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Exam 9: Building a Powerful Bootstrap Marketing Plan

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Question 1

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One of the most important variables that determine whether employees deliver superior service is the degree to which they perceive they have the permission to do so.

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Question 2

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Market research is a valuable tool for defining the firm's target market, its needs, and its potential profitability.

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Your friend Maria is experiencing declining sales in the business she has owned and successfully operated for three years. She has asked for your guidance in determining the course(s)of action she should take. Your recommendation to her is to undertake a marketing research project. Briefly outline the steps involved in market research. She is concerned that market research will be too expensive and sophisticated for a small business such as hers. Is this true? Explain.

For an entrepreneur, a business plan ________.

How can Marvin develop "stellar" customer service?

The best way for a small business to ensure quality products is to use quality inspections.

Most customers never complain to the business; in fact, for every complaint that a company receives, there are ________ other complaints that go unspoken.

Approximately ________ percent of a typical company's customers account for ________ percent of its sales.

The Internet allows creative small business owners to make their companies look as big as their larger rivals.

Since front-line service workers are not able to predict the causes of customer complaints, managers must be the ones to identify potential customer service problems.

Customer experience management (CEM)is the process of systematically creating the optimum experience for their customers every time they interact with the company.

A key customer benefit of a product or service that sets it apart from the competition answers the critical questions every customer asks: "What's in it for me?" and is known as ________.

To be useful, market research must be structured, formal, and highly sophisticated.

Giving customers a chance to complain about a problem usually is fruitless; once a business makes a customer angry, (s)he typically will not buy from that company again under any circumstances.

The key ingredient in the superior customer service equation is ________.

Bootstrap marketing is a marketing approach that takes an unconventional, low-cost and creative approach to marketing that can give ________ a competitive edge over ________ competitors.

Adding innovative products and services is important to a companies' success and small entrepreneurial companies may be able to respond faster than larger organizations.

________ pay the bills: without them, you have no business.

Which of the following techniques does marketing consultant Faith Popcorn recommend to small business owners interested in tracking market trends?

The marketing approach that is most effective today for a small business is ________.