3rd quarter exam (Entrep)

Question 1

are your target market’s stated or silent problems.

Answer 1

MARKET PROBLEM

Question 2

It is the foremost and initial step in a scientific method for doing research to identify problem

Answer 2

PROBLEM IDENTIFICATION RESEARCH

Question 3

This is an initial step in a scientific method for doing research to gather solution.

Answer 3

PROBLEM SOLVING RESEARCH

Question 4

Creating a market analysis helps you truly understand your target audience and the conditions of the market, which will inform your ability to create a successful service or product.

Answer 4

MARKET NEED ANALYSIS

Question 5

People who have already puchased
your product

Answer 5

Existing customers

Question 6

users are the people in your
market who are not currently looking for a solution.

Answer 6

Target market

Question 7

the people who have not yet
purchased your product but have an intention to buy

Answer 7

Prospects

Question 8

the feeling and impression in the consumers’ mind
of a brand’s total personality. CLASSIFICATION OF
MARKETING RESEARCH Problem-Identification Research

Answer 8

Brand Image

Question 9

describe attributes of the buyers in making decision connected in
purchasing a certain product. CLASSIFICATION OF
MARKETING RESEARCH Problem-Identification Research

Answer 9

Market Characteristics

Question 10

the estimated maximum total sales revenue of all
supplies of a product in a market throughout a certain period. CLASSIFICATION OF MARKETING RESEARCH Problem-Identification Research

Answer 10

Market Potential

Question 11

a portion of total sales volume in a market captured
by a brand, product or company CLASSIFICATION OF
MARKETING RESEARCH Problem-Identification Research

Answer 11

Market Share

Question 12

determining on how to transfer the product from the manufacturer to ultimate user. CLASSIFICATION OF MARKETING RESEARCH Problem-Solving Research

Answer 12

Distribution Research

Question 13

grouping customers by similar characteristics or similar
purchase behaviors. CLASSIFICATION OF MARKETING RESEARCH Problem-Solving Research

Answer 13

Market Segmentation

Question 14

determining the ideal price for the product. CLASSIFICATION OF MARKETING RESEARCH Problem-Solving Research

Answer 14

Pricing Research

Question 15

testing the new or revised products or completing test marketing. CLASSIFICATION OF MARKETING RESEARCH Problem-Solving Research

Answer 15

Product Research

Question 16

can be tangible, such as clothing or furniture, or intangible,
such as computer software.

Answer 16

Products

Question 17

refers to activities that benefit a company without supplying tangible
products.

Answer 17

business service

Question 18

is a piece of writing that conveys the features and benefits of a product, ranging from basic facts to stories that make a product compelling to an ideal buyer.

Answer 18

product description

Question 19

refers to the set of actions, or tactics, that a company uses to
promote its brand or product in the market.

Answer 19

marketing mix

Question 20

basic physical appearance which can be a service or idea
having precise specifications and is offered under a given/specified description or model number. LEVEL OF PRODUCTS

Answer 20

Tangible Products

Question 21

includes the image and service features of a certain entity. It
gives emphasis on the tangible benefits that the customer will be getting from buying and selling. LEVEL OF PRODUCTS

Answer 21

Augmented Product

Question 22

sale of the physical products from the manufacturer
to the consumer or ultimate user; tangible products. TYPE OF PRODUCTS

Answer 22

Goods

Question 23

physical products that are used over a long period of
time. TYPE OF PRODUCTS

Answer 23

DURABLE GOODS

Question 24

physical goods that are quick and easily be
consumed or worn out. TYPE OF PRODUCTS

Answer 24

NON- DURABLE GOODS

Question 25

intangible products that satisfaction can be measured
in future preferences. TYPE OF PRODUCTS

Answer 25

Services

Question 26

Consumer rented facility of the sellers in a certain
period. Example: Car or space rental TYPE OF PRODUCTS

Answer 26

Rented-goods services

Question 27

Repair and maintenance services rendered by the sellers to the products of the customer. Example: Laundry business, car
wash. TYPE OF PRODUCTS

Answer 27

Owned-goods services

Question 28

Personal service on the part of the seller, most
common are the expertise and profession of the
seller. Example: Teacher will act as tutor; lawyer will
act as legal consultant. TYPE OF PRODUCTS

Answer 28

Non-goods service

Question 29

These are goods and services destined/produced for the final consumer for personal, family, or household use. The use of the goods or services designates it as a consumer product

Answer 29

Consumer Products

Question 30

Convenience products

Shopping products

Specialty products

Answer 30

Consumer Products

Question 31

are goods or services purchased for use/consumption in the
production/manufacturing of other goods or services, in the operation of a business or for resale to other customer.

Answer 31

Industrial Products

Question 32

refers to the tactics (or marketing activities) that we must
satisfy customer needs and position our offering clearly in the mind of the customer.

Answer 32

marketing mix

Question 33

4 P’s OF MARKETING MIX The tangible item or the intangible service that the business firm offers for sale to prospective customers.

Answer 33

PRODUCT

Question 34

4 P’s OF MARKETING MIX The amount of money paid by the customer to the selling business firm so the customer can use the product.

Answer 34

PRICE

Question 35

4 P’s OF MARKETING MIX The provision of required information to prospective customers so that they are persuaded to buy.

Answer 35

PROMOTION

Question 36

4 P’s OF MARKETING MIX It makes the business company’s products available in the location and time required by buyers.

Answer 36

PLACE