Entrepreneurship Basics
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Questions and Answers

Which of the following is NOT a key component of market analysis?

  • Geographic data
  • Demographic data
  • Economic data
  • Operational data (correct)

    • The operational plan describes the people who will run the business.

    False (B)

    What is the process of getting goods and services to consumers called?

    distribution

    The process of creating, promoting, and presenting goods or services to meet the wants and needs of customers is known as ______.

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

    Match the marketing functions with their descriptions:

    <p>Distribution = Getting goods and services to consumers Finance = Getting the money necessary for running a business Promotion = Effort to inform, persuade, and remind customers Pricing = Deciding how much to charge for a product</p> Signup and view all the answers

    Which of the following is a component of media measurement?

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

    Which of the following is NOT one of the 4Ps of the marketing mix?

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

    E-tail businesses only use physical buildings to sell products.

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

    Direct distribution involves one or more intermediaries.

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

    What is the time when the audience for network TV is the largest?

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

    Ad rates for newspapers and magazines are based on ______.

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

    What is the point at which total revenues equal total costs?

    <p>break-even point</p> Signup and view all the answers

    Match the following business types with their descriptions:

    <p>Brick-and-mortar = Businesses that use actual buildings Click-and-mortar = Businesses that use physical buildings and the internet E-tail = Businesses that sell products over the internet Multi-channel = Companies that sell in stores, by mail and online</p> Signup and view all the answers

    The process of dividing a market into groups of customers with common needs is known as ______.

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

    Match the following advertising mediums with their description:

    <p>Billboards = Large print ads placed near highways Transit = Posters placed on the sides of buses or subways Pop-up ads = Online ads that appear when you view a website Banner ads = Online ads displayed across the top or bottom of a webpage</p> Signup and view all the answers

    Which of the following is NOT a reason companies advertise?

    <p>Gives your company a negative image (D)</p> Signup and view all the answers

    The marketing concept involves determining the quantity of products customers need.

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

    What is the term for the pathway that directs products to consumers?

    <p>channel of distribution</p> Signup and view all the answers

    Which of the following is NOT typically considered a reward of entrepreneurship?

    <p>Facing uncertain income levels (C)</p> Signup and view all the answers

    A virtual business operates primarily through physical storefronts.

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

    What is a 'venture' in the context of business?

    <p>a new business undertaking that involves risks</p> Signup and view all the answers

    A business plan begins with a(n) ________, which summarizes the key points.

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

    Match the following terms with their description:

    <p>Entrepreneur = A person who organizes and manages a business. Entrepreneurship = The process of testing a business idea in the market. Small Business = An independently owned business with the owner as manager. Business Plan = A written description of a new business venture.</p> Signup and view all the answers

    Which of the following is a key component of the 'Management team plan' within a business plan?

    <p>Presentation of the owner's or partners' qualifications (C)</p> Signup and view all the answers

    A mission statement establishes the scope and purpose of a company.

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

    What is one of the main challenges an entrepreneur might face in the early stages of their business?

    <p>getting funds to start the business</p> Signup and view all the answers

    Flashcards

    Entrepreneur

    A person who starts and runs a business, taking on risks and responsibilities.

    Entrepreneurship

    The process of identifying opportunities, starting a business, and managing its growth.

    Venture

    A new business venture, often involving risk.

    Small Business

    A business owned and managed by one person or a small group, usually without any external investors.

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    Virtual or Online Business

    A business that operates primarily online and interacts with customers through the internet.

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    Business Plan

    A written document outlining all aspects of a new business, including its goals, strategies, and financial projections.

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    Executive Summary

    A brief summary of a business plan, highlighting the key points for potential investors or lenders.

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    Management Team Plan

    A section in a business plan that describes the qualifications of the owner, partners, and management team.

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    Marketing

    The process of creating, promoting, and presenting goods or services to meet the wants and needs of customers.

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    Market

    A group of customers who share common wants and needs.

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    Marketing Plan

    A plan that outlines how a company will make its customers aware of its products or services.

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    Demographics

    Facts about the population, including age, gender, location, and income.

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    Distribution

    The process of getting goods and services to consumers.

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    CPM (Cost Per Thousand)

    Media cost to reach 1000 viewers with an ad.

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    Ad Campaign

    A series of ads with a single idea and theme.

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    E-commerce

    Using the internet for business transactions.

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    Click-and-mortar

    Businesses that operate in physical stores AND online.

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    Prime Time

    The most popular time for TV viewing, when audiences are largest.

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    Break-even point

    The point where total revenue equals total costs, meaning no profit or loss is generated.

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    Market segmentation

    A strategy that involves dividing a market into groups of customers with similar needs and wants.

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    Media planning

    The process of choosing advertising media and determining the time and space for ads.

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    Channel of distribution

    The use of various channels to get goods from the producer to the consumer.

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    Marketing concept

    A strategy that focuses on understanding customer needs and providing them with better solutions than competitors.

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    Advertising

    The public promotion of something to generate interest.

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    Pop-up ads

    A type of online media that appears when you view a website.

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    Banner ads

    A type of online media displayed across the top or bottom of a webpage.

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    Study Notes

    Business Sheet

    • Entrepreneur: A person who recognizes a business opportunity, organizes, manages, and assumes the risks of starting a business. They must study competitors, and most successful entrepreneurs share similar characteristics.
    • Entrepreneurship: The process of recognizing a business opportunity, testing it in the market, and gathering resources to start a business venture.
    • Venture: A new business undertaking that involves risk.
    • Small Business: An independently owned business, typically owned and managed by the owner.
    • Virtual/Online Business: A business that operates solely on the internet. Advantages include ease of shopping, a large customer base, and accessibility for anyone with internet.
    • Rewards of Entrepreneurship: Being your own boss, doing what you enjoy, creative opportunities, and building an enterprise.
    • Challenges of Entrepreneurship: Securing funding, complete responsibility (unlimited liability), long hours, uncertain income, risk of investment loss, and feeling isolated.
    • Questions to Consider Before Starting a Business: What will you produce? Who are your main competitors? Why is your product/service needed? How much will it cost to produce? How many people are needed to run the business? What physical facilities are required?

    Business Plan

    • Business Plan: A written description of a new business venture, outlining all business aspects.
    • Business Plan Parts (16): Executive summary (company description), management team plan, product/service plan, vision statement, mission statement, industry overview, market analysis, competitive analysis, marketing plan, operational plan, organizational plan, financial plan, growth plan, contingency plan, demographics, market, and marketing functions (distribution, finance, marketing information management, pricing).

    Advertising and Marketing

    • Media Planning: Deciding where and when ads should appear.

    • Medium: The method used for communication to the public (words, pictures, videos, etc.).

    • Billboards, Transit: Examples of ad mediums.

    • Advertising Agencies: Businesses that specialize in developing ads for clients.

    • Ad Campaigns: A series of ads sharing a common theme and idea.

    • Media Measurements: Audience, impressions, frequency, and cost per thousand.

    • Factors Affecting Ad Rates: Advertisement size, number of people reached, frequency, and placement.

    • Product/Service Management: Obtaining, developing, maintaining, and improving products to fit market opportunities.

    • Promotion: Any effort to inform, persuade, and remind customers about a business/product.

    • Selling: Providing customers with the goods or services they desire.

    • Marketing Mix/Matrix (4Ps): Product, place, price, and promotion (and sometimes a fifth "P" – people).

    • Channel of Distribution: The path products take to reach consumers (direct or indirect).

    • Break-even Point: The point where total revenue equals total costs/expenses for a product/service.

    • Market Research: Gathering and analyzing information about a market's size, location, and composition.

    • Target Marketing:Focusing on customer segments most likely to buy your product/service.

    • Market Segmentation: Dividing a market into groups based on shared needs/wants.

    • Advertising: Public promotion to increase interest in a product/service.

    • Reasons Why Companies Advertise: Generate brand loyalty, create a positive image, attract new customers, increase traffic, keep customers informed, and make money.

    • Technology and Business: E-workforce, E-commerce, digital workflow, start-ups, Multi-channel businesses, E-tail (online sales)

    Business Types

    • Brick-and-Mortar: Businesses with physical locations.
    • Click-and-Mortar: Businesses having both physical and online operations.
    • Retailer: Individuals or companies selling goods to the public.

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    Related Documents

    Business Sheet PDF

    Description

    Test your knowledge on key concepts of entrepreneurship, including definitions, types of businesses, and the rewards and challenges of being an entrepreneur. Explore the dynamics of small businesses and online ventures while understanding what it takes to start and manage a business effectively.

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