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Questions and Answers
What type of market segmentation is based on factors like gender and age?
What is the process of selecting potential customers to whom a business wishes to sell products or services?
What is the 'P' in the marketing mix that refers to the communication tactics used to tell people about products and services?
What is the term for the ability to influence consumer perception regarding a brand or product relative to competitors?
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What type of market segmentation is based on where customers live and shop?
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What is the process of grouping customers based on common behaviors they exhibit when interacting with a brand?
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What is the meaning of the word 'Entrepreneur' in French?
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What is the primary goal of an entrepreneur in relation to business secrets?
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What is the importance of having clear objectives in entrepreneurship?
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What is the consequence of entrepreneurship on the economy of a country?
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What is the main difference between wage employment and entrepreneurship?
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What is a business plan primarily used for?
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What is the primary purpose of a unique selling proposition in a business plan?
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What type of business concept involves selling products or services to other businesses?
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What is the main difference between a product and a service?
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What is the primary goal of market strategies in a business plan?
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What is the purpose of a business concept in a business plan?
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What is the primary purpose of identifying a target market in a business plan?
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Study Notes
Market Segmentation
- Demographic segmentation: dividing subscribers based on factors like gender and age
- Psychographic segmentation: grouping people based on personal values, opinions, aspirations, and psychological characteristics
- Geographic segmentation: grouping customers based on location and shopping habits
- Behavioral segmentation: grouping customers based on common behaviors when interacting with a brand
Targeting and Positioning
- Targeting: selecting potential customers for a product or service
- Positioning: influencing consumer perception of a brand or product relative to competitors
Marketing Mix
- The 4P's of marketing mix: Product, Price, Promotion, and Place
- Product: physical goods or intangible services
- Price: the cost of a product
- Promotion: communication tactics to tell people about products and services
- Place: where buyers can find a product
SWOT Analysis
- Strengths: internal advantages of a business
- Weaknesses: internal disadvantages of a business
- Opportunities: external factors that can benefit a business
- Threats: external factors that can harm a business
Entrepreneurship
- Exploiting commercial opportunities by bringing a new product to the market or improving an existing one
- An entrepreneur is an owner of a business who invests resources to bring an idea to life
Characteristics of an Entrepreneur
- Mental ability: creative thinking and problem analysis
- Business secrecy: guarding business secrets from competitors
- Clear objectives: defined goals and nature of business
- Human relations: maintaining good relationships with customers, employees, etc.
- Communication ability: effective communication skills
Importance of Entrepreneurship
- Reduces poverty levels
- Increases employment
- Fulfills demands
- Develops economic conditions of a country
Economics and Market Structures
- Economics: the study of allocating scarce resources to fulfill needs and wants
- Competition: rivalry among businesses for a common goal
- Market structures: the nature and degree of competition among businesses
Business Plan
- A written document describing how a business will achieve its goals
- Components: title page, executive summary, introduction, product/service, target market, goals and objectives, management structure, unique selling proposition, value proposition, and business concept
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Description
Test your knowledge of the key components of a business plan, including the executive summary, company history, product/service, target market, goals, and management structure. This quiz covers the essential elements of a business plan that entrepreneurs and managers need to know. Improve your understanding of business planning and strategy with this quiz.
