Business to Business Exam Questions and Answers

In class we discussed a process in developing a brand positioning statement. Three of the four below were specifically mentioned in creating a brand positioning statement. Which one below was not mentioned as part of that process. A. Kanban Board B. Surveys C. Perceptual Mapping D. Focus Groups - ANSWER A. Kanban board The Mission part of a Mission & Vision Statement describes A. How to Prevent Employees from Unionizing B. What a company does C. Where a company wants to go D. Consumer Perceptions - ANSWER B. what a company does One step in the B2B buying process is to initiate a RFP. - ANSWER True The Vision part of a Mission & Vision Statement describes A. How to prevent employees from unionizing B. What a company does C. Consumer perceptions D. Where a company wants to go - ANSWER D. where a company wants to go Once a company creates a Mission and Vision statement it usually revised annually. - ANSWER False The purpose of a feasibility study is to demonstrate the viability of the plan. - ANSWER True When selling in a B2B environment there are different types of organizational cultures. The following are types of organizational buying cultures EXCEPT A. Autocratic B. Consensus C. Democratic D. Technocratic - ANSWER D. Technocratic Consumer's perceptions are overrated, it is more important to have a solid product. - ANSWER False Value is a function of the relationship of perceived benefits and A. Promotion B. Profit C. Price D. Sales Team - ANSWER C. price In the Business Startup Kit e-book, all of the following of are benefits of a business plan EXCEPT A. identifies the amount of financing you may need B. forces the business to look ahead to avoid problems C. forces realistic numbers D. guarantees a successful business launch - ANSWER D. guarantees a successful business launch In the Business Startup Kit e-book, one of following is not a benefit of starting your own business A. Creativity B. Independence C. Certainty D. Control - ANSWER C. certainty The least complicated B2B buying situation is A. straight Rebuy B. hyper extended domestic purchase C. modified rebuy D. new buy - ANSWER A. straight rebuy In the Business Startup Kit e-book, the author believes market research is important to validate that your idea fulfills a need. - ANSWER True A good way to improve your odds of getting in interview with your desired company is to A. submit your resume on the company's portal B. walk in and ask for an interview C. have a contact from within the company inform the hiring manager of your resume submission D. call their HR department - ANSWER C. have a contact from within the company inform the hiring manager of your resume submission The company's sales force is more important in a B2C environment than in a B2B environment. - ANSWER False An example of a company that follows a generalist approach is A. Jeep B. Frit-Lay C. Honda D. Roomba - ANSWER C. Honda When you write a brand positioning statement you would include all of the following EXCEPT A. product category B. target market C. name of your product D. mission statement - ANSWER D. mission statement Institutions and governments are examples of groups that participate in B2B markets. - ANSWER True All of the following sections were discussed in class as to what should appear in your feasibility study EXCEPT A. executive summary B. market potential C. SWOT analysis D. patent information - ANSWER D. patent information Since marketing is an inexact science, brand positioning is not necessary to develop a strong market position. - ANSWER False One of the most important aspects to a viable business plan is an accurate sales forecast. - ANSWER True In class we discussed several ways to segment your market EXCEPT A. demographic B. behavioral C. phlebographic D. psychographic - ANSWER C. Phlebographic The following are all considered expenses EXCEPT A. Payroll B. supplies C. accounts receivable D. travel - ANSWER C. Accounts Receivable The following items are on an income statement EXCEPT A. Expenses B. Sales C. assets D. cost of goods - ANSWER C. Assets Of the 6.1 million employer firms in the U.S., a large majority of the employer firms have less than 500 employees. - ANSWER True Using the accrual method of accounting, if your company sold an item on Jan 15 but did not get paid until Feb 15, then the sale would be reflect on the monthly income statement in the month of A. January B. February C. January and February D. none of the above - ANSWER A. January The purpose of the Apple Newton case study discussed in class was to illustrate an example of the Apple company A. focusing on a very specific target market B. identifying a consumer need and filing it C. pricing a product to sell to all consumers D. building a product first and then attempting to sell it - ANSWER D. building a product first and then attempting to sell it The P&L or Profit and Loss statement is a depiction of a flow of activity over a period of time, usually a month, quarter, or year. - ANSWER True The following items are on a cash flow statement EXCEPT A. investing activities B. financing activities C. operating activities D. sales - ANSWER D. Sales Ideas have legal protection. - ANSWER False The brand positioning statement is important because it is the "compass" for making marketing and business decisions. - ANSWER True In a B2B sales plan all of the following may be present EXCEPT A. identification of trade events to attend B. exchange rate C. identification of your customers D. sale force structure - ANSWER B. exchange rate The balance sheet is a depiction of a flow of activity over a period of time, usually a month, quarter, or year. - ANSWER False For a B2B marketing plan, the focus is on the 2 P's of product and price. The other two P's of place and promotion are not included in a B2B marketing plan. - ANSWER False A mission statement defines a company's reason for being while a vision statement defines a company's aspiration. - ANSWER True One of the disadvantages of a sole proprietorship is unlimited liability. - ANSWER True The following items are on a balance sheet EXCEPT A. assets B. operating activites C. equity D. liabilities - ANSWER B. Operating Activities One disadvantage of incorporating a business is A. unlimited liability B. lack of continuity C. less fund raising capability D. double taxation of profits - ANSWER D. double taxation of profits Which of the following contains the largest number of small businesses in the U.S. A. retailing B. services C. manufacturing D. construction - ANSWER B. Services As a business person, it is important to understand the concept of the accounting equation which is A. operating activities= exchange rate * GDP B. Expenses = profits/sales C. liabilities= assets+equity D. assets=liabilities+ equity - ANSWER D. Assets = Liabilities + Equity There are four C's banks look at for a borrower. One of the selections below is NOT part of the 4 C's. A. collateral B. charisma C. character D. capital - ANSWER B. Charisma Financing a business is usually a simple, quick, and straight forward process. - ANSWER False Debt financing is when the business owner provides a percentage of the ownership of the business in exchange for money. - ANSWER False Which social media platform is used most often by B2B marketers? A. Linkedin B. Twitter C. TikTok D. Facebook - ANSWER A.LinkedIn Most small businesses are financed by A. private equity firms B. the personal savings of the owner C. the use of credit cards D. friends and family - ANSWER B. the personal savings of the owner Angel Investors are usually intimately involved in the management of the business they choose to invest in. - ANSWER False There are aspects of good logo design. One of the selections below is NOT part of the good aspects of logo design. A. trendy B. versatile C. simple D. memorable - ANSWER A. trendy The reading in "The Plan-As-You-Go" business plan eBook was about the importance of creating an action plan. - ANSWER True When designing a logo it is a good practice to develop multiple versions of the logo to ultimately arrive at a final logo design. - ANSWER True One drawback with Outlook is you can not create and assign tasks. - ANSWER False Omnichannel Marketing refers the integration of all devices such as the store, website, mobile apps, social media, and phone communication. - ANSWER True All of the following are positive reasons for using a credit card for financing a business EXCEPT A. rewards B. interest rate c. flexible payments d. fraud protection - ANSWER B. interest rate There are several aspects to Private Equity firms. One of the selections below is NOT part of the aspects of Private Equity firms. A. investors put their money into a private equity firms B. usually only invests in one company C. uses both equity and debt financing d. investors may include pensions funds and wealthy individuals - ANSWER B. usually only invests in one company The use of color in logo design is important. Color selection methods discussed in class did NOT include A. monochromatic B. varied C. complementary D. analogous - ANSWER B. varied A secured loan means the business owner A. provides collateral for the loan B. keeps the money in a safe C. pays at least 7.5% interest rate D. only needs to provide their signature on the loan document - ANSWER A. provides collateral for the loan The SOAR method used to answer behavioral questions in a job interview stands for A. sonar, ocean, acoustic, reply B. student, organizing, action, result C. situation, obstacle, action, result D. succeed, oriented, asset, reliability - ANSWER C. Situation, Obstacle, Action, Result Most experts agree once the pandemic is over B2B marketing will resort 100% back to pre-pandemic B2B marketing actitivies. - ANSWER False An IPO occurs when a company purchases back the stock they have already issued. - ANSWER False In Outlook, what is a "Focused" Inbox? A. all the messages from an exchange account B. newsletter and other updates C. an inbox of all your junk mail D. messages that outlook thinks are important - ANSWER D. Messages that Outlook thinks are important Typography is an important part of logo design. Which of the selections is NOT a good practice. A. it is okay to combine different fonts B. use fonts that reflect the brand positioning C. as fas as fonts, less is more D. it is best to use a serif font - ANSWER D. it is best to use a serif font A company can simple pay Google more money so their ad appears at the top of the page when a user does a Google search. - ANSWER False Logos are important because they possess all of the following attributes except A. brand identity B. face to the customer C. creates instant brand loyalty D. supports your brand positioning - ANSWER C. Creates instant brand loyalty A professional product brochure utilizes a column style format. - ANSWER True All of the following are important guidelines to follow when creating a professional business card except A. color B. typography C. hierarchy D. uses more than 2 font styles - ANSWER D. Uses more than 2 font styles One to one marketing is a concept that has failed to gain interest among retailers today. - ANSWER False All of the following are advantages of a direct mail campaign except A. exclusivity B. flexible C. impactful D. inexpensive per exposure - ANSWER D. Inexpensive per exposure Website content is important for a successful website. Website content refers to A. videos B. text C. images D. all of the above - ANSWER D. All of the above A professional company product brochure mostly likely would be used in all of the following situations except A. trade show B. internal accounting seminar C. sales call D. customer inquiry - ANSWER B. Internal accounting seminar All of the following are advantages of a outbound telemarketing except A. caller-controlled timing B. extensive reach C. high impact D. high conversion rate - ANSWER D. High conversion rate A few key attributes for a B2B website are all of the following except A. this is a company I would like to do business with B. this website appears trustworth C. this website makes me feel welcome D. redirect all customer questions to the company phone number - ANSWER D. Redirect all customer questions to the company phone number A form of advertising to obtain an immediate response is referred to as A. returns B. reputation C. catalog D. direct response - ANSWER D. Direct response One drawback to Outlook for Time Management is that you can not delegate tasks you create. - ANSWER False A great direct marketing email campaign includes a call to action. - ANSWER True In the eBook, The Business Startup Kit, they define SEO as A. search engine optimization B. senior executive officer C. special engine oil D. securities exchange opportunities - ANSWER A. Search Engine Optimization The following attributes are common to both a website page and a website post except A. image B. title C. content D. conversational - ANSWER D. Conversational Attributes of good Google keywords are all of the following except A. minimizes click through rate B. follows a theme C. reflects a customer language D. included within a company's google ad - ANSWER d. Included within company's Google ad When working on creating a B2B website the first step should be to select your images for your website. - ANSWER False All of the following are attributes of a great direct marketing campaign except A. define the goal of the campaign B. stick to one version of the offer C. the list is current D. select the right list - ANSWER B. Stick to one version of the offer Carissa has completed a phone task in Outlook and wants to clear it from her To-Do List. What action should she avoid doing? A. marking it as complete B. removing it C. deleting it D. crossing it off - ANSWER C. deleting it All of the following would appear on a company's price list except A. contact information B. method of payment C. company logo D. Brand positioning statement - ANSWER D. Brand positioning statement