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Q1 Entrepreneurship > Q1 Pointers > Flashcards

Q1 Pointers Flashcards

1
Q

Difference of dealership and distributorship

A

Deal: One brand
Distrib: Many brands

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2
Q

Key characteristic of a business

A

It practices entrepreneurial principles

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3
Q

Key factor of successful direct selling

A

D. Relationship

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4
Q

You are developing an application, which is most important?

A

Ensuring the application is user friendly

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5
Q

You made handmade products, which is most important?

A

C. Sustainability of packaging

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6
Q

Tech company is developing a new Virtual Reality headset, the company has a limited budget and wanted to test its feasibility. Which stage would be appropriate for this?

A

D. Prototype

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7
Q

Why is positioning an essential element of a marketing mix?

A

D. Clarifies how the products stands out with the competitors

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8
Q

How is packaging related to business

A

C. It involves designing and developing a unique and appealing presentation

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9
Q

A clothing botique is trying to create a unique brand image, how should they promote it?

A

C. Botique run social media campaign which features local influencers wearing this clothing

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10
Q

What is an appropriate brand name for a new line of recycled umbrellas

A

B. Ecoshield

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11
Q

What is an appropriate brand name for a new line of shampoo which is for volumizing and thickness

A

B. Full and Fabulous

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12
Q

A fitness studio wants to attract customers, how should they promote?

A

C. Studio hires experienced trainors

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13
Q

A company is developing a product for busy parents. Which is important?

A

D. Specific needs and challenges of busy parents

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14
Q

You want to start a handmade jewelry business. Which is important for promotion?

A

B. Setting up a booth at a local craft fare

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15
Q

You are planning to launch a new food delivery service, how can you attract customers?

A

C. Providing excellent customer service and fast delivery

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16
Q

A new startup launches a food delivery application that has dietary restriction. Which stage is the outlining in

A

C. Introduction

17
Q
  1. Which of the following best describes the “introduction” stage of the product life cycle for the
    technology startup’s mental health services?
    A. The product is widely adopted and enjoys a high market share.
    B. The product faces intense competion and declining sales.
    C. The product is launched and initial customer adoption is slow.
    D. The product is modified to meet evolving customer needs.
A

C. The product is launched and initial customer adoption is slow.

18
Q
  1. What is the primary goal of the “growth” stage in the product life cycle for the technology
    startup’s mental health services?
    A. To maximize profits by reducing production costs.
    B. To establish a strong brand presence in the market.
    C. To introduce new features and functionalities to the product.
    D. To maintain market share and fend off competitors
A

B. To establish a strong brand presence in the market.

19
Q
  1. Which of the following is a characterisEc of the “maturity” stage in the product life cycle for
    the technology startup’s mental health services?
    A. Rapidly declining sales and market share.
    B. High compeEEon and price wars among compeEtors.
    C. Stable sales and market share with minimal growth.
    D. Significant investment in research and development for new features.
A

C. Stable sales and market share with minimal growth

20
Q
  1. What is the most likely outcome for the technology startup’s mental health services if they
    enter the “decline” stage of the product life cycle?
    A. Increased profits due to reduced compeEEon.
    B. Continued growth in market share despite declining sales.
    C. Reduced sales and market share, leading to potential discontinuation
    D. Significant investment in marketing to revive product demand.
A

C. Reduced sales and market share, leading to potential discontinuation

21
Q
  1. What is the purpose of “defining” the problem in a design thinking process for the technology
    startup’s mental health services?
    A. To identify potential solutions without considering user needs.
    B. To understand the root cause of the problem and its impact on users.
    C. To create a prototype of the solution without testing its feasibility.
    D. To generate ideas for solutions without analyzing the problem.
A

B. To understand the root cause of the problem and its impact on users.

22
Q
  1. How can the technology startup “empathize” with the teenagers who will use their mental
    health services?
    A. By conducEng market research and analyzing data trends.
    B. By observing teenagers in their natural environment and understanding their behaviors.
    C. By relying on assumptions and personal opinions about teenagers’ needs.
    D. By focusing solely on the technical aspects of the product development.
A

B. By observing teenagers in their natural environment and understanding their
behaviors.

23
Q
  1. What is the primary goal of the “ideate” stage in the design thinking process for the
    technology startup’s mental health services?
    A. To evaluate the feasibility of potential solutions.
    B. To generate a wide range of ideas for addressing the problem.
    C. To test the prototype of the solution with users.
    D. To define the problem and understand user needs.
A

B. To generate a wide range of ideas for addressing the problem

24
Q
  1. What is the purpose of creating a “prototype” in the design thinking process for the
    technology startup’s mental health services?
    A. To finalize the product design without testing its functionality.
    B. To test the feasibility and usability of the solution with users.
    C. To define the problem and understand user needs.
    D. To generate a wide range of ideas for addressing the problem.
A

B. To test the feasibility and usability of the solution with users.

25
Q

Which of the following best describes the initial step in analyzing market need for the
technology startup in the healthcare industry scenario?
A. Conducting a SWOT analysis of the mental health services available for teenagers.
B. Developing a pricing strategy for potential products or services.
C. Creating a marketing campaign to raise awareness about mental health issues.
D. Identifying key competitors in the mental health services market.

A

A. Conducting a SWOT analysis of the mental health services available for teenagers

26
Q
  1. In determining possible products or services to meet the identified market need, what is the
    next logical step for conducting market research and analysis?
    A. Launching a pilot program to test the feasibility of the proposed solutions.
    B. Designing a comprehensive marketing plan to promote the products or services.
    C. Securing funding from investors to support product development.
    D. Conducting focus groups with teenagers to gather feedback on potential solutions.
A

D. Conducting focus groups with teenagers to gather feedback on potential solutions.

27
Q
  1. How can the marketing consultant ensure that the identified products or services effectively
    meet the market need in the healthcare industry scenario?
    A. Implement a pricing strategy to maximize profit margins.
    B. Collaborating with mental health professionals to validate the effectiveness of the solutions.
    C. Launching an aggressive advertising campaign to generate buzz.
    D. Expanding the target market beyond teenagers to increase sales potential.
A

B. Collaborating with mental health professionals to validate the effectiveness of the
solutions

28
Q
  1. What role does innovation play in developing products or services to address market needs in
    the healthcare industry scenario?
    A. Innovation is irrelevant as long as the products or services address the identified market
    need.
    B. Innovation can help differentiate the products or services and provide a competetive edge.
    C. Innovation should focus solely on cuting costs to maximize profitability.
    D. Innovation is only necessary if the products or services are targeted at a niche market
    segment.
A

B. Innovation can help differentiate the products or services and provide a competetive
edge

29
Q
  1. How can the marketing consultant evaluate the success of the implemented products or
    services in meeting the identified market need?
    A. Tracking sales revenue and profitability metrics.
    B. Ignoring customer feedback to avoid bias in evaluation.
    C. Relying solely on anecdotal evidence from a few satisfied customers.
    D. Disregarding market trends and competitor activities
A

A. Tracking sales revenue and profitability metrics.

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Q1 Entrepreneurship (1 decks)

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