Entrepreneurship Module 1 Quiz

<p>Word-of-mouth (C)</p> Signup and view all the answers

<p>To expand overall market demand for a particular commodity (C)</p> Signup and view all the answers

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

<p>To create a positive image of a business in the public eye. (A)</p> Signup and view all the answers

<p>It allows for direct communication with specific customers (D)</p> Signup and view all the answers

<p>Use of direct marketing techniques to reach target audiences. (A)</p> Signup and view all the answers

<p>The effectiveness of promotional mix elements varies depending on the target audience, product, and budget. (C)</p> Signup and view all the answers

<p>Estimate the potential market. (B)</p> Signup and view all the answers

<p>To prevent mistakes and invalid results. (A)</p> Signup and view all the answers

<p>All of the above. (D)</p> Signup and view all the answers

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

<p>Avoid collecting data that is relevant to the message you want to convey. (B)</p> Signup and view all the answers

<p>To increase sales, usage, or trial of a product or service. (C)</p> Signup and view all the answers

<p>Surveys are a common and versatile way to gather primary research. (A)</p> Signup and view all the answers

<p>Use complex questions to challenge respondents' thinking. (B)</p> Signup and view all the answers

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

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

<p>To introduce new products and encourage trial. (D)</p> Signup and view all the answers

<p>All of the above. (D)</p> Signup and view all the answers

<p>It helps investors understand the potential for growth and returns. (D)</p> Signup and view all the answers

<p>To understand customer needs and preferences. (C)</p> Signup and view all the answers

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

<p>Psychological Segmentation (C)</p> Signup and view all the answers

<p>Service Requirement (A)</p> Signup and view all the answers

<p>Income Level (A)</p> Signup and view all the answers

<p>Determining the potential customer base (C)</p> Signup and view all the answers

<p>Intangible (A)</p> Signup and view all the answers

<p>Psychological Segmentation (A)</p> Signup and view all the answers

<p>Demographic Segmentation (A)</p> Signup and view all the answers

<p>Perseverance (C)</p> Signup and view all the answers

<p>Increase in government spending (D)</p> Signup and view all the answers

<p>The willingness to take calculated risks (B)</p> Signup and view all the answers

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

<p>Technical expertise in a specific field (D)</p> Signup and view all the answers

<p>Taking control and initiating actions to shape the future (B)</p> Signup and view all the answers

<p>Strong leadership qualities (C)</p> Signup and view all the answers

<p>They are driven to create unique solutions to serve market needs and societal problems. (B)</p> Signup and view all the answers

<p>To create a unique image in the minds of the target market (D)</p> Signup and view all the answers

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

<p>Improved customer loyalty (C)</p> Signup and view all the answers

<p>The customer's overall experience with the company (D)</p> Signup and view all the answers

<p>Providing sensory or cognitive stimulation (D)</p> Signup and view all the answers

<p>A long-term design for developing a popular brand to achieve company goals (C)</p> Signup and view all the answers

<p>Differentiating from competitors based on more than just price or features (B)</p> Signup and view all the answers

<p>To make a promise to customers about the value they will receive (D)</p> Signup and view all the answers

The estimated number of potential customers for a product or service.

The process of gathering and analyzing information on products for consumers.

The process of gathering information for research purposes.

Common data collection method using questionnaires or interviews.

A method of collecting data through direct dialogue with target customers.

The portion of a market controlled by a particular company or product.

The importance of collected data to the overarching research question.

Arranging collected data promptly for effective analysis.

Entrepreneurship enhances the skills necessary for effective management in organizations.

Entrepreneurship leads to the establishment of new businesses and organizations.

Entrepreneurship can elevate individuals' economic status and enhance living conditions.

Entrepreneurship contributes to the overall economic growth of a community or society.

An entrepreneur is willing to take calculated risks to pursue business opportunities.

An entrepreneur has the ability to identify and capitalize on business opportunities before others.

Entrepreneurs generate and implement new ideas and continuous improvements in their businesses.

An entrepreneur controls situations by anticipating problems and acting ahead of time.

Dividing a market based on geographical location factors like climate or culture.

Dividing a market based on consumer characteristics like age and gender.

Dividing a market based on customers' thoughts, beliefs, and lifestyles.

Dividing a market based on behaviors like loyalty and interactions with a company.

Intangible needs customers expect such as on-time delivery and good service.

Tangible specifications customers expect in a product such as loudness in a speaker.

Specific characteristics customers look for in products or services.

Price is influenced by buyer willingness, seller acceptance, and competition.

A set of controllable marketing variables including price, product, promotion, and place.

Activities that communicate a product or brand to users to induce purchase.

A combination of promotional tools used to reach marketing objectives.

Paid promotion through various media to inform and persuade consumers.

Informal promotion where customers share experiences and recommendations.

Promotion without a focus on a specific producer or brand to increase overall demand.

Advertising conducted via online platforms, such as websites and emails.

The process of creating an image for a product in the minds of a target market.

Focuses on solving a problem and providing benefits to customers.

Enhances self-image and social meanings through branding.

Provides sensory or cognitive stimulation to enhance user experience.

A distinguishing name or symbol that identifies a seller's goods or services.

A long-term plan to develop a brand and achieve goals and objectives.

A marketing strategy used to influence or create a brand's identity.

The commitment a brand makes to its customers about what to expect.

A non-paid communication process aimed at shaping public perception of a business.

A direct interaction between a salesperson and a client to sell a product or service.

The steps in personal selling: Prospecting, First Contact, Sales Call, Objection Handling, Closing.

Initiatives to increase sales, usage, or trial of a product or service.

A sales promotion technique that offers free items to customers, often in limited quantities.

Offering consumers a chance to try a product before buying, helpful for new products.

An opportunity for consumers to try a product at no cost to reduce the risk of purchase.

Promotions that invite customers to win prizes, boosting engagement and sales.