Review of Entrepreneurship Concepts

What is the primary purpose of market segmentation?

To divide the total market into smaller, more manageable segments

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

Competitive

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

Profit

What is the difference between customer requirements and service requirements?

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

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

Industrial goods Signup and view all the answers

What is the most critical task in determining market size?

Calculating the potential value of the market Signup and view all the answers

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

DRONE Signup and view all the answers

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

Accountant 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?

MIND FRAME Signup and view all the answers

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

Availability of venture capital 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?

HEART FLAME 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?

Shareholders Signup and view all the answers

What is the importance of 'Intentional' in branding?

Generating revenue and thriving in the market Signup and view all the answers

Which factor contributes to brand recognition and customer loyalty?

Consistency Signup and view all the answers

How does 'Employee Involvement' impact branding?

Improves customer communication and brand representation Signup and view all the answers

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

Loyalty Signup and view all the answers

How should brands view competition according to the text?

As a driving force for improvement in branding strategy Signup and view all the answers

What is the purpose of engineering tests?

To ensure the package stands up under normal conditions Signup and view all the answers

Which step of the Positioning Process involves identifying competitive advantages?

Step 2 Signup and view all the answers

What is the main focus of Brand Strategy?

Designing for long-term development of a brand Signup and view all the answers

What is the central concept in Branding Strategies?

Purpose Functional Signup and view all the answers

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

Competitor positioning analysis Signup and view all the answers

What is the purpose of Consumer tests?

Ensure favorable consumer response Signup and view all the answers

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

To commit oneself to and begin Signup and view all the answers

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

Constantly looking for new ideas Signup and view all the answers

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

Initiative Signup and view all the answers

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

Decisive Signup and view all the answers

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

Innovative Entrepreneur Signup and view all the answers

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

Technological advancements Signup and view all the answers