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Exam 9: Building a Powerful Bootstrap Marketing Plan

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Question 21

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Branding is communicating a company's unique selling proposition to its target customers in a consistent and integrated manner.

A) True
B) False

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Question 22

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Small companies that spot demographic trends and act on them early can gain a distinctive edge in the market.

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B) False

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Question 23

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Unlike television ads, uploading a video to YouTube costs ________.

By using bootstrap marketing strategies (unconventional, low-cost, creative techniques)small companies can get as much "bang" for their marketing bucks as their larger rivals.

Because a majority of the average company's sales come from present customers, few can afford to alienate any customers.

Some of the most successful companies interact with their customers regularly, intentionally, and purposefully to create meaningful and lasting ________.

The unique selling proposition (USP) focuses on ________.

Truly customer-oriented companies seek to go beyond customer satisfaction, striving for superior customer service.

Companies with strong reputations for quality follow certain guidelines, such as ________.

Describe why a small business might gain a competitive edge over its rivals by using a focus on the customer, devotion to quality, paying attention to convenience, concentration on innovation, dedication to service, and emphasis on speed.

Watching the top ten TV shows, seeing the top ten movies, or listening to her children are all ways a small business owner could conduct market research.

A process in which computer software that uses statistical analysis, database technology, and artificial intelligence finds hidden patterns, trends, and connections in data so that business owners can make better marketing decisions and predictions about customers' behavior is known as ________.

A company has a competitive edge when customers perceive that its products or services are superior to those of competitors.

Describe what is meant by bootstrap marketing. What objectives should a bootstrap marketing plan accomplish? List at least five bootstrap marketing tactics your small business might be able to use successfully.

Market research requires a business owner to define the objective, collect data, analyze and interpret that data, and draw conclusions and act.

The process of systematically creating the optimum experience for customers every time they interact with the company is ________.

Too many marketing plans describe in great detail what an entrepreneur intends to accomplish and pay little, if any, attention to practical and affordable strategies to achieve those targets.

Companies with a customer focus typically ask their customers all but which of the following questions?

Time compression management (TCM) involves ________.

A ________ is a company's "face" in the marketplace and communicates a key message to the target market.