Entrepreneurship

Question 1

It is a set of controllable and interrelated variables composed of
product, place, price and promotions that a company assembles to satisfy a target group
better than its competitor.

Answer 1

Marketing MIx

Question 2

A marketing model that modifies the 4Ps model.

Answer 2

7P’s Model

Question 3

It can be intangible or tangible as it can be in the form of services or goods.

Answer 3

Product

Question 4

It is a tangible product. Its example includes tires, MP3 players, clothing and etc.

Answer 4

Goods

Question 5

It is intangible. Its example includes hair salons and accounting firms.

Answer 5

Services

Question 6

The amount that a customer pays for to enjoy it.

Answer 6

Price

Question 7

Responsible for every element of your sales, marketing strategies, and activities.

Answer 7

People

Question 8

The way your product or service appears from the outside.

Answer 8

Packaging

Question 9

This refers to how a business creates awareness in the market.

Answer 9

Promotion

Question 10

human workforce involved in the manufacture of products.

Answer 10

Manpower

Question 11

Talks about raw materials necessary in the production of a product.

Answer 11

Materials

Question 12

manufacturing equipment used in the production of goods or delivery of services.

Answer 12

Machine

Question 13

discusses the process or way of transforming raw materials to finished products.

Answer 13

Methods

Question 14

refers to the marketing copy that explains what a product is and
why it is worth purchasing.

Answer 14

Product Description

Question 15

It represents the final products from the production process and distributed to the customers.

Answer 15

Output

Question 16

It is a replica of a product.

Answer 16

Prototype

Question 17

refers to the system of organizations, people, activities, information, and resources involved in moving a product or service from supplier to customer.

Answer 17

Supply Chain

Question 18

is the process or activities by which a company adds value to an article including production, marketing, and the provision of aftersales service.

Answer 18

Value Chain

Question 19

It describes the rationale of how an organization creates, delivers,
and captures value in economic, social, cultural or other contexts.

Answer 19

Business Model

Question 20

• It is an entity that supplies goods and services to another organization.

Answer 20

Suppliers

Question 21

is a name given by an entrepreneur to a particular product or service.

Answer 21

Brand Name

Question 22

is a continuing plan of a successful brand to achieve the
organization’s goal.

Answer 22

Branding Strategy

Question 23

name styles could be invented or abstract.

Answer 23

Branding

Question 24

CHARATERISTICS OF AN IDEAL BRAND NAME

Answer 24

 Short and Simple
 Easy to Spell, Pronounce, and Remember

Question 25

is also called the family branding.

• refers to a marketing practice that involves selling various products under the name
  of a single brand

Answer 25

Umbrella Brand approach

Question 26

uses different brand names for each product but under one
company.

Answer 26

House Brand approach

Question 27

is the strategy of placing an established brand on a new
product that is in a different category.

Answer 27

Product extension approach

Question 28

is a result when sales exceed the cost to produce goods or render the services.

Answer 28

Revenue

Question 29

refers to the amount added to the cost to come up with the selling price.

Answer 29

Mark Up

Question 30

Mark Up Formula

Answer 30

Mark Up Price = (Cost x desired markup percentage)
Mark Up for T-shirt = (90.00 x .50)
Mark Up for T-shirt = 45.00

Question 31

Selling Price Formula

Answer 31

Selling Price = Cost + Mark Up
Selling Price = 90.00 + 45.00
Selling Price for T-shirt = 135.00