Review Question #1

Identify benefits and limitations of market research. Assess the need for conducting market research.

Use text-based evidence to support each section of your reading response.

Review Question #2

Describe the importance of defining a target market and a market niche.

Use text-based evidence to support each section of your reading response.

Review Question #3

Explain the marketing concept.

Use text-based evidence to support each section of your reading response.

Review Question #4

What are the different types of legal business forms?

Use text-based evidence to support each section of your reading response.

Review Question #5

Compare and contrast the 3 Legal forms of Business.

Use text-based evidence to support each section of your reading response.

Review Question #6

Why is it considered so important to make connections within the community with business owners that share your passion?

Use text-based evidence to support each section of your reading response.

Review Question #7

Why is the difference between a C-Corporation and a Subchapter S-Corporation? Explain your answer.

Use text-based evidence to support each section of your reading response.

Review Question #8

Which form of business would be best for a company with employees and leased space? Explain your answer.

Use text-based evidence to support each section of your reading response.

Review Question #9

USE PAGE 151 TO ANSWER THE FOLLOWING: Which of the options do you think has the most potential – if you were in business, which of these would you choose to explore first? Why?

Use text-based evidence to support each section of your reading response.

Review Question #10

Why should the government oversee workplace health and safety?

Use text-based evidence to support each section of your reading response.

Review Question #11

Should trade laws protect the buyer or the seller? Explain.

Use text-based evidence to support each section of your reading response.

Review Question #12

Compare leasing versus buying a building for your business. Include cost,

ownership, rights, need for an attorney, and contractual terms.

Use text-based evidence to support each section of your reading response.

Review Question #13

What should be done to the individuals who fail to do cup count correctly?

Use text-based evidence to support each section of your reading response.

Review Question #14

Suppose you have an idea for a new kind of applicator that takes the mess out of applying suntan lotion. What steps would you need to take to protect your invention?

Use text-based evidence to support each section of your reading response.

Review Question #15

You own a bookstore that sells to consumers. Under what circumstances can you charge different prices to different people?

Use text-based evidence to support each section of your reading response.

Review Question #16

When you think of the word marketing as an entrepreneur, what comes to mind?

Be specific in your answer and use supporting details from previous chapters.

Review Question #17

What is a Marketing Plan? What are the components of the Marketing Mix?

Use text-based evidence to support each section of your reading response.

Review Question #18

What is the difference between a feature and a benefit?

Use text-based evidence to support each section of your reading response.

Review Question #19

Which of the five marketing mix strategies is most important to you as a consumer? Why?

Use text-based evidence to support each section of your reading response.

Review Question #20

Explain the fundamental marketing concepts used by small businesses.

Use text-based evidence to support each section of your reading response.

Review Question #21

Michelle James was attempting to open a pretzel stand in a small indoor mall. She had arranged to lease space and purchase used equipment. Unfortunately, she could not get the area’s lone supplier of pretzel dough to do business with her. The company’s position was that because Michelle was not an established business owner, affiliated with a franchise, or experienced, she might not succeed. The supplier further explained that its policy was to serve only large orders, but it would not specify an amount. Do you think the supplier’s position is unethical or just good business? Explain. As an entrepreneur, how would you deal with this situation? Explain your position.

Use text-based evidence to support each section of your reading response.

Review Question #22

Draw a diagram of the channels of distribution. For each channel, analyze and discuss the different types of businesses in the channel.

Use text-based evidence to support each section of your reading response.

Review Question #22

Suppose you own and operate a small espresso stand. You find money missing from the petty cash fund and despite searching and interrogation cannot find the guilty party. Money goes missing again and you have high suspicions on who the party may be. The money is for general use for the good of all employees. What do you do?

Use text-based evidence to support each section of your reading response.

Review Question #23

Imagine you must draft a preliminary price strategy for your proposed business. What are the key objectives of your pricing strategies? Explain.

Use text-based evidence to support each section of your reading response.

Review Question #24

Describe the purpose of each of the steps when reviewing and revising pricing objectives and price strategy.

Use text-based evidence to support each section of your reading response.

Review Question #25

Compare and Contrast the 3 Pricing Strategies: cost-based, demand-based, and competition-based.

Use text-based evidence to support each section of your reading response.

Review Question #26

What are the questions to ask about Price Decisions. (hint: p. 240)

Use text-based evidence to support each section of your reading response.

Review Question #27

What two factors should be considered be considered when adjusting prices to maximize profit?

Use text-based evidence to support each section of your reading response.

Review Question #28

Business Tools On the Fly: Computer software has traditionally been something you purchase, then install on your hardware. With the birth of the Internet, certain entrepreneurs started imagining software as a service rather than a product – instead of buying the program, you would pay a mo nthly fee to use it over the Internet, eliminating the hassle of installing it and upgrading it. Mark Benioff is one of the successes in the software-as-a-service field – his company, SalesForce.com, offers web-based tool for sales managers and customer service departments. Salesforce.com was the first software-as-a-service company to turn profit and today serves over 9,000 companies and 140,000 users.

What do you think are some of the benefits of software-as-a-service? What might be some of its shortcomings? Think of both ends-user and business owner.

Use text-based evidence to support each section of your reading response.

Review Question #29

Businesses commonly offer special pricing. Examples include ladies’ night at car washes and ballparks, discounts for single moms at children’s clothing stores, discounts for men on Father’s Day, and higher prices for women’s clothing at dry cleaners. These pricing differences are accepted and expected by most customers and businesspeople.

How can these practices be justified by businesses and challenged by customers? What changes could be made in the above examples to eliminate possible gender discrimination?

Use text-based evidence to support each section of your reading response.

Review Question #30

Bids are used by businesses to secure commerce with a customer who wants to know their cost of doing business with you ahead of time. Dictionary.com defines bid as: Commerce. to offer (a certain sum) as the price one will pay or charge: They bid $25,000 and got the contract. Bids need to be favorable and attractive in order to secure business with the prospective customer.

Your job is to calculate a per drink bid for the senior party this June. There will be approximately 300 students in attendance. Using your knowledge of the drinks and the costs of items in the drinks, calculate a per drink cost that would allow the Panther Pit Stop to sell drinks without loosing profits.

Use text-based evidence to support each section of your reading response.

No review question today… get your thank you cards/notes done

and get ready for Ch. 11 Review.

Review Question #31

Imagine you must draft a preliminary price strategy for your proposed

business. What are the key objectives of your pricing strategies? Explain.

Use text-based evidence to support each section of your reading response.

Review Question #32

BEN & JERRY’, VERMONT FINEST ICE CREAM AND FROZEN

YOGURT, WAS FOUNDED IN 1978 BY FRIENDS BEN COHEN AND

JERRY GREENFIELD. THEY ARE COMMITTED TO A “VALUES-LED” CORPORATE CONCEPT OF LINKED PROSPERITY – WHERE BOTH

THE COMPANY AND THE WORLD CAN PROFIT. THEY BELIEVE

THAT BUSINESS HAS A POWERFUL INFLUENCE ON SOCIETY AND

IS RESPONSIBLE FOR THE WELFARE OF THAT SOCIETYA ND THE

PEOPLE IN IT. HOW DOES YOUR VALUES EFFECT THE WAY YOU

LIVE YOUR LIFE AND THE LIVES OF THOSE AROUND YOU?

Use text-based evidence to support each section of your reading response.