Business Terminology Quiz

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Questions and Answers

What is the most reliable way of getting relevant information from target customers?

  • Telephone interview
  • Mailed questionnaire
  • Personal interview (correct)
  • Focus group discussion

Which method is less time-consuming and less expensive but has a lower response rate compared to face-to-face interviews?

  • Questionnaire
  • Focus group discussion
  • Email survey
  • Telephone interview (correct)

What refers to the ultimate marketing strategy because they sell and push the product?

  • Positioning
  • Promotion
  • Packaging
  • People (correct)

What is a process used by marketers to create an image in the minds of a target market?

<p>Positioning (D)</p> Signup and view all the answers

Which of the following is an excellent method for generating and screening ideas and concepts?

<p>Focus group discussion (B)</p> Signup and view all the answers

What is the traditional method of conducting an interview?

<p>Personal interview (D)</p> Signup and view all the answers

What is the term used for entrepreneurs who always come up with new ideas?

<p>Innovative entrepreneurs (D)</p> Signup and view all the answers

Which type of entrepreneur follows the ideas of other entrepreneurs without creating anything new?

<p>Imitating entrepreneur (A)</p> Signup and view all the answers

Which factor affecting entrepreneurship refers to doing things even before being told?

<p>Initiative (C)</p> Signup and view all the answers

Which type of entrepreneur entices people to buy even if they don’t want to?

<p>Persuasion entrepreneur (C)</p> Signup and view all the answers

Which type of entrepreneur makes plans before doing things and monitors them without failing?

<p>A Planner (A)</p> Signup and view all the answers

What is the purpose of a target market?

<p>To identify buyers with common needs and characteristics (A)</p> Signup and view all the answers

What is the term used for entrepreneurs that live on the labor of others?

<p>Fabian entrepreneurs (B)</p> Signup and view all the answers

Which of the following is described as the most valuable tool in any type of research study?

<p>Data Collection (A)</p> Signup and view all the answers

What does a Unique Selling Proposition (USP) refer to?

<p>An intangible thing or product that cannot be touched (D)</p> Signup and view all the answers

Which term is defined as the process of gathering, analyzing, and interpreting information about products or services offered for sale?

<p>Data Collection (C)</p> Signup and view all the answers

What is a survey in the context of business?

<p>A method of collecting data from customers or target markets (A)</p> Signup and view all the answers

What is the purpose of an interview in business?

<p>To collect data from customers in a structured manner (C)</p> Signup and view all the answers

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