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EXAM 2 Small Business Mgt 462 with correct answers
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EXAM 2 Small Business Mgt 462 with correct answers
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EXAM 2 Small Business Mgt 462Which of the following is a potential disadvantage of purchasing an existing business? - correct answer
✔✔All are correct
During the acquisition process, the potential buyer usually must sign a ______, which is an agreement to
keep all conversations and information secret and legally binds the buyer from telling anyone any
information the seller shares wit her. - correct answer ✔✔covenant not to compete
Which of the following statements concerning financing the purchase of an existing business is not true?
- correct answer ✔✔The buyer should wait until late in the purchase process to arrange financing to
avoid processing fees in case the deal falls through.
The most common reasons owners of small and medium-sized businesses give for selling their
businesses are: - correct answer ✔✔boredom and burnout
When done correctly, the due diligence process will: - correct answer ✔✔reveal both the positive and
negative aspects of an existing business.
Building a Web strategy based on a clear definition of the company's target audience and an
understanding of those customers' need, wants, likes, and dislikes is: - correct answer ✔✔also critically
important for a company's presence on the Web.
To be successful online, small companies must create Web sites with features that appeal to experienced
Web shoppers, such as: - correct answer ✔✔the successful Web site will include all of the above.
Successful e-tailers have discovered that these factors enhance their reputations for online customer
service: - correct answer ✔✔all of these factors enhance a Web-based reputation
Which of the following is an important issue that business owners should consider before launching an
e-commerce effort? - correct answer ✔✔all answers are correct
, Which of the following is not a common reason customers leave Web sites before checking out? - correct
answer ✔✔The privacy policy was not posted.
______ is the process of creating and delivering desired goods and services to customers and involves all
of the activities associated with winning and retaining loyal customers. - correct answer ✔✔Marketing
Which of the following statements concerning a company's target market is false? - correct answer ✔✔A
"shotgun approach" to marketing-trying to appeal to everyone rather than to only a small market
segment - is the most effective way to compete with large companies and their bigger marketing
budgets.
The marketing approach that is most effective today for a small business is: - correct answer ✔✔niche
marketing
A process in which computer software that uses statistical analysis, database technology, and artificial
intelligence finds hidden patterns, trends, and connections in data so that business owners can make
better marketing decisions and predictions about customers behavior is known as: - correct answer
✔✔data mining
Guerrilla marketing is a marketing approach that takes an unconventional, low-cost and creative
approach to marketing that can give ______ a competitive edge over _____ competitors - correct answer
✔✔small companies; larger
A marketing strategy that relies on three principles to speed product to market, shorten customer
response times in manufacturing, and deliver and reduce the administrative time required to fill an order
is: - correct answer ✔✔time compression management (TCM)
Tracking _____ patterns can enable entrepreneurs to adjust their strategies accordingly to better
position them to take advantage of the opportunities these trends may create. - correct answer
✔✔demographic
Which of the following is not a suggestion of a means of focusing on the customer - correct answer
✔✔seeing the customer's point of view
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