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Sales and Marketing Terminology Quiz

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Questions and Answers

What is the term used to describe the process of gathering, analyzing and interpreting information about products or services to be offered for sale?

Opportunity seeking and exploitation

Market research (correct)

Resource mobilizing

Data collection

Which of the following is NOT a characteristic of a physical market?

Brings buyers and sellers together in the same location

Requires distribution centers through franchisees or affiliated dealers

Involves distributions direct to buyers (correct)

Is common in neighboring areas with the least investment and asset

What term is used to describe businesses that offer services and goods similar to your own?

Uniqueness

Indirect competition

Entry barriers

Direct competition (correct)

Which of the following is NOT a key element of entrepreneurship?

Franchising Signup and view all the answers

What term is used to describe the ongoing process of considering, evaluating and pursuing market-based activities that are believed to be advantageous for the firm?

Opportunity seeking and exploitation Signup and view all the answers

What term is used to describe the pool of potential customers who need your good or service?

Market size Signup and view all the answers

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

Ability to secure new and additional resources for the organization Signup and view all the answers

What term is used to describe the likes and dislikes of your customers?

Psychographics Signup and view all the answers

What is the term used to describe businesses that offer alternative solutions for problems that your company solves?

Indirect competition Signup and view all the answers

Which of the following is NOT a key element of market research?