Review of Entrepreneurship Concepts
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Questions and Answers

What is the primary purpose of market segmentation?

  • To improve the company's pricing strategy
  • To divide the total market into smaller, more manageable segments (correct)
  • To better understand the demographics of the target market
  • To increase the company's market share

    • Which of the following is NOT a common basis for market segmentation?

  • Geographic
  • Psychographic
  • Behavioral
  • Competitive (correct)

    • Which of the following is NOT a component of the 7 P's of the marketing mix?

  • Positioning
  • People
  • Profit (correct)
  • Packaging

    • What is the difference between customer requirements and service requirements?

    <p>Customer requirements are specific characteristics that customers need from the product, while service requirements are the intangible things or products</p> Signup and view all the answers

    Which of the following is NOT a type of goods under the 'Product' component of the marketing mix?

    <p>Industrial goods</p> Signup and view all the answers

    What is the most critical task in determining market size?

    <p>Calculating the potential value of the market</p> Signup and view all the answers

    What is the term used to describe those who live on the labor of others?

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

    Which of the following is not listed as a potential career opportunity for an entrepreneur?

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

    What is the term used to describe the ability of an entrepreneur to see things in a very positive way?

    <p>MIND FRAME</p> Signup and view all the answers

    Which of the following is not listed as a source of entrepreneurial opportunity?

    <p>Availability of venture capital</p> Signup and view all the answers

    What term is used to describe the entrepreneurial attribute of being driven by passion and attracted to discover satisfaction?

    <p>HEART FLAME</p> Signup and view all the answers

    Which of the following is not listed as an aspect of the 'industry environment' that can be a source of entrepreneurial opportunity?

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

    What is the importance of 'Intentional' in branding?

    <p>Generating revenue and thriving in the market</p> Signup and view all the answers

    Which factor contributes to brand recognition and customer loyalty?

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

    How does 'Employee Involvement' impact branding?

    <p>Improves customer communication and brand representation</p> Signup and view all the answers

    What should brands focus on to set a tone for potential customers?

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

    How should brands view competition according to the text?

    <p>As a driving force for improvement in branding strategy</p> Signup and view all the answers

    What is the purpose of engineering tests?

    <p>To ensure the package stands up under normal conditions</p> Signup and view all the answers

    Which step of the Positioning Process involves identifying competitive advantages?

    <p>Step 2</p> Signup and view all the answers

    What is the main focus of Brand Strategy?

    <p>Designing for long-term development of a brand</p> Signup and view all the answers

    What is the central concept in Branding Strategies?

    <p>Purpose Functional</p> Signup and view all the answers

    What is the final step in creating an Effective Market Positioning Strategy?

    <p>Competitor positioning analysis</p> Signup and view all the answers

    What is the purpose of Consumer tests?

    <p>Ensure favorable consumer response</p> Signup and view all the answers

    What does the term 'undertake' mean in the context of entrepreneurship?

    <p>To commit oneself to and begin</p> Signup and view all the answers

    What is a core competency of an entrepreneur according to the text?

    <p>Constantly looking for new ideas</p> Signup and view all the answers

    Which personality factor is described as 'persistence in doing something despite difficulties'?

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

    What is a common competency associated with entrepreneurship that involves being 'firm in making decisions'?

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

    Which type of entrepreneur involves creating new things by thinking of new ideas?

    <p>Innovative Entrepreneur</p> Signup and view all the answers

    What is one of the environmental factors highlighted in the context of entrepreneurship?

    <p>Technological advancements</p> Signup and view all the answers

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