Podcast
Questions and Answers
What is the first step in the process that entrepreneurial firms use to identify their customers?
What is the first step in the process that entrepreneurial firms use to identify their customers?
- Crafting a brand
- Selecting a target market
- Segmenting the market (correct)
- Establishing a unique market position
What is the purpose of segmenting the market?
What is the purpose of segmenting the market?
- To establish a unique market position
- To identify a firm's customers (correct)
- To select a target market
- To define a brand
What is the outcome of the three-step process used by entrepreneurial firms?
What is the outcome of the three-step process used by entrepreneurial firms?
- Identification of a brand
- Establishment of a unique market position (correct)
- Creation of a marketing strategy
- Identification of customers
What is the second step in the process that entrepreneurial firms use to identify their customers?
What is the second step in the process that entrepreneurial firms use to identify their customers?
What is the role of the three-step process in entrepreneurial firms' marketing efforts?
What is the role of the three-step process in entrepreneurial firms' marketing efforts?
What do entrepreneurial firms need to do to succeed, according to the passage?
What do entrepreneurial firms need to do to succeed, according to the passage?
What is a brand to a company?
What is a brand to a company?
What is the primary goal of brand management?
What is the primary goal of brand management?
How can a firm establish a brand?
How can a firm establish a brand?
What is a benefit of having a strong brand?
What is a benefit of having a strong brand?
What is part of a company's brand?
What is part of a company's brand?
Why do consumers prefer to buy from a known and trusted brand?
Why do consumers prefer to buy from a known and trusted brand?
What is the primary message conveyed by the price a company charges for its products/services?
What is the primary message conveyed by the price a company charges for its products/services?
What is value-based pricing based on?
What is value-based pricing based on?
What is the purpose of advertising?
What is the purpose of advertising?
What is a disadvantage of advertising?
What is a disadvantage of advertising?
Which pricing method adds a markup percentage to a product's cost?
Which pricing method adds a markup percentage to a product's cost?
What is promotion in marketing?
What is promotion in marketing?
What is the primary decision a firm needs to make regarding distribution?
What is the primary decision a firm needs to make regarding distribution?
What is the primary benefit of selling direct to customers?
What is the primary benefit of selling direct to customers?
What is the main difference between selling direct and selling through intermediaries?
What is the main difference between selling direct and selling through intermediaries?
What is the purpose of a firm's sales process?
What is the purpose of a firm's sales process?
What is a common mistake made by some companies regarding sales?
What is a common mistake made by some companies regarding sales?
What is the primary benefit of having a formal sales process?
What is the primary benefit of having a formal sales process?
What is the benefit of mapping the sales process?
What is the benefit of mapping the sales process?
What can be improved with a well-thought-out sales process and follow-through?
What can be improved with a well-thought-out sales process and follow-through?
What often happens when companies lose an important sale?
What often happens when companies lose an important sale?
Why is it better to have a well-thought-out approach to prospecting customers and closing sales?
Why is it better to have a well-thought-out approach to prospecting customers and closing sales?
What is the purpose of continuous improvement in the sales process?
What is the purpose of continuous improvement in the sales process?
