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Questions from May 01, 2022

• 1. Define small business. How, if at all, does this differ from what you would have expected the definition to be? 2. Explain how cost/benefit analysis is crucial in entrepreneurship. 3. List the five...
  May 02, 2022
• 1. It will probably take about three months for your business to start earning a profit. Do you agree or disagree? Why? If you disagree, how long do you expect it to take? What are the three most...
  May 02, 2022
• 1. Name three categories of investors/lenders that might have an interest in your business plan. 2. Why is it important to identify a business’s culture from the beginning? 3. Prepare a Business...
  May 02, 2022
• Call and visit an entrepreneur in your community to discuss business plans. a. Ask whether he or she wrote a business plan before starting the business. Since then? b. If the owner did write a plan,...
  May 02, 2022
• 1. Are there customers for your business in other countries? How would you plan to reach them? 2. A company’s mission is to satisfy its customers. Do you agree or disagree? Why? 3. Describe...
  May 02, 2022
• Sue, of Sue’s Sandwiches, sells sandwiches and soda from a sidewalk cart in a popular park near her house. She sets up her cart in the summers to earn money for college tuition. Last month she...
  May 02, 2022
• When Steve Wozniak and Steve Jobs envisioned a computer in every home, computers were large, expensive machines owned only by the government, universities, and large companies. What technology...
  May 02, 2022
• 1. If the FX rate between the U.S. dollar and the Japanese yen is 1:119, how many yen will it take to equal $20? 2. If the FX rate between the Japanese yen and the euro is 189.35:1, how many yen will...
  May 02, 2022
• You own a small record label. You sell CDs through your Web site for $15, including shipping and handling. You get an offer from someone who owns a record store in Germany who wants to buy your CDs at...
  May 02, 2022
• 1. Why might Shape magazine have named Happy Belly Curbside Kitchen as one of the 10 Healthiest Food Trucks in America? How would they be healthier than most food trucks? 2. Necessity is the mother of...
  May 02, 2022
• 1. Differentiate between marketing and selling using real-world examples. 2. Write a positioning statement for your business, or one that you can envision, using the format provided. 3. Assess where...
  May 02, 2022
• Go online and conduct an industry-wide search for competition for your business or one that interests you. Illustrate a profile of the competition (this may be written using a word-processing program...
  May 02, 2022
• 1. In what areas of the market did McCormick do research before starting his business? 2 What research methods would you recommend for American Electrical today? Name three specific sources of...
  May 02, 2022
• 1. What inspired Russell Simmons to promote underground music styles? 2. Describe the target market that Simmons is trying to appeal to in all of his business ventures (demographic, geographic,...
  May 02, 2022
• 1. Identify a brand and illustrate its marketing mix in terms of the five Ps—product, price, promotion, place, and philanthropy. 2. Describe the pricing strategy you would choose for your...
  May 02, 2022
• 1. What is the role of demographic information in the selection of a retail-location option? Provide an example of a retailer near you and the demographics that are significant for the company. 2....
  May 02, 2022
• Pricing A. Describe your pricing strategy (value, prestige, cost-plus, penetration, skimming, meet-or-beat, follow-the-leader, personalized, variable, or price lining), structure, and the gross...
  May 02, 2022
• Promotion A. Identify the ways you plan to promote your product or service, including the message, the media, and the distribution channels. Describe why you have chosen these methods and why you...
  May 02, 2022
• 1. Farrah Gray is a master of integrated promotion. List the promotional methods he has used and why he may have selected each. 2. What is the most interesting part of his story for you? Why? 3. The...
  May 02, 2022
• Case Study Dr. Farrah Gray: Young Millionaire, Entrepreneur, and Philanthropist Most 6-year-olds have not begun to dream of entrepreneurship. Most 14-year-olds only dream about being millionaires....
  May 02, 2022
• 1. Explain, with suitable examples, how selling serves as a good source of market research. 2. Explain Joe Girard’s Law of 250 in your own words, and give examples of it from your own life. 3....
  May 02, 2022
• 1. Give three reasons why you think it is important to keep collecting market research even after you have opened your business. 2. List the eight steps of a sales call. How is each step important? 3....
  May 02, 2022
• 1. Write a memo to your partner discussing his or her sales calls and how they could be improved. When analyzing your partner’s efforts, use the eight steps of a sales call in the text as your...
  May 02, 2022
• 1. How does BNI reinforce the importance of selling based on benefits? 6-20. Compare and contrast BNI with another business-oriented social networking service. 2. What type of referral network might...
  May 02, 2022
• Imagine that you have invented a guitar strap that goes over both shoulders, thereby reducing shoulder strain for the guitarist. This item could be a big seller, but, before you can apply for a patent...
  May 02, 2022