Entrepreneurship Marketing Review

Question 1

A small amount of money selling the same/similar products/services as another business

Accepted Answer

indirect competition

Question 2

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

Accepted Answer

demand-based pricing

Question 3

Pricing is determined by considering what competitors charge for the same good

Accepted Answer

Competition-Based Pricing

Question 4

Product characteristics that will satisfy consumer needs are called

Accepted Answer

features

Question 5

Bringing in a celebrity for the grand opening of your business is an example of

Accepted Answer

publicity

Question 6

A business makes most of its money selling the same/similar products/services as another

Accepted Answer

Direct competition

Question 7

Distribution involving intermediaries between manufacturer and final consumer

Accepted Answer

Direct Channel of Distribution

Question 8

Describes a group in terms of age, marital status, family size, ethnicity, gender, etc

Accepted Answer

Demographics

Question 9

Sponsoring a baseball team or donating to charity are examples of what?

Accepted Answer

public relations

Question 10

Information collected for the very first time to fit a specific purpose is

Accepted Answer

primary data

Question 11

The target market is the individuals or companies that are interested in a product or service &

Accepted Answer

are willing and able to pay for it

Question 12

Price determined by adding an amount to the wholesale cost

Accepted Answer

Markup Price

Question 13

Will help you determine where your potential customers live & how far they will travel

Accepted Answer

Geographic Data

Question 14

Free samples, coupons, and contests are examples of what?

Accepted Answer

sales promotion

Question 15

Customer loyalty strategies may include

Accepted Answer

all of these

Question 16

Pricing technique used to suggest a bargain or a high quality item

Accepted Answer

Odd/Even Pricing

Question 17

Distribution when products or services go from the manufacturer to final consumer

Accepted Answer

Direct Channel of Distribution

Question 18

Data found in already published sources

Accepted Answer

Secondary Data

Question 19

If a store sells snow shovels for half-price in the summer, the store is offering customers a

Accepted Answer

seasonal discount

Question 20

Data that describe people in terms of tastes, opinions, personality traits, & lifestyle habits

Accepted Answer

psychographics

Question 21

The name, symbol, or design used to identify your product

Accepted Answer

Brand

Question 22

A high price to create a feeling of superiority

Accepted Answer

Prestige Pricing

Questions 22