Directions: This examination covers content in the following text chapters: 1, 2, 3, 4, 7, 9, 10, 11, 12, and Learning Units 1-4. This examination must be submitted in the link in Learning Unit 5. Please support your answers with referenced text and course content. Each question is worth 10 points, 100 points total.
1. Could someone with moderate industry-specific knowledge but low competency in business skills be successful as an entrepreneur in a start-up enterprise in that industry? Why or why not.
2. Are all good ideas profitable business opportunities? Why or Why not? How can entrepreneurs evaluate the merits of a new idea?
3. Discuss the differences and/or similarities between small businesses and high-growth ventures.
4. Discuss the differences between using cost-based and value-based benefits strategies. Support each type with business examples.
5. Small business opportunities are either product or service-based. Your university education comes pretty close to being a true service. Discuss the four main characteristics of a service-based business as they pertain to a university education.
6. What is market segmentation? Describe how you would go about targeting markets within a market segment.
7. How can a small business use CRM (Customer Relationship Management) techniques to increase sales?
8. Discuss the “4 P’s” of marketing and how these concepts can assist you in marketing your business concept.
9. Discuss some models and techniques that are available to entrepreneurs and small business owners to assist them in conducting their businesses ethically?
10. Read the mini-case, “Suchin Prapaislip and Global Food-“You Work Hard, You Can Make It,” on pages 25-26 in your text. Answer the following questions:
a. What can Suchin do to resolve his problem?
b. Is Suchin an entrepreneur? Why or why not? Support your answer.
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