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small business management
Small Business Management Entrepreneurship And Beyond 4th Edition Timothy S. Hatten - Solutions
What factors should be considered when a small business owner decides to advertise? LO-3
Discuss the personality traits that a good salesperson should have. What traits would detract from the personal-selling process? LO-3
Explain the ratchet effect on sales. LO-3
How would promotional mix decisions change for a small business that is expanding into a foreign market? LO-3
Of the pricing techniques described in this chapter, which one do you think is most commonly used by small businesses? Why? LO-3
In this exercise we will walk through the steps of creating a print advertisement.Step 1: Choose a concept. The following words commonly appear in advertising copy. Choose three or four words that will convey the message you want to send.Step 2:Work up the copy. Take the words you chose in step 1
Working in teams of no more than three, choose one of the two examples to work on. Develop an outline for a comprehensive marketing strategy for the company and its product. Be specific in defining the product, place, price, and promotion aspects.DAPAT is a small manufacturer of external analgesics
Once your team has developed its marketing strategy, find another team in the class that has worked on the same example. Take turns presenting your information to each other.DAPAT is a small manufacturer of external analgesics (pain relievers) based in Nashville, Tennessee. Its main product, called
What do you think Mendez should do? Invest in new technology or maintain status quo?By the end of 2004 Chris Mendez was tempted to give up. The owner of a chain of dry cleaning stores in central Florida, Mendez had grown up in the industry, learning his chops at his father’s business in Apopka
When competing with a big-box retail store, a small business should do all but which of the following?a. differentiate productsb. specialize with unique goodsc. emphasize customer serviced. try to undercut price on identical items
Customer-oriented pricing strategies include:a. breakeven analysisb. penetration pricingc. cost-plus pricingd. target-return pricing
Josh’s business sells jewelry. He has installed granite counters and oak trim in his showroom.Josh charges more for his jewelry than other stores. What type of pricing strategy is Josh using?a. prestige pricingb. price liningc. odd pricingd. reference pricing
What do you have to give up if you choose to accept credit cards in your small business?a. nothingb. generally 5 to 6 percentc. 10 percentd. $5 per transaction
Julie is running a block of advertising for her small business. Her ads offer 50 percent off of everything in the store for the next two days only and free lunch between 11 A.M. and 1 P.M. What is Julie’s advertising objective?a. informb. persuadec. remindd. change perception
Selling a group of products or options together as a package is called _____________.
When launching her designer-bag company Tote Le Monde, Tia Wou created _____________.
The elasticity of demand for a product indicates how _____________ _____________ the market is.
Entrepreneur and street artist Shepard Fairey said that sometimes he feels like _____________ _____________.
A good salesperson focuses on the fundamentals of _____________, _____________, and _____________.
List factors to consider when preparing an international business plan.
Name five ways for small businesses to conduct international trade.
Analyze the advantages and disadvantages of exporting for small businesses.
Discuss factors to consider when importing products and materials.
Explain how small businesses can manage their finances in international trade.
Articulate the cultural and economic challenges of international small business activity.
Discuss the difference between and the advantages and disadvantages of indirect and direct exporting. LO-1
What is the advantage of a strategic alliance over direct investment when entering a foreign market? LO-1
What information should a small business owner gather before deciding to export products? LO-1
Why is finding financial assistance for international expansion more difficult than finding such help for domestic expansion? LO-1
Why would a small business choose to license its products in other countries? LO-1
Choose three foreign markets and find out what the customs and courtesies for greetings are in those countries (possibly using the Internet as a source). LO-1
Imagine that you own a small manufacturing business. Identify the product that you produce and a foreign market that appears to represent an opportunity. What is one country that would pose a bigger risk? LO-1
Name a form of countertrade and indicate when it would be an appropriate strategy. LO-1
Discuss the differences and similarities between domestic-and foreign-based intermediaries. LO-1
What does the Eximbank do for potential exporters? For importers? LO-1
Which countries are riskier markets for small businesses to enter? Why? Where would you find information regarding political stability, financial risks, and cultural differences? LO-1
Locate a small business in your area that conducts business in another country (you may be surprised to find who your local global players are). Ask the owner what the greatest challenge has been in doing business across borders. Share your story with the class.
Refer to the chapter-opening vignette on Lonely Planet. The Wheelers built their business by describing travel in many countries around the globe. In the process, they created a website (www.lonelyplanet.com) that offers an incredible wealth of information for entrepreneurs. Choose a country that
What do you think? Is outsourcing to India really the answer for Contract Counsel?By almost any measure, David Galbenski’s company was a success. Contract Counsel, which Galbenski and a law school buddy, Mark Adams, started in 1993 from Galbenski’s parents’ basement in Royal Oak, Michigan,
T F Lonely Planet is a successful international small business started with a multimilliondollar IPO.
T F Small businesses are major players in international business.
T F Before achieving success in another country, almost every small business is successful locally first.
T F International licensing is very similar to domestic franchising.
T F The vast majority of small business activity in the international market is conducted via importing and exporting.
T F The primary difference between direct and indirect exporting is the use of intermediaries.
T F The CIA World Factbook shows that Mexico has a huge middle class.
T F The United States has established import quotas for items such as steel and beef to protect its domestic producers.
T F An internationally recognized instrument issued by a bank on behalf of its client is called a letter of credit.
T F The existence of international trade regions really has no effect on the way small businesses conduct international trade.
_____ 1. percentage of world population that lives outside the United States
_____ 2. product that Lonely Planet sells
_____ 3. the test you have passed if exporting is part of your core business strategy
_____ 4. an agreement in which two businesses form a temporary partnership
_____ 5. a company that will act as a small business’s export department
_____ 6. the top trading partner of the United States
_____ 7. a viable component of international trade in which products are brought into a country
_____ 8. the completion of a business deal without the use of money
_____ 9. accepted norms and ways of doing business
_____10. certification of a manufacturer’s methods of product developmenta. dating serviceb. 80 percentc. travel guidesd. just becausee. Chinaf. joint venture g. 95 percent h. good reason i. licensing j. ISO 9000 k. EMC l. broker m. Mexico n. importing o. theft p. WTO q. Canada r. indirect
Describe the functions and activities involved in managing a small business.
Explain the stages of small business growth and their consequences for managing your business.
Discuss the significance of leadership and motivation in regard to employees of small business.
Discuss time and stress management as they relate to small business.
Give examples of efficiency and effectiveness in managing your everyday life. LO-3
Study the management styles mentioned in Manager’s Notebook, “Entrepreneurial Evolution.” Which one best describes you?Explain. Do you recognize a different style in managers you have worked for in the past? LO-3
What is motivation? Can managers really motivate employees? LO-3
Which exit strategy discussed in the chapter would you consider ideal? What would a downside of that strategy be? LO-3
Are you a good manager of time in your personal life? How will this affect your ability to manage your time as a business owner? LO-3
Give examples of stress, eustress, and distress? LO-3
How can the owner of a small business apply Maslow’s hierarchy of needs to working with employees? LO-3
What are positive and negative aspects of delegation? LO-3
Refer to the chapter opening story about Hillary Johnson. She found managerial wisdom in a seemingly unrelated book on housecleaning.The highest level of learning anything is the ability to connect divergent topics. Describe at least two areas you are knowledgeable about (from a hobby, personal
Experience can be the best teacher. See what you can learn from others’ experience. Contact five small business owners in your community for a one-question mini-interview. Ask them what they would do differently if they could build their business all over again. You—and they—may be surprised
Linda Turner will face different challenges as her company progresses through the five stages of growth described in this chapter. Describe how you believe her business would change in each stage.Ten years ago, Linda Turner was in an exercise class and saw a pregnant woman struggling through her
Business growth that occurs too quickly can present some significant problems and challenges compared with a business that grows at a slow, steady pace (of course, zero growth or decline makes for a whole new set of problems).Describe the challenges of hypergrowth that Turner could face and explain
What do you think? Does Aaron Kamins deserve one last chance to save the company?Larry Cohen had an unsettling meeting with his bankers at the Chicago headquarters of Cole Taylor Bank in December 2003. Accurate Perforating, the Chicago-based metal company owned by Cohen’s family, had run out of
Small business owners have to do each of the four functions of management all the time;therefore, to them, these functions are _____________ and _____________.
Stages of business growth range from _____________ to _____________ _____________.
Entrepreneur Marcus Johnson likes to take whatever is average and make it _____________, and take whatever is good and make it _____________.
The exit strategy of selling to all employees is a(n)_____________.
Granting authority and responsibility for a specific task to another member of an organization is called _______________________.
_____ 1. getting things done through other people
_____ 2. a website that provides a “one-stop shop”on a specific topic
_____ 3. how well a person achieves stated goals
_____ 4. the achievement of goals while making the best use of resources required
_____ 5. the stage of business growth at which the business has grown to include multiple departments managed by numerous supervisors
_____ 6. the stage of business growth at which a business may add its first employees
_____ 7. the process of directing and influencing the action of members within a group
_____ 8. the entrepreneurial management style in which the entrepreneur operates without employees and outsources many functions of the business.
_____ 9. the reason an individual takes an action
_____10. the communication process whereby two or more people come together to seek mutual agreement about an issuea. portalb. efficiencyc. takeoff staged. delegatione. effectivenessf. management g. leadership h. motivation i. survival stage j. classic k. coordinator l. negotiation
Discuss the importance of hiring the right employees.
Describe the job-analysis process and the function of job descriptions and job specifications.
Evaluate the advantages and disadvantages of the six major sources of employee recruitment.
Describe the four tools commonly used in employee selection.
Discuss the need for employee training and name the seven methods of providing this training.
Explain the two components of a compensation plan and the variable elements of a benefits system.
Profile an effective sequence for disciplining and terminating employees.
T F Professional employer organizations(PEOs) offer a way for small businesses to outsource HR functions.
T F A job description should include a list of tasks associated with each duty required.
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