Entrepreneurship & marketing

Question 1

What are the components of the marketing mix?

Answer 1

The 4 Ps
Product: developing a product that will fill consumer wants
Price: pricing the product
Place: distributing the product
Promotion: promoting the product

Question 2

What are the goals and components of marketing?

Answer 2

• Building satisfying relationships with customers
• Types of markets
• Market research
• Market environment
• New product development

Question 3

What are the segments of market segmentation (categorizing consumers)?

Answer 3

• Geographic (location)
• Demographic (gender, age, income)
• Psychographic (lifestyle, values)
• Benefit (seek in product)
• User-rate
• Niche Marketing (micro segments)

Question 4

Define value.

Answer 4

A customer’s perception that a certain product offers a better relationship between costs and benefits than competitors’ products do

Question 5

Define product line.

Answer 5

A groups of products designed for a similar market. The combination of all product lines is called a product mix.

Question 6

Describe the total product offer, or the value package.

Answer 6

All the factors that potential buyers evaluate in a product when considering whether to buy it.

There are 3 layers:

1. Actual product
2. Core benefit
3. Augmented product (ex: warranties)

Question 7

1 of the 4 Ps is Place. What are distribution channels?

Answer 7

The way to go from raw material to consumer. It can be from producer to consumer, or stop by an agent, a wholesaler, a retailer and then the consumer.

Question 8

1 of the 4 Ps is Promotion. What is the promotion mix?

Answer 8

The combination of tools that a company uses to promote a product, selecting from from 4 promotional tools:

1. advertising
2. public relations
3. personal selling
4. sales promotion

Question 9

Who are entrepreneurs?

Answer 9

People who risk their time, money and other resources to start and manage a business.

Question 10

What are the advantages of becoming an entrepreneur?

Answer 10

• Be your own boos
• Job security
• Become rich
• Find a quality of life

Question 11

What are the disadvantages of becoming an entrepreneur?

Answer 11

• Long hours
• Stress
• Risky
• Years before it pays off

Question 12

What are the 3 ways to start a business?

Answer 12

1. Buy an existing business
2. Purchase a franchise
3. Start from scratch

Question 13

What are the main attributes of an entrepreneurial mindset?

Answer 13

• seeks, screens and seizes opportunities
• masters self, business principles and opportunities
• Problem solver
• Originator