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Entrepreneurship > Module 7 > Flashcards

Module 7 Flashcards

1
Q

Provides sufficient knowledge of the environment that can affect marketing strategy decision making.

a. Market analysis
b. Marketing research for the new venture
c. Competitor analysis

A

a.

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2
Q

Defining the purpose of objectives, gathering data from primary and secondary sources, analyzing and interpreting the results.

a. Market analysis
b. Marketing research for the new venture
c. Competitor analysis

A

b.

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3
Q

Document current strategies of primary competitors, information can be utilized to formulate the market positioning strategy.

a. Market analysis
b. Marketing research for the new venture
c. Competitor analysis

A

c.

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4
Q

Selling coffee at university.
What are the competitors?
What is the market?

A

Competitors: Edeka, Studentenwerk, coffee shops around campus, tee-selling companies, hot drinks selling companies, cold drinks selling companies.
Market: leisure time.

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5
Q

Name some secondary sources.

A
  1. Trade magazines.
  2. Newspaper articles.
  3. Libraries.
  4. Government agencies.
  5. Internet
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6
Q

What is the main benefit of competitor analysis?

A

The entrepreneur can understand the competitors’ strenghts and weaknesses.

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7
Q

What does this definition refer to? Written statement of marketing objectives, strategies, and activities to be followed in business plan.

A

Marketing plan

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8
Q

What are the 3 questions a marketing plan answers to?

A
  1. Where have we been? (what did we do in the past / what is our current situation?)
  2. Where do we want to go (in the short-term)?
  3. How do we get there? (what should we do / what do we need?)
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9
Q

Which one is not a characteristic of the marketing plan?
a. Provide strategy.
b. Be based on facts / assumptions.
c. Describe an organization for implementation.
d. Provide for short-term and long-term continuity.
e. Be simple and short.
f. Be flexible.
g. Specify criteria for control
h. None of the above.
i. All of the above (excluding h.)

A

h.

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10
Q

Place in order the steps in preparing the marketing plan.

a. Define the target market.
b. Establish goals and objectives.
c. Define the business situation.
d. Define marketing strategy and action programs.
e. Consider strenghts and weaknesses.

A

1c
2a
3e
4b
5d

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11
Q

Describes past and present business achievements of new ventures.

a. Business situation
b. Target market
c. Market segmentation

A

a.

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12
Q

Specific group of potential customers toward which venture aims its marketing plan.

a. Business situation
b. Target market
c. Market segmentation

A

b.

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13
Q

Process of dividing a market into definable and measurable groups for purposes of targeting marketing strategy.

a. Business situation
b. Target market
c. Market segmentation

A

c.

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14
Q

What are the 4 marketing mix variable?

A
  1. Product
  2. Price
  3. Place
  4. Promotion
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15
Q

Quality of components or materials, style, features, options, brand name, packaging, sizes,
service availability, and warranties.

a. Product
b. Price
c. Place
d. Promotion

A

a.

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16
Q

Use of wholesalers and/or retailers, type of wholesalers or retailers, how many, length of channel,
geographic coverage, inventory, and transportation.

a. Product
b. Price
c. Place
d. Promotion

A

c.

17
Q

Quality image, list price, quantity, discounts, allowances for quick payment, credit terms, and
payment period.

a. Product
b. Price
c. Place
d. Promotion

A

b.

18
Q

Media alternatives, message, media budget, role of personal selling, sales promotion (displays,
coupons, etc.), and media interest in publicity.

a. Product
b. Price
c. Place
d. Promotion

A

d.

19
Q

Which is not a major consideration in channel selection (place)?

a. Degree of directness of channel.
b. Number of channel members
c. Criteria in selection of channel members.
d. Number of channels
e. All of the above.
f. None of the above.

A

f.

20
Q

Involves a foreign purchaser in the local market or using an export management firm.

a. Indirect exporting
b. Direct exporting

A

a.

21
Q

Through independent distributors or the company’s own overseas sales office.

a. Indirect exporting
b. Direct exporting

A

b.

22
Q

5 basic types of mergers:
1. Horizontal merger
2. Vertical merger
3. Product extension merger
4. Market extension merger
5. Diversified activity merger

a. Firms producing same products but selling in different geographic markets.
b. Firms in successive stages of production.
c. Consolidation of essentially unrelated firms.
d. Firms that produce the same or closely related products in same geographic area.
e. Firms with related production/ distribution activities but products that don’t compete directly with each other

A

1d
2b
3e
4a
5c

23
Q

Is it better ot have an employee that can do one thing, or an employee that can do everything?

A

The one that is focusing on one specific ability does better than the one that does everything.

24
Q

Which one is part of designing the organization?

a. Organization structure and structure of operations / production.
b. Planning, measurement, and evaluation schemes.
c. Rewards.
d. Selection criteria.
e. Training.
f. All of the above.
g. None of the above.

A

f.

25
Q

What are the determinants of the legal form of the firm?

a. Degree of liability.
b. Ways to raise money.
c. Decison rights.
d. Publication and accounting requirements
e. Flexibility for changing the legal structure.
f. Taxation considerations.
g. Employee rights / labor relations
h. Ways to use money.
i. All of the above.
j. None of the above.

A

a.b.c.d.e.f.g.

26
Q

Which legal form is Elon Musk against?

A

Publication and accounting requirements.

27
Q

Which of the following companies located in Augsburg is not a competitor for a start-up aiming at selling coffee at Augsburg University?
a. ‘Star Bowling’ is a company offering different leisure time activities ranging from bowling to tennis without any beverages.
b. ‘Saturn Beverages’ is a company selling cold coffee, amongst others.
c. ‘Mensa Augsburg’ selling coffee.
d. ‘Harvard Restaurant’ selling pizza as well as hot beverages like coffee.
e. None of the above.

A

e.
Coffee is seen as leisure time.

28
Q

Which of the following options is not a way to enter a foreign market?

a. Indirect exporting.
b. Direct exporting
c. Foreign direct investment
d. Joint ventures
e. None of the above

A

e.

Entrepreneurship (10 decks)

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