Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

FINALS (GRADE 12) > ENTREPRENEURSHIP > Flashcards

ENTREPRENEURSHIP Flashcards

1
Q

is mission-critical for businesses looking to create a product that truly speaks to their customers’
problems.

A

Identifying Customer Needs

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

are the named and unnamed needs your customer has when they come in contact with your business, your competitors, or when they search for the solutions you provide.

A

Customer needs

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

However, identifying the needs of your customers is easier said than done. There are a couple easy ways to gain insight into what your customers really need from you.

True or False

A

True

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Methods to Identify Customer Needs:

A
  1. Focus Groups
  2. Social Listening
  3. Customer Need Analysis Survey
  4. Means-End-Analysis
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

is a marketing research tool in which a small group of people (typically eight to ten individuals) engages in a roundtable discussion of selected topics of interest in an informal setting.

A

Focus Groups

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Start to ask around, hear other opinions about your business. You start to listen and based on what you hear you start to make changes that people like.

A

Social Listening

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

The ______ discussion is typically directed by a moderator who guides the discussion in order to obtain the group’s opinions about or reactions to specific
products.

A

Focus Group

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

___________ gives brand an opportunity to track, analyze, and respond to conversations through brand improvement and development. It’s a crucial component of audience research.

A

Social Listening

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

is typically conducted by running surveys that help companies figure out their position in their respective competitive markets how they stack up in terms of meeting their target customers’ needs.

A

Customer Needs
Analysis Survey

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

The survey should primarily ask questions about your brand and competitors, as well as customers’ product awareness and brand attitudes in general.

A

Customer Needs
Analysis Survey

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Once you’ve conducted the customer needs analysis survey, you can use the answers to get a fuller picture of the reasons why your customers purchase from you, and what makes your product or service stand apart from your competitors’.

A

Means-End Analysis

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

analyzes those answers to determine the primary reasons why a customer would buy your product.

A

Means-End Analysis

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

3 Reasons of Buyer

A

Feature
Benefits
Values

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

A customer buys a product or service because of the ______ included in the purchase.

If the customer were buying a laptop, for example, they might buy it from you because it’s smaller and lighter in weight than other options.

A

Features

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

A customer buys a product or service because of a benefit, real or perceived, they believe it will offer them.

The customer might also buy the laptop because it syncs easily with their other devices wirelessly and can be used while
travelling.

A

Benefits

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

A customer buys a product or service for unique, individual values, real or perceived, they believe it will help them fulfill.

The customer might think the laptop will help them to be more creative or artistic and unlock other personal or professional
artistic opportunities.

A

Values

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

how do you Meet Customers Needs?

A
  1. Identify
  2. Distribute
  3. Create
  4. Collect
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

____ what your customer needs and potential ones need from you through focus groups, social listening, and other methods mentioned above.

A

Identify

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

_______ the information relevant stakeholders in your organization

A

Distribute

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Craft product peature or _______ content that speaks to your customer’s needs.

A

Create

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

_________ customer feedback on how your efforts mee their expectations.

A

Collect

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

There are several important frameworks which you can utilize for the purpose of marketing your product and services.

A

The 7 P’s of Marketing Mix

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

A very crucial structure among these is the?

A

7 P’s of Marketing.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

The framework of “_________________” includes product, place, price, promotion people, packaging and positioning. Realizing these P’s in the most ideal manner can turn out to be very profitable, however, you should totally see each description of the ______ first.

A

7 P’s of Marketing

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

The first P in the Marketing Mix is the Product.

Marketing strategy typically starts with the product. Marketers can’t plan a distribution system or set a price if they don’t know exactly what the product will be offered to the market.

A

Product

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

Refers to any goods or services that is produced to meet the consumers’ wants, tastes and preferences. Examples of goods include tires, MP3 players, clothing and etc. Goods can be categorized into business goods or consumer goods.

A

Product

27
Q

2 types of product

A

Goods and Services

28
Q

2 types of Goods

A

Consumer and Business Goods

29
Q

2 types of Services

A

Consumer Services and Professional Services

30
Q

Example: Hair and Pedicure

A

Consumer Services

31
Q

Example: Engineering and Accountancy

A

Professional Services

32
Q

represents the location where the buyer and seller exchange goods or 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.

A

Place

33
Q

2nd P

A

Place

34
Q

It is one thing having a great product, sold at an attractive price. But what if:

• Customers are not near a retailer that is selling the product?
• A competing product is stocked by a much wider range of outlets?
• A competitor is winning because it has a team of trained distributors or sales agents who are out there meeting customers and closing the sale?

A

Place

35
Q

matters for a business of any size. It is a crucial part of the marketing mix.

The main function of a distribution channel is to provide a link between production and consumption.

A

Place

36
Q

Channel 1 contains two stages between?

A

producer and consumer

37
Q

a wholesaler and a retailer. A wholesaler typically buys and stores large quantities of several producers’ goods and then breaks into bulk deliveries to supply retailers with smaller quantities. For small retailers with limited order quantities, the use of wholesalers makes economic sense.

A

Channel 1

38
Q

Channel 2 contains?

A

one intermediary

39
Q

A retailer is a company that buys products from a manufacturer or wholesaler and sells them to end users or customers.

In a sense, a retailer is an intermediary or middleman that customers use to get products from the manufacturers.

A

Channel 2

40
Q

is called a “direct-marketing” channel, since it has no intermediary levels. In this case the manufacturer sells directly to customers.

A

Channel 3

41
Q

Channel 3 is called a “_______________” channel, since it has no intermediary levels. In this case the manufacturer sells directly to customers.

A

direct-marketing

42
Q

The _________ is a serious component of the marketing mix.

A

Price

43
Q

3rd P

A

Price

44
Q

In the narrowest sense, price is the value of money in exchange for a product or service.

A

Price

45
Q

Generally speaking, the price is the amount or value that a customer gives up to enjoy the benefits of having or using a product or service. Thus, customers exchange a certain value for having or using the product – a value we call _________

A

Price

46
Q

In commerce, price is determined by what

A
  1. a buyer is willing to pay,
  2. a seller is willing to accept, and
  3. the competition is allowing to be charged. With product, promotion, and place of marketing mix, it is one of the business variables over which organizations can exercise some degree of control.
47
Q

One example of a pricing strategy is the?

A

penetration pricing

48
Q

It is when the price charged for products and services is set artificially low in order to gain market share.

A

penetration pricing

49
Q

For example, if you are going to open a Beauty Salon, you need to set your prices lower than those of your competitors so that you can penetrate the market. If you already have a good number of market share then you can slowly increase your price.

A

penetration pricing

50
Q

There are several factors that affect a small business’ revenue potential. One of the most important is the pricing strategy utilized by you as the owner of the business.

T or F

A

True

51
Q

A right pricing strategy helps you define the particular price at which you can maximize profits on sales of your product or service.

T or F

A

True

52
Q

The Different Pricing Strategies and Its Definition

A
53
Q

refers to the complete set of activities, which communicate the product, brand or service to the user.

A

Promotion

54
Q

The idea is to create an awareness, attract and induce the consumers to buy the product, in preference over others.

A

Promotion

55
Q

The following are the most common medium in promoting a product and this is called __________.

A

promotional mix.

56
Q

6 TYPES OF PROMOTIONAL MIX

A
57
Q

Advertising by means of radio gives the advantage of selecting the territory and audience to which the message is to be directed.

A

Radio

58
Q

It is also cheaper than TV advertising.

A

Radio

59
Q

This is the latest and the fast-developing medium of advertising and is getting increased popularity these days.

A

Television

60
Q

and is getting increased popularity these days. It is more effective as compared to radio as it has the advantages of sound and sight.

A

Television

61
Q

On account of pictorial presentation, it is more effective and impressive and leaves a lasting impression on the mind of the viewer.

A

Television

62
Q

media carry their messages entirely through the visual mode. These media consist of newspapers, magazines and direct mail.

A

Print

63
Q

You can also advertise electronically through your company website and provide important and pertinent information to clients and customers.

A

Electronic

FINALS (GRADE 12) (1 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions