OTHERS

Question 1

The start of a new business undertaking

Answer 1

• Venture
• Process
• Secure
• Share

Question 2

borrow from banks/small amounts of Interest

Answer 2

lawns

Question 3

who believe in your idea for share profits.

Answer 3

investors

Question 4

securing funding

Answer 4

find a business partner, lawns, investors, grants for competition

Question 5

THE ENTREPRENEURIAL PROCESS:

Answer 5

• Mindset
• Market
• Message

Question 6

• Entrepreneurs need to have an innovation mindset so they can stand out in the marketplace.
• Refers to the proactive process of identifying, evaluating, and quickly capitalizing on emerging opportunities in the market.

Answer 6

Opportunity Seizing

Question 7

the process of communicating the value of a company’s products or services to potential customers. By using strategies such as advertising, businesses can effectively reach and sell to consumers, other businesses, and organizations.

Answer 7

marketing

Question 8

all the things a company does to get people to buy their stuff

Answer 8

Marketing = Promotion & Sales

Question 9

method of diving up a large consumer base into smaller, more focused groups that correspond to shared traits

Answer 9

market segmentation

Question 10

aims to create a general or relevant message to a broad audience

Answer 10

mass market

Question 11

aims to reach specifically defined and profiled audience in the market

Answer 11

target market

Question 12

group of people that have been identified as the most likely potential customers for a product, because of their shared characteristics, such as age, income, and lifestyle.

Answer 12

target market

Question 13

Uses factors like age, gender, income, education, and occupation. Most common type of target marketing

Answer 13

demographic

Question 14

Uses customer location, such as city, region, or country, as well as considering local buying habits

Answer 14

geographic

Question 15

Focuses on personality, interest, values and lifestyle

Answer 15

psychographic

Question 16

Actions such as purchase history, website interactions, and engagement with marketing campaigns

Answer 16

behavioral

Question 17

Very specific, well-defined market segment with unique needs

Answer 17

niche marketing

Question 18

Process of arranging a product to occupy a clear, distinct and desirable place in relation to other competing products in the mindset of target customers

Answer 18

market positioning

Question 19

act of occupying a certain place

Answer 19

positioning

Question 20

process of determining the place of the business in the industry

Answer 20

business positioning

Question 21

a two-dimensional perceptual map. Used when a brand uses two dimensions, such as price and quality to position their product against competitor products.

Answer 21

positioning or perceptual map

Question 22

Two basic dimensions to be considered are:

Answer 22

Price and Quality

Question 23

customer is very involved in a purchase, but has trouble distinguishing between brands.

Answer 23

Complex Buying Behavior

Question 24

Draws upon social science disciplines of anthropology, psychology, sociology, and economics

Answer 24

Complex Buying Behavior

Question 25

The sum total of a consumer’s attitudes, preferences, intentions and decisions regarding the consumer behavior in the marketplace when purchasing a product or service

Answer 25

Complex Buying Behavior

Question 26

factors of consumer behavior

Answer 26

Factors: 1. Cultural 2. Social 3. Personal 4. Psychological 5. Economical

Question 27

High involvement, few perceived differences between brands.

Answer 27

Dissonance-reducing Buying Behavior

Question 28

consumer makes a purchase without much thought, often based on a routine or preference for a brand

Answer 28

Habitual Buying Behavior

Question 29

individuals switching among products, categories of brands to avoid the decreasing utility due to repeat purchases or consumption of the same products

Answer 29

Variety-seeking Customer

Question 30

Refers to gathering of information on multiple fields of business that includes: industry, finance, consumer behavior, and trademarks. Its purpose is to create and further develop a business.

Answer 30

entrepreneurial research

Question 31

types of research

Answer 31

o Types: 1. Exploratory Research 2. Descriptive Research 3. Casual Research

Question 32

Refers to the kind of necessary information to be gathered in answering the objective of the research work. In this lesson research data simply refers to the information needed by the entrepreneur in order to answer the objective relative to the buying behavior of the consumers.

Answer 32

research data

Question 33

can be counted and mathematically computed. Expressed in numerical values (e.g. Consumer Income, Product Sales Volume, Consumer Age, Number of Units)

Answer 33

quantitative

Question 34

Descriptive and cannot be counted (e.g. Ethnic or Tribal Group, Consumer Perceptions, Gender, Dominant Culture in a Market Segment)

Answer 34

qualitative

Question 35

Is a tool used by the entrepreneur in gathering or collecting data. The choice of research instrument to use will depend on the type of research to be conducted and the type of data to be gathered.

Answer 35

research instrument