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Entrepreneurship - Chapter 4 Flashcards | StudBud
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Entrepreneurship - Chapter 4
Entrepreneurship - Chapter 4
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Flashcards
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Practice quiz
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Questions
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Answers
1
The product life cycle compares gross profit to sales as a product/service moves through its life stages.
False
True
2
Smart marketers always emphasize ________.
C) benefits, not prices
B) features, not benefits
D) None of the above.
A) benefits, not features
3
Nike sells sneakers, but it also markets sneakers, using ________ to get its message out to customers.
C) advertising
D) coupons
A) publicity
B) advertising and publicity
4
Which of the following is a step in determining how customers decide to buy a product?
D) All of the above.
A) Determine the need it meets.
B) Analyze the buying process.
C) Think about who might actually buy it.
5
A marketing plan can serve as a stand-alone document or be part of an overall business plan.
False
True
6
Research carried out indirectly through other existing resources is called ________.
C) literature analysis
B) primary research
D) post-secondary research
A) secondary research
7
a subtle difference between the ________ and the ________ of a product. One is a fact while the other is a perception
C) features/benefits
B) sales/marketing
D) None of the above.
A) revenue/costs
8
The statement for a business includes name/brand, its competitive industry/category, ________, and target market
B) benefits or points of difference
C) benefits and similarities
A) features and points of difference
D) pricing and distribution
9
The most important thing you should do before launching your product or service is________.
C) design your logo
D) hire the right employees
A) thoroughly research the market
B) raise enough capital
10
Consumers who have a similar response to a certain type of marketing can be classified as a________.
A) market segment
B) target market
C) market
D) small niche
11
Psychographic analysis and behavioral analyses are examples of methods of ________.
B) market segmentation
C) marketing
A) market research
D) positioning
12
Which of the following aspects of a product/service is the most important to focus on when selling?
C) price
B) features
D) usefulness
A) benefits
13
Marketing is ________.
A) satisfying customers at a profit
C) product, place, promotion, and price
D) All of the above.
B) the business function that identifies customers and their needs & wants
14
What is the third step of deciding who the potential customers are for your business?
C) analyzing who has the authority to buy
B) understanding who needs your product or services
D) analyzing the buying process that leads customers to your product or ser
A) understanding who might actually buy your product or service
15
Your best option in market research is generally primary rather than secondary research.
True
False
16
A ________ identifies distinctively the goods or services of one organization from others via a design, symbol, name,
C) strategy
A) product
B) brand
D) positioning
17
________ ask(s) people directly, through interviews or questionnaires, about their perceptions of a product or service.
D) Surveys and focus groups
B) Industry research
A) General research
C) Statistical research
18
The product life cycle compares gross profit to sales as a product/service moves through its life stages.
True
False
19
Which business function do experts agree you should focus on first when preparing to start a business?
B) marketing vision
A) operations
D) core concepts
C) financing
20
Which of the following is
not
a stage in the product life cycle (PLC)?
B) Growth
C) Maturity
D) Decline
A) Competitive
