Question 1

Explain the importance of having a collection system for extended credit.

Accepted Answer

The answer of Explain the importance of having a collection...

Question 2

Explain the importance of the breakeven point for small business and the difference between fixed and variable costs.

Accepted Answer

The answer of Explain the importance of the breakeven point...

Question 3

The last step in the personal selling process is closing the deal.

Accepted Answer

The last step in the personal selling process is typically follow-up, which occurs after closing the deal to ensure customer satisfaction and foster repeat business.

Question 4

Explain how and why small businesses extend credit.

Accepted Answer

The answer of Explain how and why small businesses extend...

Question 5

Public relations involve promotional activities designed to build and sustain goodwill between a business and its customers, employees, suppliers, investors, government agencies, and the general public.

Accepted Answer

Public relations (PR) is focused on managing the spread of information between an organization and its publics, including customers, employees, suppliers, investors, and the government, aiming to foster a positive image and maintain a beneficial relationship.

Question 6

Explain the three primary considerations in setting the price for a product.

Accepted Answer

The answer of Explain the three primary considerations in setting...

Question 7

Discuss the four major tools that are available when developing a promotional mix.

Accepted Answer

The answer of Discuss the four major tools that are...

Question 8

Describe at least three areas that are good places to start when thinking about what differentiates a product from the competition.

Accepted Answer

The answer of Describe at least three areas that are...

Question 9

Publicity consists of any messages concerning a company that are communicated through mass media and are paid for by the company.

Accepted Answer

Publicity involves messages about a company or its products that are communicated through mass media but are not paid for by the company; it is often the result of public relations efforts, not direct payment.

Question 10

Compare and contrast customer-oriented pricing strategies and internal-oriented pricing strategies.

Accepted Answer

The answer of Compare and contrast customer-oriented pricing strategies and...

Quiz 13: Small Business Marketing: Price and Promotion