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business
small business management

Questions and Answers of Small Business Management

How have trade agreements helped reduce trade barriers? Do you believe these efforts will continue? LO.1
Discuss the importance of a careful cultural analysis to a small fi rm that wishes to enter an international market. LO.1
Visit Entrepreneur magazine’s website at http://www.entrepreneur.com/sales/presentations/article59346.html. Read the article entitled“Nail Your Sales Presentation,” in which business coach Tony
Return to the Bank of America’s website (http://www.bankofamerica.com). Follow the steps outlined in Exercise 1, but once at the “Resource Center,” click on the workshop entitled “Promoting
Go to the Bank of America’s website at http://www.bankofamerica.com. Click on “Small Business,”and then follow the link under “Resource Center” to “Growing Your Business.” Click on the
Interview a media representative about advertising options for small businesses. Summarize your fi ndings for the class. LO.1
Locate a small business website and evaluate its promotional effectiveness. LO.1
Plan a sales presentation. With a classmate roleplaying a potential buyer, make the presentation in class. Ask the other students to critique your technique. LO.1
Interview the owners of one or more small businesses to determine how they develop their promotional budget. Classify the owners’methods into one or more of the four approaches described in this
In what ways, if any, could the Gumbels use the Internet to promote their business? LO.1
How can the Gumbels prospect for new customers? LO.1
What might be the best ways for the Gumbels to promote their business? LO.1
What additional factors should Moore evaluate before advertising on trucks? LO.1
How could Moore go about determining the cost-effectiveness of this strategy? LO.1
What suggestions can you offer that would help Moore make this decision? LO.1
Of what value might publicity be for selling Arp’s stickers? Be specific. LO.1
Arp is considering advertising in magazines. What do you think about this medium for promoting his product? LO.1
What role, if any, should personal selling have in Arp’s total promotional plan? LO.1
How do specialties differ from trade show exhibits and publicity? Be specific. LO.1
Discuss some recommendations for designing an effective website. LO.1
What are some approaches to advertising on the Web? LO.1
What are the advantages and disadvantages of compensating salespeople by salary? By commissions?What do you think is an acceptable compromise? LO.1
What are some nonfi nancial rewards that could be offered to salespeople? LO.1
Assume you have the opportunity to “sell” your course instructor on the idea of eliminating fi nal examinations. Make a list of the objections you expect to hear from your instructor, and
Why are a salesperson’s techniques for handling objections so important to a successful sales presentation? LO.1
Outline a system of prospecting that could be used by a small camera store. Incorporate all the techniques presented in this chapter. LO.1
Discuss the advantages and disadvantages of each approach to budgeting funds for promotion. LO.1
Describe the parallel relationship that exists between a small business communication and a personal communication. LO.1
Should Braverman sell Nuts.com? Explain.
What other strategies, including e-commerce and marketing strategies, should Braverman pursue to increase Nuts.com’s sales, recognizing that reaching $500 million in sales is an extremely
Considering the cost–benefit analysis you conducted in question 1, what recommendations can you offer Braverman about the strategic direction in which he should steer Nuts.com?
What risks are present in Jeff Braverman’s “go big” strategy? What benefits would it produce? How likely is the company to realize those benefits?
What advice can you offer the Higginses about negotiating a deal with the Kellys to purchase Seabreeze Property Services?
In addition to investing their own money and tapping the capital of family members and friends, what other sources of capital should the Higginses explore if they decide to purchase Seabreeze
Explain the various methods that the Higginses can use to determine a reasonable value for Seabreeze Property Services.
What steps do you recommend the Higginses take to conduct their due diligence on Seabreeze Property Services concerning the seller’s motivation, asset valuation, legal issues, and the company’s
What advantages do business buyers such as the Higginses gain over starting a business “from scratch”? What disadvantages do they typically encounter?
How can Gitman Brothers use social media to promote its line of quality shirts and ties?
Identify at least three specific measures that Gitman Brothers managers can use to evaluate the quality of the company’s Web site upgrade.
Write a memo to the managers at Gitman Brothers that outlines the design for a new Web site that will achieve the goals they have established.
Develop a list of at least five search engine optimization strategies to help Gitman Brothers move up in search engine results.
If you were Bluffton Pharmacy’s banker, would you be comfortable extending a line of credit to the pharmacy? Explain.
What recommendations can you offer Angela Crawford and Martin Rodriguez to improve their pharmacy’s cash flow?
Develop a monthly cash budget for Bluffton Pharmacy for the upcoming year.
Develop a set of specific recommendations for improving the financial performance of Bluffton Pharmacy, using the analysis you conducted in questions 1–3.
How do the ratios you calculated for this year compare to those of the typical company in the industry? Do you spot any areas that could cause the company problems in the future? Explain.
How do the ratios you calculated for this year compare to those for the pharmacy last year? What factors are most likely to account for these changes?
Calculate the 12 ratios for Bluffton Pharmacy for this year.
What should Art and Ilene Stadlen do to ensure a smooth transition in handing over the Intertech reins to their sons? What tools can they use to transfer ownership? What are the implications for
What steps should the Stadlens take to avoid problems with the company’s accounts receivable? How dangerous is this threat? Explain.
What can the Stadlens do to manage their company’s cash flow more effectively?
Identify possible causes that could explain Intertech’s declining profitability. What steps can the Stadlens take to reverse this alarming trend?
What steps should Garlick take before approaching some of the potential sources of funding you described in question 2?
If Garlick chooses to create a for-profit entity, either to replace the current nonprofit organization or as a subsidiary, what potential sources of funding might he be able to tap?
Which organization structure should Garlick use for ThinkImpact? Explain.
Cousins Maine Lobster wants to expand its franchise internationally. How popular is franchising as an “export” to other nations? What steps should Tselikis and Lomac take to cultivate a
What is the Franchise Disclosure Document? How can it help prospective franchisees evaluate the various franchise operations in which they are considering investing?
What advantages do entrepreneurs who purchase a franchise get? What disadvantages do they encounter?
Suppose that your best friend is considering purchasing a franchise such as Cousins Maine Lobster. What advice would you give him or her about the right way to go about purchasing a franchise?
What strategies should Meeker, Werdelin, and Strife use to continue their company’s impressive growth rate? Are there other related businesses that they should enter? Explain.
Because of the risks associated with their investments, venture capital firms, which become part owners of the companies in which they invest, demand big returns within relatively short time frames.
Explain the advantages and disadvantages of using venture capital to finance a company’s growth.
Notice that several of Bark & Co.’s ideas for new businesses have failed. Is this unusual? Why is it important for businesses to continue to innovate, even when their founders know that many of the
What advantages does a subscription pricing model offer a business?
How should U.A.L. incorporate social media into its marketing strategy? Which social media tools should the Cohens use? What steps should they take to build a social media following?
Develop an outline of a marketing strategy for U.A.L. How should the company promote itself?
Which of the three basic business strategies is U.A.L. using? Explain. How well are the Cohens executing their strategy?
What steps should the Cohens take to find other locations for new U.A.L. stores? What criteria should they use to screen potential cities?
Entrepreneurs say they have learned much about leadership from the movies. “Films beg to be interpreted and discussed,” says one leadership consultant, “and from those discussions
Contact five small business owners about their plans for passing their businesses on to the next generation. Do they intend to pass the business along to a family member? Do they have a management
Find Fortune’s 100 Best Companies to Work For or Inc.’s Top Small Company Workplaces issue. Read the profiles of the companies included on the list and develop a list of at least five ideas you
Ask the owner of a small manufacturing operation to give you a tour of his or her operation. During your tour, observe the way jobs are organized. To what extent does the company use the job design
Visit a business outlet close to your campus. Interview the manager and ask about their hiring process. Has the manager ever made a hiring mistake? How was the problem rectified? Is there a job
Visit a local business that has experienced rapid growth in the past three years and ask the owner about the specific problems he or she had to face because of the organization’s growth. How did
What are the options available to an entrepreneur who plans to retire?
Job enrichment involves building motivators into a job by increasing the functions that employees perform. Identify the five core characteristics that enrich jobs.
Why is there a need to conduct a background check on potential candidates?
What are the most common causes of a company’s poor hiring decisions?
What are the guidelines for helping entrepreneurs become employers of choice and hire winners?
Why are leaders sometimes known as servant leaders?
Why is it important for a small business owner to develop a management succession plan? Why is it difficult for most business owners to develop such a plan? What steps are involved in creating a
Can Robinson Fans continue to be successful with two sometimes competing leaders at the helm? Explain.
Are the issues that Carl and Tricia Staible face concerning management succession in the family business unusual? Explain.
If you weren’t in sales, what other job would you be in?
How do you recognize the contributions of others in your department?
If you were head of your department, what would you do differently?
If you owned a company, why would you hire yourself?
How do you feel when someone questions the truth of what you say? What do you do in such situations?
What would you say to a fellow salesperson who was getting more than his share of rejections and was having difficulty getting appointments?
How do you persuade reluctant prospects to buy?
What other principles described in this chapter might Hancock Lumber benefit from? Explain.
Explain the exit strategies available to entrepreneurs.
Describe the steps in developing a management succession plan for a growing business that allows a smooth transition of leadership to the next generation.
Explain how to create a company culture that encourages employee retention.
Describe the importance of hiring the right employees and how to avoid making hiring mistakes.
Explain the challenges involved in the entrepreneur’s role as leader and what it takes to be a successful leader.
What will you suggest to entrepreneurs from your home country about expanding into a nation, country, or region that interests you?
Select a nation, country, or region that interests you and prepare a report on its trade barriers.
Global thinking is the ability to appreciate, understand, and respect the different beliefs, values, behavior, and business practices of companies and people in different cultures and countries.
Why are these the least attractive markets?

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