stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Entrepreneur Vocabulary 2 Flashcards | StudBud
Explore
/
Entrepreneur Vocabulary 2
Entrepreneur Vocabulary 2
32 terms
·
StudBud Administration
·
17,746 plays
Vocabulary words for the ESB v. 2 Certification.
Flashcards
32 cards
F
Practice quiz
P
Host live
L
Questions
32
Answers
1
Which of these is NOT a Market Opportunity?
raising money through sale of shares
priced right
meets the needs of customers
an idea that can realistically be turned into a product or service
2
What is a reason why prototypes are made?
to brag
to see if it works correctly
to get a good grade
to make lots of money
3
What is a direct channel of distribution?
When consumers sell a product to the producer.
When a producer sells a product to a warehouse.
When a product is sold to the consumer by retailers.
When a producer sells a product directly to the consumer.
4
Price Skimming involves . . .
an optimal pricing strategy.
charging a low price to generate high sales.
releasing a new product into the life cycle.
setting the highest price possible and decreasing it over weeks or months.
5
What is premium pricing
Setting price higher than competitor
Setting price same as competitor
Setting the price to show you're high class
I plead the fifth
6
Bootstrapping involves
operating on as much cash as possible
cutting all unnecessary expenses
keeping your personal and business assets separate
using your business finances for personal purposes
7
Pricing is the source of
dollars
revenue
money
avenue
8
What is an economy pricing strategy?
Pricing for luxury goods only
Pricing for supermarket goods
A no-frills low price
Saving money by not putting price tags on products
9
Bootstrapping means:
Starting a business financed by a bank
Starting a business by yourself, without any outside investment
Starting a business financed by a loan of relatives or friends
Starting a business financed by the SBA.
10
Which of these is not a pricing strategy?
Premium pricing
Market skimming
Customer pricing
Penetration pricing
11
What is a Fulfillment Center?
The manufacturer controls all aspects of distribution.
Fulfillment Centers pack and ship for a manufacturer.
Inventory is created on-demand rather than stored.
A Zero-level channel
12
What is primary data
The use of graphs, tables and summary statistics
Information obtained first hand by the researcher
Research about research
Information that has already been collected
13
What business used the "A little music with your coffee?" idea?
Teavana
Dunkin Donuts
Krispy Kreme
Starbucks
14
What is a business 'pitch'?
Somewhere to play basketball
a presentation of your business ideas and plans
a wild stab in the dark and begging people for money
A plan of your ideas
15
This describes price skimming:
Price is set just below a whole number e.g 99p
Price is set low when entering a new market
Price is set high at release to skim die-hards for profit
Price is set low to eliminate competition
16
Describe the pricing strategy of 'market penetration'
Lower prices and discounting
Extra high prices because the product will sell regardless
Competitive pricing
Very low prices to undercut competitors
17
What is Secondary Data?
Data that you collected yourself.
Secondary Data is data that you collect second.
Data collected by someone else made for a different purpose.
Observational or Experimental Research.
18
Secondary data is
collected by the investigator
when repeated observations give similar results
when an investigation tests its hypothesis
collated from other sources
19
The goal of a pitch presentation is to gain people to help create a new product.
True
False
20
What is the definition of a Target Market
Market aimed at specific people based on age lifestyle income, etc.
A Store
Old people
Brazil
21
A target market is
an industry willing to sell and market your product
a generational group of individuals
a group of consumers at which a product/service is aimed
a group of investors willing to put capital into a business
22
Which of these are examples of Brainstorming?
Problem solving.
Debates/ Group discussion
Group discussion
All of the above
23
Primary data is collected by
Pew Research Center, the Census, transactions
surveys, transactions, offering something, observing people
observing people, transactions, research publications
surveys, the Census, observing people
24
What is bundle pricing?
Amount you pay for a product
A set price for tickets
Value of goods and services
Selling several products together at a set price
25
A penetration pricing strategy
Frequently encourages other businesses to enter market
Used in maturity stage of the Product Life Cycle
Usually results in high profit levels for the company
Used by a business to attract a large share of the market
26
How does creating a Lean Canvas help your business idea?
Less effort than writing a business plan
Both A and B
Used to seek investment
Provide a visual representaton if the idea is worth pursuing
27
SCAMPER is a way to?
Refine Ideas
Develop Ideas
Run and Jump
Generate ideas
28
Which of these is not a brainstorming rule?
no criticism of ideas, defer judgment
encourage wild ideas
aim for quality over quantity
stay focused on the topic
29
3. Promotion is a method of market penetration
True
False
30
What is the purpose of the Lean Canvas Business Model?
All the above
Once you have the idea
An alternative to writing a business plan
Outline the idea of your business
31
The pitch deck is ______________.
Your presentation to introduce your product/idea to investors
Your idea and the financial description
Your business plan or idea
Your product and details
32
What is Opportunity Analysis?
the process of deciding which ideas represent a market opportunity
alignment to the personal vision of the entrepreneur
process of dividing the market into segments
an idea that can be turned into a product
