Marketing Mix and Product Concepts Quiz

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What is the primary purpose of the marketing mix?

To create a unique brand identity

To increase the company's profit margins

To satisfy customers better than competitors (correct)

To streamline the production process

Which of the following is NOT considered a consumer good?

Tires

MP3 players

Raw materials for manufacturing (correct)

Clothing

What happens in the distribution channel if there is no intermediary?

The distribution channel ceases to exist

Nothing will take place since there was no intermediary

The producer has to find alternative channels

The producer and consumer directly interact (correct)

What is the advantage of penetration pricing?

It allows a company to quickly gain market share Signup and view all the answers

What is the legal protection for a brand name or logo called?

Trademark Signup and view all the answers

Which of the following is NOT an interpretation of the word 'brand'?

Advertising campaign Signup and view all the answers

What is the primary interpretation of the word 'brand'?

A name given to a product or service that takes on an identity of its own Signup and view all the answers

Which of the following is NOT a variable considered in behavioral segmentation?

Personality Signup and view all the answers

What does the 'P' in the 7P's of the Marketing Mix stand for?

People Signup and view all the answers

Which of the following is NOT a characteristic of an entrepreneur?

Risk-averse Signup and view all the answers

Which of the following is NOT considered an environmental factor in business?

Technological advancements Signup and view all the answers

What force is NOT included in the forces competing within an industry?

Government regulations Signup and view all the answers

What does the term 'functional purpose' refer to?

The core function or service a business provides Signup and view all the answers

What is the importance of knowing your target market?

To help target customers willing to pay for your product or service Signup and view all the answers

What is the 'entrepreneurial mind frame' described as?

The intuition or 'sixth sense' of an entrepreneur Signup and view all the answers

What is the function of a value proposition?

To convince consumers to buy a company's product or service Signup and view all the answers

Which of the following is an example of a value proposition given in the text?

'Charing Sari-sari Store, opens 24/7' Signup and view all the answers

What is the most common way to gather primary research according to the text?

Surveys Signup and view all the answers

What is the primary purpose of an exploratory focus group discussion?

To obtain information on general attitudes and understand customer needs and desired outcomes Signup and view all the answers

What does a comparative analysis focus group discussion involve?

Comparing customers' preferences for similar products or services Signup and view all the answers

Which data gathering technique involves moderated group interviews and brainstorming sessions?

Focus group discussions Signup and view all the answers

What is the definition of primary research?

Information gathered directly from respondents who answered a set of questions Signup and view all the answers

What type of focus group discussion is used to prioritize different customer needs?

Feature prioritization focus group discussion Signup and view all the answers

What is the definition of market size?

The arena or market where entrepreneurs will operate their business Signup and view all the answers

What is a unique selling proposition?

An intangible service or experience that fulfills customer needs Signup and view all the answers

What is an 'innovative entrepreneur'?

An entrepreneur who creates new ideas or innovations Signup and view all the answers

What is an 'imitating entrepreneur'?

An entrepreneur who follows the path shown by innovative entrepreneurs Signup and view all the answers

What is meant by the 'external environment' in the context of entrepreneurship?

The physical, societal, and industry environment where the business operates Signup and view all the answers

What is 'opportunity seeking' in the context of entrepreneurship?

The process of identifying and pursuing new market opportunities Signup and view all the answers

What is meant by 'potential new entrants' in the context of entrepreneurship?

Individuals or firms that may enter the market or industry Signup and view all the answers