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Entrepreneurial Marketing Basics

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Questions and Answers

What are the three main areas of focus for marketing for entrepreneurs and small businesses?

Setting prices, selecting distribution channels, and promoting products

Identifying competitors, creating advertisements, and expanding product lines

Finding out customer wants and needs, developing products and services, determining how to satisfy customer needs (correct)

Researching industry trends, negotiating with suppliers, and training staff

What is the main focus of marketing in a business?

Putting the customer first in all efforts and activities (correct)

Creating products without considering customer preferences

Fulfilling the desires of the business owner

Maximizing profits for the company

How has Capannari Ice Cream differentiated itself from its competitors?

By offering only standard ice cream flavors

By investing heavily in marketing and getting to know their customers well (correct)

By increasing prices to higher than competitors

By ignoring customer feedback and preferences

What additional service does Capannari Ice Cream offer that sets them apart from other ice cream shops?

Unique artisan flavors like Irish coffee and pumpkin Signup and view all the answers

How has investing in marketing helped Capannari Ice Cream succeed?

By getting to know their customers well and keeping them happy Signup and view all the answers

What does putting the customer first in marketing efforts mean?

Ensuring that all activities and efforts are centered around customer satisfaction Signup and view all the answers

What is the purpose of identifying a target market for a business?

To sell products to a specific group of potential customers Signup and view all the answers

In the context of the text, what is an industrial market also known as?

Business to business (B2B) market Signup and view all the answers

What type of buyers make up a consumer market?

Buyers who use the product or service for personal use Signup and view all the answers

Why do businesses usually need to perform market research to identify target markets?

To determine the possibility of selling offerings by connecting with potential customers Signup and view all the answers

What does the text suggest can help guarantee repeat customers at an ice cream shop?

Providing out-of-the-ordinary concepts Signup and view all the answers

What role does Capannari’s ice cream shop play in supporting community events?

They sponsor annual contests like the Coolest School Contest Signup and view all the answers