Entrepreneurial Marketing Textbook Exam
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Entrepreneurial Marketing explores the unique challenges and opportunities associated with marketing in entrepreneurial ventures and startups. This course examines how innovative firms identify opportunities, create value propositions, and reach target customers with limited resources. Topics covered include market research for new products and services, customer development, guerrilla and digital marketing strategies, leveraging partnerships, and building brand awareness on a budget. Students will analyze case studies and develop marketing plans tailored to dynamic, rapidly evolving markets, preparing them to think creatively and act strategically in competitive entrepreneurial environments.
Recommended Textbook
Entrepreneurship Successfully Launching New Ventures 5th Edition by Bruce R. Barringer
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Page 2
Chapter 1: Introduction to Entrepreneurship
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Sample Questions
Q1) Suppose you are a Small Business Development Center counselor and you're looking at the personality profiles of five potential entrepreneurs. Based on the profiles, which individual has the most desirable mix of personal characteristics to become a successful entrepreneur?
A) Candidate A: visionary, energetic, moderate risk taker
B) Candidate B: seeks recognition, self-starter, creative
C) Candidate C: visionary, high-risk taker, energetic
D) Candidate D: high-risk taker, achievement-motivated, networker
E) Candidate E: tolerant for ambiguity, seeks recognition, motivated primarily by money
Answer: A
Q2) There has been ________ in the number of minority entrepreneurs in the United States over the past several years.
A) a moderate increase
B) a substantial decrease
C) no meaningful change
D) a substantial increase
E) a moderate decrease
Answer: D
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3
Chapter 2: Recognizing Opportunities and Generating Ideas
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Sample Questions
Q1) Jessica Smith is thinking about starting a chain of fitness centers for young adults ages 18-30. Which of the following is not an appropriate criterion for Jessica to test her idea against?
A) Determine whether the "window of opportunity" is open.
B) Determine whether a fitness center for young adults ages 18-30 meets the threshold of being a good idea.
C) Determine the extent to which the notion takes advantage of an environmental trend, solves a problem, or fills a gap in the marketplace.
D) Determine whether opening a fitness center for young adults ages 18-30 is timely.
E) Determine whether opening a fitness center for young adults ages 18-30 is a concept that creates value for its buyer or end user.
Answer: B
Q2) Creativity and innovation are almost identical concepts.
A)True
B)False
Answer: False
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4
Chapter 3: Feasibility Analysis
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Sample Questions
Q1) The First Screen feasibility analysis template included in Chapter 3 is called "First Screen" because ________.
A) it is the first feasibility analysis template created
B) it is the first and most important step in the opportunity recognition process
C) it is the first step in a sequence of several steps that must be completed before a business idea is deemed to be feasible
D) feasibility analysis is an entrepreneur's initial or first pass at determining the feasibility of a business idea
E) it is the first of several "screens" that a business idea must pass through before it is considered to be feasible
Answer: D
Q2) The two components to product/service feasibility analysis are product/service desirability and total startup funds needed.
A)True
B)False
Answer: False
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Chapter 4: Developing an Effective Business Model
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Sample Questions
Q1) Value-driven businesses focus on minimizing costs wherever possible.
A)True
B)False
Q2) In the Barringer/Ireland Business Model Template, key assets can be ________.
A) fixed, situational, variable, and permanent
B) tactical, strategic, fixed, and variable
C) tangible, intangible, variable, and fixed
D) temporary, permanent, fixed, and variable
E) physical, financial, intellectual, or human
Q3) Which of the following firms has a peer-to-peer business model?
A) Dell
B) Dropbox
C) Airbnb
D) Salesforce.com
E) Google
Q4) The four major categories in the Barringer/Ireland Business Model Template are: core strategy, resources, financials, and operations.
A)True
B)False
Q5) Describe the Barringer/Ireland Business Model Template and discuss its purpose.
Page 6
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Chapter 5: Industry and Competitor Analysis
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Sample Questions
Q1) The primary opportunity existing for startups in fragmented industries is to
A) pursue a niche strategy, which focuses on a narrow segment of the industry that might be encouraged to grow through product or process innovation
B) win customers by placing an emphasis on service and process innovation
C) capture a first-mover advantage
D) pursue a cost reduction strategy, which is accomplished through achieving lower costs than industry incumbents through process innovation
E) consolidate the industry and establish industry leadership as a result of doing so
Q2) Which of Porter's five forces is most directly influenced by the number and balance of competitors, degree of difference between products, growth rate of an industry, and level of fixed costs?
A) Threat of new entrants
B) Rivalry among existing firms
C) Threat of substitutes
D) Bargaining power of buyers
E) Bargaining power of suppliers
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Chapter 6: Writing a Business Plan
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Sample Questions
Q1) Why is the "management team and company structure" section of the business plan often given disproportionate weight among investors?
Q2) A commercialization plan is a written narrative that describes what a new business plans to accomplish and how it plans to accomplish it.
A)True
B)False
Q3) The executive summary is a lengthy overview of the entire business plan.
A)True
B)False
Q4) What is a business plan?
Q5) Which of the following is not an individual, group or institution that normally reads a company's business plan?
A) Board of directors
B) Potential alliance partners and major customers
C) State and local government officials
D) Key recruits for jobs with the new firm
E) Rank-and-file employees
Q6) What are the two main reasons for writing a business plan?
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Chapter 7: Preparing the Proper Ethical and Legal Foundation
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Sample Questions
Q1) A ________ partnership is a modified form of a general partnership.
A) restricted
B) limited
C) partial
D) constrained
E) fractional
Q2) ________ are a special form of incentive compensation. These plans provide employees the option or right to buy a certain number of shares of their company's stock at a stated price over a certain period of time.
A) Corporate options
B) Collective plans
C) Share plans
D) Stock options
E) Dividends
Q3) It is usually easier for a corporation to raise investment capital than a sole proprietorship or a general partnership because the shareholders are not liable beyond their investment in the firm.
A)True
B)False
Page 9
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Chapter 8: Assessing a New Venture's Financial Strength and Viability
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Sample Questions
Q1) The statement of cash flows is divided into three separate activities ________.
A) profitability activities, stability activities, and investing activities
B) stability activities, earning activities, and financing activities
C) operating activities, capital activities, and liquidity activities
D) spending activities, earning activities, and capital activities
E) operating activities, investing activities, and financing activities
Q2) Real estate, buildings, equipment and furniture are classified as ________ assets on a company's balance sheet.
A) intermediate term
B) fixed
C) other
D) permanent
E) current
Q3) The income statement records all the revenues and expenses for a given period and shows whether the firm is making a profit or is experiencing a loss.
A)True
B)False
Q4) What is ratio analysis? Why is it important?
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Q5) Describe the difference between historical and pro forma financial statements.
Chapter 9: Building a New-Venture Team
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Q1) Founding teams that have worked together before, as opposed to teams that are working together for the first time, have an edge.
A)True
B)False
Q2) According to the textbook, which of the following statements is inaccurate regarding the size and composition of the founding team of a firm?
A) There is no relationship between a founding team's size and its effectiveness.
B) A founding team larger than four people is typically too large to be practical.
C) The members of a homogeneous founding team are similar in terms of their abilities and experiences.
D) The members of a heterogeneous founding team are diverse in terms of their abilities and experiences.
E) A founding team can be too big, causing communication problems and increasing potential for conflict.
Q3) What is the difference between a heterogeneous and a homogeneous founding team? Which type of team has the advantage?
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11
Chapter 10: Getting Financing or Funding
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Q1) According to the textbook, many entrepreneurs go about the task of raising capital haphazardly because they ________.
A) are uncomfortable talking about money and they haven't written a business plan
B) lack experience in this area and because they don't know much about their choices
C) are focused on the nuts and bolts of starting their business
D) haven't completed a feasibility analysis or business plan
E) are intimidated by the process and they are unsure of how much money they need
Q2) ________ are limited partnerships of money managers who raise money in "funds" to invest in startups and growing firms.
A) Venture capital firms
B) Business angels
C) Institutional investors
D) Investment bankers
E) Business capitalists
Q3) What is a business angel? Describe the prototypical business angel. How much money do business angels typically invest in a single company?
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Chapter 11: Unique Marketing Issues
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Sample Questions
Q1) A ________ market is a place within a market segment that represents a narrower group of customers with similar interests.
A) position
B) niche
C) slot
D) spot
E) gap
Q2) A firm's marketing mix consists of ________.
A) product, price, promotion, and place
B) passion, pride, promotion, and place
C) passion, pleasure, product, and price
D) enthusiasm, passion, product, and price
E) place, promotion, passion, and product
Q3) A(n) ________ channel is a route a product takes from the place it is made to the customer who is the end user.
A) trade
B) product
C) allotment
D) promotion
E) distribution
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Chapter 12: The Importance of Intellectual Property
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Q1) Consider the following questions: Are products under development that require patent protection? Are we in compliance with the copyright license agreements into which we have entered? Is anyone infringing on our trademarks? Are company trade secrets leaking out to competitors? These are the types of questions that would be asked when conducting a(n) ________.
A) intangible material examination
B) intellectual property inventory
C) intangible material inspection
D) patent, trademark, copyright, and trade secret review
E) intellectual property audit
Q2) Which of the following is not one of the four key forms of intellectual property protection?
A) Innovations
B) Copyrights
C) Trademarks
D) Trade secrets
E) Patents
Q3) What are the two primary rules of thumb for determining whether intellectual property protection should be pursued for a particular intellectual asset?
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Page 14
Chapter 13: Preparing for and Evaluating the Challenges of Growth
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Sample Questions
Q1) Which of the following is not an appropriate reason for firm growth?
A) Increasing the compensation of the top managers of the firm
B) Ability to attract and retain talented employees
C) Need to accommodate the growth of key customers
D) Market leadership
E) Economies of scale
Q2) ________ costs are the costs a company incurs as it makes sales.
A) Static
B) Irregular
C) Balanced
D) Variable
E) Flexible
Q3) ________ are(is) generated when increasing production lowers the average cost of each unit produced.
A) Business scalability
B) Economies of scale
C) Reaching for scale
D) Market leadership
E) Economies of scope
Q4) What is the organizational life cycle and why is it important?
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Chapter 14: Strategies for Firm Growth
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Q1) According to a survey of rapid growth firms conducted by the Small Business & Entrepreneurship Council and the Financial Services Roundtable, ________ percent of the firms in the survey said that expanding into overseas markets factored into their business plans over the next five years.
A) 9
B) 21
C) 40
D) 53
E) 66
Q2) Work that is done for a company by people other than the company's full-time employees is referred to as ________.
A) insourcing
B) farming-out
C) personnel extension
D) outsourcing
E) capacity enhancement
Q3) Describe what a joint venture is. Identify the two types of joint ventures.
Q4) Describe what licensing is. What type of intellectual property can be licensed? Identify the two types of licensing pursued by entrepreneurial firms.
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Chapter 15: Franchising
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Sample Questions
Q1) The Franchise Disclosure Document is accepted in (or by) ________.
A) 11 states
B) all 50 states, all of Canada, and parts of Mexico
C) 39 states and all of Canada
D) all 50 states and parts of Canada
E) all nations participating in the North America Free Trade Agreement
Q2) An area franchise agreement allows a franchisee to own and operate a specific number of outlets in a particular geographic area.
A)True
B)False
Q3) The Franchise Disclosure Document is the document that consummates the sale of a franchise.
A)True
B)False
Q4) All of the following are advantages to buying a franchise except ________.
A) restrictions on creativity
B) potential for business growth
C) availability of financing
D) a proven product or service within an established market
E) franchisor's ongoing support
Page 17
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