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mana 3325 final

chapter quizes for ch 9,10,11,12

QuestionAnswer
_____ is the group of founders, key employees, and advisers that move a venture from an idea to a fully functioning firm. A new venture team
Attending entrepreneurship-focused workshops, speaker series, and entrepreneurship boot camps is a way to overcome what is referred to as the ________. liability of newness
A founding team comprised of executives who all worked together in pharmaceutical sales since graduating from college, where they each majored in human biology, would best be described as________. homogenous
What is MOST suggested as a consistent predictor of future entrepreneurial performance? prior entrepreneurial experience
What is NOT a formal responsibility of a board of directors? manage the firm's day-to-day transactions
Well-known and respected board members bring instant credibility to the firm; this phenomenon is referred to as ________. signaling
_____ is a panel of experts who are asked by a firm's managers to provide counsel and advice on an ongoing basis. An advisory board
What is not expected of a board of advisers: a firm should ask their advisors to spread, anonymously, as many positive comments as possible about its products on blogs, and Internet chat rooms and message forums.
The following are ways investors and lenders add value to an entrepreneurial venture EXCEPT: certify the financial statements.
Which of the following is comprised of retired business owners who provide free consulting services to small businesses? SCORE
T/F Studies show that the majority of new ventures are started by more than one individual. True
T/F It is generally believed that new ventures started by a team have an advantage over those started by an individual. False
T/F The Chief Executive Officer (CEO) of a new venture always is chosen from among the firm's founders. False
T/F If a new venture organizes as a corporation, it is legally required to have a board of directors. True
T/F An outside director is an employee of the firm. False
T/F Because the board members of large firms are more likely to be well-compensated executives of other firms, large firms do not typically pay their board members. False
T/F If a firm has a board of directors (because it is a corporation), it will not have an advisory board. False
T/F A lender with a well-secured loan may spend very little time with a client. True
T/F Investors are precluded by SEC regulations from having a seat on the board of directors. False
T/F Expert advice to new ventures from consultants can be obtained for free or reduced rates from nonprofit agencies. True
When is a firm required to have a board of directors If a new venture organizes as a corporation, it is required to have a board of directors.:.
what are the board of directors three formal responsibilities? 1) appoint the firm's officers/key managers, 2) declare dividends, and 3) oversee the affairs of the corporation
What are the three groups other than the board of directors that may be a source of assistance and support for the firm. BOARD OF ADVISERS, LENDERS AND INVESTORS, CONSULTANTS
What purpose does BOARD OF ADVISERS serve: a panel of experts who are asked by the firm's managers to provide counsel and advice on an ongoing basis.
What purpose does LENDERS AND INVESTORS serve: lenders and investors help new firms by providing guidance and legitimacy, and providing the role of financial oversight.
What purpose do CONSULTANTS serve: paid or unpaid individuals who provide professional or expert advice
Most new ventures need to raise money during their early life for the following reasons EXCEPT: to pay dividends.
_____ is the rate at which a company is spending its capital until it reaches profitability. Burn rate
What is the least likely source of seed money that gets a new venture started? a bank line of credit
_____ is a brief, carefully constructed statement that outlines the merits of a business opportunity. An elevator speech
Which of the following is NOT a common source of equity funding? Banks
Entrepreneurs take their firms public for many reasons but not: to broaden their ownership interest.
Which of the following is NOT a common source of debt financing for a new venture? corporate bonds
Unlikely reason that commercial banks have not been viewed as practical sources of financing for new ventures: unlike venture capitalists who look for ventures that will reliably repay their loans, banks are looking for businesses that are "home runs".
As financing and funding are difficult for new ventures, _______ is not a creative ways that start-ups can use to obtain financial resources: an initial public offering.
Assume Dell provides some financial support to a small start-up firm that produces a key component used in their computers. This arrangement would best be characterized as: a strategic partnership
T/F Typically, the seed money that gets a company off the ground comes from the founders' own pockets. True
T/F Sweat equity relates to funding a new venture through the acquisition of gifts, free rent, and grants. False
T/F Equity funding involves repayment. False
T/F The primary disadvantage of equity funding is that the firm's owners relinquish part of their ownership interest and may lose some control. True
T/F In terms of funding new firms, venture capitalists are far more prevalent than business angels. False
T/F Raising capital by "going public" means to commercialize, or make your products available to the public, for the first time. False
T/F An alternative to an initial public offering is a private placement, which is an issue of securities to a large institutional investor. True
T/F Both interest payments to lenders, and dividend payments to stockholders, are tax deductible. False
T/F One source of financing for new ventures is to borrow money directly from the Small Business Administration (SBA). False
T/F An alternative to debt or equity financing that enables a company to acquire the use of equipment is leasing. True
What are three reasons why most new ventures need to raise money during their early life. CASH FLOW CHALLENGES, CAPITAL INVESTMENTS, LENGTHY PRODUCT DEVELOPMENT CYCLES
Describe CASH FLOW CHALLENGES: As a firm grows, it requires an increasing amount of cash to fund operations and serve its customers, often before generating sufficient revenue and earning income.
Describe CAPITAL INVESTMENTS: Firms often need to fund investments in property, equipment and other capital expenditures early on.
Describe LENGTHY PRODUCT DEVELOPMENT CYCLES: In many industries firms need to pay substantial upfront costs before the anticipated payoff of the product is realized.
DEBT financing involves: involves getting a loan, does not convey any ownership rights to lender, must be repaid with interest, interest is tax deductible
EQUITY financing involves: partial ownership of the firm, typically in the form of stock, does not involve repayment, investors earn a return by selling their stock at a higher price than they paid (capital gain) and/or dividend payments, dividend payments not tax deductible
_____ is the limited group of potential customers a firm goes after or to which it tries to appeal. Target market
Which marketing concept pertains primarily to how a firm differentiates itself from competitors? establishing a unique position
Nike's "Just do it" is an example of ________. a tagline
_____ is the set of assets and liabilities that are linked to a brand and enable it to raise a firm's valuation. Brand equity
Which of the following is NOT one of the four P's? Positioning
A mid-size Lexus might only cost 15% more to produce than other mid-sized cars but is priced significantly higher than other mid-sized cars. Which of the following is the pricing method used for Lexus? value-based pricing
What is NOT considered a promotion tactic or activity? Gaining the exclusive right to retail a company's products in a specific area for a specific period of time.
What is a major advantage of selling direct? Being able to control the process of moving products from their place of origin to the end user instead of relying on third parties.
_____ give a retailer or other intermediary the exclusive rights to sell a company's products. Exclusive distribution arrangements
T/F One way a computer company can consider the industry it participates in is to consider it comprised of school customers, business customers, government customers, and household customers; this is an example of market segmentation. True
T/F The first step in selecting a target market is to establish a unique position that differentiates you from your competitors. False
T/F New ventures are more likely to target an entire segment of a market because they lack the expertise to focus on a niche within the segment. False
T/F It is generally more important for an entrepreneur to emphasize a product or service's features when trying to gain attention from the media. false
T/F The product line mix is the set of controllable, tactical marketing tools a firm uses to produce the response it wants in the target market. False
T/F A service is an activity or benefit that is intangible, doesn't take a physical form, and falls under the product "P" of the four Ps. True
T/F Most experts encourage entrepreneurs to charge a low price for their products as a way to quickly capture market share. False
T/F The Internet has brought about a major highly focused innovation in advertising known as pay-per-click advertising. True
T/F Public relations, which are efforts to establish and maintain a company's image with the public, is emphasized by many start-ups because, relative to advertising, it is cheaper and helps build credibility. True
T/F Decisions regarding a firm's distribution channels would fall under the promotion "P" of the four Ps. False
what is a firm's target market The target market is the limited group of individuals or businesses that a firm goes after or to which it tries to appeal.
the steps a firm goes through in selecting that target market. 1-segment the market,2-select a target market that is sufficiently attractive and which the firm can serve well,3-establish a unique position that differentiates a firm from its competitors.
The four P’s are Product, Price, Promotion, Place
The 4 P’s Product refers to good or service offered, quality level, features, design, brand name, and packaging
The 4 P’s Price refers to amount of money consumers pay, only element of the marketing mix that produces revenues; the other elements generate costs
The 4 P’s Promotion refers to activities the firm takes to communicate the merits of its product to its target market, advertising, public relations, samples and trials, event sponsorship, viral marketing
The 4 P’s Place refers to all the activities that move a firm's product from its place of origin to the consumer, can sell direct, or sell via intermediaries
_____ is a grant from the federal government conferring the rights to exclude others from making, selling, or using an invention for a certain term. Patent
Which type of patent would be applicable to something like Amazon.com's one-click ordering system or Priceline.com "name-your-own-price" model of purchasing travel and accommodations? business method patent
_____ is any word, name, symbol, or device used to identify the source or origin of products or services and to distinguish those products or services from others. a trademark
Which form of intellectual property protection is granted to the owner of a work of authorship, and requires the work to be in tangible form? copyright
Assume a firm's marketing VP leaves to become the marketing VP of a rival firm, and creates a marketing plan for the new firm that is virtually identical to one he was working on at the old firm. The old firm could argue that this is a ________. trade secret dispute
The first step a firm should take to protect its intellectual property is to determine the intellectual property that it owns by ________. conducting an intellectual property audit
T/F Although intellectual property has no value in the marketplace, it is important to firms because it is the result of human imagination and inventiveness. False
T/F The loss to a business of intellectual property assets can be as costly as the loss of physical property like equipment and buildings. True
T/F Owning the exclusive rights to something, even if no market for it exists, has tremendous value. False
T/F Once an entrepreneur has obtained legal protection of their intellectual property, they should contact the police immediately if they observe any infringements or violations of their intellectual property rights. False
T/F Patent protection has a long history; it was mentioned in the U.S. Constitution. True
T/F Utility patents, the most common type of patent, have terms of 20 years from the date of application. True
T/F Scandalous matter, such as profane language used by very creative stand-up comedians can be protected by trademark. False
T/F The title of the textbooks for each of your classes is excluded from copyright protection. True
T/F Bootleg or pirated DVDs and CDs are examples of copyright infringement. true
List the steps involved in the process of obtaining a patent: 1: Make sure the invention is practical. 2: Document when the invention was made. 3: Hire a patent attorney. 4: Conduct a patent search. 5: File a patent application. 6: Obtain a decision from the U.S. Patent and Trademark Office.
Created by: romoore245
 

 



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