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Entrepreneurship Unit #3 Flashcards | StudBud
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Entrepreneurship Unit #3
Entrepreneurship Unit #3
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Flashcards
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Questions
35
Answers
1
Market research is used to Identify opportunities, solve problems, and monitor performance.
True
False
2
What do the letters MVP stand for in Entrepreneurship?
minimum viable product
most valuable product
maximum viable product
most valuable player
3
Selling price is made up of
None of the above
Desired Profit margin
Cost of Goods Sold (COGS)
COGS & Profit Margin
4
Which of the 4 "P's" of marketing pertains to advertising??
Product
Price
Promotion
Place
5
Which of the following is not a type of promotion?
Public relations
Social media marketing
company slogan
Sales promotions
6
Branding will help your competitors realize you mean business.
True
False
7
Which of the following is NOT part of a Minimal Viable Product
Yourbusiness idea, in its simplest form
Speeds up prototyping and testing
It’s a cheaper version of your final product
Meets your needs, but may not be your ideal product
8
The use of Customer Discovery provides an entrepreneur with important information about their product.
False
True
9
Who you believe will benefit from your value proposition is known as the customer segment.
False
True
10
Customer discovery leads you to your 1st customer, & then you leverage what you learn to find more.
False
True
11
A combination of factors that can be controlled by a company to influence the target market to purchase its products
Target Market
Customer Discovery
Marketing Mix
none of the above
12
Market Research for entrepreneurs can be used to test product feature(s).
False
True
13
The target market is referred to as the Customer Segment on the BMC.
True
False
14
What is most important when it comes to customers?
product details
Surveys
Relationships
Sales
15
Empathy interviewing allows for the development of a strong value proposition.
False
True
16
Why your customers buy, including attitudes&beliefs, lifestyle, interests, hobbies, social status or identify is part of
Buyer Behavior
Geographics
Demographics
Psychographics
17
Market Research is conducted to do all of the following except
determine market & growth potential
how your product will be used
determine customer attitudes & preferences
understand public perception of the company
18
The 4 key characteristics of your customer segment is
Customers live, Demographics, Income & Psychographics
Geographics, Demographics, Income & Psychographics
Geographics, Buying behavior, Demographics, & Psychographics
Geographics, Income, Age & who your customers are
19
Warranty and customer support are part of the place component of the Marketing Mix
False
True
20
Select all the processes that fall under Market Research for entrepreneurs
Determine company vision
Test product features
understand public perception
learn about competition
21
Which of the following groups classify as the 4 "selling to" categories:
influencer, consumer, customer & supplier
the user, the buyer, decision maker, & influencer
customer, User, buyer and influencer
Buyer, decision maker, customer, and influencer
22
Secondary market research is readily available data from external resources such as the U.S. Census or prior surveys.
False
True
23
Target Markets are the critical relationships built with potential customers that will increase your customer base.
True
False
24
Which of the 4 "P's" of marketing deals with financial aspects of your product?
Price
Place
Product
Promotion
25
Process used to reduce risk when identifying customer segments is known as customer discovery.
True
False
26
Which of the following resources could provide you with Secondary Research Data?
Customer Interviews
Trade Magazines
Online Surveys
Employee interviews
27
Primary market research is designed with a specific outcome in mind and is often expensive to collect and analyze.
False
True
28
Selling Price is influenced by Expenses, Supply/Demand & Competition
True
False
29
Promotion includes all of the following except
Coupons & special offers
Public Relations
Branding
Social Media Marketing
30
How customers buy & how they intend to use your product, including brand preferences are part of
Demographics
Psychographics
Geographics
Buying Behavior
31
Target Markets can be everyone.
True
False
32
The best definition for Demographics is who your customer is, including age, gender, & ethnic background.
False
True
33
Customer Relationships are critical to an entrepreneur's success.
False
True
34
Companies may only use their own channels or partner channels.
False
True
35
Which statement provides a valuable assumption about the use of Customer Discovery?
is a waste of time.
hinders an entrepreneur in the start up process.
provides an entrepreneur with important information about their product.
choices should only be conducted once.
