GB 370 QUIZ 2 – ENTREPRENEUR
EXAM QUESTIONS AND ANSWERS
Twobqbasicbqmarketsbqtobqsellbqtobq-bqANSWERS--Consumerbqandbqbusiness
Creatingbqabqgoodbqniche,bqadvisesbqFalkenstein,bqinvolvesbqfollowingbqabqseven-
stepbqprocess:bq-bqANSWERS--
Makebqabqwishbqlist,bqfocus,bqdescribebqthebqcustomer'sbqworldview,bqsynthesize,bqevaluat
e,bqtest,bqandbqgobqforbqit!
Whatbqdoesbqthebqmissionbqstatementbqreflectbqaboutbqyourbqbusiness?bq-bqANSWERS--
Thebqrangebq&bqnaturebqofbqthebqproductsbqyoubqoffer,bqpricing,bqqualitybqservice,bqmarketp
lacebqposition,bqgrowthbqpotential,bqusebqofbqtechnology,bqandbqyourbqrelationshipsbqwithbq
yourbqcustomers,bqemployees,bqsuppliers,bqcompetitors,bqandbqthebqcommunity
Whobqsaid,bq"Missionbqstatementsbqhelpbqclarifybqwhatbqbusinessbqyoubqarebqin,bqyourbqgo
als,bqandbqyourbqobjectives"bq?bq-bqANSWERS--
RhondabqAbrams,bqauthorbqofbqSuccessfulbqBusinessbqPlan:bqSecretsbq&bqStrategies
Thesebq10bqquestionsbqwillbqhelpbqyoubqcreatebqabqverbalbqpicturebqofbqyourbqbusiness'bqmi
ssion:bq-bqANSWERS--1.bqWhybqarebqyoubqinbqbusiness?
2.bqWhobqarebqyourbqcustomers?
3.bqWhatbqimagebqofbqyourbqbusinessbqdobqyoubqwantbqtobqconvey?
4.bqWhatbqisbqthebqnaturebqofbqyourbqproductsbqandbqservices?
5.bqWhatbqlevelbqofbqservicebqdobqyoubqprovide?
6.bqWhatbqrolesbqdobqyoubqandbqyourbqemployeesbqplay?
7.bqWhatbqkindbqofbqrelationshipsbqwillbqyoubqmaintainbqwithbqsuppliers?
8.bqHowbqdobqyoubqdifferbqfrombqcompetitors?
9.bqHowbqwillbqyoubqusebqtechnology,bqcapital,bqprocesses,bqproducts,bqandbqservicesbqtobq
reachbqyourbqgoals?
10.bqWhatbqunderlyingbqphilosophiesbqorbqvaluesbqguidedbqyourbqresponsesbqtobqthebqprev
iousbqquestions?
Tipsbqtobqmakebqyourbqmissionbqstatementbqthebqbestbqitbqcanbqbe:bq-bqANSWERS--
1.bqInvolvebqthosebqconnectedbqtobqyourbqbusinessbq
2.bqSetbqasidebqseveralbqhouses
3.bqPlanbqabqdatebq
4.bqBebqpreparedbq
5.bqBrainstorm
6.bqUsebq"radiantbqwords"
Whobqsaidbq"there'sbqonlybqonebqbossbq-bqthebqcustomer."bq?bq-bqANSWERS--
SambqWalton,bqfounderbqofbqWalmart
"Manybqbusinessesbqownersbqneglectbqthisbqcrucialbqstepbqinbqproductbqdevelopmentbqforb
qthebqsolebqreasonbqofbqnotbqwantingbqtobqreceivebqnegativebqfeedback"bq-
bqDonnabqBarsonbq-bqANSWERS--Marketbqresearch
, Whatbqexactlybqisbqmarketbqresearch?bq-bqANSWERS--
Abqwaybqofbqcollectingbqinformationbqyoubqcanbqusebqtobqsolvebqorbqavoidbqmarketingbqprobl
ems
Marketbqresearchbqshouldbqprovidebqyoubqwithbqinformationbqaboutbq3bqcriticalbqareas:bq-
bqANSWERS--thebqindustry,bqthebqconsumer,bqandbqthebqcompetition
Industrybqinformationbq-bqANSWERS--
Lookbqforbqthebqlatestbqtrends,bqcomparebqstatisticsbqandbqgrowth
Consumerbqclose-upbq-bqANSWERS--
Beginbqwithbqabqmarketbqsurvey,bqestimatebqthebqlocation'sbqpurchasingbqpowerbqbasedbqo
nbqitsbqper-
capitabqincome,bqestimatebqhowbqmuchbqofbqthebqtotalbqsalesbqvolumebqyoubqcanbqreasona
blybqobtain
Competitivebqclose-upbq-bqANSWERS--
Keepbqanbqeyebqoutbqforbqpotentialbqfuturebqcompetitorsbqasbqwellbqasbqcurrentbqones,bqexa
minebqthebqnumberbqofbqcompetitorsbqonbqabqlocalbqandbqnationalbqscale
Marketbqresearchbqmethodsbq-bqANSWERS--
Gatherbqtwobqtypesbqofbqdata:bqprimarybqandbqsecondary
Primarybqresearchbq-bqANSWERS--
informationbqthatbqcomesbqdirectlybqfrombqthebqsourcebq-
bqthatbqis,bqpotentialbqcustomers.bq(surveys,bqfocusbqgroups)
Secondarybqresearchbq-bqANSWERS--
involvesbqgatheringbqstatistics,bqreports,bqstudies,bqandbqotherbqdatabqfrombqorganizations
bqsuchbqasbqgovernmentbqagencies,bqtradebqassociations,bqandbqyourbqlocalbqchamberbqofb
qcommerce
Mostbqofbqyourbqresearchbqwillbqbebq...bq-bqANSWERS--Secondarybqresearch
Twobqgoodbqsourcesbqforbqbusinessesbqreferencesbq-bqANSWERS--
ThomasNetbqandbqD&BbqHooversbqIndustrybqReports
Tobqgetbqinsightsbqintobqconsumerbqmarketsbqcheckbqout...bq-bqANSWERS--
StatisticalbqAbstractbqofbqthebqUnitedbqStates
WhatbqdoesbqthebqStatisticalbqAbstractbqofbqthebqUnitedbqStatesbqcontain?bq-
bqANSWERS--abqwealthbqofbqsocial,bqpoliticalbqandbqeconomicbqdata
Governmentbqagenciesbq-bqANSWERS--
anbqinvaluablebqsourcebqofbqmarketbqresearch,bqusuallybqfree
D&B'sbqregionalbqbusinessbqdirectoriesbq-bqANSWERS--
providebqdetailedbqinformationbqtobqhelpbqidentifybqnewbqbusinessbqprospectsbqandbqassist
sbqmarketbqpotential
EXAM QUESTIONS AND ANSWERS
Twobqbasicbqmarketsbqtobqsellbqtobq-bqANSWERS--Consumerbqandbqbusiness
Creatingbqabqgoodbqniche,bqadvisesbqFalkenstein,bqinvolvesbqfollowingbqabqseven-
stepbqprocess:bq-bqANSWERS--
Makebqabqwishbqlist,bqfocus,bqdescribebqthebqcustomer'sbqworldview,bqsynthesize,bqevaluat
e,bqtest,bqandbqgobqforbqit!
Whatbqdoesbqthebqmissionbqstatementbqreflectbqaboutbqyourbqbusiness?bq-bqANSWERS--
Thebqrangebq&bqnaturebqofbqthebqproductsbqyoubqoffer,bqpricing,bqqualitybqservice,bqmarketp
lacebqposition,bqgrowthbqpotential,bqusebqofbqtechnology,bqandbqyourbqrelationshipsbqwithbq
yourbqcustomers,bqemployees,bqsuppliers,bqcompetitors,bqandbqthebqcommunity
Whobqsaid,bq"Missionbqstatementsbqhelpbqclarifybqwhatbqbusinessbqyoubqarebqin,bqyourbqgo
als,bqandbqyourbqobjectives"bq?bq-bqANSWERS--
RhondabqAbrams,bqauthorbqofbqSuccessfulbqBusinessbqPlan:bqSecretsbq&bqStrategies
Thesebq10bqquestionsbqwillbqhelpbqyoubqcreatebqabqverbalbqpicturebqofbqyourbqbusiness'bqmi
ssion:bq-bqANSWERS--1.bqWhybqarebqyoubqinbqbusiness?
2.bqWhobqarebqyourbqcustomers?
3.bqWhatbqimagebqofbqyourbqbusinessbqdobqyoubqwantbqtobqconvey?
4.bqWhatbqisbqthebqnaturebqofbqyourbqproductsbqandbqservices?
5.bqWhatbqlevelbqofbqservicebqdobqyoubqprovide?
6.bqWhatbqrolesbqdobqyoubqandbqyourbqemployeesbqplay?
7.bqWhatbqkindbqofbqrelationshipsbqwillbqyoubqmaintainbqwithbqsuppliers?
8.bqHowbqdobqyoubqdifferbqfrombqcompetitors?
9.bqHowbqwillbqyoubqusebqtechnology,bqcapital,bqprocesses,bqproducts,bqandbqservicesbqtobq
reachbqyourbqgoals?
10.bqWhatbqunderlyingbqphilosophiesbqorbqvaluesbqguidedbqyourbqresponsesbqtobqthebqprev
iousbqquestions?
Tipsbqtobqmakebqyourbqmissionbqstatementbqthebqbestbqitbqcanbqbe:bq-bqANSWERS--
1.bqInvolvebqthosebqconnectedbqtobqyourbqbusinessbq
2.bqSetbqasidebqseveralbqhouses
3.bqPlanbqabqdatebq
4.bqBebqpreparedbq
5.bqBrainstorm
6.bqUsebq"radiantbqwords"
Whobqsaidbq"there'sbqonlybqonebqbossbq-bqthebqcustomer."bq?bq-bqANSWERS--
SambqWalton,bqfounderbqofbqWalmart
"Manybqbusinessesbqownersbqneglectbqthisbqcrucialbqstepbqinbqproductbqdevelopmentbqforb
qthebqsolebqreasonbqofbqnotbqwantingbqtobqreceivebqnegativebqfeedback"bq-
bqDonnabqBarsonbq-bqANSWERS--Marketbqresearch
, Whatbqexactlybqisbqmarketbqresearch?bq-bqANSWERS--
Abqwaybqofbqcollectingbqinformationbqyoubqcanbqusebqtobqsolvebqorbqavoidbqmarketingbqprobl
ems
Marketbqresearchbqshouldbqprovidebqyoubqwithbqinformationbqaboutbq3bqcriticalbqareas:bq-
bqANSWERS--thebqindustry,bqthebqconsumer,bqandbqthebqcompetition
Industrybqinformationbq-bqANSWERS--
Lookbqforbqthebqlatestbqtrends,bqcomparebqstatisticsbqandbqgrowth
Consumerbqclose-upbq-bqANSWERS--
Beginbqwithbqabqmarketbqsurvey,bqestimatebqthebqlocation'sbqpurchasingbqpowerbqbasedbqo
nbqitsbqper-
capitabqincome,bqestimatebqhowbqmuchbqofbqthebqtotalbqsalesbqvolumebqyoubqcanbqreasona
blybqobtain
Competitivebqclose-upbq-bqANSWERS--
Keepbqanbqeyebqoutbqforbqpotentialbqfuturebqcompetitorsbqasbqwellbqasbqcurrentbqones,bqexa
minebqthebqnumberbqofbqcompetitorsbqonbqabqlocalbqandbqnationalbqscale
Marketbqresearchbqmethodsbq-bqANSWERS--
Gatherbqtwobqtypesbqofbqdata:bqprimarybqandbqsecondary
Primarybqresearchbq-bqANSWERS--
informationbqthatbqcomesbqdirectlybqfrombqthebqsourcebq-
bqthatbqis,bqpotentialbqcustomers.bq(surveys,bqfocusbqgroups)
Secondarybqresearchbq-bqANSWERS--
involvesbqgatheringbqstatistics,bqreports,bqstudies,bqandbqotherbqdatabqfrombqorganizations
bqsuchbqasbqgovernmentbqagencies,bqtradebqassociations,bqandbqyourbqlocalbqchamberbqofb
qcommerce
Mostbqofbqyourbqresearchbqwillbqbebq...bq-bqANSWERS--Secondarybqresearch
Twobqgoodbqsourcesbqforbqbusinessesbqreferencesbq-bqANSWERS--
ThomasNetbqandbqD&BbqHooversbqIndustrybqReports
Tobqgetbqinsightsbqintobqconsumerbqmarketsbqcheckbqout...bq-bqANSWERS--
StatisticalbqAbstractbqofbqthebqUnitedbqStates
WhatbqdoesbqthebqStatisticalbqAbstractbqofbqthebqUnitedbqStatesbqcontain?bq-
bqANSWERS--abqwealthbqofbqsocial,bqpoliticalbqandbqeconomicbqdata
Governmentbqagenciesbq-bqANSWERS--
anbqinvaluablebqsourcebqofbqmarketbqresearch,bqusuallybqfree
D&B'sbqregionalbqbusinessbqdirectoriesbq-bqANSWERS--
providebqdetailedbqinformationbqtobqhelpbqidentifybqnewbqbusinessbqprospectsbqandbqassist
sbqmarketbqpotential
