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Entrepreneurship Quiz
10 Questions
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Entrepreneurship Quiz

Created by
@WorthLynx

Questions and Answers

What is the difference between features and benefits of a product?

  • Features are the emotional appeal of a product, while benefits are the practical aspects.
  • Features are intangible aspects of a product, while benefits are tangible characteristics.
  • Features refer to what a product does and how it appears, while benefits are the reasons customers choose to buy it. (correct)
  • Features are the reasons customers choose to buy a product, while benefits refer to what a product does and how it appears.

    • What is the value of a product mix for a business?

  • It is the combination of products a business sells. (correct)
  • It is the customer perception of the product range offered by a business.
  • It is the total revenue generated from selling individual products.
  • It is the profit margin from selling a variety of products.

    • Which of the following is a feature rather than a benefit of a product?

  • Saving time
  • Increasing social status
  • Reducing worry
  • Open 24 hours (correct)

    • What does the term 'value is in the eye of the beholder' imply?

    <p>The perception of value varies from person to person.</p> Signup and view all the answers

    What does the concept of 'creating value' emphasize in entrepreneurship?

    <p>Providing something that customers perceive as beneficial or desirable.</p> Signup and view all the answers

    What is the term used to describe the process of making potential customers aware of a product or service?

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

    Which of the following is not considered one of the 'Five P's' in a marketing plan?

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

    What is the key factor in defining all other strategies in a marketing plan?

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

    What area of the marketing mix requires a balance between the price customers find reasonable and staying profitable?

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

    What does the term 'marketing mix' refer to?

    <p>The combination of the 'Five P's' in a marketing plan</p> Signup and view all the answers

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