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business
small business management

Questions and Answers of Small Business Management

Ask some owners of small fi rms in your area to describe their new product development processes.Report your fi ndings to the class. LO.1
Visit a local retail store and observe brand names, package designs, labels, and warranties.Choose good and bad examples of each of these product components, and report back to the class. LO.1
Consider your most recent meaningful purchase.Compare the decision-making process you used to the four stages of the new product development process. Report your conclusions to the class. LO.1
Interview two different types of local retail merchants (for example, a boutique owner and a manager of a franchise) to determine how the merchandise in their stores is distributed to them. Contrast
Why does average pricing sometimes result in a pricing mistake? LO.1
Explain the importance of total fi xed and variable costs to the pricing decision. LO.1
How does the concept of elasticity of demand relate to prestige pricing? Give an example. LO.1
If a fi rm has fi xed costs of $100,000 and variable costs per unit of $1, what is the break-even point in units, assuming a selling price of $5 per unit? LO.1
What is the difference between a penetration pricing strategy and a skimming price strategy?Under what circumstances would each be used? LO.1
If a small business conducts its break-even analysis properly and fi nds the break-even volume at a price of $10 to be 10,000 units, should it price its product at $10? Why or why not? LO.1
What are the major benefi ts of credit to buyers?What are its major benefi ts to sellers? LO.1
How does an open charge account differ from a revolving charge account? LO.1
What is meant by the terms 2/10, net 30? Does it pay to take discounts when they are offered? LO.1
What is the major purpose of aging accounts receivable? At what point in credit management should this activity be performed? Why? LO.1
What advice would you give Jones regarding the screening of new credit customers? LO.1
What action should Jones take to encourage current credit customers to pay their debts? Be specific. LO.1
Jones has considered eliminating credit sales. What are the possible consequences of this decision? LO.1
What do you think Anderson means when he asks, “Is my business storage or real estate?” Why do you think he feels a need to ask this question prior to developing a pricing strategy? LO.1
What pricing strategy would be effective in combatting the existing contractual relationships between potential customers and competitors? LO.1
Assuming that business costs would allow Anderson to lower prices, what problems do you see with this approach? LO.1
Do you believe his business could benefi t from offering credit to customers? Why or why not? LO.1
What would the nature of this industry suggest about the elasticity of demand affecting Bowlin’s pricing? LO.1
What types of costs should Bowlin evaluate when he is determining his break-even point? LO.1
What pricing strategies could Bowlin adopt to further his long-term success in this market? LO.1
How can the high quality of Bowlin’s work be used to justify somewhat higher price quotes? LO.1
Interview a small business owner regarding his or her pricing strategy. Try to ascertain whether the strategy being used refl ects the total fi xed and variable costs of the business. Prepare a
Interview a small business owner regarding his or her policies for evaluating credit applicants.Summarize your fi ndings in a report. LO.1
Interview the credit manager of a retail store about the benefi ts and drawbacks of extending credit to customers. Report your fi ndings to the class. LO.1
Ask several small business owners in your community who extend credit to describe the credit management procedures they use to collect bad debts. Report your fi ndings to the class. LO.1
The Marketing Teacher website maintains lessons on topics related to marketing. Go to http://www.marketingteacher.com/Lessons/lesson_pricing.htm and read the pricing strategies lesson.a. After
What makes franchising different from other forms of business? Be specific. LO.1
What is the difference between product and trade name franchising and business format franchising?Which one accounts for the majority of franchising activity? LO.1
Identify and describe the parties in the franchising system. LO.1
Discuss the advantages and limitations of franchising from the viewpoints of the potential franchisee and the potential franchisor. LO.1
Should franchise information provided by a franchisor be discounted? Why or why not?LO.1
Do you believe that the Uniform Franchise Offering Circular is useful for franchise evaluation?Defend your position. LO.1
Evaluate loss of control as a disadvantage of franchising from the franchisor’s perspective.LO.1
What are possible reasons for buying an existing company versus starting a new business from scratch?LO.1
What are some common reasons that owners offer their businesses for sale? Which of these reasons might a buyer consider to be negative? LO.1
What are some of the nonquantitative factors in valuing a business? LO.1
What other Internet sites might provide helpful information to Moore as he tries to learn more about this franchise? LO.1
What other questions should Moore have asked the Tucson franchisee? LO.1
What information might a Uniform Franchise Offering Circular from Gumball Gourmet provide? LO.1
How concerned do you think this family should be about their inexperience? Why? LO.1
Will the proposed location in the mountains be a potential problem for this type of restaurant?Why or why not? LO.1
What benefi ts could Finkle expect if he bought Thomas and Thomas rather than starting his own fl y-fi shing business? LO.1
What sources of information about Thomas and Thomas should he use in evaluating the company for possible purchase? LO.1
What nonquantitative factors should he use in placing a value on Thomas and Thomas? LO.1
Should a prospective buyer of this fi rm investigate other possible reasons why the owners might want to sell? Why or why not? LO.1
What sales and revenue numbers are needed to evaluate the asking price? LO.1
What nonquantitative factors might have an impact on the fairness of the asking price? LO.1
Interview a local owner-manager of a widely recognized retail franchise, such as McDonald’s. Ask him or her to explain the process of obtaining the franchise and what he or she considers to be the
Find a franchise advertisement in a recent issue of a business magazine. Research the franchise, and report back to the class with your fi ndings. LO.1
As a class, consider the potential for locating a hypothetical new fast-food restaurant next to your campus. (Be as specifi c about the assumed location as you can.) Divide into two groups—one that
Consult the Yellow Pages of your local telephone directory for the name of a business broker.Interview the broker and report to the class on how she or he values businesses. LO.1
In a business publication, such as Inc., locate a listing or information about a business for sale.In class, discuss what information is needed to place a value on the business. LO.1
FranChoice’s website is dedicated to helping people fi nd best-fi t franchise opportunities. Go to http://www.franchoice.com/selftest.cfm and take FranChoice’s Franchise Aptitude self-test.a.
Everyone has heard about McDonald’s Hamburger University, but many franchisors offer similar training and lifelong learning programs where franchisees come together to learn about quality, service,
Return to Entrepreneur’s website to examine the top global franchises indexed at the site. Go to http://www.entrepreneur.com/topglobal/index.html to link directly to the list of top global
Buying an existing business is challenging and requires careful evaluation of potential opportunities.Online resources can be helpful in fi nding a business to buy and assessing its value.a. Using
Firm-specifi c knowledge. Family businesses often compete using fi rm-specifi c knowledge that is best shared and further developed by individuals who care deeply about the business and who trust one
Shared social networks. Family members bring valuable social capital to the business when they share their networks with younger members of the family and thus help to ensure the fi rm’s future
A focus on the long run. Most family managers tend to take a long-range perspective of the business, in part because they view it as an asset that must be maintained for the sake of future
Does my child possess the temperament and ability necessary for business leadership? LO.1
How can I, the founder, motivate my child to take an interest in the business? LO.1
What type of education and experience will be most helpful in preparing my child for leadership? LO.1
What timetable should I follow in employing and promoting my child? LO.1
How can I avoid favoritism in managing and developing my child? LO.1
Is sibling rivalry likely to be a problem, and can it be avoided? LO.1
How can I prevent the business relationship from damaging or destroying the parent–child relationship? LO.1
Set a time and place. The retreat should be held at a convenient time and in a central location so that everyone can be involved. LO.1
Distribute an agenda prior to meeting. An agenda helps participants organize their thoughts about the issues that are to be discussed. LO.1
Plan a schedule in advance. Details for sessions should be planned ahead of the retreat. Suffi cient blocks of time should be provided to deal with important matters and room left in the schedule for
Give everyone a chance to participate. In sessions, family members should be honest, and they should not interrupt one another. The conversation may be allowed to wander a bit, if this is
Keep it professional. The conversation may become emotional when sensitive topics are discussed, but it should never be allowed to become personal or to spiral out of control. Everyone should leave
How are family businesses and other types of small businesses both similar and different?Explain w hat makes a business a family business. LO.1
Suppose that you, as founder of a business, have a sales manager position open. You realize that sales may suffer somewhat if you promote your son from sales representative to sales manager.However,
What benefi ts result from family involvement in a business? LO.1
What are the bases of commitment to the family fi rm, and what do these have to do with the strength of that commitment? LO.1
With a college-level business degree in hand, you are headed for a job in the family business. As a result of your education, you have become aware of some outdated business practices in the family
Describe a founder–son or founder–daughter relationship in a family business with which you are familiar. What strengths or weaknesses are evident in that business relationship? LO.1
Should a son or daughter feel an obligation to carry on a family business? What is the source of such a feeling? LO.1
Assume that you are an ambitious, nonfamily manager in a family fi rm and that one of your peers is the son or daughter of the founder.What, if anything, would keep you interested in pursuing a
Identify and describe the stages outlined in the model of succession shown in Exhibit 5-4. LO.1
In making decisions about transferring ownership of a family business from one generation to another, how much emphasis should be placed on estate tax laws and other concerns that go beyond the
Why do you think the cousins get along better than their fathers do? LO.1
How might this confl ict over the future leadership of the fi rm be resolved? LO.1
In view of Barry’s shortcomings, should Harrison Stevens seriously consider him as a potential successor? LO.1
How could Barry be motivated? Can Stevens do anything more to improve the situation, or does the responsibility lie with Barry? LO.1
How could the quality of Barry’s supervision be improved to make his work experience more productive? LO.1
If you were to choose one leader for the fi rm, based on the brief description above, which sibling would you recommend? Why? LO.1
What are the strengths and/or weaknesses of the co-leadership idea? Would you favor it or reject it? LO.1
How could the father secure practical advice to help with this decision? LO.1
Interview a college student who has grown up in a family business about the ways he or she has been trained or educated, both formally and informally, for entry into the business. Prepare a brief
Interview another college student who has grown up in a family business about parental attitudes toward his or her possible entry into the business.Submit a one-page report describing the extent of
Identify a family business and prepare a brief report on its history, including its founding, family involvement, and any leadership changes that have occurred. LO.1
Read and report on a biography or autobiography about a family in business or on a nonfi ctional book about a family business. LO.1
This chapter discusses the process of succession in a family business. Now go to http://www.gofso.com/Premium/BS/fg/fg-succession.html to fi nd an online resource on planning for succession.What
Describe what entrepreneurs mean when they talk about a business plan. LO.1
When should you write a business plan? When might it not be necessary or even advisable to write a plan? LO.1

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