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</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</p> Signup and view all the answers

    What is the traditional method of conducting an interview?

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

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

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

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

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

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

    <p>Initiative</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</p> Signup and view all the answers

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

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

    What is the purpose of a target market?

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

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

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

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