Entrep Market Research, 7p's, and Business Plan

Question 1

Definition of Terms

is the most valuable tool of any type of research study. Inaccurate data collection may cause mistakes and ultimately lead to invalid results

Answer 1

DATA COLLECTION

Question 2

Definition of Terms

are the most common way to gather primary research with the use of questionnaires or interview schedule.

Answer 2

SURVEYS

Question 3

Definition of Terms

Is one of the most reliable and credible ways of getting relevant information from target customers. It is typically done in personal between the researcher entrepreneur and a respondent where the researcher asks pertinent questions that will give significant pieces of information about the problem that he will solve.

Answer 3

INTERVIEW

Question 4

Definition of Terms

It allows the researcher to establish relationship with potential participants and therefore gain their cooperation. It generates highest response rates in survey research

Answer 4

Personal interviews

Question 5

Definition of Terms

are less expensive and less time consuming, but the disadvantages are that the response rate is not as high as the Face-to- face interview, but considerably higher than the mailed questionnaire.

Answer 5

Telephone interviews

Question 6

Definition of Terms

is an excellent method for generating and screening ideas and concepts. It can be a moderated group interviews and brainstorming sessions that
provide information on user’s needs and behaviors.

(Under promotion)

Answer 6

FOCUS GROUP DISCUSSION (FGD)

Question 7

Definition of Terms

The length of a FGD is typically

Answer 7

90-120 mins long

Question 8

Identification

Participants of an FGD is typically

Answer 8

8-10 people

Question 9

Identification

FGD uses

Answer 9

Uses a semi-structure or open-format discussion

Question 10

Enumeration

7 P’s of Marketing

Answer 10

product, place, price,
promotion, people, packaging and
positioning

Question 11

Definition of Terms

It refers to any goods or services that is produced to meet the consumers’ wants, tastes and preferences.

Answer 11

Product

Question 12

Definition of Terms

represents the location where the buyer and seller exchange goods and services. It is also called as the distribution channel. It can include any physical store as well as virtual stores or online shops on the internet.

Answer 12

Place

Question 13

Definition of Terms

Price is determined by

Answer 13

-What a Buyer is willing to pay
 A Seller is willing to accept
 The competition is allowing to be charged

Question 14

Definition of Terms

The price charge for products and
services is set artificially low in order to
gain market share. Once this is achieved, the price is increased.

Answer 14

Penetration
Pricing

Question 15

Definition of Terms

A company charges a higher price then
slowly lowers the price to make the
product available to a wider market
because it has a considerable competitive
advantage

Answer 15

Skimming
Pricing

Question 16

Definition of Terms

A pricing method in which a seller uses
prices of competing products as a
benchmark instead of considering own
costs or the customer demand

Answer 16

Competition
Pricing

Question 17

Definition of Terms

The act of placing several products or
services together in a single package and selling for a lower price than would be charged if the items were sold separately

Answer 17

Bundle
Pricing

Question 18

Definition of Terms

The practice of reviewing and setting
prices for multiple products that a
company offers in coordination with one another.

Answer 18

Product Line
Pricing

Question 19

Definition of Terms

A price-setting strategy where prices areset primarily on consumers’
perceives value of the product or service

Answer 19

Value Based
Pricing

Question 20

Definition of Terms

Setting the price of a product higher
than a similar products. The goal is to
create the perception that the products must have a higher value than competing products because the price are higher

Answer 20

Premium
Pricing

Question 21

Definition of Terms

Psychological pricing is the practice of
setting prices slightly lower than
rounded numbers, in the belief that
customers do not round up these prices, and so will treat them as lower prices than they really are.

Answer 21

Psychological
Pricing

Question 22

Definition of Terms

The company earns more through cross selling products along with a basic core product. The main product does not have many features (and price is low) which can be enhanced through optional or accessory products which are sold at premium by the same company

Answer 22

Optional
Pricing

Question 23

Definition of Terms

involves adding a
mark-up to the cost of goods and
services to arrive at the selling price.

Answer 23

Cost Plus
Pricing

Question 24

Definition of Terms

A pricing method in which a fixed sum
or a percentage of the total cost is added (as income or profit) to the cost of the product to arrive at it selling price.

Answer 24

Cost Based
Pricing

Question 25

# **Definition of Terms** refers to the complete set of activities, which communicate the product, brand or service to the user

Answer 25

Promotion

Question 26

# **Definition of Terms** gives the advantage of selecting the territory and audience to which the message is to be directed. (under advertising) | (Under promotion)

Answer 26

Advertising by means of radio

Question 27

# **Definition of Terms** On account of pictorial presentation, it is more effective and impressive and leaves a lasting impression on the mind of the viewer (under advertising) | (Under promotion)

Answer 27

Television

Question 28

# **Definition of Terms** carry their messages entirely through the visual mode. These media consist of newspapers, magazine and direct mail (under advertising) | (Under promotion)

Answer 28

Print

Question 29

# **Definition of Terms** advertise through your company website and provide important and pertinent information to clients and customers (under advertising) | (Under promotion)

Answer 29

Electronic

Question 30

# **Definition of Terms** most credible forms of advertising because a person puts their reputation on the line every time they make a recommendation and that person has nothing to gain but the appreciation of those who are listening. (under advertising) | (Under promotion)

Answer 30

Word of Mouth

Question 31

# **Definition of Terms** the promotion of a particular commodity is without reference to a specific producer, brand name or manufacturer. (under advertising) | (Under promotion)

Answer 31

Generic

Question 32

# **Definition of Terms** Involves sharing information with the public using platforms that do not require a payment, such as social media or through press release shared with magazines and newspapers. (under advertising) | (Under promotion)

Answer 32

PR

Question 33

# **Definition of Terms** occurs when an individual salesperson sells a product, service or solution to a client | (Under promotion)

Answer 33

Personal Selling

Question 34

# **Definition of Terms** Personal selling involves a selling process that is summarized in the following Five Stages Personal Selling Process. | (Under promotion)

Answer 34

-Prospecting -Making First Contact -The sales call -Objection Handling -Closing the Sale

Question 35

# **Definition of Terms** is any initiative undertaken by an organization to promote an increase in sales, usage or trial of a product or service. | (Under promotion)

Answer 35

Sales promotion

Question 36

# **Enumeration** Sales Promotion Technique: | Name at least three (3)

Answer 36

* Free Gifts * Customer Contests * Free Sample * Special Pricing * Free Trial

Question 37

# **Definition of Terms** is a promotional method that involves presenting information about your company, product, or service to your target customer without the use of an advertising middleman. | (Under promotion)

Answer 37

Direct marketing

Question 38

# **Enumeration** Forms of Direct Marketing: | Name at least three (3)

Answer 38

* Brochure * Email * Newsletters * Coupons * Fliers * Text Messages * Catalogs * Phone Calls * Post Cards

Question 39

# **Definition of Terms** consist of each person who is involved in the product or service whether directly or indirectly.

Answer 39

People

Question 40

# **Definition of Terms** refers to the outside appearance of a product and how it is presented to the customers.

Answer 40

Packaging

Question 41

# **Definition of Terms** involves merging of unit loads for shipping. It starts with spots of adhesives on the individual shippers that stick them together, straps of steel and plastic, entire covering of shrinkable or stretchable plastic films and paper or corrugated wraps that surround an entire pallet of product

Answer 41

Containment

Question 42

# **Definition of Terms** include general features of the product, ingredients, net weight of the contents, name and address of the manufacturers, maximum retail price (MRP)

Answer 42

Information

Question 43

# **Definition of Terms** The convenience packaging has been devised for foods, households chemicals, drugs, adhesives, paints, cosmetics, paper goods and a host of other products

Answer 43

Utility Use

Question 44

# **Definition of Terms** Companies use attractive colors, logos, symbols and captions to promote the product that can influence customer purchase decision.

Answer 44

Promotion

Question 45

# **Definition of Terms** refers to a process used by marketers to create an image in the minds of a target market.

Answer 45

Positioning

Question 46

# **Definition of Terms** deal with solving a problem, providing benefits and getting a favourable perception from investors stockholders and consumers

Answer 46

Functional Positions

Question 47

# **Definition of Terms** deal with self-image enhancement, ego identification, belongingness, social meaningfulness and affective fulfilment

Answer 47

Symbolic Positions

Question 48

# **Definition of Terms** deal with providing sensory or cognitive stimulation.

Answer 48

Experiential Positions

Question 49

# **Definition of Terms** is a name, symbol, or other feature that distinguishes a seller’s goods or services in the market place.

Answer 49

Brand Name

Question 50

# **Definition of Terms** is a long-term design for the development of a popular brand in order to achieve the goals and objectives

Answer 50

Brand Strategy

Question 51

# **Definition of Terms** is a powerful and sustainable high-level marketing strategy used to create or influence a brand.

Answer 51

Branding

Question 52

# **Definition of Terms** is one of your greatest assets because your brand is your customers’ over-all experience of your business

Answer 52

Your Brand

Question 53

# **Definition of Terms** In finding purpose, this way focuses on the assessments of success in terms of fast and profitable reasons. For example, the purpose of the business is to make money.

Answer 53

Functional

Question 54

# **Definition of Terms** this way focuses on fulfilment as it relates to the capability to generate money and do well in the world.

Answer 54

Intentional

Question 55

# **Definition of Terms** The significance of consistency is to avoid things that don’t relate to improve your brand. Consistency aids to brand recognition, which fuels customer loyalty

Answer 55

Consistency

Question 56

# **Definition of Terms** This means you allow customers to have the chance to feel that they are part of your brand. You should find ways to connect more deeply and emotionally with your customers.

Answer 56

Emotion

Question 57

# **Definition of Terms** This allows you to adjust and differentiate your approach from you competition

Answer 57

Flexibility

Question 58

# **Definition of Terms** It is equally important for your employees to be well versed in how they communicate with customers and represent the brand of your product

Answer 58

Employee Involvement

Question 59

# **Definition of Terms** is an important part of brand strategy. At the end of the day, the emphasis on a positive relationship between you and your existing customer sets the tone for what potential customers can expect from doing business with you.

Answer 59

Loyalty

Question 60

# **Definition of Terms** It is a document that describes the various external and internal elements involved in starting a business or in expanding an existing venture, amidst a dynamic business environment.

Answer 60

Business Plan

Question 61

# **Identification** A business plan is prepared by

Answer 61

Entrepreneurs

Question 62

# **Definition of Terms** This serves as a guide for short-term and medium-term decision-making and managerial action.

Answer 62

Business Plan

Question 63

# **Definition of Terms** It directs the entrepreneur to his desired destination

Answer 63

Business Plan

Question 64

# **Definition of Terms** Business plans are important because of the following reasons:

Answer 64

* Helps determine whether business is viable - serves as a tool in helping get financing for the business - guides the entrepreneur in mobilizing the resources needed by the business

Question 65

# **Identification** Who reads the business plan?

Answer 65

The business plan may be read by different people, including employees, suppliers, customers, bankers and potential investors.

Question 66

# **Enumeration** Information Needs for Major Sections of the Business Plan

Answer 66

- Market Information Needs - Operations Information Needs - Financial Information Needs

Question 67

# **Definition of Terms** Business name and address | (under business plan)

Answer 67

Introductory Section

Question 68

# **Definition of Terms** Statement of financing needed | (under business plan)

Answer 68

Introductory Section

Question 69

# **Definition of Terms** Statement of confidentiality of the report | (under business plan)

Answer 69

Introductory Section

Question 70

# **Definition of Terms** Names and addresses of business owners | (under business plan)

Answer 70

Introductory Section

Question 71

# **Definition of Terms** Nature of the business | (under business plan)

Answer 71

Introductory Section

Question 72

# **Definition of Terms** Highlights of the business plan summarized in two or three pages | (under business plan)

Answer 72

Executive Summary

Question 73

# **Definition of Terms** Conditions of the general environment | (under business plan)

Answer 73

Environmental and industry analysis

Question 74

# **Definition of Terms** Conditions of the specific environment | (under business plan)

Answer 74

Environmental and industry analysis

Question 75

# **Definition of Terms** Products and/or services | (under business plan)

Answer 75

Description of the business

Question 76

# **Definition of Terms** Size of the business | (under business plan)

Answer 76

Description of the business

Question 77

# **Definition of Terms** Mission statement and core values | (under business plan)

Answer 77

Description of the business

Question 78

# **Definition of Terms** Location of the business and its major physical assets | (under business plan)

Answer 78

Description of the business

Question 79

# **Definition of Terms** Background of the business owners/entrepreneurs | (under business plan)

Answer 79

Description of the business

Question 80

# **Definition of Terms** Manufacturing process | (under business plan)

Answer 80

Production Plan

Question 81

# **Definition of Terms** Physical plant | (under business plan)

Answer 81

Production Plan

Question 82

# **Definition of Terms** Machinery and equipment | (under business plan)

Answer 82

Production Plan

Question 83

# **Definition of Terms** Suppliers of raw materials | (under business plan)

Answer 83

Production Plan

Question 84

# **Definition of Terms** Future capital equipment needs | (under business plan)

Answer 84

Production Plan

Question 85

# **Definition of Terms** Description of the company’s operations | (under business plan)

Answer 85

Operational Plan

Question 86

# **Definition of Terms** Flow of orders for goods and services | (under business plan)

Answer 86

Operational Plan

Question 87

# **Definition of Terms** Pricing | (under business plan)

Answer 87

Marketing Plan

Question 88

# **Definition of Terms** Distribution | (under business plan)

Answer 88

Marketing Plan

Question 89

# **Definition of Terms** Promotion | (under business plan)

Answer 89

Marketing Plan

Question 90

# **Definition of Terms** Sales forecasts | (under business plan)

Answer 90

Marketing Plan

Question 91

# **Definition of Terms** Form of ownership | (under business plan)

Answer 91

Organizational Plan

Question 92

# **Definition of Terms** Form of ownership | (under business plan)

Answer 92

Organizational Plan

Question 93

# **Definition of Terms** Principal shareholders or partners | (under business plan)

Answer 93

Organizational Plan

Question 94

# **Definition of Terms** Organizational chart/lines of authority | (under business plan)

Answer 94

Organizational Plan

Question 95

# **Definition of Terms** Background of the management team (under business plan)

Answer 95

Organizational Plan

Question 96

# **Definition of Terms** Roles and responsibilities of management team | (under business plan)

Answer 96

Organizational Plan

Question 97

# **Definition of Terms** * Assumptions * Pro forma balance sheet * Pro forma income statement * Cash flow projections * Sources and uses of funds * Breakeven analysis | (under business plan)

Answer 97

Financial Plan

Question 98

Some guidelines that will help the entrepreneur when making the presentation are as follows:

Answer 98

1. Tell a compelling story 2. Exhibit confidence and professionalism 3. Cover the basics 4. Adopt a cooperative attitude when answering questions

Question 99

# **Enumeration** 4 c's of credit

Answer 99

Character, capital, capacity, and collateral

Question 100

# **Definition of Terms** These can be done via direct mail, over the phone, internet (e.g. Google) or email, face-to-face or on Web (e.g. Skype or Viber).

Answer 100

Surveys

Question 101

# **Definition of Terms** The process of gathering, analyzing and interpreting information about a market, about a product or service to be offered for sale in that market, and about the past, present and potential customers for the product or service.

Answer 101

Market Research