Entrepreneurship Chapter 5

Question 1

Establishing informal ties with people who can help your business grow is called......

Accepted Answer

Networking

Question 2

Pricing that's determined by what the customers are willing to pay for a product/service is ...

Accepted Answer

Demand-Based Pricing

Question 3

Once an Entrepreneur has identified his/her goal, it is time to develop a .....

Accepted Answer

Marketing Strategy

Question 4

Blending of the product,price,distribution, and promotion used to reach a target market.

Accepted Answer

Marketing Mix

Question 5

A business's percentage of the total sales generated by all companies in the same market is....

Accepted Answer

Market Share

Question 6

Creating an image for a product in the customer's mind is called.......

Accepted Answer

Positioning

Question 7

A store sells snow shovels for half-price in the middle of summer, the store is offering a.....

Accepted Answer

Seasonal Discount

Question 8

Pricing technique starts out with a low introductory price with a goal of building customer

Accepted Answer

d

Question 9

The process of selling your idea to a company for the development and launch a new product is..

Accepted Answer

Licensing

Question 10

Product characteristics that will satisfy consumer needs are called......

Accepted Answer

Features

Question 11

Which type of goals will be more helpful in determining how to target your marketing?

Accepted Answer

Short-Term Goals

Question 12

Written report that defines markets,customers and competitors, to identify & anticipate change

Accepted Answer

Marketing Plan

Question 13

Uses the needs of customers as the primary focus during the planning of a product or service.

Accepted Answer

Marketing Concept

Questions 13