making money on the Web is easy. 46) It is important that customers trust the Web sites they visit and one study reports that 89 percent of consumers worry about their privacy online. 47) Businesses that publish privacy policies, and then adhere to them, build trust among their customers, an.
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  128) The ________ is the percentage of visitors to the site who actually make a purchase and the average is about ________ percent. A) conversion rate; 1.28 B) bounce back rate; 3.21 C) conversion rate; 2.55 D) cost per acquisition; 3.29 129) The conversion ratio, or browse-to-buy ratio is the proportion of visitors to a.
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    1) A franchise is a system of distribution in which semi-independent business owners pay ________ and ________ to a parent company in return for the right to become identified with its trademark, to sell its product or services, and often to use its business format and system. A) a percentage of.
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    41) If a franchisor encourages you to sign without reading the agreement, or discourages you from "spending the money on an attorney," this is a warning sign that the franchisor might be dishonest. 42) What is the Franchise Disclosure Document? How can this document be of value to a potential franchisee? 43).
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  Mini-Case 9-1: Marketing a Nonprofit - Virtual Opportunities New Wave Chance Youth Club is a local youth organization supported solely by the donations of individuals and the local church community. Its co-founders, Valerie and Kristen, are considering launching a Web site to promote upcoming events and raise money for a new.
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  81) Flash always makes a Web site better. 82) Web-based companies should not be concerned with supply-chain management, warehouses, or typical customer service policies. 83) Although e-tailers avoid the major problems that managing inventory presents, they lose control over delivery times and service quality. 84) The greatest opportunities for e-commerce lie in the.
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    71) The process of systematically creating the optimum experience for customers every time they interact with the company is ________. A) total quality management (TQM) B) time compression management (TCM) C) customer experience management (CEM) D) guerilla marketing 72) Which of the following is not a suggestion of a means of focusing on the customer? A).
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    61) A method of franchising that gives the right to create a semi-independent organization in a particular territory is a ________ franchise. A) conversion B) master C) product distribution D) area development 62) When the franchisor has the right to establish a semi-independent organization in a particular territory to recruit, sell, and support other franchises,.
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    51) Outline the recommended procedure for buying a franchise. 52) What are some indicators that a potential franchisee might be dealing with a dishonest franchise? What steps can a potential franchisee take to avoid becoming a victim of a dishonest franchise? Mini-Case 7-1: Pipe Dreams Ralph Emerson thought he'd been a librarian long.
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    21) The company's target customer should permeate the entire business, from the merchandise purchased, in the layout and decor of the store, and on the Web site. 22) Why is it important for small business owners to clearly define their target market(s) as part of their marketing strategies? 23) Studies of shifting.
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    51) A combination of news covered by the media that boosts sales without having to pay is best described by the term ________. A) bootstrap marketing B) entertailing C) public relations D) data mining 52) One of the most effective bootstrap marketing tactics is to create an image of ________ for the business. A) uniqueness B) similarity C).
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  1) Based on Henry Mintzberg’s definition, culture _____________ to an organization. a. supplies long-term goals b. gives strategic direction c. provides vision d. provides stability e. contributes leadership     2) Culture sets the tone on a. the bargaining zone. b. when policies and procedures are enforced. c. why leaders differ from managers. d. how individuals within the organization interact. e. when.
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    81) The key ingredient in the superior customer service equation is ________. A) state-of-the-art equipment B) standards and measurements of customer service C) the support of managers D) friendly, courteous, well-trained people delivering customer service 82) Time compression management (TCM) involves ________. A) speeding new products to market B) reducing the administrative time required to fill an.
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  91) Rather than try to compete head-to-head with the dominant players on the Web who have almost unlimited resources and recognition, entrepreneurs should consider focusing on serving a market niche. 92) A marketing niche can be defined by customer profile, product, product usage, and many other ways. 93) Before launching into the.
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  35) Which of the following is not a common reason customers leave Web sites before checking out? A) Total shipping charges were too high. B) The privacy policy was not posted. C) The shopping cart was too hard to find. D) The site did not appear trustworthy. 36) The average conversion rate for e-commerce sites.
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    11) In a partnership, the ________ partner(s) has (have) unlimited liability for the partnership's debts. A) limited B) dormant C) nominal D) general 12) In a general partnership, ________. A) each partner is held responsible for an agreement/decision made by any one of the partners B) partners can be held responsible only for decisions they make personally C).
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    71) Stockholders in the corporation have the same kind of liability as general partners in a partnership. 72) When filing the corporate charter, a corporation must file in the state in which its headquarters are located. 73) Outline the incorporation process. 74) What is a corporation? Explain the advantages and the disadvantages of.
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    121) Before purchasing an existing business, an entrepreneur should analyze both its existing and its potential customers. 122) If a business has a lien against any of its assets at the time of the sale, the buyer must assume them and is financially responsible for them. 123) A creditor's claim against an.
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  112) A successful Web site should include all of the following characteristics except ________. A) a FAQ section B) continuous automated music that cannot be cut off C) updated and timely information D) readable font sizes 113) The pages on which visitors land after they click on a sponsored link in a search engine, e-mail.
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    81) Change agents can be managers or nonmanagers, employees of the organization, or outside consultants. a. True b. False     82) Driving forces hinder movement from the existing cultural equilibrium. a. True b. False     83) Unfreezing is defined as “change efforts that are intended to overcome the pressures of individual resistance and group conformity.” a. True b. False     84) Appreciative.
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    31) The most common form of business ownership in the United States is the partnership. 32) Although not required by law, a written partnership agreement that spells out the terms of operating the partnership and the status of each partner should be developed. 33) State law requires that individuals creating a partnership.
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  56) Identify the 10 myths of e-commerce and capture one aspect that negates that myth. 57) The amount of time the average person spends online is ________ than she/he spends watching television. A) less B) about the same C) almost one-half D) more 58) Rather than trying to compete head to head with the dominant players.
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  99) How is organizational culture created and sustained in organizations? Discuss in detail how a culture begins, how employees learn culture, and how culture continues. Give specific examples to support your answer.     100) Discuss in detail the three ways in which organizational culture can be a liability in an organization. Provide.
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  110) Describe what is meant by bootstrap marketing. What objectives should a bootstrap marketing plan accomplish? List at least five bootstrap marketing tactics your small business might be able to use successfully. 111) Describe why a small business might gain a competitive edge over its rivals by using a focus on.
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    31) Quality is so important in franchising that most franchisors retain the right to terminate the franchise contract and to repurchase the outlet if a franchisee fails to maintain quality standards. 32) In addition to other fees, franchisees must also pay royalties but only on net profits; in other words, no.
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    41) Market research requires a business owner to define the objective, collect data, analyze and interpret that data, and draw conclusions and act. 42) Small entrepreneurial companies are at a definite disadvantage compared to larger ones when it comes to conducting market research since it is so expensive. 43) The best way.
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    21) Most franchisors provide extensive financial help such as loans and low-rate financing for their franchises. 22) The failure rate for franchises is below that for other types of new businesses. 23) The bigger the franchise, the more successful the franchisees will be. 24) The franchise contract defines the rights and the.
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