GB 370 QUIZ 2 - Entrepreneur Questions and Answers Latest Update 2025-2026
Two basic markets to sell to - Answers Consumer and business
Creating a good niche, advises Falkenstein, involves following a seven-step process: - Answers
Make a wish list, focus, describe the customer's worldview, synthesize, evaluate, test, and go for
it!
What does the mission statement reflect about your business? - Answers The range & nature of
the products you offer, pricing, quality service, marketplace position, growth potential, use of
technology, and your relationships with your customers, employees, suppliers, competitors, and
the community
Who said, "Mission statements help clarify what business you are in, your goals, and your
objectives" ? - Answers Rhonda Abrams, author of Successful Business Plan: Secrets &
Strategies
These 10 questions will help you create a verbal picture of your business' mission: - Answers 1.
Why are you in business?
2. Who are your customers?
3. What image of your business do you want to convey?
4. What is the nature of your products and services?
5. What level of service do you provide?
6. What roles do you and your employees play?
7. What kind of relationships will you maintain with suppliers?
8. How do you differ from competitors?
9. How will you use technology, capital, processes, products, and services to reach your goals?
10. What underlying philosophies or values guided your responses to the previous questions?
Tips to make your mission statement the best it can be: - Answers 1. Involve those connected to
your business
2. Set aside several houses
3. Plan a date
4. Be prepared
5. Brainstorm
, 6. Use "radiant words"
Who said "there's only one boss - the customer." ? - Answers Sam Walton, founder of Walmart
"Many businesses owners neglect this crucial step in product development for the sole reason
of not wanting to receive negative feedback" - Donna Barson - Answers Market research
What exactly is market research? - Answers A way of collecting information you can use to
solve or avoid marketing problems
Market research should provide you with information about 3 critical areas: - Answers the
industry, the consumer, and the competition
Industry information - Answers Look for the latest trends, compare statistics and growth
Consumer close-up - Answers Begin with a market survey, estimate the location's purchasing
power based on its per-capita income, estimate how much of the total sales volume you can
reasonably obtain
Competitive close-up - Answers Keep an eye out for potential future competitors as well as
current ones, examine the number of competitors on a local and national scale
Market research methods - Answers Gather two types of data: primary and secondary
Primary research - Answers information that comes directly from the source - that is, potential
customers. (surveys, focus groups)
Secondary research - Answers involves gathering statistics, reports, studies, and other data
from organizations such as government agencies, trade associations, and your local chamber
of commerce
Most of your research will be ... - Answers Secondary research
Two good sources for businesses references - Answers ThomasNet and D&B Hoovers Industry
Reports
To get insights into consumer markets check out... - Answers Statistical Abstract of the United
States
What does the Statistical Abstract of the United States contain? - Answers a wealth of social,
political and economic data
Government agencies - Answers an invaluable source of market research, usually free
D&B's regional business directories - Answers provide detailed information to help identify new
business prospects and assists market potential
D&B's million dollar database - Answers can help you develop a marketing campaign for B2B
Two basic markets to sell to - Answers Consumer and business
Creating a good niche, advises Falkenstein, involves following a seven-step process: - Answers
Make a wish list, focus, describe the customer's worldview, synthesize, evaluate, test, and go for
it!
What does the mission statement reflect about your business? - Answers The range & nature of
the products you offer, pricing, quality service, marketplace position, growth potential, use of
technology, and your relationships with your customers, employees, suppliers, competitors, and
the community
Who said, "Mission statements help clarify what business you are in, your goals, and your
objectives" ? - Answers Rhonda Abrams, author of Successful Business Plan: Secrets &
Strategies
These 10 questions will help you create a verbal picture of your business' mission: - Answers 1.
Why are you in business?
2. Who are your customers?
3. What image of your business do you want to convey?
4. What is the nature of your products and services?
5. What level of service do you provide?
6. What roles do you and your employees play?
7. What kind of relationships will you maintain with suppliers?
8. How do you differ from competitors?
9. How will you use technology, capital, processes, products, and services to reach your goals?
10. What underlying philosophies or values guided your responses to the previous questions?
Tips to make your mission statement the best it can be: - Answers 1. Involve those connected to
your business
2. Set aside several houses
3. Plan a date
4. Be prepared
5. Brainstorm
, 6. Use "radiant words"
Who said "there's only one boss - the customer." ? - Answers Sam Walton, founder of Walmart
"Many businesses owners neglect this crucial step in product development for the sole reason
of not wanting to receive negative feedback" - Donna Barson - Answers Market research
What exactly is market research? - Answers A way of collecting information you can use to
solve or avoid marketing problems
Market research should provide you with information about 3 critical areas: - Answers the
industry, the consumer, and the competition
Industry information - Answers Look for the latest trends, compare statistics and growth
Consumer close-up - Answers Begin with a market survey, estimate the location's purchasing
power based on its per-capita income, estimate how much of the total sales volume you can
reasonably obtain
Competitive close-up - Answers Keep an eye out for potential future competitors as well as
current ones, examine the number of competitors on a local and national scale
Market research methods - Answers Gather two types of data: primary and secondary
Primary research - Answers information that comes directly from the source - that is, potential
customers. (surveys, focus groups)
Secondary research - Answers involves gathering statistics, reports, studies, and other data
from organizations such as government agencies, trade associations, and your local chamber
of commerce
Most of your research will be ... - Answers Secondary research
Two good sources for businesses references - Answers ThomasNet and D&B Hoovers Industry
Reports
To get insights into consumer markets check out... - Answers Statistical Abstract of the United
States
What does the Statistical Abstract of the United States contain? - Answers a wealth of social,
political and economic data
Government agencies - Answers an invaluable source of market research, usually free
D&B's regional business directories - Answers provide detailed information to help identify new
business prospects and assists market potential
D&B's million dollar database - Answers can help you develop a marketing campaign for B2B
