ENTREPRENEURSHIP

Question 1

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

Answer 1

Identifying Customer Needs

Question 2

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.

Answer 2

Customer needs

Question 3

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

Answer 3

True

Question 4

Methods to Identify Customer Needs:

Answer 4

1. Focus Groups
2. Social Listening
3. Customer Need Analysis Survey
4. Means-End-Analysis

Question 5

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.

Answer 5

Focus Groups

Question 6

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.

Answer 6

Social Listening

Question 7

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.

Answer 7

Focus Group

Question 8

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

Answer 8

Social Listening

Question 9

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.

Answer 9

Customer Needs
Analysis Survey

Question 10

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

Answer 10

Customer Needs
Analysis Survey

Question 11

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’.

Answer 11

Means-End Analysis

Question 12

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

Answer 12

Means-End Analysis

Question 13

3 Reasons of Buyer

Answer 13

Feature
Benefits
Values

Question 14

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.

Answer 14

Features

Question 15

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.

Answer 15

Benefits

Question 16

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.

Answer 16

Values

Question 17

how do you Meet Customers Needs?

Answer 17

1. Identify
2. Distribute
3. Create
4. Collect

Question 18

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

Answer 18

Identify

Question 19

_______ the information relevant stakeholders in your organization

Answer 19

Distribute

Question 20

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

Answer 20

Create

Question 21

_________ customer feedback on how your efforts mee their expectations.

Answer 21

Collect

Question 22

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

Answer 22

The 7 P’s of Marketing Mix

Question 23

A very crucial structure among these is the?

Answer 23

7 P’s of Marketing.

Question 24

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.

Answer 24

7 P’s of Marketing

Question 25

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.

Answer 25

Product

Question 26

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.

Answer 26

Product

Question 27

2 types of product

Answer 27

Goods and Services

Question 28

2 types of Goods

Answer 28

Consumer and Business Goods

Question 29

2 types of Services

Answer 29

Consumer Services and Professional Services

Question 30

Example: Hair and Pedicure

Answer 30

Consumer Services

Question 31

Example: Engineering and Accountancy

Answer 31

Professional Services

Question 32

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.

Answer 32

Place

Question 33

2nd P

Answer 33

Place

Question 34

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?

Answer 34

Place

Question 35

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.

Answer 35

Place

Question 36

Channel 1 contains two stages between?

Answer 36

producer and consumer

Question 37

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.

Answer 37

Channel 1

Question 38

Channel 2 contains?

Answer 38

one intermediary

Question 39

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.

Answer 39

Channel 2

Question 40

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

Answer 40

Channel 3

Question 41

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

Answer 41

direct-marketing

Question 42

The _________ is a serious component of the marketing mix.

Answer 42

Price

Question 43

3rd P

Answer 43

Price

Question 44

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

Answer 44

Price

Question 45

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 _________

Answer 45

Price

Question 46

In commerce, price is determined by what

Answer 46

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.

Question 47

One example of a pricing strategy is the?

Answer 47

penetration pricing

Question 48

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

Answer 48

penetration pricing

Question 49

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.

Answer 49

penetration pricing

Question 50

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

Answer 50

True

Question 51

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

Answer 51

True

Question 52

The Different Pricing Strategies and Its Definition

Question 53

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

Answer 53

Promotion

Question 54

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

Answer 54

Promotion

Question 55

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

Answer 55

promotional mix.

Question 56

6 TYPES OF PROMOTIONAL MIX

Question 57

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

Answer 57

Radio

Question 58

It is also cheaper than TV advertising.

Answer 58

Radio

Question 59

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

Answer 59

Television

Question 60

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

Answer 60

Television

Question 61

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

Answer 61

Television

Question 62

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

Answer 62

Print

Question 63

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

Answer 63

Electronic