Entrepreneurship Final Review

The objective of every pricing strategy is to increase profits.

Process of selling your idea to a company for the development of a new product is called

Surveys should be no more than five pages long if they are mailed to respondents.

Ppricing technique starts with a low introductory price; goal to build a strong customer base.

Ideas are different from opportunities.

Pricing objectives should be developed only after prices have been set.

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

There are more small businesses in the US than big business, big business create the most jobs

Small firms with fewer than 500 employees represent about _____ % of all businesses in the US.

The best way for a business owner to make a decision is through their gut.

A business’s % of the total sales generated by all companies in the same market is called

More than half of all new businesses do not survive beyond four years.

Pricing determined by how much customers are willing to pay for a product or service is called

Counting the number of children walking past an ice cream store after school is primary data.

Once an entrepreneur has identified his/her goals, it is time to develop a

People who own and take risk of a business venture are called

Which question should an entrepreneur answer in order to identify the target market?

The private ownership of resources by individuals rather than the government is called

Thoughts or concepts that come from creative thinking are called

Which is not a desireable characteristic for an entrepreneur?

Product characteristics that will satisfy consumer needs are called