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entrepreneurship theory process practice
Entrepreneurship Starting And Operating A Small Business 3rd Edition Caroline Glackin - Solutions
How do we know what others think of Lorraine and her business?
How did Lorraine finance the start-up of her business?
How can a person's life experience affect the way he or she manages people? Use Lorraine Miller's story to illustrate one example.
Use the Internet to find the balance sheets of two companies with which you are familiar. Use percentages to analyze these balance sheets, and compare how well each is doing against the restaurant example from this chapter. Then contrast them to each other. Consider choosing either two similar
What would the profit margin for the year be in that case?
What would the profit before taxes be if the owner found a paper supplier that charged only $ 1 00,000 for the year?
Calculate the financial ratios (ROI and ROS) for the monthly and the yearly income statement. What do the financial ratios tell you about this business?
Given the following data, on a separate sheet of paper create monthly and yearly income statements for this fast-food restaurant in New York City:a. Sales for the month of June were $300,000. Sales for the year were$2,600,000.b. The sum of $66,000 was spent on food in June (it was $792,000 for the
Using the restaurant balance sheet in Exhibits 8-7 and 8-8, answer the following:• What are the debt-to-equity ratios at the beginning and end of the 201 1 fiscal (business) year? Has this ratio improved? If so, by how much?
Using Exhibit 8-12, the balance sheet of Angelina's Jewelry Company at the end of July shown below, calculate all four financial ratios (quick, current, debt, and debt-to-equity) for the business.
Repeat the exercise from Key Concept Questions using accounting software. Then run the following what-if scenarios and create graphs or other visuals showing how each would affect the business's monthly and yearly financial picture:• What if the restaurant finds a supplier that is willing to
Using the balance sheet for the restaurant in Exhib it 8-7, calculate the quick, d ebt, and debt-to-equity ratios. Write your a nswers on a sepa rate sheet of paper. What do the ratios tell you a bout how the restaurant is doing?
Perform same-size (common-sized) analysis of an income statement.
Calculate return on investment.
Perform a financial ratio analysis of an income statement.
Understa nd an income statement.
At the end of the case, Richard describes how he profited as an individual from the experience of throwing the Halloween party. What do you think he meant by this?Is it possible to profit from something on a personal level, even if you do not necessarily earn a financial profit? Can you think of an
Brainstorm three things Richard might have done differently in planning his party to increase his sales revenue.
One of the reasons why Richard earned a substantial profit is because he convinced his personal contacts to provide their services at a discounted rate. If Richard decides to grow his party-planning business, do you think that he could continue to use this strategy? Why or why not?
Assume that Richard decides to start a party-planning business:• Identify two ways he could assess the cost of goods or services sold for this business.• Which costs, described in the case, would become part of Richard's operating-cost structure?• Make a list of additional items Richard would
What was the mix of funds used by MooBella to get started?
It took nearly 20 years from idea to market for MooBella. Clearly, it had a long development and start-up period. Reflect on the emotional and other nonmonetary factors that were likely involved for Bruce Ginsberg.
Last month, Sue, of Sue's Sandwiches, sold $3,000 worth of product (sandwiches and sodas) from her sidewalk cart to 300 customers. She spent $600 on the sandwich ingredients and buying the sodas wholesale. Her monthly costs are the following: Utilities = $60, Salary = $ 1,500, Advertising = $0,
For a business you would like to start, estimate what you think the fixed and variable costs would be. Choose a category for each cost from USAIIRD: utilities, salaries, advertising, insurance, interest, rent, and depreciation
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 or convince investors to back your producing it, you will need a prototype. Find at least three
Describe the record-keeping system you intend to set up for your business.
How does Done extend his brand?
What was Done's first marketing effort?
Discuss the company's global marketing.
Take a look at Done's retail stores on the Internet. Set the pricing to USD and browse through the Web site. What pricing strategy is employed by the company?
How are his products distributed (through what channels)?
What is the product mix that Ken Done's enterprises have developed?
How does Ken Done incorporate the Four P's into a creative, effective, integrated marketing effort?
How can growth cause issues in customer service? How did DFH address this?
What is the relationship between the sales strategy for DFH and its pricing strategy?
Why is sampling an important part of the sales process for DFH?
How do members of the sales force participate in goal setting?
What are the roles of the customers of DFH?
According to Sam Calagione, what does education have to do with sales?
Through which channels does Dogfish Head sell its products?
How do Kay and Steve support their customers and colleagues, and utilize customer referrals?
What principles of selling do Kay and Steve employ to sell Conversation on Networking?
List three things that Kay and Steve have done that you could adopt to help build business relationships.
How does Conversation on Networking reinforce the importance of selling based upon benefits?
Interview an entrepreneur about the type of CRM he or she uses.Discuss customer service and complaint handling in particular. Summarize the interview in a short paper.
Visit three businesses in your community and take notes on your experience as a shopper. Write a memo comparing the customer service at each. Include such information as the following: Were you greeted when you came in? Did anyone offer to help you? If you bought something, were you given a survey?
Arrange to receive a sales pitch from a competitor in the business field that you intend to enter. After the presentation, write down your objections to purchasing the product or service. Use Brian Tracy's method to categorize your objections and then phrase them in a single question composed of 25
Write a memo to your partner discussing his or her sales calls and how they could be improved. Use the eight steps of a sales call in the text as your guide when analyzing your partner's efforts.
Develop a one-minute sales pitch for three items that you are wearing. Try out the pitch for each on a partner. Have your partner help you time the pitches to one minute. Do the same for your partner.
What do you expect your personal look to be when you start selling your product or service, and why?
Give three reasons why it is important to keep collecting market research even after you have opened your business.
Write a one-minute sales call for the product or service your business will be selling. Try your pitch out on a partner and write down his or her objections. Rewrite your pitch to incorporate those criticisms.Try your pitch again. Repeat this process until you think you have a strong sales call.
Have you created any marketing materials for your business? If so, have three friends and a mentor (someone older whom you respect and who can give you good business advice) look at your materials and give you feedback. Write a memo listing their suggestions and what you plan to do to improve your
Identify five specific sales call prospects for your business. Prequalify them using these questions: (1) Is the prospect in my market? (2)Does he or she need my product or service? (3) Will my product or service remove a problem or source of "pain," or improve the individual's life? (4) Can he or
List five things you intend to do in your business or in the home and office delivery-and-pickup dry cleaning company to offer superior customer service.
Describe a business that you deal with as a customer. Describe the customer service at this business. What do you like or dislike about it? How could it be improved?
Create a customer profile database for your own business or a home and office delivery-and-pickup dry cleaning service containing at least 20 data fields. Which five questions would you ask every customer?
Describe the features of each product listed below and then create a benefit statement for each that you would use as selling points.Product wristwatch with daily-events calendar milk-free chocolate vegetarian dog food personal lie detector
Provide superior c ustomer service.
Explain the importance of selling based u pon benefits.
Imagine a scenario in which Malia Mills Swimwear hired you as a media consultant.Answer the following:• Come up with a cause-related marketing strategy for the company.• Describe three strategies for the company to pursue in obtaining media coverage.
Why was the "Polaroid project" a successful promotional venture?
Besides her own boutiques, specialty stores, and through the Internet, what might be some additional sales venues for Malia Mills Swimwear to consider exploring?
The case mentions that Malia Mills Swimwear is currently experimenting with paid advertising. If you were in charge of marketing for the company, how would you assess whether or not it was cost effective to continue purchasing advertising?
What could 23andMe's new pricing structure suggest about its brand? In other words, what risk(s) did 23andMe take when it cut its basic price by more than half?
Perform an Internet search on either a product or service comparable to what you plan to market, or one that you personally own or use. Attempt to find at least three sites that sell it.• List the applicable price point, including all discounts, allowances, and promotions, plus any shipping and
Obtain ad rates from two local radio stations, a local newspaper, and a cable television channel and complete the table below.Media Advertising Reach Rates Radio Radio N ewspaper Cable
Visit the U.S. Census Bureau Web site at http://www.census.gov. Pull up the census tract data both for your home address and for your campus address. If the tracts are the same, pick another college or university. Compare and contrast the two locations as potential sites for each of the following.
Answer the questions below and use them to write a press release for your business.• What was your life like before you began the study of entrepreneurship?• Were you having any problems in school or at home?• What have you learned about business that you did not know before?• What is the
What is the relationship between price and image? Why is it important?
Meet with a partner and discuss the pros and cons of the basic pricing strategies-value pricing, cost-plus, penetration strategy, skimming strategy, and meet-or-beat-the-competition-for your respective businesses. Present your recommendations to the class.
Visit three independently owned businesses in person that are in the same industry. Identify the target market for each (demographic, lifestyle, and the like). Note the various advertising and promotional methods in use at each location. Search online for a company Web site. Ask the store owner or
Visit a library (public or college) and locate its reference section.Which resources could help you to open a business like Honest Tea?Identify at least six such resources.
Name four common marketing objectives. Explain why each is important.
Explain why breakeven is such a critical concept for any organization.
What is penetration pricing? Can you think of an example of a company that has used penetration pricing to introduce a new product?Which firm was it and what was the product?
What role should the unique selling proposition play in a company's advertising strategy?
Why does viral marketing have such success potential? How can a viral marketing campaign work against a company?1
What is the role of demographic information in the selection of a retail-location option?1
Use the following chart to describe your marketing mix.Your Business Product Place Price Promotion Philanthropy
Identify the c ritical components of a ma rketing plan.
Find the best location for maximum efficiency and effectiveness of distribution.
Price your products for success.
Combine the Four P's-product, price, pla ce, promotion-into a ma rketing mix.
What is the role of marketing in McCormick's business?Case Study Analysis
How did McCormick identify AEI's market?Name the segmentation method and the segment they chose.
What research methods would you recommend for AEI today? Name three specific sources of information.
Read and interpret the chart in Figure 4-2.• Which single provider has the largest market share? What is the percentage?• What share do the two largest suppliers enjoy together?• How much bigger is IBM's share than Apple's?• If there are approximately 100 other smaller makers of personal
Describe where you think your product or service is in the product life cycle.
Write a positioning statement for your business or one that you can envision.
Choose five people from your identified market segment to research with a survey. Write 10 questions in a yes-or-no format, and ask the survey participants to frame their responses on a scale of one to five-or design your own range. Also ask five open-ended questions (questions that cannot be
Step Two: Market Analysis• How large is the total market for this product or service? How did you arrive at this figure?• Which segment of this market would you target? Why? How large is the segment?• Describe your segmentation method. Why did you choose this method?
Step One: Consumer Analysis Describe the typical consumer for your business or for one that you can envision.Age Income Attribute 1 My Customer Educ ation Hobbies Other What need do you plan to satisfy for this consumer?
G ive an example of a company that fun ctions as an organization that ma rkets.
G ive an example of a company that you believe operates as a market-driven org anization, and why you think so.
Choose your ma rket segment and resea rch it.
Understa nd how market resea rch prepares you for suc cess.
Would you like to work for Bud Konheim? Why or why not?
Why does the company sew their clothes in New York City when they could get them sewn cheaper in Asia?
Why did this dress design and manufacturing company open its own store?
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