Final Exam - Marketing 201 BYU questions and answers

Final Exam - Marketing 201 BYU questions and
answers

Which would be the best example of entrepreneurial R&D?
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Find a way to rock the universe through cutting edge design.
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Start with a patented product from a large corporation then look for a small way to work around the patent so you
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can steal a big chunk of their market.
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Come up with a completely new product that you can take into a new or un-explored market.
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Copy the products and marketing tactics of larger, successful competitors.
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Make incremental improvements to a product or service that is already making money in a proven market. -
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answersMake incremental improvements to a product or service that is already making money in a proven
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market.
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Entrepreneurs face a David and Goliath competitive landscape. To have a fighting chance, the entrepreneur wu wu wu wu wu wu wu wu wu wu wu wu wu wu




needs to do which of the following?
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Copy the market leader's strategy. wu wu wu wu




Play to his/her own set of strengths.
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Copy a market follower for a safe position in the market.
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Play the same game as the market leader. - answersPlay to his/her own set of strengths.
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Which of the product characteristics elevates a new venture from copycat to unique and valued?
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low price wu




brand extensions wu




high quality wu




standing for something that is different and valued by customers wu wu wu wu wu wu wu wu wu




multiple product lines - answersstanding for something that is different and valued by customers
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The story of 3M is wu wu wu wu




a story about a stroke of pure luck, because 3M never would have succeeded if the office next door hadn't had
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yellow paper.
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a story that illustrates that with enough money a large corporation always has an advantage over entrepreneurs
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and start-up companies.
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a new product success story that was bottom-up because there was a market demand for a non-permanent sticky
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note, even though 3M didn't know it.
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a bottom-up example of a new technology that struggled for acceptance until the inventor could find the right
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marketing angle. - answersa bottom-up example of a new technology that struggled for acceptance until the
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inventor could find the right marketing angle.
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Big business strategies simply don't work for entrepreneurs because
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entrepreneurial ventures are typically funded on a shoestring. wu wu wu wu wu wu wu




entrepreneurs can't afford to buy success, they earn it. wu wu wu wu wu wu wu wu




entrepreneurs do not have millions to spend on R&D and sophisticated messaging. wu wu wu wu wu wu wu wu wu wu wu




all of the above.
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none of the above. - answersall of the above.
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, The key to success for an entrepreneur is which of the following?
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exceptional qualifications wu




angle
exclusivity
a proprietary idea
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significant capital - answersangle wu wu wu




A latent need is a need that the customer
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finds embarrassing. wu




shares openly with everyone. wu wu wu




discusses only with close friends. wu wu wu wu




does not explicitly recognize or express. - answersdoes not explicitly recognize or express.
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Jibbitz for Crocs is a wonderful example of wu wu wu wu wu wu wu




an augmented product providing a big opportunity.
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dancing without socks. wu wu




reducing perceived risk. wu wu




minimizing pain for a select group of customers. wu wu wu wu wu wu wu




using crocodile skins for shoe accessories. - answersan augmented product providing a big opportunity.
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Entrepreneurial R&D can be defined as wu wu wu wu wu




restate and define. wu wu




realize and develop. wu wu




research and development as performed by DuPont and 3M. wu wu wu wu wu wu wu wu




rip off and design. wu wu wu




research and design. - answersrip off and design. wu wu wu wu wu wu wu




New businesses shouldn't fall victim to "paralysis by analysis," nor should they "fly by the seat of their pants."
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Instead they should do which of the following?
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Focus on marketing research. wu wu wu




Balance "gut feel" with market and marketing research. wu wu wu wu wu wu wu




Use instincts to make quick decisions.
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Focus on market research. - answersBalance "gut feel" with market and marketing research.
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Most ideas for new businesses come from wu wu wu wu wu wu




serendipitous discovery. wu




systematic market research. wu wu




technology breakthroughs. wu




the PC revolution. wu wu




replicating or modifying an existing idea. - answersreplicating or modifying an existing idea. wu wu wu wu wu wu wu wu wu wu wu wu




What would be the angle for a Star Trek pizza cutter?
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solves pain wu




entertains
creates new opportunity wu wu




rides a wave wu wu




all of the above - answersentertains
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