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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
What are examples of Human Observation? Enumerate.
1. Customer purchasing patterns 2. Mystery shopping
26
What are examples of machine observation? Enumerate.
1. CCTV 2. Traffic Counters 3. Web Analytics 4. Barcode Scanners 5. GPS Technology
27
A widely accepted strategic marketing tool and process in formulating tactics for a product or service
MARKETING MIX
28
It must effectively serve the customer's needs and wants and at the same time achieve the profitability objective.
MARKETING MIX
29
What are the 7Ps? Enumerate.
1. Product 2. Place 3. Price 4. Promotion 5. People 6. Packaging 7. Process
30
(IDENTIFICATION 7PS) it refers to a location or a medium of transaction
Place
31
(IDENTIFICATION 7PS) The primary target of entrepreneurs is a strategic location of the business
Place
32
(IDENTIFICATION 7PS) It covers the product distribution and the whole business logistics
Place
33
(IDENTIFICATION 7PS) It covers the product distribution and the whole business logistics
Place
34
(IDENTIFICATION 7PS) Entrepreneurs aim to provide pleasant experience in buying the product or availing the service
Place
35
(IDENTIFICATION 7PS) The peso value that entrepreneurs assign to a certain product or service after considering its costs, competition, objectives, positioning, and target market.
Price
36
What are the 2 classifications of costs? Enumerate.
1. Variable Costs/Controllable Costs 2. Fixed Costs/Uncontrollable Costs
37
(IDENTIFICATION 7PS) It involves presenting the products or services to the public and how these can address the public's needs, wants, or desires.
Promotion
38
(IDENTIFICATION 7PS) The primary market is the main audience
Promotion
39
(IDENTIFICATION 7PS) The main goal is to gain attention
Promotion
40
is a type of communication that influences the behavior of a customer to choose the product or service of the entrepreneur over the competitors
ADVERTISING
41
42
is the act of trading product or service for a price or a fee
SELLING
43
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
SALES PROMOTION
44
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
PUBLIC RELATIONS
45
(IDENTIFICATION 7PS) They play a vital role in servicing the customers.
PEOPLE
46
(IDENTIFICATION 7PS) How people or employees make a difference in the lives of the customers.
PEOPLE
47
(IDENTIFICATION 7PS) Employees have become a major influence in customers’ buying behavior.
PEOPLE
48
(IDENTIFICATION 7PS) How the product or service is presented to customers.
PACKAGING
49
(IDENTIFICATION 7PS) The overall identification of a product or service.
PACKAGING
50
(IDENTIFICATION 7PS) It will determine the uniqueness of the product from the competitors.
PACKAGING
51
(IDENTIFICATION 7PS) It preserves the shelf life of a product or service.
PACKAGING
52
(IDENTIFICATION 7PS) It must address environmental protection and preservation.
PACKAGING
53
(IDENTIFICATION 7PS) Its main goal is to entice customers to purchase the product or service.
PACKAGING
54
(IDENTIFICATION 7PS) It must establish brand identity and its USP. (Unique Selling Point)
PACKAGING
55
(IDENTIFICATION 7PS) It must persuade to try the product or to avail the service based on what he/she has seen.
PACKAGING
56
(IDENTIFICATION 7PS) The step-by-step procedure or activity workflow that the entrepreneur or employees follows to effectively and efficiently serve the customers.
PROCESS

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

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