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Test answers for Business Development 2016

(132, CL) Last updated: January 22
Elance • Fin. & Mgt.
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132 Answered Test Questions:

1. Which of the following is the most common mistake made by salespeople when speaking to prospects?

Answers:

• Making longwinded points

• Focusing too much on the business problem

• Talking too much and not listening to the prospect enough

• Making claims about business growth

2. ______ is the process of acquiring information to ensure that clients will benefit from a product .

Answers:

• Prospecting

• Pre-Purchase

• None of these

• Correlating

3. When a prospect raises objections in a sale, a salesperson should...

Answers:

• Defend the point of view against objection

• Ignore the objection and point to the other positive points

• Expect them and be prepared to answer

• Explain that the objections have no basis

• Mention that objection is valid and that they will answer at a later date

4. Generally the purpose of a pre-purchase meeting is to ________.

Answers:

• close a deal

• None of these

• figure out delivery and other logistics

• explain product features, problem solve, and schedule another meeting.

5. In what way should a salesperson handle a situation where an angry customer calls to report the poor service he received?

Answers:

• Listen to the customer and apologize when he pauses

• Immediately connect the customer with the person that can fix their problem

• Listen to customer patiently and take notes to understand the gravity of the problem, then apologize

• Listen to the customer and state that he is sorry and he will give 10 minutes of undivided attention to him

6. How can you differentiate a "champion" from the crowd?

Answers:

• They call you back right away.

• They can introduce you to decision makers in the organization and are willing to advocate on your behalf.

• They are always willing to take a meeting with you.

• They ask good questions and want to discuss pricing.

7. In a company that has not launched yet, when should you look into customer segmentation?

Answers:

• When you have identified a consumer base.

• Right before launch.

• 3 months pre-launch

• You shouldn't.

8. True or false? As long as a salesman closes, it doesn't matter how much product customization they commit to.

Answers:

• False

• TRUE

9. Which of the following should be avoided when setting up a breakfast meeting with a prospect?

Answers:

• Setting the meeting where there are only a few items on the menu to choose from

• Setting the meeting on the route which the prospect takes to his office

• Setting the meeting in a restaurant with a quiet ambience

• Setting the meeting in the prospects hotel in which he is staying

• Setting the meeting in a popular and noisy restaurant

10. True or false? When making a sales call you should always do most of the talking.

Answers:

• TRUE

• False

11. Answering which of the following questions does NOT help in understanding a niche?

Answers:

• Which areas are competitors already well-established?

• What are potential opportunities for the business?

• How will the Board of Directors help implement capital controls?

• Which areas are being ignored by competitors?

12. What is the best way to leave a compelling voicemail for a prospect?

Answers:

• Mention that a contact with whom the prospect has done business with has referred you for a business need

• Speak with confidence about your track record to impress the client

• Mention your number first and go ahead with your reference

• Mention that you are the best sales person to address his business need

13. As a part of go-to-market plan you must figure out the proper sales _________.

Answers:

• processes

• channels

• None of these

• customer management

14. What determines the types of data to leverage?

Answers:

• Gender is almost always relevant.

• It depends on what is relevant and what is available.

• Age is usually a pretty solid indicator of segments.

• Demographics are always relevant.

15. What is the definition of the common business development term "pipeline"?

Answers:

• None of these

• The company's plumbing

• The flow of potential clients which a company has started developing

• The amount of potential prospects which a company has not made contact with yet

16. Which of the following is NOT good data to leverage?

Answers:

• Their purchasing habits

• Their number of siblings

• Their values

• Their personality traits

17. What is the first step in customer segmentation?

Answers:

• Analysis

• Validation

• Gathering data.

• Creating segments

18. True of False: Vertical Integration means to integrate companies that are suppliers, distributors, or clients of the current products and services.

Answers:

• True

• False

19. Generally, you can think of _______ as the strategy and ______ as the execution.

Answers:

• sales; business development

• marketing; sales

• sales; marketing

20. Which of the following is a good listening technique during a meetings with a prospect?

Answers:

• Letting customer speak on and on without interruption

• Taking notes

• Asking questions when there is a pause

• All of these

21. One of the foundational aspects of business development, is to assess the current assets of the company as they relate to the maintenance and expansion of the business.

Answers:

• True

• False

22. What is a cold call?

Answers:

• A fake phone number

• A call that does not lead to a sale

• A call made without an introduction or appointment

• A call that leads to a negative reaction

23. Which of the following is NOT a method of customer segmentation?

Answers:

• Demographic

• Behavioral

• Religion

• Geographic

24. What does market share mean?

Answers:

• Opportunities to share in greater market profits

• the portion of a market controlled by a particular company or product.

• Ownership stake in a public company

25. What does market share mean?

Answers:

• Opportunities to share in greater market profits

• the portion of a market controlled by a particular company or product.

• Ownership stake in a public company

26. What is the best way to service a last minute, highly critical request from a prospective client in an area in which you don't have the expertise?

Answers:

• Refer them to the competition

• Stay on, ask questions, confer with people to ask for help, and coordinate to deliver the service until the issue is resolved

• Politely excuse yourself while sympathising with the problem

• Tell your boss and ask him to handle this

• Tell the client that it is not your area and give the numbers of the person to be contacted

27. What is the purpose of an elevator pitch ?

Answers:

• To effectively communicate the value of the company in a succinct manner

• It is a common need which is required for all salespeople

• It is a pitch to demonstrate one's social stature

• To tell the company's mission statement

28. Which of the following is a concern caused by a incentive based compensation plan?

Answers:

• Complicated scenarios involving team sales

• Timing of compensation can become complicated

• All of these are potential issues

29. Most Companies Business Models are:

Answers:

• Anti-Cyclical

• Cyclical

30. True or False The definition of a product life cycle is: the time and maturation of a product between it's initial introduction to the market and eventual removal.

Answers:

• True

• False

31. Business development combines which two of the following business functions?

Answers:

• IT and sales

• Marketing and sales

• Finance and Marketing

• Marketing and IT

• Finance and Sales

32. Identifying how to communicate with customers is a __________ strategy:

Answers:

• Communications Strategy

• Distribution Strategy

• Market Penetration Strategy

33. True or false? Maintaining a relationship with a customer after a sale is worthless.

Answers:

• TRUE

• False

34. PPC is a common term for internet companies meaning:

Answers:

• Pay Per Click

• Power, Perception and Challenge

• Person to Person Chatting

35. Which of the following techniques will be most likely to generate a response from a voicemail?

Answers:

• Leaving a voicemail with a reference, an introduction, the way you can solve a business problem, and leaving off with your contact information

• Leaving a voice mail with little detail except for explaining that you would like them to contact you and leaving your information

• Leaving a voicemail on a Sunday

• Leaving a voice mail on a weekday after hours

36. True or False: Narrowing the target for potential clients helps because it: Concentrates sales efforts to a selective group that is most likely to be most profitable

Answers:

• False

• True

37. True or False: Start up companies are almost always succesful in the first few years.

Answers:

• False

• True

38. Which of the following qualities would help close the most deals?

Answers:

• None of these

• A high energy level

• A knowledge of how the product can help the customer and a genuine belief in the product.

• A knowledge of which features bring maximum benefit to his employer

• The ability to smooth talk with a prospect

39. For which of the following reasons is cold calling generally discouraged?

Answers:

• All of these

• The prospect is generally unprepared for an interruption

• The prospect may not have a need for a solution or a problem

• Cold callers dont know for sure if they are talking to the prospect

40. What is a commission?

Answers:

• A closed deal

• A sales representative that is hired on a contract basis

• A percentage of a sale that goes to the sales representative

• All of these

41. True or false? There is no need for the marketing and the sales department to communicate.

Answers:

• TRUE

• False

42. Long term relationships are important to business development.

Answers:

• True

• False

43. Underservicing a territory will hurt sales because ________.

Answers:

• Both of these

• prospects will receive less attention

• fewer leads will be pursued

44. True or Fales: An Organization Chart is a diagram that shows the structure of an organization and the relationships and relative ranks of its parts and positions/jobs.:

Answers:

• False

• True

45. B2B stands for business to business, True or False

Answers:

• True

• False

46. Which of the following provides value to a business?

Answers:

• All of these

• People

• Real Estate

• Capital

47. Business networking is a relevant tool in business development.

Answers:

• False

• True

48. Which of the following parties does a business have to manage relationships with?

Answers:

• Employees

• The press

• Customers

• Partners

• All of these

49. True or False? Business development involves creating relationships of long term value.

Answers:

• True

• False

50. Which of the following does Sales Management Information include?

Answers:

• Sales of products and services

• Top performing salespeople/channels

• All of these

• Reasons for wins/losses

51. Business development is the creation of long-term value for an organization from customers, markets, and relationships.

Answers:

• False

• True

52. SEO is a common internet term meaning?

Answers:

• Search Engine Optimization

• Staff Enabled Options

• Search Easy Online

53. What does CRM stand for?

Answers:

• Core Rival Market

• Customer Relationship Management

• Cost Reduction Management

• Common Response Match

54. International sales can be hampered by:

Answers:

• Language Barriers

• Cultural Differences

• All of the above

• Regulatory Issues

55. What is upselling?

Answers:

• None of these

• Moving a qualified lead up the chain of command

• Selling a customer premium upgrades

• Emphasizing the quality of a product

56. True or false? Salesmen are generally not protective of their territory and enjoy the opportunity to move to new locations.

Answers:

• True

• False

57. The more often you call a client, eventually the incremental value is worth less than the costs of making the calls. This is an example of ________ .

Answers:

• The Law of Diminishing Returns

• Down selling

• Purchasing Power

• The Sales Trap

58. ________ can motivate a client to close on a deal because there is limited access to the resource.

Answers:

• Automated emails

• Ubiquity

• Elitism

• Scarcity

59. Which of the following is a common email syntax?

Answers:

• Last name + Middle Name + First Name@domain.com

• None of these

• first name + domain@domain.com

• first initial + last name@domain.com

60. Which of the following traits distinguishes an excellent salesperson from a good sales person?

Answers:

• The ability to answer objections

• Any of these

• Tenacity

• Demeanor

• The ability to hold a conversation

61. True or False? Business development units have a monopoly on new business opportunities.

Answers:

• True

• False

62. Which of the following should segmentation impact?

Answers:

• Branding

• Hiring

• Every facet of business.

• Customer Service

63. What is a common cause of a "sales trap"?

Answers:

• Overselling inventory

• Understaffed sales team

• Sales overload

• Misaligned or inconsistent strategy

64. What is the most popular CRM in the US?

Answers:

• Google Analytics

• SugarCRM

• Adwords

• Salesforce

65. Segmenting your sales team to correspond with prospect locations is an example of _________.

Answers:

• territory design

• prospecting

• All of these

• upselling

66. A _____ lead is expected to be responsive.

Answers:

• cold

• warm

67. What is the definition of selling in a business development sense?

Answers:

• Persuading or inducing someone to buy something

• None of these

• Having a stock of something or a product available for sale

• Giving or handing over something in exchange for money

• Selling is done when a deal is signed, executed and delivered to the customer to his satisfaction.

68. NPV and ROI agree except when:

Answers:

• Projects with multiple non-continuous profitable years, will not be calculated correctly

• Interest Rates are high

• Projects last for extended periods

69. Which of the following is NOT a benefit of customer segmentation?

Answers:

• Identifies new market opportunities

• Increased customer retention

• Prioritizes where to invest resources

• It allows for one easy strategy

70. A company interested in horizontal growth opportunities is looking to:

Answers:

• Buy up competitors

• Lower Prices to Increase Sales

• Increase market share in the current markets.

71. What should you do once you've organized your data in Excel?

Answers:

• Share it with your team

• Look at it

• Create a list of all possible segments using the data.

• Use it to find meaningful trends among customers

72. Gathering data on consumers during marketing campaigns is important because:

Answers:

• Want to verify profitability

• Need to track impact of campaign

• Need to understand competitors more effectively

73. One common method for selecting prices is using discriminatory pricing strategies.  This means:

Answers:

• Estimating price consumers wish to pay

• Comparing to market norms and adding/subtracting premium based on perceived quality

• Attempting to provide different prices (discounts, coupons) to different groups of people (Ladies Night, Sr Citizens)

74. Which of the following is NOT an important question to answer concerning a product's distinguishing characteristics?

Answers:

• What are the critical needs of your potential customers?

• What are the demographics of the group and where are they located?

• Are there any seasonal or cyclical purchasing trends that may impact your business?

• How is the cost structure impacted by the current Inventory Management?

75. Which of the following is an example of a compelling elevator pitch?

Answers:

• "I am a sales executive specializing in serving customers in IT."

• "I am a sales executive who advises customers on what they need to be doing."

• "I am a sales manager managing a $1 million business."

• "I serve customers and stakeholders in IT, uncover their business problems, prioritize and resolve them, and deliver effective solutions through collaboration and teamwork, thereby increasing revenues and satisfaction."

• All of these

76. When is a good time to roll out your segments?

Answers:

• Time's Up!

• Once you've gathered all of your data

• Right after you create the segments

• After you've validated them

• 3-6 months after initial research

77. Measuring a project through a Pay Back Period metric often ignores:

Answers:

• Cash Flows

• Time

• Riskiness

78. NPV takes into account all but:

Answers:

• Cash Flows

• Time

• All of the above

• Risk

79. Which of the following is NOT part of the SMART sales framework?

Answers:

• Sellable

• Attainable

• Measurable

• Realistic

80. Selling someone a complimentary good along with a primary good, is an example of ________.

Answers:

• cross selling

• over selling

• down selling

• (none of these)

81. Why are breakfast meetings effective?

Answers:

• The menu is simple and likely not to distract either party from the business at hand

• All of these

• The prospect is fresh

• Prospects make an uncommon investment of time during breakfast

• Prospects know a breakfast meeting is for a definite action

82. ROI is a typical measure of return.  One of its flaws is:

Answers:

• It's a single measure

• Projects with multiple non-continuous profitable years, will not be calculated correctly

• It often agrees with NPV

83. What is customer segmentation?

Answers:

• Segmenting a customer into smaller pieces.

• A customer loyalty plan based on customer demographics.

• A means of identifying and organizing current and future customers.

• A way to sell multiple products which will appeal to a particular customer's varied interests.

84. What is one way to gather primary data?

Answers:

• Order info

• Interviews

• Site analytics

• Customer service

85. True or False: When targeting companies to partner with, one should contact any organization in the target industry.

Answers:

• True

• False

86. In general, business development is another name for traditional sales.

Answers:

• False

• Correct

87. True or False: allowing time to accumulate between touches (ie. voicemails, emails, etc) will always "kill" a deal.

Answers:

• False - Properly timed delays show both respect and persistence.

• True - The more time between touches, the more you become less of a priority.

88. Which of the following functions generally does NOT fall under business development?

Answers:

• Sales

• R&D

• IT

• Marketing

• Production

89. Conversion ratios are important to monitor because they:

Answers:

• Are a metric for profitability

• Are a metric for efficiency

• Are a metric for inventory utilization

90. ________ in one territory may cause you to lose sales in other territories.

Answers:

• Cross selling

• Overselling

• Underselling

• Upselling

91. What is one of the main differences between an early, project based, business development unit and a matured, institutionalized unit?

Answers:

• The project based unit has fully developed processes for tracking and monitoring performance levels while the success in the matured unit is solely based on individual heroism

• The project based unit has well defined processes in place to improve performance across the company while the matured unit does not

• The institutionalized unit has strongly defined BD roles and processes while the project based unit typically does not

92. True or false? Total closed deals is always the best measure of performance.

Answers:

• TRUE

• False

93. After you've gathered data, what is the second step in customer segmentation?

Answers:

• Analysis

• Interview consumers

• Validate those segments

• Create segments

94. Many deals are lost due to the perception that the vending organization does not understand the needs of the client organization. What percentage of potential clients think that way?

Answers:

• About 20%

• About 10%

• About 40%

• About 60%

95. Business development is often viewed as bridging the gap of obstacles between:

Answers:

• Business goals and new services

• Project management and business goals

• Product development and sales

• Business goals and sales

96. Which of the following is an example of a Columbo Close?

Answers:

• "Just one more thing..." and tell them the price

• "Just one more thing...i will call you again to ask you about your decision."

• "Just one more thing...you will gain more revenue from us in business"

• "Just one more thing..." and ask a question when the prospect's guard is down

• "Just one more thing, you will find us the best in this business"

97. Which of the following is NOT a Salesforce report type?

Answers:

• Matrix

• Summary

• Provisional

• Tabular

98. True or False: A salesperson should close a deal by asking, "What's the next step?"

Answers:

• True

• False

99. After you've launched, when is a good time to perform customer segmentation?

Answers:

• Anytime.

• After 3 months.

• After 1 month.

• When you have 6-12 months of data.

100. An enthusiastic lead within a larger company is generally called a/an ___________.

Answers:

• angel

• inside salesman

• stakeholder

• evangelist

101. How long is the typical B2B selling cycle?

Answers:

• 2-4 weeks

• 6-12 months

• 1-2 years

• 1-3 months

102. Dividing Expenses by sales gives you the ____%.

Answers:

• Sharpe

• Commission

• Sales for Expenses

• Metric

103. Which of the following is a good time to perform customer segmentation?

Answers:

• After you've identified a solid target consumer

• Anytime is a good time.

• When you are looking to expand into new markets.

• It's never a good time to do this.

104. Sales potential is calculated by:

Answers:

• None of these

• Population x Buying power

• Number of possible accounts x Buying power

• Buying Power divided by Competition

105. What type of question should you ask once you've determined your customer personas?

Answers:

• Are they decision makers?

• How price sensitive are they?

• What's on their playlist?

• What is relevant to your business?

106. Marketing Strategies can be composed of:

Answers:

• SWOT

• Funding Allocations

• Growth Strategy

• Poison Pill

107. Which of the following is the most effective way to handle objections from a prospect?

Answers:

• Soften up, isolate, and rephrase the objection

• Ignore the objection and change the topic politely

• Soften up and agree to the objection

• Isolate the objection, defend, and prove the point

• Isolate the objection and answer the objection

108. In the Competitive Analysis It's Important to include:

Answers:

• Financial Statements

• Potential Barriers to the Market

• SWOT Analysis

109. True or False: Voicemail is an effective technique in sales calls.

Answers:

• True

• False

110. When should a salesperson back off from a prospect?

Answers:

• When a prospect reveals that there are several people involved and that they will need time to decide

• When a prospect says they need time to think the decision over

• When a prospect asks for a lower price for the product

• When a prospect poses tough questions

• One should never back off from a prospect as one never knows what could happen

111. Why are breakfast meetings ideal for closing deals?

Answers:

• Breakfast food is usually lighter and easy to talk over

• The prospect will be more relaxed in the morning before going through the day

• Restaurants are less busy in the morning and more conducive to meetings

• Both parties are more alert and less prone to cancellation in the morning

112. Which of the following is NOT a common pitfall when finalizing segments?

Answers:

• Groups being too different

• Too narrow a focus

• Too many segments

• Divergent groups

113. A customer is interested in a fixed price of $2M for a service offering. The salesperson has $2.2M as his lowest price. How should he go about closing the deal?

Answers:

• Check with his manager for permission to provide additional discounts

• Reduce the price by $50,000 and accept $2.15M

• None of these

• Provide an extra service for $200,000 in order to receive the $2.2M

• Explain the price in terms of smaller chunks, such as daily or monthly installments

114. Which of the following items do people working in business development NOT need to produce for their clients/partners?

Answers:

• Merchandise

• Content

• Tools

• Programs

115. What are three phases of a sales cycle?

Answers:

• Prospect, call, sale

• Growth, maturity, decline

• Call, sell, buy

• Sell, sell, sell

116. What is one way to go about validating segments?

Answers:

• A/B test them.

• Talk to your customer service team about them.

• Test them in real time.

• It's not necessary to validate them, just roll them out.

117. _____ is a dollar measure based on the average company size, wealth, sales, and demographics of a territory.

Answers:

• None of these

• Buying power

• Market cap

• Sales potential

118. What is a good way to gather indirect data on customers?

Answers:

• Crowdsourcing

• Customer service employees

• Site analytics

• Order info

119. Which of the following is not a good question to ask while forming segments?

Answers:

• What product should I create to cater to these groups?

• Are there meaningful differences between these groups?

• Can I offer different products or services to meet the needs of these different segments?

• (all of these)

120. After you've gathered and analyze your data, what is the next step in performing customer segmentation?

Answers:

• Create segments

• Roll out your findings

• Validate your data

• Interview customers

121. Which of the following is not a good question to ask while forming segments?

Answers:

• What product should I create to cater to these groups?

• Are there meaningful differences between these groups?

• Can I offer different products or services to meet the needs of these different segments?

• (all of these)

122. Which of the following is the ideal ratio of speaking time between a prospect and a salesperson to effectively close a deal?

Answers:

• 20% prospect and 80% salesperson

• 70% prospect and 30% salesperson

• 90% prospect and 10% salesperson

• 10% prospect and 90% salesperson

• 50% prospect and 30% salesperson

123. Which of the following types of people is the hardest to close deals with?

Answers:

• All of these

• Socialites

• Directors

• Thinkers

• Relators

124. Which of the following is the correct process for closing a sale?

Answers:

• Building relationships > Analyzing needs > Presenting a solution > Closing the deal

• Building relationships > Analyzing needs > Presenting a solution > Offering alternatives > Closing the deal

• Analyzing needs > Building relationships > Presenting a solution > Closing the deal

• Building relationships > Presenting a solution > Analyzing needs > Closing the deal

125. The sales _______ is a helpful way to forecast future sales.

Answers:

• funnel

• market size

• pipeline

• proposal

126. A prospect is a/an _______.

Answers:

• inbound inquiry

• candidate for a cold call

• likely buyer

• All of these

127. When a prospect refers the salesperson's product to their own contacts, they are referred to as _____.

Answers:

• Advisors

• Business Relators

• All of these

• Apostles

• Friends

128. Which of the following is NOT a Salesforce membership?

Answers:

• Unlimited

• Contact Manager

• Executive

• Enterprise

129. Which of the following would be an example of "demand generation"?

Answers:

• All of these

• Defining a market

• Presentations

• Proposal pitching

130. Market Penetration Strategy is one of the Strategies underlying Cost Control.  True or False

Answers:

• True

• False

131. What is the most important trait(s) a salesperson needs to have to get business from a prospect

Answers:

• Ability to become trustworthy

• Ability to articulate the business need

• Ability to have great presentation skills

• All are equal

• Ability to close

132. What is the "served market"?

Answers:

• The portion of the market that is not looking for service

• The market that is available to your firm

• That portion of the market that are already clients

• All of these