Business Development MCQs
Business Development MCQs
These Business Development multiple-choice questions and their answers will help you strengthen your grip on the subject of Business Development. You can prepare for an upcoming exam or job interview with these Business Development MCQs.
So scroll down and start answering.
1: Which of the following is the most common mistake made by salespeople when speaking to prospects?
A. Making claims about business growth
B. Talking too much and not listening to the prospect enough
C. Focusing too much on the business problem
D. Making longwinded points
2: True or False: When targeting companies to partner with, one should contact any organization in the target industry.
A. True
B. False
3: ROI is a typical measure of return. One of its flaws is:
A. It often agrees with NPV
B. Projects with multiple non-continuous profitable years, will not be calculated correctly
C. It's a single measure
4: Business development is often viewed as bridging the gap of obstacles between:
A. Business goals and new services
B. Project management and business goals
C. Product development and sales
D. Business goals and sales
5: What is one of the main differences between an early, project based, business development unit and a matured, institutionalized unit?
A. The project based unit has well defined processes in place to improve performance across the company while the matured unit does not
B. The institutionalized unit has strongly defined BD roles and processes while the project based unit typically does not
C. 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
6: Conversion ratios are important to monitor because they:
A. Are a metric for efficiency
B. Are a metric for profitability
C. Are a metric for inventory utilization
7: Measuring a project through a Pay Back Period metric often ignores:
A. Riskiness
B. Cash Flows
C. Time
8: What should you do once you've organized your data in Excel?
A. Look at it
B. Create a list of all possible segments using the data.
C. Share it with your team
D. Use it to find meaningful trends among customers
9: A company interested in horizontal growth opportunities is looking to:
A. Buy up competitors
B. Lower Prices to Increase Sales
C. Increase market share in the current markets.
10: ________ can motivate a client to close on a deal because there is limited access to the resource.
A. Elitism
B. Ubiquity
C. Scarcity
D. Automated emails
11: As a part of go-to-market plan you must figure out the proper sales _________.
A. None of these
B. customer management
C. processes
D. channels
12: What is the best way to leave a compelling voicemail for a prospect?
A. Mention your number first and go ahead with your reference
B. Speak with confidence about your track record to impress the client
C. Mention that a contact with whom the prospect has done business with has referred you for a business need
D. Mention that you are the best sales person to address his business need
13: Which of the following is NOT good data to leverage?
A. Their values
B. Their purchasing habits
C. Their personality traits
D. Their number of siblings
14: In what way should a salesperson handle a situation where an angry customer calls to report the poor service he received?
A. Listen to the customer and state that he is sorry and he will give 10 minutes of undivided attention to him
B. Listen to customer patiently and take notes to understand the gravity of the problem, then apologize
C. Immediately connect the customer with the person that can fix their problem
D. Listen to the customer and apologize when he pauses
15: True or false? As long as a salesman closes, it doesn't matter how much product customization they commit to.
A. TRUE
B. False
16: In a company that has not launched yet, when should you look into customer segmentation?
A. When you have identified a consumer base.
B. 3 months pre-launch
C. Right before launch.
D. You shouldn't.
17: A _____ lead is expected to be responsive.
A. cold
B. warm
18: What is the first step in customer segmentation?
A. Gathering data.
B. Creating segments
C. Validation
D. Analysis
19: Answering which of the following questions does NOT help in understanding a niche?
A. How will the Board of Directors help implement capital controls?
B. What are potential opportunities for the business?
C. Which areas are being ignored by competitors?
D. Which areas are competitors already well-established?
20: Generally the purpose of a pre-purchase meeting is to ________.
A. close a deal
B. explain product features, problem solve, and schedule another meeting.
C. figure out delivery and other logistics
D. None of these
21: True of False: Vertical Integration means to integrate companies that are suppliers, distributors, or clients of the current products and services.
A. True
B. False
22: Which of the following is a good listening technique during a meetings with a prospect?
A. Taking notes
B. Asking questions when there is a pause
C. All of these
D. Letting customer speak on and on without interruption
23: Which of the following is NOT a method of customer segmentation?
A. Geographic
B. Behavioral
C. Religion
D. Demographic
24: What is a cold call?
A. A fake phone number
B. A call made without an introduction or appointment
C. A call that does not lead to a sale
D. A call that leads to a negative reaction
25: What is the purpose of an elevator pitch ?
A. It is a common need which is required for all salespeople
B. To tell the company's mission statement
C. It is a pitch to demonstrate one's social stature
D. To effectively communicate the value of the company in a succinct manner
26: 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.
A. True
B. False
27: 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?
A. Politely excuse yourself while sympathising with the problem
B. Stay on, ask questions, confer with people to ask for help, and coordinate to deliver the service until the issue is resolved
C. Tell your boss and ask him to handle this
D. Refer them to the competition
E. Tell the client that it is not your area and give the numbers of the person to be contacted
28: Which of the following is a concern caused by a incentive based compensation plan?
A. Complicated scenarios involving team sales
B. Timing of compensation can become complicated
C. All of these are potential issues
29: Identifying how to communicate with customers is a __________ strategy:
A. Market Penetration Strategy
B. Communications Strategy
C. Distribution Strategy
30: What does market share mean?
A. Ownership stake in a public company
B. Opportunities to share in greater market profits
C. the portion of a market controlled by a particular company or product.
31: How can you differentiate a "champion" from the crowd?
A. They call you back right away.
B. They can introduce you to decision makers in the organization and are willing to advocate on your behalf.
C. They ask good questions and want to discuss pricing.
D. They are always willing to take a meeting with you.
32: 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.
A. True
B. False
33: Which of the following techniques will be most likely to generate a response from a voicemail?
A. Leaving a voicemail with a reference, an introduction, the way you can solve a business problem, and leaving off with your contact information
B. Leaving a voicemail on a Sunday
C. Leaving a voice mail on a weekday after hours
D. Leaving a voice mail with little detail except for explaining that you would like them to contact you and leaving your information
34: What determines the types of data to leverage?
A. Demographics are always relevant.
B. Gender is almost always relevant.
C. It depends on what is relevant and what is available.
D. Age is usually a pretty solid indicator of segments.
35: Business development combines which two of the following business functions?
A. Finance and Sales
B. IT and sales
C. Marketing and IT
D. Marketing and sales
E. Finance and Marketing
36: True or false? Maintaining a relationship with a customer after a sale is worthless.
A. False
B. TRUE
37: Most Companies Business Models are:
A. Anti-Cyclical
B. Cyclical
38: PPC is a common term for internet companies meaning:
A. Person to Person Chatting
B. Pay Per Click
C. Power, Perception and Challenge
39: 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
A. True
B. False
40: Which of the following qualities would help close the most deals?
A. The ability to smooth talk with a prospect
B. A knowledge of which features bring maximum benefit to his employer
C. A knowledge of how the product can help the customer and a genuine belief in the product.
D. None of these
E. A high energy level
41: True or False: Start up companies are almost always succesful in the first few years.
A. False
B. True
42: For which of the following reasons is cold calling generally discouraged?
A. Cold callers dont know for sure if they are talking to the prospect
B. The prospect is generally unprepared for an interruption
C. The prospect may not have a need for a solution or a problem
D. All of these
43: Underservicing a territory will hurt sales because ________.
A. Both of these
B. fewer leads will be pursued
C. prospects will receive less attention
44: Which of the following provides value to a business?
A. All of these
B. Capital
C. Real Estate
D. People
45: Business development is the creation of long-term value for an organization from customers, markets, and relationships.
A. False
B. True
46: 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.:
A. False
B. True
47: Which of the following parties does a business have to manage relationships with?
A. Partners
B. Employees
C. Customers
D. All of these
E. The press
48: B2B stands for business to business, True or False
A. False
B. True
49: Which of the following does Sales Management Information include?
A. All of these
B. Top performing salespeople/channels
C. Sales of products and services
D. Reasons for wins/losses
50: True or False? Business development involves creating relationships of long term value.
A. False
B. True
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Business Development MCQs
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