30 Questions
What is the definition of a market?
Any place where manufacturers, distributors, and retailers sell and consumers buy
What is the primary factor that dictates the prices of products and services in a market?
Demand and competition
According to customers, what is the most important factor when buying a product or availing of a service?
Price of the product
Why is it important to provide a worthwhile experience to customers?
To create loyal customers
What is expected by customers from a product they buy?
That it serves its purpose
Why is the design of a product important to customers?
Because it is appealing to them
What is a key characteristic of entrepreneurial marketing?
It uses new and non-traditional marketing practices to stand out
What is the primary goal of relationship marketing?
To build a solid connection between the brand and the customer
Which marketing strategy involves forming markets and creating innovative products?
Expeditionary marketing
What is the primary focus of one to one marketing?
Customizing marketing efforts for individual customers
What type of marketing makes use of the power of technology to interact with customers in real-time?
Real-time marketing
Who wrote a journal article about the concept of entrepreneurial marketing?
Michael H. Morris
What is the estimated number of people that can be served by the entrepreneur and his two employees within a 2-kilometer radius?
2,000 people a year
What is the recommended approach to guarantee reliable data and identify areas for further research?
Combination of top-down and bottom-up analysis
What is the purpose of using demographics in top-down market sizing?
To estimate market size using demographics such as company size, industry type, location, population, age, and income
What is a characteristic of the bottom-up approach to market sizing?
It can be more time-consuming and sensitive to small assumptions
What is the main difference between entrepreneurial marketing and traditional marketing practices?
Entrepreneurial marketing has a distinct marketing spirit
What is the purpose of extrapolation in bottom-up market sizing?
To reach an applicable scale in market estimation
What is one of the key factors that influence a customer's decision to purchase a product?
The product's convenience and availability
What is the primary goal of interacting with a Potential Pandoy?
To provide information about the product's benefits
What is a key characteristic of a reliable product?
It meets the customer's expectations every time
Why is it important to understand the different types of customers?
To identify the best approach to handle each type of customer
How can an entrepreneur capitalize on a Potential Pandoy's interest in a product?
By providing information about the product's benefits
What is the main difference between a Potential Pandoy and a paying customer?
The Potential Pandoy has not yet made a purchase
What do successful entrepreneurs do with their resources?
They control them to use them longer than others
Why is personal branding important for entrepreneurs?
It differentiates them from their competitors
What is the goal of creating a personal brand?
To create a lasting impression on customers
Why do customers focus on the founders behind a company?
Because they are the face of the company
What is the relationship between a product/service and personal branding?
The product is the 'what' and the brand is the 'why'
Why is personal branding applicable to startups?
Because customers gauge the value of the offering based on the brand
Test your knowledge of markets, including the definition, types, and factors affecting prices. Learn about the competitive landscape and how demand and supply impact market dynamics.
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