General Knowledge Quiz

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Questions and Answers

For entrepreneurs, a business plan is:

A document outlining the business goals

All the above (correct)

A financial model

A marketing strategy

A business plan performs a number of functions including:

Attracting capital for the start-up. (correct)

Employee guidelines

Creating a marketing plan

Business analysis

The ________ becomes the document that summarizes the analysis that has been done to justify a new business.

business plan

A business plan:

Forces an entrepreneur to think a business idea through, considering both its positive and its negative aspects. Signup and view all the answers

A well-developed business plan provides the entrepreneur with a number of benefits, such as:

A way to identify probable financial backers. Signup and view all the answers

The primary purpose of building a business plan is to:

Provide direction, to create a 'target' to shoot for. Signup and view all the answers

The second essential purpose for creating a business plan is:

True Signup and view all the answers

Potential investors tend to believe that if an entrepreneur can't develop a good plan:

They probably lack the discipline to run a business. Signup and view all the answers

Which one of the following is not a 'test' that an entrepreneur's business plan must pass?

The ability test Signup and view all the answers

The real value in preparing a business plan is:

In the creative process the entrepreneur has to go through. Signup and view all the answers

The ________ is the first part of the business plan. It summarizes all the relevant points of the deal, but it should be the last part written.

executive summary Signup and view all the answers

The ________ expresses the entrepreneur's vision for the company and what he/she hopes it will become.

mission statement Signup and view all the answers

The ________ highlights significant financial and operational events in the company's life and should concentrate on the company's accomplishments.

Company history Signup and view all the answers

The ________ acquaints lenders and investors with the nature of the business and the general goals and objectives of the company.

Business and industry profile Signup and view all the answers

________ are long-range, broad statements of what the company plans to accomplish in the distant future, and they guide the overall direction of the company.

Goals Signup and view all the answers

The company's overall direction and answer to the question, 'Where do I want the company to be in 3 to 5 years?' is answered in this section of the business plan.

Goals and objectives Signup and view all the answers

________ are short-term, specific targets which are attainable, measurable, and controllable.

Objectives Signup and view all the answers

The business and industry profile section of the business plan includes:

The nature and characteristics of the target market. Signup and view all the answers

A solid business plan is marked by a number of characteristics including:

A description of the management team. Signup and view all the answers

Discussion of profitability and anticipated profitability of firms in the market segment, along with the entry, exit, and merger of those firms, is all part of the ________ section of the business plan.

Business and industry profile Signup and view all the answers

In the business strategy section of the business plan, the owner needs to explain to investors:

How the entrepreneur intends to accomplish the company's goals and objectives. Signup and view all the answers

Kyoto is writing a description of her new venture's product line and how it compares to her competitors' product lines. She is writing the ________ portion of her business plan.

Competitive analysis Signup and view all the answers

The company's overall direction and answer to the question, "Where do I want the company to be in 3 to 5 years?" is answered in this section of the business plan.

B) company history Signup and view all the answers

Defining the target market's potential and describing its characteristics is part of the:

business strategy section of the business plan. Signup and view all the answers

Proving that a profitable market exists involves:

proving that customers in the marketplace have a need for the good or service and are willing to pay for it. Signup and view all the answers

An effective market analysis identifies: A) your product's competitive advantage.

how you will achieve your market goals, what methods will be used. Signup and view all the answers

An explanation of how the product will be distributed is contained within the: A) description of the product line.

marketing strategy portion of the business plan. Signup and view all the answers

The focus of the competitor analysis section of the business plan is to: A) demonstrate the existence of the market for your product.

demonstrate your company's advantage over competitors. Signup and view all the answers

Investors look for which of the following when reviewing the experience of the management team of a new venture?

Experience, talent, and integrity Signup and view all the answers

The organization chart is described in which section of the business plan?

The plan of operation Signup and view all the answers

A business plan for the small business owner is:

Contains both a marketing plan and a financial plan. Signup and view all the answers

______ 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.

Marketing Signup and view all the answers

Small businesses can compete with larger rivals with bigger budgets by employing unconventional, low-cost creative techniques known as:

Bootstrap marketing techniques. Signup and view all the answers

The focus of the small company's marketing plan is:

The customer. Signup and view all the answers

The marketing plan builds a strategy for success:

From the customer's point of view. Signup and view all the answers

The marketing plan should include certain key objectives, such as:

Pinpointing the specific target markets a small business will serve. Signup and view all the answers

Shifting patterns in the age, income, education, race, and other characteristics of the population are the subject of ______ and exert a potent force on a company's marketing plan.

Demographics Signup and view all the answers

Entrepreneurs who recognize demographic, social, and cultural trends as they emerge have the opportunity to ______ their companies from the competition in meaningful ways.

Differentiate Signup and view all the answers

Market research:

Provides the information that is foundational to the marketing plan. Signup and view all the answers

Market research answers what important question for the small business owner?

Who are my customers and what are they looking for? Signup and view all the answers

The primary goal of marketing research is to:

Reduce the risks associated with business decisions. Signup and view all the answers

The marketing goal of a small business is to treat each customer as a(n):

Individual. Signup and view all the answers

When it comes to gathering market research on customers, most small companies tend to be:

Data rich, lots of facts, but information poor, little in a useful form. Signup and view all the answers

One-to-one marketing is a marketing strategy that:

Gathers data on individual customers and then tailors an appeal to their needs and tastes. Signup and view all the answers

Market research for a small business can be:

Informal. Signup and view all the answers

Effective one-to-one marketing involves:

All of these. Signup and view all the answers

______ is a process in which computer software that uses statistical analysis, database technology, and artificial intelligence finds hidden patterns, trends, and connections in data so that business owners can make better marketing decisions and predictions about customer's behavior.

Data mining Signup and view all the answers

Most marketing experts contend that the greatest marketing mistake small businesses make is:

Failing to identify the target market. Signup and view all the answers

When it comes to the target market, most successful businesses:

Have well-defined "portraits" of the customers they want to attract. Signup and view all the answers

The key to marketing success is:

Understanding customers' unique needs, wants and preferences. Signup and view all the answers

Clementine, DataScope Pro, GoldMine, and MineSet are what type of software packages?

Data mining Signup and view all the answers

A company's competitive edge is:

Based on customers' perception of its products and services. Signup and view all the answers

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

Relationship marketing. Signup and view all the answers

The worst marketing catastrophe to befall any business would be to:

Have great advertising and poor quality products. Signup and view all the answers

The total quality management (TQM) concept:

Strives to achieve quality not just in the product or service itself, but in every aspect of the business and its relationship with the customer. Signup and view all the answers

______ recognizes that any improvement in quality may improve a company's competitive ability.

Return on quality Signup and view all the answers

Companies with strong reputations for quality follow certain guidelines, such as:

Establishing long-term relationships with suppliers. Signup and view all the answers

Studies show that customers want ______ from businesses almost more than anything else.

Convenience Signup and view all the answers

TCM is the acronym for:

Time compression management. Signup and view all the answers

Small businesses are able to maintain a leadership role in innovation by:

Using their size, flexibility, and speed to their advantage. Signup and view all the answers

A key to effective innovation by the entrepreneur is:

Always looking for new product and service ideas. Signup and view all the answers

Small companies with limited financial resources can often use ______ as a way to differentiate themselves from larger competitors.

Customer service Signup and view all the answers

Numerous surveys have concluded that the most important element of service is:

The personal touch. Signup and view all the answers

Time compression management (TCM) involves:

Speeding new products to market. Signup and view all the answers

The primary opportunity for time compression management (TCM) lies in its application to:

The administrative process. Signup and view all the answers

______ refers to developing, maintaining, and managing long-term relationships with customers so that they will want to keep coming back.

Customer relationship management Signup and view all the answers

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General Knowledge Quiz

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Podcast

Questions and Answers

For entrepreneurs, a business plan is:

A business plan performs a number of functions including:

The ________ becomes the document that summarizes the analysis that has been done to justify a new business.

A business plan:

A well-developed business plan provides the entrepreneur with a number of benefits, such as:

The primary purpose of building a business plan is to:

The second essential purpose for creating a business plan is:

Potential investors tend to believe that if an entrepreneur can't develop a good plan:

Which one of the following is not a 'test' that an entrepreneur's business plan must pass?

The real value in preparing a business plan is:

The ________ is the first part of the business plan. It summarizes all the relevant points of the deal, but it should be the last part written.

The ________ expresses the entrepreneur's vision for the company and what he/she hopes it will become.

The ________ highlights significant financial and operational events in the company's life and should concentrate on the company's accomplishments.

The ________ acquaints lenders and investors with the nature of the business and the general goals and objectives of the company.

________ are long-range, broad statements of what the company plans to accomplish in the distant future, and they guide the overall direction of the company.

The company's overall direction and answer to the question, 'Where do I want the company to be in 3 to 5 years?' is answered in this section of the business plan.

________ are short-term, specific targets which are attainable, measurable, and controllable.

The business and industry profile section of the business plan includes:

A solid business plan is marked by a number of characteristics including:

Discussion of profitability and anticipated profitability of firms in the market segment, along with the entry, exit, and merger of those firms, is all part of the ________ section of the business plan.

In the business strategy section of the business plan, the owner needs to explain to investors:

Kyoto is writing a description of her new venture's product line and how it compares to her competitors' product lines. She is writing the ________ portion of her business plan.

The company's overall direction and answer to the question, "Where do I want the company to be in 3 to 5 years?" is answered in this section of the business plan.

Defining the target market's potential and describing its characteristics is part of the:

Proving that a profitable market exists involves:

An effective market analysis identifies: A) your product's competitive advantage.

An explanation of how the product will be distributed is contained within the: A) description of the product line.

The focus of the competitor analysis section of the business plan is to: A) demonstrate the existence of the market for your product.

Investors look for which of the following when reviewing the experience of the management team of a new venture?

The organization chart is described in which section of the business plan?

A business plan for the small business owner is:

______ 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.

Small businesses can compete with larger rivals with bigger budgets by employing unconventional, low-cost creative techniques known as:

The focus of the small company's marketing plan is:

The marketing plan builds a strategy for success:

The marketing plan should include certain key objectives, such as:

Shifting patterns in the age, income, education, race, and other characteristics of the population are the subject of ______ and exert a potent force on a company's marketing plan.

Entrepreneurs who recognize demographic, social, and cultural trends as they emerge have the opportunity to ______ their companies from the competition in meaningful ways.

Market research:

Market research answers what important question for the small business owner?

The primary goal of marketing research is to:

The marketing goal of a small business is to treat each customer as a(n):

When it comes to gathering market research on customers, most small companies tend to be:

One-to-one marketing is a marketing strategy that:

Market research for a small business can be:

Effective one-to-one marketing involves:

______ is a process in which computer software that uses statistical analysis, database technology, and artificial intelligence finds hidden patterns, trends, and connections in data so that business owners can make better marketing decisions and predictions about customer's behavior.

Most marketing experts contend that the greatest marketing mistake small businesses make is:

When it comes to the target market, most successful businesses:

The key to marketing success is:

Clementine, DataScope Pro, GoldMine, and MineSet are what type of software packages?

A company's competitive edge is:

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

The worst marketing catastrophe to befall any business would be to:

The total quality management (TQM) concept:

______ recognizes that any improvement in quality may improve a company's competitive ability.

Companies with strong reputations for quality follow certain guidelines, such as:

Studies show that customers want ______ from businesses almost more than anything else.

TCM is the acronym for:

Small businesses are able to maintain a leadership role in innovation by:

A key to effective innovation by the entrepreneur is:

Small companies with limited financial resources can often use ______ as a way to differentiate themselves from larger competitors.

Numerous surveys have concluded that the most important element of service is:

Time compression management (TCM) involves:

The primary opportunity for time compression management (TCM) lies in its application to:

______ refers to developing, maintaining, and managing long-term relationships with customers so that they will want to keep coming back.

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