Question 1

_____________ needs to be ingrained in a company in order to be viable and successful in today's wildly-changing world (due to technology, globalism, and savvy consumer demands).

Select one:

a. Transformational leadership

b. Ethical leadership

c. A culture of creativity

d. Virtue ethics

Clear my choice

Question 2

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The levels of ethical standards for an organization include (and are bounded by):

Select one:

a. Legal requirements (the law), the organization's stance on ethics, and employees' morals

b. Legal requirements (the law), industry standards, employees' morals

c. Industry standards, employees' morals, customers' expectations

d. Industry standards, the organization's stance on ethics, and employees' morals

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Question 3

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In an outside article we read on networking strategies, the article advised the small business owner to:

Select one:

a. Develop a thick skin while still being nice to everyone

b. Collect email addresses and use them as the most effective way to keep in touch with people.

c. Be a little reserved so as to project a 'professional' demeanor

d. All of the above.

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Question 4

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A key customer benefit of a product or service that distinguishes it from your competitors is known as a:

Select one:

a. Target niche

b. Differentiated focus

c. Unique selling proposition

d. Conceptual differentiator

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Question 5

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All forms of businesses (including sole proprietorships, LLCs, partnerships and corporations) are legal entities.

Select one:

a. True

b. False

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Question 6

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Large firms generally focus on ___________ while start-ups can take away market share by offering ______.

Select one:

a. Gaining market share with existing products / lower prices

b. Quantity of goods sold / higher quality goods

c. Sustaining innovation / disruptive innovation

d. High-cost, broad-reach marketing strategies / very personalized marketing strategies

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Question 7

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In the marketing mix, "price" refers to which of the following?

Select one:

a. Retail price of the product and discounts for the product

b. Payment plans and credit terms

c. Both A and B

d. None of the above

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Question 8

Not yet answered

Points out of 2.0

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Question text

When deciding to lower prices, it's important the business owner realize that:

Select one:

a. Sales volume should increase in direct proportion to the lower price.

b. Sales volume rarely increases enough to offset the lower profit margins of a lower price.

c. It is a crucial time to add intangible value to the product(s).

d. Such a move will help create a loyal customer base.

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Question 9

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According to an outside article and to the instructor's lecture, what is the recommended order for the steps one must take in setting a price for a product?

Select one:

a. Determine your fixed costs (per product), add in your variable costs for the product, add in the profit margin

b. Add up the variable costs for that product, add in the fixed cost (per product), add in the profit margin.

c. Add up the variable costs for that product, determine your profit margin and apply it to the variable cost, add in the fixed cost (per product)

d. Determine your desired profit margin, add it to the total of the fixed and variable costs for that product.

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Question 10

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___________ is all of the ways you establish an image of your company and communicate your unique selling proposition to your customers.

Select one:

a. Targeted marketing

b. Customer experience management

c. Branding

d. None of the above