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