Podcast
Questions and Answers
What is the primary role of an entrepreneur?
What is the primary role of an entrepreneur?
- To oversee product development
- To conduct market research
- To start and run their own business (correct)
- To manage a company's finances
Which of the following elements is NOT part of product specifications?
Which of the following elements is NOT part of product specifications?
- Pricing strategy (correct)
- Design and color
- Instructions for use
- Quality of raw materials
What does the 'T' in SWOT analysis stand for?
What does the 'T' in SWOT analysis stand for?
- Trends
- Timeframes
- Technologies
- Threats (correct)
Which factor is essential when considering a choice of product/service?
Which factor is essential when considering a choice of product/service?
What is the first step in the marketing process?
What is the first step in the marketing process?
What does color fastness refer to in textiles?
What does color fastness refer to in textiles?
Which property of fabric defines its ability to resist damage from friction?
Which property of fabric defines its ability to resist damage from friction?
What does shrink resistance in textiles mean?
What does shrink resistance in textiles mean?
Which property allows fabric to recover its shape after being stretched?
Which property allows fabric to recover its shape after being stretched?
What is referred to as the formation of small balls on the surface of clothing?
What is referred to as the formation of small balls on the surface of clothing?
What is one of the key components of the marketing mix decisions?
What is one of the key components of the marketing mix decisions?
In which stage of the product life cycle do sales peak and the market becomes saturated?
In which stage of the product life cycle do sales peak and the market becomes saturated?
What aspect of marketing is emphasized under 'People' in the marketing mix?
What aspect of marketing is emphasized under 'People' in the marketing mix?
What should be established to track progress regarding sales and marketing efforts?
What should be established to track progress regarding sales and marketing efforts?
During which phase of the product life cycle does a product typically experience low sales and high investment?
During which phase of the product life cycle does a product typically experience low sales and high investment?
Flashcards
Entrepreneur
Entrepreneur
A person who starts and manages their own business.
Target Market
Target Market
The specific group of people you want to sell your product or service to.
SWOT Analysis
SWOT Analysis
A tool to analyze strengths, weaknesses, opportunities, and threats for a business.
Product Specifications
Product Specifications
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Marketing Strategy
Marketing Strategy
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Color Fastness
Color Fastness
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Durability
Durability
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Abrasion Resistance
Abrasion Resistance
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Pilling
Pilling
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Elasticity
Elasticity
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Marketing Mix
Marketing Mix
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Product Life Cycle
Product Life Cycle
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Introduction Stage
Introduction Stage
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Growth Stage
Growth Stage
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Pricing Strategy
Pricing Strategy
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Study Notes
Entrepreneurship
- Entrepreneurship: an entrepreneur starts and runs their own business
- Target market: the group of people you want to sell your product or service to
- Product/service must meet the needs of the target market
- Product service design specifics: color, size, quality, materials/ingredients, shape
- Ensuring safety information in instructions/guidelines
- Equipment/machinery/tools
- Method of production/manufacturing process steps
- SWOT analysis: a simple tool to help with business decisions
- Strengths: what you are good at
- Weaknesses: what you struggle with
- Opportunities: chances to grow, new markets
- Threats: external risks/competition
Factors to consider in the choice of product and service
- Finance, storage, selling life cycle of a product, raw materials.
Marketing Process Steps
- Situation analysis: understanding your business' current situation, strengths and weaknesses
- Marketing strategy: planning how to achieve your marketing goals
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Description
Test your knowledge on the key concepts of entrepreneurship, including market analysis, product design, and the importance of a SWOT analysis. This quiz covers essential factors in choosing a product or service and the marketing process steps necessary for business success.
