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Study Guide for Entrepreneurship Flashcards | StudBud
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Study Guide for Entrepreneurship
Study Guide for Entrepreneurship
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Flashcards
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Questions
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Answers
1
Why is it important for business to become part of the community?
To give back to the community
To promote its business
To help the less fortunate
To gain new customers
2
The particular group of customers you are interestd in
Customer market
Total market
Target market
Market segment
3
What is a target market?
A specific group of customers
I don't know
A specific group of people
The market share you want
4
Your small, specialized segment of a market gives you a
Substitute
Niche
Market positioning
competitive advantage
5
Examples of market segments include
The homeowners
The middle-income
The elderly
The pet owners
6
End with an easier question. We want students to feel smart! After, check the report to see how they performed!
Related answer.
Correct answer.
Similar answer.
Funny answer.
7
Providing the customer with what they want is called:
Product/Service Management
Pricing
Selling
Promotion
8
Elon Musk is a great entrepreneur he created/founded
Founded the company SpaceX
Is a billionare
Founded the company Telsa
Co-founded Paypal
9
Proctor & Gamble decision to offer different types of soap at different prices is a what?
Marketing Directly
Geographic segmentation
Market Segmentation
Industrial marketing
10
Which of the following strategies fcould a business use to increase its market share?
Quality control procedures
Discount pricing
Market research
Product testing
11
What is marketing research?
I don't know
Provides information on a continuing basis
Process of gathering, recording, and analyzing data
The amount of product and organization expects to sell
12
What are target markets?
People who share one or more common characteristics lumped in a group
Group of potential customers to whom a company wats to sell its products
Group of potential customers to whom a company wants to sell its service
Group of non-potential customers to whoma company wants sell services
13
What is market segmentation
Something math related
The division of consumers into sub-groups based on shared characteristics.
I don't know
The division of products into sub-groups
14
The first step to target marketing is to identify your target.
False
True
15
Providing the products customers want.
Marketing Mix
Advantage of Market Segmentation
Loyalty
Disadvantage of Market Segmentation
16
A target market represents the people most likely
Have something in common to desire for your product/service
Ones you will not focus your advertising
To buy what you sell
Distinguish them from the market at large
17
Market share refers to....
The amount of shares in a company
The percentage of total sales compard to competiors
The cost of goods sold compared to competitors
The size of a market
18
Sub-groups of consumers are know as segments.
False
True
19
The collection and analysis of information aimed at understanding the behavior of consumers.
Venture research
Market forecasting
Customer focus
Market research
20
What are ways to get customer feedback?
Comment cards
Mystery shoppers
Surveys
Face-to-face
21
Customers are the focus of all marketing activities?
True
False
22
Identified segments of the market that a business wants to have as their customers.
Market Segmentation
Target Market
Marketing
Market Promotion
23
When a business selects a target market, the most useful market segments are measurable and
Concentrated
Inflexible
Accessible
Undifferentiated
24
What are ways to get customer feedback?
Face-to-face
Mystery shoppers
Comment cards
Surveys
