Entrepreneurship - Chapters 4 and 5

Sometimes a business must include products in their mix even though they may not be profitable.

Groups of customers within a large market who share common characteristics are know as

Information that helps you determine how often potential customers use a particular service is called

A marketing strategy should always be consistent with the overall goals that have been set for the business.

It is generally less expensive for a business to collect secondary data than to collect primary data.

This type of pricing technique starts out with a low price with the goal of building a strong customer base.

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

A marketing strategy needs to address

Which of the following is a good resource for secondary data?

Marketing involves all of the processes used to determine and satisfy the needs of customers.

A business's percentage of the total sales compared to all companies in the same market is called

A market segment is made up of people with common characteristics.

The objective of every pricing strategy is to increase profits.

If a store sell bathing suits for half-price in the middle of winter, the store is offering customers a

Data that describe people in terms of their tastes, opinions, personality traits, and habits are called psychographics.

Product characteristics that will satisfy consumer needs are called

Companies that offer similar or identical products to the same group of target customers are called

Locating your indirect competition can be more difficult than finding direct competitors.

Before you open a business, the most important things to determine are who your primary customer are and

A business's marketing plan should never be included in the business plan.

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

It has been found that often a small percentage of the product selection makes up the majority of the sales revenue.

Markup and markdown prices are two methods of cost-based pricing.

Which of the following is a direct competitor to Starbucks?

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