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OLGC 2ND QUARTER (STEM 11) > ENTREP > Flashcards

ENTREP Flashcards

1
Q

it is the segment of a marketplace a business believes will give it the best chance to sell.

A

PRIMARY TARGET MARKET

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2
Q

this market refers to the second most important category of consumers who need your product or service.

A

SECONDARY TARGET MARKET

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3
Q

This secondary target can influence the purchasing decision of your primary market (True or False?)

A

TRUE

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4
Q

The process of grouping similar or homogenous customers according to demographic, psychographic, geographic and behavior

A

MARKET SEGMENTATION

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5
Q

What are customers grouped in market segmentation grouped according to?

A

demographic psycographic, geographic and behavior

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6
Q

What are customers grouped in market segmentation grouped according to?

A

demographic psycographic, geographic and behavior

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7
Q

The process of grouping customers according to relevant socioeconomic variables for the business venture

A

Demographic Segmentation

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8
Q

The process of grouping customers according to relevant socioeconomic variables for the business venture

A

Demographic Segmentation

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9
Q

What is another name for demographic segmentation?

A

SOCIOECONOMIC SEGMENTATION

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10
Q

What are the factors included in Demographic Segmentation?

Enumerate.

A
  1. Income range and social class
  2. Occupation
  3. Gender and age
  4. Religion and ethnicity
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11
Q

This segmentation groups customers according to their locations

A

GEOGRAPHIC SEGMENTATION

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12
Q

This segmentation groups customers according to their perceptions, way of life, motivation, and inclinations.

A

PSYCHOGRAPHIC SEGMENTATION

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13
Q

This segmentation groups customers according to their actions.

A

BEHAVIORAL SEGMENTATION

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14
Q

The behavior in BEHAVIORAL SEGMENTATION is instigated by;

Enumerate.

A
  1. Occasions
  2. Desired Benefits
  3. Loyalty, and;
  4. Usage of products/ availment of service
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15
Q

What are the methods Collecting Data?

A

Qualitative Data and Quantitative Data.

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16
Q

It is a method of collecting data that involves words

A

QUALITATIVE DATA

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17
Q

It is a method of collecting that involves numbers

A

QUANTITATIVE DATA

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18
Q

What are the common methods of collecting data?

Enumerate.

A
  1. Interview
  2. FGD (Focus Group Discussion)
  3. Observations
  4. Traditional and online surveys
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19
Q

It is the most credible way of getting relevant information from the target customers

A

INTERVIEW

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20
Q

This type of interview uses prepared questions

A

STRUCTURED INTERVIEW

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21
Q

This type of interview utilizes on the spot questions.

A

UNSTRUCTURED INTERVIEW

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22
Q

The process of mining customer and noncostumer experience and insights about a specific product or service.

A

FOCUS GROUP DISCUSSION (FGD)

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23
Q

One of the preferred and practical methods of generating ideas.

A

OBSERVATION

24
Q

It allows the researcher to see the real and actual behavior of customers

A

OBSERVATION

25
Q

What are examples of Human Observation?

Enumerate.

A
  1. Customer purchasing patterns
  2. Mystery shopping
26
Q

What are examples of machine observation?

Enumerate.

A
  1. CCTV
  2. Traffic Counters
  3. Web Analytics
  4. Barcode Scanners
  5. GPS Technology
27
Q

A widely accepted strategic marketing tool and process in formulating tactics for a product or service

A

MARKETING MIX

28
Q

It must effectively serve the customer’s needs and wants and at the same time achieve the profitability objective.

A

MARKETING MIX

29
Q

What are the 7Ps?

Enumerate.

A
  1. Product
  2. Place
  3. Price
  4. Promotion
  5. People
  6. Packaging
  7. Process
30
Q

(IDENTIFICATION 7PS)

it refers to a location or a medium of transaction

A

Place

31
Q

(IDENTIFICATION 7PS)

The primary target of entrepreneurs is a strategic location of the business

A

Place

32
Q

(IDENTIFICATION 7PS)

It covers the product distribution and the whole business logistics

A

Place

33
Q

(IDENTIFICATION 7PS)

It covers the product distribution and the whole business logistics

A

Place

34
Q

(IDENTIFICATION 7PS)

Entrepreneurs aim to provide pleasant experience in buying the product or availing the service

A

Place

35
Q

(IDENTIFICATION 7PS)

The peso value that entrepreneurs assign to a certain product or service after considering its costs, competition, objectives, positioning, and target market.

A

Price

36
Q

What are the 2 classifications of costs?

Enumerate.

A
  1. Variable Costs/Controllable Costs
  2. Fixed Costs/Uncontrollable Costs
37
Q

(IDENTIFICATION 7PS)

It involves presenting the products or services to the public and how these can address the public’s needs, wants, or desires.

A

Promotion

38
Q

(IDENTIFICATION 7PS)

The primary market is the main audience

A

Promotion

39
Q

(IDENTIFICATION 7PS)

The main goal is to gain attention

A

Promotion

40
Q

is a type of communication that influences the behavior of a customer to choose the product or service of the entrepreneur over the competitors

A

ADVERTISING

41
Q
A
42
Q

is the act of trading product or service for a price or a fee

A

SELLING

43
Q

are short-term promotional gimmicks wherein practical incentives and appealing activities are incorporated to entice the customers to buy the product or avail of the service

A

SALES PROMOTION

44
Q

are image-building initiatives of the entrepreneur to make the name of the business reputable to stakeholders, such as the target customers, government agencies, business partners, media and the public

A

PUBLIC RELATIONS

45
Q

(IDENTIFICATION 7PS)

They play a vital role in servicing the customers.

A

PEOPLE

46
Q

(IDENTIFICATION 7PS)

How people or employees make a difference in the lives of the customers.

A

PEOPLE

47
Q

(IDENTIFICATION 7PS)

Employees have become a major influence in customers’ buying behavior.

A

PEOPLE

48
Q

(IDENTIFICATION 7PS)

How the product or service is presented to customers.

A

PACKAGING

49
Q

(IDENTIFICATION 7PS)

The overall identification of a product or service.

A

PACKAGING

50
Q

(IDENTIFICATION 7PS)

It will determine the uniqueness of the product from the competitors.

A

PACKAGING

51
Q

(IDENTIFICATION 7PS)

It preserves the shelf life of a product or service.

A

PACKAGING

52
Q

(IDENTIFICATION 7PS)

It must address environmental protection and preservation.

A

PACKAGING

53
Q

(IDENTIFICATION 7PS)

Its main goal is to entice customers to purchase the product or service.

A

PACKAGING

54
Q

(IDENTIFICATION 7PS)

It must establish brand identity and its USP. (Unique Selling Point)

A

PACKAGING

55
Q

(IDENTIFICATION 7PS)

It must persuade to try the product or to avail the service based on what he/she has seen.

A

PACKAGING

56
Q

(IDENTIFICATION 7PS)

The step-by-step procedure or activity workflow that the entrepreneur or employees follows to effectively and efficiently serve the customers.

A

PROCESS

OLGC 2ND QUARTER (STEM 11) (3 decks)

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