Entrepreneurship Chapter 11: Marketing Strategies

What is the first step in the process that entrepreneurial firms use to identify their customers?

Segmenting the market

What is the purpose of segmenting the market?

To identify a firm's customers

What is the outcome of the three-step process used by entrepreneurial firms?

Establishment of a unique market position

What is the second step in the process that entrepreneurial firms use to identify their customers?

Selecting a target market Signup and view all the answers

What is the role of the three-step process in entrepreneurial firms' marketing efforts?

To identify and appeal to customers Signup and view all the answers

What do entrepreneurial firms need to do to succeed, according to the passage?

Address the question of who their customers are Signup and view all the answers

What is a brand to a company?

The set of attributes people associate with the company Signup and view all the answers

What is the primary goal of brand management?

To monitor the integrity of the brand Signup and view all the answers

How can a firm establish a brand?

Through a series of techniques, including advertising and social media Signup and view all the answers

What is a benefit of having a strong brand?

Over 50% of consumers are more likely to buy a product Signup and view all the answers

What is part of a company's brand?

Its name, logo, website design, and social media presence Signup and view all the answers

Why do consumers prefer to buy from a known and trusted brand?

Because of its reputation and perceived value Signup and view all the answers

What is the primary message conveyed by the price a company charges for its products/services?

A message to its target market Signup and view all the answers

What is value-based pricing based on?

What consumers are willing to pay Signup and view all the answers

What is the purpose of advertising?

To persuade customers to buy a product Signup and view all the answers

What is a disadvantage of advertising?

Has low credibility Signup and view all the answers

Which pricing method adds a markup percentage to a product's cost?

Cost-based pricing Signup and view all the answers

What is promotion in marketing?

The activities that communicate the merits of a product/service Signup and view all the answers

What is the primary decision a firm needs to make regarding distribution?

Whether to sell its products directly to consumers or through intermediaries Signup and view all the answers

What is the primary benefit of selling direct to customers?

Maintaining control of the distribution and sales process Signup and view all the answers

What is the main difference between selling direct and selling through intermediaries?

The level of control over the distribution and sales process Signup and view all the answers

What is the purpose of a firm's sales process?

To identify prospects and close sales Signup and view all the answers

What is a common mistake made by some companies regarding sales?

Not having a formal sales process Signup and view all the answers

What is the primary benefit of having a formal sales process?

Having identifiable steps to identify prospects and close sales Signup and view all the answers

What is the benefit of mapping the sales process?

To provide a standard method for a firm's employees to use Signup and view all the answers

What can be improved with a well-thought-out sales process and follow-through?

Company's sales performance Signup and view all the answers

What often happens when companies lose an important sale?

An important step in the sales process was missed or mishandled Signup and view all the answers

Why is it better to have a well-thought-out approach to prospecting customers and closing sales?

Because it improves sales performance Signup and view all the answers

What is the purpose of continuous improvement in the sales process?

To analyze and refine the sales process Signup and view all the answers