Chapter 10

Question 1

Product

Answer 1

something that can be marketed to customers because it provides them with a benefit and satisfies a need. Products can be goods or services or a combination of both.

Question 2

Four characteristics of the entrepreneurial start-up:

Answer 2

It’s characterized by innovative products and/or practices.
Its goals include profitability and growth.
It focuses on new opportunities.
Its owners are willing to take risks.

Question 3

Time Utility

Answer 3

provides value by having a product available at a convenient time.

Question 4

Place Utility

Answer 4

provides value by having a product available in a convenient location.

Question 5

Ownership Utility

Answer 5

provides value by transferring a product’s ownership

Question 6

Form Utility

Answer 6

provides value by changing the composition of a product.

Question 7

Market Segments

Answer 7

smaller groups of customers with common characteristics that influence their buying decisions

Question 8

The success of a business depends on its:

Answer 8

ability to identify the unmet needs of consumers and to develop products that meet those needs at a reasonable cost.

Question 9

To be patentable, a product must be:

Answer 9

new, not obvious, and has utility