Test Bank Chapter 15 Engaging Customers Through Marketing

Test Bank

Chapter 15: Engaging Customers Through Marketing

Multiple Choice

1. The traditional marketing mix is made up of these four main elements, known as the 4Ps.

a. People, Prospect, Presence, Pitch

b. Process, Presentation, Perception, Profit

c. Product, Price, Promotion, Place

d. Package, Passion, Perspective, Personality

Learning Objective: 15.2: Explain the principles of marketing and how they apply to new ventures.

Cognitive Domain: Knowledge

Answer Location: 15.2. The Basic Principles of Marketing

Difficulty Level: Medium

AACSB Standard: Systems and processes in organizations

2. Pricing is based on the amount the customer is expected to pay for the product, its perceived value, and the degree to which the price can be raised or lowered depending on ______.

a. market demand and competitor pricing

b. manufacturing costs and location

c. marketing campaigns and customer feedback

d. wholesaler discounts and retail markup

Learning Objective: 15.2: Explain the principles of marketing and how they apply to new ventures.

Cognitive Domain: Knowledge

Answer Location: 15.2. The Basic Principles of Marketing

Difficulty Level: Medium

AACSB Standard: Systems and processes in organizations

3. Karen’s company manufactures high-end designer cookware. Karen has signed with a local kitchenware store to give free cooking lessons, during which she will use her cookware. This is an example of which of the following marketing elements?

a. distribution

b. promotion

c. product

d. place

Learning Objective: 15.2: Explain the principles of marketing and how they apply to new ventures.

Cognitive Domain: Application

Answer Location: 15.2. The Basic Principles of Marketing

Difficulty Level: Medium

AACSB Standard: Application of knowledge

4. Karen’s company manufactures high-end designer cookware. Karen will be selling her product at a chain grocery store during the month of December and will be paying for a center aisle display near the front entry of the store. This is an example of which element of the marketing mix?

a. distribution

b. promotion

c. product

d. place

Learning Objective: 15.2: Explain the principles of marketing and how they apply to new ventures.

Cognitive Domain: Application

Answer Location: 15.2. The Basic Principles of Marketing

Difficulty Level: Medium

AACSB Standard: Application of knowledge

5. Karen’s company manufactures high-end designer cookware. The handles of the cookware remain cool when used on a stovetop and have slip-on covers for the handles to be used for removing the product from the oven. This demonstrates what element in the marketing mix?

a. promotion

b. service

c. customer orientation

d. product

Learning Objective: 15.2: Explain the principles of marketing and how they apply to new ventures.

Cognitive Domain: Application

Answer Location: 15.2. The Basic Principles of Marketing

Difficulty Level: Medium

AACSB Standard: Application of knowledge

6. John is starting a sole proprietorship in which he will install home stereo systems. John decides to test a paid Google ad so that the name of his company will gain recognition. This is an example of what marketing mix element?

a. product

b. promotion

c. place

d. advertising

Learning Objective: 15.2: Explain the principles of marketing and how they apply to new ventures.

Cognitive Domain: Application

Answer Location: 15.2. The Basic Principles of Marketing

Difficulty Level: Medium

AACSB Standard: Application of knowledge

7. Stephen has opened a BBQ restaurant that he hopes will be seen as a sports bar. Which of the following best describes an example of a need for positioning?

a. Stephen receives a complaint from a customer about the lack of heat in the BBQ sauce.

b. Stephen notices several Facebook postings that describe his restaurant as “a good family restaurant” and “a perfect end to a day of shopping.”

c. Stephen notices several Facebook postings that describe his restaurant as good but a bit pricey.

d. Stephen notices that many calls are coming in asking for directions to his location.

Learning Objective: 15.2: Explain the principles of marketing and how they apply to new ventures.

Cognitive Domain: Application

Answer Location: 15.2. The Basic Principles of Marketing

Difficulty Level: Medium

AACSB Standard: Application of knowledge

8. Stephen is preparing his pitch for a bank representative that will be considering him for a business loan. He lists the resumes and credentials of chefs who are working in his restaurant’s kitchen. This is an example of what marketing principle from the 7 Ps?

a. positioning

b. promotion

c. people

d. packaging

Learning Objective: 15.2: Explain the principles of marketing and how they apply to new ventures.

Cognitive Domain: Application

Answer Location: 15.2. The Basic Principles of Marketing

Difficulty Level: Medium

AACSB Standard: Application of knowledge

9. The process of creating a name, term, design, symbol, or any other feature that identifies a product or service and differentiates it from others is known as ______.

a. marketing

b. positioning

c. packaging

d. branding

Learning Objective: 15.3: Describe branding and the importance of building a brand.

Cognitive Domain: Knowledge

Answer Location: 15.3. Building a Brand

Difficulty Level: Easy

AACSB Standard: Systems and processes in organizations

10. A brand strategy can best be described by which of the following?

a. the logo and labeling on the product or service

b. the plan to market the product

c. the plan to communicate the brand messages to the target audience

d. the plan that organizes, controls, and legally protects the brand

Learning Objective: 15.3: Describe branding and the importance of building a brand.

Cognitive Domain: Knowledge

Answer Location: Branding

Difficulty Level: Medium

AACSB Standard: Systems and processes in organizations

11. With which of the 4 Ps is the question “How will they know my business exists?” associated?

a. price

b. product

c. place

d. promotion

Learning Objective: 15.2: Explain the principles of marketing and how they apply to new ventures.

Cognitive Domain: Knowledge

Answer Location: 15.2. The Basic Principles of Marketing

Difficulty Level: Medium

AACSB Standard: Systems and processes in organizations

12. When marketers use the S.A.V.E. framework, the focus is likely to be which of the following?

a. a greater focus on solutions and providing information

b. cost reduction

c. a need for an updated, technology-oriented approach to marketing

d. an emphasis on place, price, and promotion

Learning Objective: 15.3: Describe branding and the importance of building a brand.

Cognitive Domain: Comprehension

Answer Location: Reframing the 4 Ps

Difficulty Level: Easy

AACSB Standard: Systems and processes in organizations

13. Research conducted by Harvard Business School found that the traditional 4 Ps model ______.

a. helps businesses promote themselves as important sources of information and problem solving

b. is narrow and outdated

c. is highly relevant in a modern business environment

d. under-emphasizes product technology and quality

Learning Objective: 15.3: Describe branding and the importance of building a brand.

Cognitive Domain: Comprehension

Answer Location: Reframing the 4 Ps

Difficulty Level: Easy

AACSB Standard: Systems and processes in organizations

14. S.A.V.E. advocates marketing a product based on ______ rather than emphasizing its features.

a. its price advantage

b. how it meets customer needs

c. its basic functions

d. its novelty

Learning Objective: 15.3: Describe branding and the importance of building a brand.

Cognitive Domain: Comprehension

Answer Location: Reframing the 4 Ps

Difficulty Level: Easy

AACSB Standard: Systems and processes in organizations

15. According to the S.A.V.E. framework, customers are drawn to ______.

a. value more than to price

b. price more than to value

c. both price and value in equal measure

d. only price

Learning Objective: 15.3: Describe branding and the importance of building a brand.

Cognitive Domain: Knowledge

Answer Location: Reframing the 4 Ps

Difficulty Level: Easy

AACSB Standard: Systems and processes in organizations

16. According to the S.A.V.E. framework, which of the following helps to build a relationship of familiarity and trust before a purchase is even made?

a. advertising

b. access

c. promotion

d. education

Learning Objective: 15.3: Describe branding and the importance of building a brand.

Cognitive Domain: Knowledge

Answer Location: Reframing the 4 Ps

Difficulty Level: Easy

AACSB Standard: Systems and processes in organizations

17. Entrepreneurial marketing is distinct from traditional marketing in which of the following ways?

a. The focus is on interacting with the customers.

b. The focus is on marketing with the lowest possible media.

c. The focus is on a hierarchy of customers, starting with a circle of family and friends.

d. It relies on low-cost brochures, handouts, and business cards.

Learning Objective: 15.1: Discuss entrepreneurial marketing and explain how it is different from traditional marketing.

Cognitive Domain: Comprehension

Answer Location: How Entrepreneurial Marketing Is Different

Difficulty Level: Easy

AACSB Standard: Systems and processes in organizations

18. With which of the 4 Ps is the question “How will the customers be reached?” associated?

a. price

b. product

c. place

d. promotion

Learning Objective: 15.2: Explain the principles of marketing and how they apply to new ventures.

Cognitive Domain: Knowledge

Answer Location: 15.2. The Basic Principles of Marketing

Difficulty Level: Medium

AACSB Standard: Systems and processes in organizations

19. With which of the 4 Ps is the question “What is the value of my offering?” associated?

a. price

b. product

c. place

d. promotion

Learning Objective: 15.2: Explain the principles of marketing and how they apply to new ventures.

Cognitive Domain: Knowledge

Answer Location: 15.2. The Basic Principles of Marketing

Difficulty Level: Medium

AACSB Standard: Systems and processes in organizations

20. With which of the 4 Ps is the question “What are the benefits and features of my product?” associated?

a. price

b. product

c. place

d. promotion

Learning Objective: 15.2: Explain the principles of marketing and how they apply to new ventures.

Cognitive Domain: Knowledge

Answer Location: 15.2. The Basic Principles of Marketing

Difficulty Level: Easy

AACSB Standard: Systems and processes in organizations

21. The S.A.V.E. framework replaces promotion with ______.

a. solution

b. access

c. value

d. education

Learning Objective: 15.3: Describe branding and the importance of building a brand.

Cognitive Domain: Knowledge

Answer Location: Reframing the 4 Ps

Difficulty Level: Medium

AACSB Standard: Systems and processes in organizations

22. Which of the following best describes the amount of time you have to make an impression during a pitch session?

a. People will allow you at least a minute before deciding if they want to hear more.

b. People will listen to your entire pitch before forming an opinion.

c. You will have between 7 and 20 seconds to create a good first impression.

d. You will have one-tenth of a second.

Learning Objective: 15.5: Practice marketing yourself.

Cognitive Domain: Knowledge

Answer Location: 15.5. Creating Your Personal Brand

Difficulty Level: Medium

AACSB Standard: Group and individual behaviors

23. What percentage of communication is nonverbal?

a. 25%

b. 45%

c. 47%

d. 93%

Learning Objective: 15.5: Practice marketing yourself.

Cognitive Domain: Knowledge

Answer Location: 15.5. Creating Your Personal Brand

Difficulty Level: Easy

AACSB Standard: Group and individual behaviors

24. Of the following, what component of communication is most effective in communicating your message?

a. the words spoken

b. facial expressions

c. body movements

d. hand gestures

Learning Objective: 15.5: Practice marketing yourself.

Cognitive Domain: Comprehension

Answer Location: 15.5. Creating Your Personal Brand

Difficulty Level: Easy

AACSB Standard: Group and individual behaviors

25. What do the authors mean by the nonvisual dimension?

a. nonverbal gestures used by the speaker to communicate

b. communication aids, such as presentation slides and handouts

c. the signs of encouragement that we give people we are presenting to

d. consideration given to different sensory learning styles the audience may have

Learning Objective: 15.5: Practice marketing yourself.

Cognitive Domain: Comprehension

Answer Location: 15.5. Creating Your Personal Brand

Difficulty Level: Easy

AACSB Standard: Group and individual behaviors

26. Describing how a service stands out from its competitors would be what aspect of the marketing mix?

a. product

b. price

c. promotion

d. place

Learning Objective: 15.2: Explain the principles of marketing and how they apply to new ventures.

Cognitive Domain: Knowledge

Answer Location: 15.2. The Basic Principles of Marketing

Difficulty Level: Easy

AACSB Standard: Systems and processes in organizations

27. When asking “Is this service something that is suitable for my target audience?” an entrepreneur is interested in what aspect of the marketing mix?

a. product

b. price

c. promotion

d. place

Learning Objective: 15.2: Explain the principles of marketing and how they apply to new ventures.

Cognitive Domain: Comprehension

Answer Location: 15.2. The Basic Principles of Marketing

Difficulty Level: Easy

AACSB Standard: Systems and processes in organizations

28. Which of the following do the authors suggest as a strategy for monitoring the appropriate price for your product?

a. testing the effect of price changes on demand for the product

b. lowering the price as sales drops

c. adjusting the price relative to the increase or decrease of the cost of goods to produce it

d. examining competitor prices

Learning Objective: 15.2: Explain the principles of marketing and how they apply to new ventures.

Cognitive Domain: Knowledge

Answer Location: 15.2. The Basic Principles of Marketing

Difficulty Level: Easy

AACSB Standard: Systems and processes in organizations

29. Which of the following components of a food truck business demonstrates the element of “place” from the marketing mix?

a. ensuring the price is comparable to local eateries

b. offering a cuisine not available from other restaurants in the region

c. posting the menu online

d. parking and selling food in a busy downtown area

Learning Objective: 15.2: Explain the principles of marketing and how they apply to new ventures.

Cognitive Domain: Application

Answer Location: 15.2. The Basic Principles of Marketing

Difficulty Level: Easy

AACSB Standard: Application of knowledge

30. Why would an entrepreneur be constantly tweaking the marketing mix?

a. to adjust to a competitive and ever-changing market

b. to adjust for improvements in the product or service

c. to take advantage of new ways of marketing, especially the Internet

d. to make sure that they are still on track with their original plan

Learning Objective: 15.2: Explain the principles of marketing and how they apply to new ventures.

Cognitive Domain: Comprehension

Answer Location: 15.2. The Basic Principles of Marketing

Difficulty Level: Easy

AACSB Standard: Systems and processes in organizations

31. What would be the best description of the term packaging?

a. the use of the logo and brand name on the product packaging

b. making sure that the form of delivery will prevent damage to the product

c. the process of exploring all visual elements of the product and service appearance

d. presenting the service in clearly labeled and attractive packages

Learning Objective: 15.2: Explain the principles of marketing and how they apply to new ventures.

Cognitive Domain: Comprehension

Answer Location: 15.2. The Basic Principles of Marketing

Difficulty Level: Easy

AACSB Standard: Systems and processes in organizations

32. Bea’s Donuts requires that all people working in her store wear a light blue polo shirt showing the logo of her company. Requiring this shirt is part of what aspect of marketing?

a. service

b. packaging

c. employee engagement

d. positioning

Learning Objective: 15.2: Explain the principles of marketing and how they apply to new ventures.

Cognitive Domain: Application

Answer Location: 15.2. The Basic Principles of Marketing

Difficulty Level: Medium

AACSB Standard: Application of knowledge

33. Which of the following is considered a promise to your customers?

a. position

b. mission

c. brand

d. product design

Learning Objective: 15.3: Describe branding and the importance of building a brand.

Cognitive Domain: Knowledge

Answer Location: 15.3. Building a Brand

Difficulty Level: Easy

AACSB Standard: Systems and processes in organizations

34. Al Ries suggested that using one word as the product or company would create a stronger brand. What was the reasoning behind this suggestion?

a. It would be easier for consumers to remember.

b. It would leave it to the consumer to fill in the blank.

c. It would force the product to represent one singular goal.

d. It would encourage linkage between the company and its service.

Learning Objective: 15.3: Describe branding and the importance of building a brand.

Cognitive Domain: Knowledge

Answer Location: How to Build a Brand

Difficulty Level: Easy

AACSB Standard: Systems and processes in organizations

35. A logo should ______.

a. state the purpose of the product or service

b. be easily remembered

c. create an emotional connection with the customer

d. be associated with the product, not the company

Learning Objective: 15.3: Describe branding and the importance of building a brand.

Cognitive Domain: Comprehension

Answer Location: How to Build a Brand

Difficulty Level: Easy

AACSB Standard: Systems and processes in organizations

36. In considering the access part of the S.A.V.E. framework, what is the focus?

a. the exact location where your product can be purchased

b. a variety of places or ways that the product can be purchased

c. the path from hearing about the product to the actual purchase

d. the ease of getting information about your product or service

Learning Objective: 15.3: Describe branding and the importance of building a brand.

Cognitive Domain: Knowledge

Answer Location: Reframing the 4 Ps

Difficulty Level: Medium

AACSB Standard: Systems and processes in organizations

37. What is meant by guerrilla marketing?

a. any marketing conducted by an entrepreneur

b. lower cost, inexpensive marketing through unconventional means

c. a set of processes based on traditional marketing practices

d. marketing conducted by people who do not have a traditional marketing job title or role

Learning Objective: 15.1: Discuss entrepreneurial marketing and explain how it is different from traditional marketing.

Cognitive Domain: Knowledge

Answer Location: 15.1. What Is Entrepreneurial Marketing

Difficulty Level: Easy

AACSB Standard: Systems and processes in organizations

38. What enables people to find you online via Google or other online browsers?

a. Wix

b. word-of-mouth advertising

c. search engine optimization

d. AdWords

Learning Objective: 15.4: Discuss the different types of marketing tools available to entrepreneurs.

Cognitive Domain: Comprehension

Answer Location: Building Your Website

Difficulty Level: Easy

AACSB Standard: Systems and processes in organizations

39. Google search ratings can be increased by which of the following?

a. links to social media pages that are also calculated in the ratings

b. the quality of posts on the website

c. paying for Google ads

d. building an attractive website

Learning Objective: 15.4: Discuss the different types of marketing tools available to entrepreneurs.

Cognitive Domain: Knowledge

Answer Location: Building Your Website

Difficulty Level: Easy

AACSB Standard: Systems and processes in organizations

40. What percentage of communication is achieved through actual words?

a. 7%

b. 20%

c. 1%

d. 44%

Learning Objective: 15.5: Practice marketing yourself.

Cognitive Domain: Knowledge

Answer Location: 15.5. Creating Your Personal Brand

Difficulty Level: Easy

AACSB Standard: Group and individual behaviors

41. Selena Gomez has 135 million Instagram followers and she is paid for her posts. Gomez is a/an ______.

a. influencer

b. contributor

c. brand ambassador

d. market leader

Learning Objective: 15.3: Describe branding and the importance of building a brand.

Cognitive Domain: Knowledge

Answer Location: Marketing Trends

Difficulty Level: Easy

AACSB Standard: Systems and processes in organizations

42. Research shows that people decide in less than ______ if they want to hear more about an idea or not.

a. 1 second

b. 7 seconds

c. 20 seconds

d. 90 seconds

Learning Objective: 15.5: Practice marketing yourself.

Cognitive Domain: Knowledge

Answer Location: 15.5. Creating Your Personal Brand

Difficulty Level: Easy

AACSB Standard: Group and individual behaviors

43. Experiential marketing provides people with a/an ______.

a. market survey about personality

b. sample in mall kiosks

c. hands-on experience of what the company stands for

d. opportunity to invest in the company

Learning Objective: 15.3: Describe branding and the importance of building a brand.

Cognitive Domain: Knowledge

Answer Location: Marketing Trends

AACSB Standard: Systems and processes in organizations

44. Bill’s new startup provides easy-to-understand, engaging content. This marketing trend is known as ______.

a. virtual reality

b. experiential marketing

c. marketing through education

d. influencer marketing

Learning Objective: 15.3: Describe branding and the importance of building a brand.

Cognitive Domain: Knowledge

Answer Location: Marketing Trends

Difficulty Level: Medium

AACSB Standard: Systems and processes in organizations

45. A new company had the idea to have a flash mob to introduce its product. This is an example of ______ marketing.

a. target

b. guerrilla

c. Facebook

d. fast

Learning Objective: 15.4: Discuss the different types of marketing tools available to entrepreneurs.

Cognitive Domain: Comprehension

Answer Location: Guerrilla Marketing

Difficulty Level: Easy

AACSB Standard: Systems and processes in organizations

46. As described in the text, Blendtec created a post on YouTube where viewers were asked for items to blend which gathered six million views in six days. This successful campaign is an example of ______.

a. influencer marketing

b. guerrilla marketing

c. advertising through education

d. target marketing

Learning Objective: 15.4: Discuss the different types of marketing tools available to entrepreneurs.

Cognitive Domain: Comprehension

Answer Location: Guerrilla Marketing

Difficulty Level: Easy

AACSB Standard: Systems and processes in organizations

47. During a recent snowstorm, a new startup made imprints in the snow of the product’s name and brand during the night on snow-covered pavements, walls, and cars. This is an example of ______.

a. influencer advertising

b. brand goodwill

c. snow branding

d. winter branding

Learning Objective: 15.4: Discuss the different types of marketing tools available to entrepreneurs.

Cognitive Domain: Comprehension

Answer Location: Guerrilla Marketing

AACSB Standard: Systems and processes in organizations

48. In order to build long-term relationships with investors, it is important to figure out how to market ______.

a. your company

b. your price

c. yourself

d. your unique value proposition

Learning Objective: 15.5: Practice marketing yourself.

Cognitive Domain: Knowledge

Answer Location: 15.5. Creating Your Personal Brand

Difficulty Level: Easy

AACSB Standard: Systems and processes in organizations

49. The activities that involve all the ways in which companies tell their customers about their offering is known as ______.

a. branding

b. positioning

c. promotion

d. the pitch

Learning Objective: 15.2: Explain the principles of marketing and how they apply to new ventures.

Cognitive Domain: Knowledge

Answer Location: 15.2. The Basic Principles of Marketing

Difficulty Level: Easy

AACSB Standard: Systems and processes in organizations

50. A low-budget strategy that focuses on personally interacting with a target group by promoting products and services through surprise or other unconventional means is called ______.

a. cross-platform marketing

b. guerrilla marketing

c. agile marketing

d. ambush marketing

Learning Objective: 15.4: Discuss the different types of marketing tools available to entrepreneurs.

Cognitive Domain: Knowledge

Answer Location: Guerrilla Marketing

Difficulty Level: Easy

AACSB Standard: Systems and processes in organizations

51. The Eat My Words® SMILE and SCRATCH Test™ were devised in order to test ______.

a. a company’s promotional materials

b. the user experience of a company’s line of products

c. the effectiveness of company or product name

d. the effectiveness of a company’s product pitch

Learning Objective: 15.3: Describe branding and the importance of building a brand.

Cognitive Domain: Knowledge

Answer Location: How to Build a Brand

Difficulty Level: Medium

AACSB Standard: Systems and processes in organizations

52. Coca-Cola’s “the happiness machine”—a vending machine that gives out seemingly endless cans of Coca-Cola, plus surprise gifts such as bunches of flowers, balloon animals, pizzas, and giant sandwiches—is an example of ______.

a. entrepreneurial marketing

b. traditional marketing

c. guerrilla marketing

d. transactional marketing

Learning Objective: 15.4: Discuss the different types of marketing tools available to entrepreneurs.

Cognitive Domain: Comprehension

Answer Location: Guerrilla Marketing

Difficulty Level: Easy

AACSB Standard: Systems and processes in organizations

53. Research has shown that ______ of our messages are conveyed through facial expression.

a. 10%

b. 25%

c. 55%

d. 93%

Learning Objective: 15.5: Practice marketing yourself.

Cognitive Domain: Knowledge

Answer Location: 15.5. Creating Your Personal Brand

Difficulty Level: Easy

AACSB Standard: Group and individual behaviors

54. Which of the following statements about personal branding is true?

a. The person behind the business is never as important as the product or service.

b. It is best to create a “composite” face of the company rather than rely on a real (fallible) person.

c. It is only important once a company is established.

d. It is always part of a company’s success.

Learning Objective: 15.5: Practice marketing yourself.

Cognitive Domain: Comprehension

Answer Location: How to Build Your Personal Brand

Difficulty Level: Easy

AACSB Standard: Application of knowledge

55. People who will buy anything you produce, wait in line when a new product is released, drive for hours for an even, or preorder your product sight-unseen are called ______.

a. influencers

b. groupies

c. true fans

d. sustainers

Learning Objective: 15.4: Discuss the different types of marketing tools available to entrepreneurs.

Cognitive Domain: Knowledge

Answer Location: Building a Fan Base

Difficulty Level: Easy

AACSB Standard: Group and individual behaviors

True/False

1. In a pitch, it is a good idea to use the 4 Ps framework. Using the framework will organize your review of the product and make sure your pitch is complete.

Learning Objective: 15.2: Explain the principles of marketing and how they apply to new ventures.

Cognitive Domain: Comprehension

Answer Location: 15.2. The Basic Principles of Marketing

Difficulty Level: Easy

AACSB Standard: Systems and processes in organizations

2. Some people expand the 4 Ps to include people and owner personality.

Learning Objective: 15.2: Explain the principles of marketing and how they apply to new ventures.

Cognitive Domain: Knowledge

Answer Location: 15.2. The Basic Principles of Marketing

Difficulty Level: Easy

AACSB Standard: Systems and processes in organizations

3. Because of the nature of guerrilla marketing, its use is limited to entrepreneurs and small businesses.

Learning Objective: 15.4: Discuss the different types of marketing tools available to entrepreneurs.

Cognitive Domain: Knowledge

Answer Location: Guerrilla Marketing

Difficulty Level: Easy

AACSB Standard: Systems and processes in organizations

4. Most investors will invest primarily in your product or idea, not in you.

Learning Objective: 15.5: Practice marketing yourself.

Cognitive Domain: Comprehension

Answer Location: 15.5. Creating Your Personal Brand

Difficulty Level: Easy

AACSB Standard: Group and individual behaviors

5. Modern sales is genuine and creative, adds value, and builds relationships.

Learning Objective: 15.4: Discuss the different types of marketing tools available to entrepreneurs.

Cognitive Domain: Comprehension

Answer Location: Creating Content That Drives Sales

Difficulty Level: Easy

AACSB Standard: Systems and processes in organizations

6. The S.A.V.E. framework replaces product with access.

Learning Objective: 15.3: Describe branding and the importance of building a brand.

Cognitive Domain: Comprehension

Answer Location: Reframing the 4 Ps

Difficulty Level: Easy

AACSB Standard: Systems and processes in organizations

7. One of the advantages of blog content is that other bloggers will share your content through their own social networks.

Learning Objective: 15.4: Discuss the different types of marketing tools available to entrepreneurs.

Cognitive Domain: Comprehension

Answer Location: Creating Content That Drives Sales

Difficulty Level: Medium

AACSB Standard: Systems and processes in organizations

8. Social media is best used to inspire, entertain, and build trust. It is less effective for direct sales.

Learning Objective: 15.4: Discuss the different types of marketing tools available to entrepreneurs.

Cognitive Domain: Comprehension

Answer Location: Creating Content That Drives Sales

Difficulty Level: Easy

AACSB Standard: Systems and processes in organizations

9. Rather than making an audience immediately fall in love with an idea, the purpose of entrepreneurial marketing is to create a discussion that will lead to a favorable outcome.

Learning Objective: 15.1: Discuss entrepreneurial marketing and explain how it is different from traditional marketing.

Cognitive Domain: Knowledge

Answer Location: 15.4. Entrepreneurial Marketing

Difficulty Level: Easy

AACSB Standard: Systems and processes in organizations

10. The marketing mix consists of the variety of products that a business is offering.

Learning Objective: 15.2: Explain the principles of marketing and how they apply to new ventures.

Cognitive Domain: Knowledge

Answer Location: 15.2. The Basic Principles of Marketing

Difficulty Level: Easy

AACSB Standard: Systems and processes in organizations

11. Pricing should be based in part on the value of the product perceived by the customer.

Learning Objective: 15.2: Explain the principles of marketing and how they apply to new ventures.

Cognitive Domain: Comprehension

Answer Location: 15.2. The Basic Principles of Marketing

Difficulty Level: Medium

AACSB Standard: Systems and processes in organizations

12. Once developed, the marketing mix remains stable over time.

Learning Objective: 15.2: Explain the principles of marketing and how they apply to new ventures.

Cognitive Domain: Comprehension

Answer Location: 15.2. The Basic Principles of Marketing

Difficulty Level: Easy

AACSB Standard: Systems and processes in organizations

13. A brand strategy is a short-term plan to develop a successful brand.

Learning Objective: 15.2: Explain the principles of marketing and how they apply to new ventures.

Cognitive Domain: Knowledge

Answer Location: 15.3. Building a Brand

Difficulty Level: Easy

AACSB Standard: Systems and processes in organizations

14. Websites with flashy, cluttered pages tend to be most successful.

Learning Objective: 15.4: Discuss the different types of marketing tools available to entrepreneurs.

Cognitive Domain: Comprehension

Answer Location: Building Your Website

Difficulty Level: Easy

AACSB Standard: Systems and processes in organizations

15. A strong personal brand helps to attract more customers to buy an entrepreneur’s products and services.

Learning Objective: 15.5: Practice marketing yourself.

Cognitive Domain: Knowledge

Answer Location: 15.5. Creating Your Personal Brand

Difficulty Level: Easy

AACSB Standard: Group and individual behaviors

16. Branding is the process of creating a name, term, design, symbol, or any other feature that identifies a product or service and differentiates it from others.

Learning Objective: 15.2: Explain the principles of marketing and how they apply to new ventures.

Cognitive Domain: Knowledge

Answer Location: 15.3. Building a Brand

Difficulty Level: Easy

AACSB Standard: Systems and processes in organizations

17. Seventy percent of Twitter users who were surveyed said they expect a response from a brand within an hour.

Learning Objective: 15.4: Discuss the different types of marketing tools available to entrepreneurs.

Cognitive Domain: Knowledge

Answer Location: Think About Your Goals

Difficulty Level: Easy

AACSB Standard: Group and individual behaviors

18. Research shows that 10-second first impressions are almost as powerful as impressions built over a period of months.

Learning Objective: 15.5: Practice marketing yourself.

Cognitive Domain: Knowledge

Answer Location: 15.5. Creating Your Personal Brand

Difficulty Level: Easy

AACSB Standard: Group and individual behaviors

19. All startups use guerrilla marketing because it hardly ever fails.

Learning Objective: 15.4: Discuss the different types of marketing tools available to entrepreneurs.

Cognitive Domain: Comprehension

Answer Location: Guerrilla Marketing

Difficulty Level: Easy

AACSB Standard: Systems and processes in organizations

20. When creating content to drive sales and engage your customers, it is more important to be truthful than to monitor your language, opinions, and standpoints.

Learning Objective: 15.4: Discuss the different types of marketing tools available to entrepreneurs.

Cognitive Domain: Comprehension

Answer Location: Creating Content that Drives Sales

Difficulty Level: Medium

AACSB Standard: Group and individual behaviors

21. When you are creating content that will be engaging to your customers, a good rule of thumb is that 10% or less of your content should be about you (or the “face” of your company) and 90% should be about your customers.

Learning Objective: 15.4: Discuss the different types of marketing tools available to entrepreneurs.

Cognitive Domain: Comprehension

Answer Location: Creating Content that Drives Sales

Difficulty Level: Medium

AACSB Standard: Systems and processes in organizations

22. You should monitor your social media at least once per day, if not more often.

Learning Objective: 15.4: Discuss the different types of marketing tools available to entrepreneurs.

Cognitive Domain: Comprehension

Answer Location: Monitor Your Social Media

Difficulty Level: Medium

AACSB Standard: Group and individual behaviors

23. The most successful social media strategies begin with a great interactive website.

Learning Objective: 15.4: Discuss the different types of marketing tools available to entrepreneurs.

Cognitive Domain: Comprehension

Answer Location: Start With Research

Difficulty Level: Medium

AACSB Standard: Systems and processes in organizations

24. When designing your social media strategy, you must consider how you are going to measure your online presence.

Learning Objective: 15.4: Discuss the different types of marketing tools available to entrepreneurs.

Cognitive Domain: Comprehension

Answer Location: Design Your Strategy

Difficulty Level: Easy

AACSB Standard: Systems and processes in organizations

25. Guillermo loves Apple products. He has an iPhone, iPad, Apple Watch, and two Apple computers. He waits in line with eager anticipation when a new product is released. He follows fan sites so he can watch when Apple has press releases or promoted events. Guillermo is what is known as a true fan.

Learning Objective: 15.4: Discuss the different types of marketing tools available to entrepreneurs.

Cognitive Domain: Knowledge

Answer Location: Building a Fan Base

Difficulty Level: Easy

AACSB Standard: Group and individual behaviors

Essay

1. While guerrilla marketing can be creative and affordable, it has limitations. List and describe some of the limitations.

Learning Objective: 15.4: Discuss the different types of marketing tools available to entrepreneurs.

Cognitive Domain: Comprehension

Answer Location: Guerrilla Marketing

Difficulty Level: Easy

AACSB Standard: Systems and processes in organizations

2. What areas of evidence might be presented to indicate that your new service for a shared car cooperative has a perceived customer value?

Learning Objective: 15.2: Explain the principles of marketing and how they apply to new ventures.

Cognitive Domain: Application

Answer Location: 15.2. The Basic Principles of Marketing

Difficulty Level: Medium

AACSB Standard: Application of knowledge

3. In presenting a plan for your new service for a shared car cooperative, what elements of promotion might be considered?

Learning Objective: 15.2: Explain the principles of marketing and how they apply to new ventures.

Cognitive Domain: Application

Answer Location: 15.2. The Basic Principles of Marketing

Difficulty Level: Medium

AACSB Standard: Application of knowledge

4. Develop a tagline appropriate for your new shared ownership car cooperative. Explain why the tagline will support your brand image and fulfill a promise to your customers.

Learning Objective: 15.3: Describe branding and the importance of building a brand.

Cognitive Domain: Application

Answer Location: 15.3. Building a Brand

Difficulty Level: Medium

AACSB Standard: Application of knowledge

5. Discuss why it may be important for an entrepreneur to focus on the solution of a consumer problem rather than on a description of the product.

Learning Objective: 15.3: Describe branding and the importance of building a brand.

Cognitive Domain: Comprehension

Answer Location: Reframing the 4 Ps

Difficulty Level: Medium

AACSB Standard: Systems and processes in organizations

6. Discuss what should be considered when setting the price for your product.

Learning Objective: 15.2: Explain the principles of marketing and how they apply to new ventures.

Cognitive Domain: Comprehension

Answer Location: 15.2. The Basic Principles of Marketing

Difficulty Level: Medium

AACSB Standard: Systems and processes in organizations

7. Shawne gave a well-prepared PowerPoint presentation on her new spray-and-dry mop. The slides gave bullet-type descriptions of the product features and mechanical engineering. The verbal description was perfect, but the audience had trouble understanding what the product looked like and how it worked. Shawne had described the product yesterday to a group of engineers who understood the product perfectly. What principle of communication would have helped Shawne?

Learning Objective: 15.5: Practice marketing yourself.

Cognitive Domain: Application

Answer Location: 15.5. Creating Your Personal Brand

Difficulty Level: Hard

AACSB Standard: Application of knowledge

8. What should companies think about while marketing on social media?

Learning Objective: 15.4: Discuss the different types of marketing tools available to entrepreneurs.

Cognitive Domain: Analysis

Answer Location: Marketing Through Social Media

Difficulty Level: Medium

AACSB Standard: Systems and processes in organizations

9. Assume that you have started a landscaping company and have developed the basics of a company website. Describe what you would consider in using your site to create sales.

Learning Objective: 15.4: Discuss the different types of marketing tools available to entrepreneurs.

Cognitive Domain: Application

Answer Location: Building Your Website

Difficulty Level: Medium

AACSB Standard: Application of knowledge

10. What elements would you consider in preparing a presentation that makes a good impression?

Learning Objective: 15.5: Practice marketing yourself.

Cognitive Domain: Comprehension

Answer Location: 15.5. Creating Your Personal Brand

Difficulty Level: Medium

AACSB Standard: Group and individual behaviors