Everfi Venture Marketing Quiz & Flashcards

Questions and Answers

Your friend is developing a marketing plan for her new business. What should she put in this plan? (Select all that apply)

Where she wants to sell her product

The price of her product

A description of the people in her target market

All of the above (correct)

Which statement is the best description of a value proposition?

The cost of creating the product

A component of the business plan that identifies the target market for the product

The features and benefits that make the product or business unique (correct)

None of the above

What is the main purpose of developing a business pitch?

To tell investors all the important details and goals of your business so they don't need to read the business plan

To determine whether your business idea is a business opportunity

To provide customers with an in-depth description of how your business was formed

To briefly share the most important information about your business to people in an engaging way (correct)

Which of the following is probably NOT an important point to include in a business pitch?

A detailed description of the meaning behind the company's name Signup and view all the answers

Why is it important to conduct market research on your target audience before building your marketing plan?

You need to consider who your potential customers are before deciding on marketing strategies Signup and view all the answers

Which of the following is NOT a creative thinking exercise entrepreneurs use to generate ideas?

Judge each idea as realistic or not Signup and view all the answers

Sharon is thinking about opening a bakery. She knows she wants to set her own hours, reduce her stress, and make a profit. But she still has a lot to think through. Which of the following would NOT be a good early step?

Immediately finding a storefront property for her business, putting down a deposit, and signing a lease Signup and view all the answers

Sharon realizes that she needs additional research before she approaches potential investors. What kind of research should she do to effectively evaluate her potential business opportunity?

Conduct market research to determine whether her business idea is a business opportunity that meets a consumer need or want Signup and view all the answers

What are the four parts of a SWOT analysis?

Strengths, weaknesses, opportunities, threats Signup and view all the answers

George and Miguel are considering opening up a shoe store but first need to do market research. Which one of these is NOT part of the market research process?

Start promoting their shoe store to people in the neighborhood Signup and view all the answers

George and Miguel want to know more about their local and online competitors and about the retail industry. What is the best way for them to find all of this information?

All of the above Signup and view all the answers

Which of these is NOT part of a consumer profile?

Polygraphics Signup and view all the answers

Regina is looking to start a knitting business and complete a target market profile to include in her business plan. Identify which item in her target market profile is in the wrong category and where it should be moved.

"Don't spend money on unnecessary items"...she should move this from demographics to buying patterns Signup and view all the answers

Regina is creating her competitive analysis. She understands why it's important to know about her direct competitors, but she is not sure why indirect competitors matter. She asks you if indirect competitors are important to know about. What should you say?

Yes. Indirect competition is important to understand, since the different product fulfills the same customer need Signup and view all the answers

Which of the following is a fixed expense for Maria's sandwich food truck?

All of the above Signup and view all the answers

Which of the following is a start-up expense for Maria's food truck?

Kitchen appliances and other equipment needed to conduct her business Signup and view all the answers

Pete wants to write a business plan for Pete's PB&J cupcake cart. He needs to identify all expenses associated with making a peanut butter and jelly cupcake. For the economics of one unit, what is the most accurate way of determining his expense?

Go through the detailed process of making the cupcake step by step, measuring the ingredients he uses and calculating the cost per ingredient Signup and view all the answers

Pete is disappointed with the projections of how much his cupcake cart will make in the first month. What could he do to try to improve his net profit?

All of the above Signup and view all the answers

Based on the diagram, has Pete's business broken even (meaning, covered its fixed expenses and become profitable)?

Yes Signup and view all the answers

Which of the following is NOT one of the four steps to preparing a sales forecast?

Select an organizational structure for your company Signup and view all the answers

What is the definition of an entrepreneur?

An entrepreneur is someone who creates, owns, and potentially runs a business Signup and view all the answers

Which of the following is NOT true about an entrepreneur?

An entrepreneur's salary is evaluated based on his ability to complete the tasks assigned to him Signup and view all the answers

An example of an asset is:

All of the above Signup and view all the answers

Which of the following is NOT a true statement about business plans?

They should never be revised Signup and view all the answers

Which of the following is NOT necessarily a characteristic of successful entrepreneurs?

Aggressiveness & intensity Signup and view all the answers

Which of the following is an advantage of starting your own business?

You have control over where and when you work Signup and view all the answers

While being an entrepreneur can be the right career choice for many, some may not feel that starting a business is for them. What is the best reason to study entrepreneurship?

Thinking like an entrepreneur can make you a better student and employee, no matter what your job is Signup and view all the answers

What is the main difference between a personal characteristic and a skill?

Skills can be learned and developed while personal characteristics are inherent qualities within Signup and view all the answers

Which one of these is NOT considered a skill?

Determination skills Signup and view all the answers

What role do entrepreneurs play in economics?

Entrepreneurs create the businesses that produce products and services that meet the wants and needs of consumers Signup and view all the answers

What is Medicare?

Medicare is federal health insurance for people over age 65 Signup and view all the answers

Which of the following statements is TRUE about variable expenses?

The amount you spend on variable expenses changes from month to month Signup and view all the answers

Which of the following is TRUE about income?

Income is money you earn, usually from working at a job Signup and view all the answers

Which of the following statements about take-home pay is TRUE?

Take-home pay is the amount left over from your monthly paycheck after deductions Signup and view all the answers

When is a budget considered to be balanced?

When the amount you spend is equal or less than the amount you earn Signup and view all the answers

Which of the following statements is TRUE about startup capital?

Startup capital is the money you invest in the form of supplies, marketing, legal services, and other investments to get your business up and running Signup and view all the answers

Which of the following is an example of a tax you must pay?

Social security Signup and view all the answers

Which of the following would be an example of a WANT?

Movie tickets Signup and view all the answers

Which of the following is a fixed expense?

Rental payments Signup and view all the answers

When creating a personal budget, it is important to consider things you _, _ things you ____.

need; before; want Signup and view all the answers

Study Notes

Business Planning and Market Research

A comprehensive marketing plan includes sales locations, pricing, and target market demographics.
A value proposition highlights unique features and benefits of a product or business.
Business pitches should convey essential business information engagingly to potential investors.
Avoid detailing the company name's meaning in business pitches; focus on customer benefits and uniqueness.
Conducting market research helps identify potential customers and refine marketing strategies.

Creative Thinking and Idea Generation

Creative exercises for entrepreneurs include challenging norms and drawing idea maps, but not judging ideas prematurely.
Early steps for business planning should prioritize research and advice over immediate lease commitments.

SWOT Analysis and Market Competition

A SWOT analysis identifies strengths, weaknesses, opportunities, and threats to a business.
Market research encompasses identifying objectives, conducting primary and secondary research, and drawing conclusions.

Consumer Profiles and Competitive Analysis

A consumer profile includes demographics, psychographics, and buying patterns, excluding polygraphics.
Understanding indirect competitors is essential as they fulfill similar customer needs despite selling different products.

Business Financials and Expenses

Fixed expenses include salaries and insurance, while start-up expenses include kitchen appliances for food businesses.
The economics of a product should be calculated by assessing ingredient costs in detail.
To improve net profit, entrepreneurs can adjust prices, increase sales volume, or reduce fixed expenses.

Sales Forecasting and Business Planning

Steps in preparing sales forecasts involve current analysis, reviewing past trends, and estimating future sales, excluding organizational structure selection.
Entrepreneurs create businesses that provide goods and services to meet consumer needs.

Entrepreneurial Characteristics and Assets

Entrepreneurs manage and own businesses, bearing responsibility for their success, distinct from performing assigned tasks.
Assets include time, money, and physical items such as vehicles.

Business Plans and Entrepreneurial Success

Business plans warrant regular revisions and should outline goals and strategies.
Traits of successful entrepreneurs include creativity, risk comfort, and initiative, while aggressiveness isn’t necessary.

Personal Budgeting and Income

Income is recognized as earnings, and take-home pay is what remains after deductions.
A balanced budget occurs when expenses do not exceed earnings.

Startup Capital and Financial Responsibilities

Startup capital encompasses investments in essentials like marketing and supplies for beginning a business.
Taxes include social security obligations, while wants contrast with needs, exemplified by desires like entertainment versus essential living conditions.

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Description

Test your knowledge about marketing plans and value propositions with the Everfi Venture Marketing Quiz. This quiz will cover essential components like target markets and pricing strategies. Prepare to enhance your understanding of effective business planning!

Everfi Venture Marketing Quiz

Questions and Answers

Your friend is developing a marketing plan for her new business. What should she put in this plan? (Select all that apply)

Which statement is the best description of a value proposition?

What is the main purpose of developing a business pitch?

Which of the following is probably NOT an important point to include in a business pitch?

Why is it important to conduct market research on your target audience before building your marketing plan?

Which of the following is NOT a creative thinking exercise entrepreneurs use to generate ideas?

Sharon is thinking about opening a bakery. She knows she wants to set her own hours, reduce her stress, and make a profit. But she still has a lot to think through. Which of the following would NOT be a good early step?

Sharon realizes that she needs additional research before she approaches potential investors. What kind of research should she do to effectively evaluate her potential business opportunity?

What are the four parts of a SWOT analysis?

George and Miguel are considering opening up a shoe store but first need to do market research. Which one of these is NOT part of the market research process?

George and Miguel want to know more about their local and online competitors and about the retail industry. What is the best way for them to find all of this information?

Which of these is NOT part of a consumer profile?

Regina is looking to start a knitting business and complete a target market profile to include in her business plan. Identify which item in her target market profile is in the wrong category and where it should be moved.

Regina is creating her competitive analysis. She understands why it's important to know about her direct competitors, but she is not sure why indirect competitors matter. She asks you if indirect competitors are important to know about. What should you say?

Which of the following is a fixed expense for Maria's sandwich food truck?

Which of the following is a start-up expense for Maria's food truck?

Pete wants to write a business plan for Pete's PB&J cupcake cart. He needs to identify all expenses associated with making a peanut butter and jelly cupcake. For the economics of one unit, what is the most accurate way of determining his expense?

Pete is disappointed with the projections of how much his cupcake cart will make in the first month. What could he do to try to improve his net profit?

Based on the diagram, has Pete's business broken even (meaning, covered its fixed expenses and become profitable)?

Which of the following is NOT one of the four steps to preparing a sales forecast?

What is the definition of an entrepreneur?

Which of the following is NOT true about an entrepreneur?

An example of an asset is:

Which of the following is NOT a true statement about business plans?

Which of the following is NOT necessarily a characteristic of successful entrepreneurs?

Which of the following is an advantage of starting your own business?

While being an entrepreneur can be the right career choice for many, some may not feel that starting a business is for them. What is the best reason to study entrepreneurship?

What is the main difference between a personal characteristic and a skill?

Which one of these is NOT considered a skill?

What role do entrepreneurs play in economics?

What is Medicare?

Which of the following statements is TRUE about variable expenses?

Which of the following is TRUE about income?

Which of the following statements about take-home pay is TRUE?

When is a budget considered to be balanced?

Which of the following statements is TRUE about startup capital?

Which of the following is an example of a tax you must pay?

Which of the following would be an example of a WANT?

Which of the following is a fixed expense?

When creating a personal budget, it is important to consider things you _____, _______ things you ______.

Study Notes

Business Planning and Market Research

Creative Thinking and Idea Generation

SWOT Analysis and Market Competition

Consumer Profiles and Competitive Analysis

Business Financials and Expenses

Sales Forecasting and Business Planning

Entrepreneurial Characteristics and Assets

Business Plans and Entrepreneurial Success

Personal Budgeting and Income

Startup Capital and Financial Responsibilities

Studying That Suits You

Description

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