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ESB Certification 3 Questions and Answers 100% Correct | Latest 2024
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ESB Certification 3 Questions and Answers100% Correct | Latest 2024
An executive summary should briefly explain everything in a business plan in how
many pages? - ANSWER Two pages.
Factors that aid in determining whether or not a business opportunity is viable
include market size, _____, management of cash flow, management skill sets, and
passions. - ANSWER Relationships.
One value of using _____ material is that they are usually well-recognized, which
may help to boost sales. - ANSWER Trademarked.
Which two sources are considered secondary data? - ANSWER "Company
newsletters" and "internet articles."
What are twos characteristic of fulfillment centers that differ from direct
distribution? - ANSWER "Fulfillment centers pack and ship for a manufacturer"
and "the manufacturer controls all aspects of distribution."
Match the sales process steps to their description. - ANSWER Prospecting:
"Finding potential customers."
Preparation: "Developing a presentation tailored to a potential client and their
specific needs."
Approach: "Contacting a client or potential client."
,Objection: "Alleviating concerns presented by the customer."
Closing: "Getting a client's decision to purchase or not to move forward."
Follow-up: "Maintaining a relationship with customers to obtain repeat business
and potential referrals."
When it comes to setting one's own quality standards, one must ensure they
are...? - ANSWER Measurable.
What are two characteristics of direct distribution that differ from fulfillment
centers? - ANSWER "Direct distribution is also known as a zero level channel"
and "the manufacturer controls all aspects of distribution."
What might one have to do when listening to feedback from customers? -
ANSWER "Change markets" and "create completely new products."
For each statement about Direct Distribution and Indirect distribution -
ANSWER True:
"Direct competition is a company that offers the same thing you offer," "indirect
competition is a business whose services are different from yours but satisfy the
same need," and "when your target audience buys products from a competitor
instate of from you, that is indirect competition."
False"
All companies that sell goods and services are indirect competitors."
, Which are options for determining what a customer's service needs are? -
ANSWER "Talk with individuals interested in the service," "survey customers in
the area," and "place phone calls."
What is value engineering? - ANSWER "Substituting high-quality components
with low-cost components that still meet the product's lifetime duration and basic
purpose."
What is the formula for determining a return on investment (ROI)? - ANSWER
ROI = (Net profit/cost of investment) x 100
When must real estate loans through the Small Business Administration (SBA) be
paid back? - ANSWER 25 years
Match the product/market fit stage to its description. - ANSWER Traction:
"Sales gain momentum and a business starts to grow."
Prototype: "Identify how a product or service solves customers' problems."
Monetization: "A business starts to earn revenue."
Idea: "Develop an idea for a product or service."
Growth: "See growth and continue to grow the business."
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