Entrep187 Exam2 PT5 (Ch9)
Small business owners' unique selling points (also known as benefits) that customers can expect from your goods or services, including benefits that differentiate your offering from those of the competition is known as:
value proposition.
Which of the following statements is not true of a product in the decline stage of the product life cycle?
Characteristics of the decline stage differ for each product.
The purchasing process is the term applied to the schedule and the process for setting the schedule for making purchases by an individual or an organization.
False
The total product is the most general description of a business, and the one which captures the smallest amount of what is special about a business.
False
Which of the following is not one of the three tests of the approach when crafting a customer-focused value proposition?
How does your price compare to competitors' prices?
When considering the service life cycle, which of the following statements is not true?
It can be more difficult to extend the life cycle of a service over that of a product.
Which of the following statements best describes the process of idea screening in new product development?
It is the process of selecting the most promising ideas to be further evaluated for feasibility.
Which of the following statements is true of marketing research?
Marketing research can tell you what customers consider a reasonable price.
Which of the following statements is not true concerning marketing and marketing plans?
Not all business plans have a marketing section.
Which of the following statements is not true of the product life cycle?
Stages in the product life cycle are not similar to those of the firm's life cycle.
Which of the following statements is not true of creating a customer profile?
The goal of these interviews is to get as many responses as possible.
The makers of baby wipes began advertising their products for adult use, for everyone's use. This is an example of a product during which stage of the product life cycle?
The maturity stage
Marketing and new product experts believe that most of the small business failures could have been avoided by following the new product development (NPD) process.
True
The final goal for developing and testing your value proposition is how it stacks up against and will compete against the other offering available to your customers.
True
The new product development process is likely to be easier for services than for innovative goods.
True
Marketing data gathered by simple observation - seeing what customers do, rather than asking them is:
ethnographic research.
Which of the following statements is true of the target market?
Your target market is the same as your Serviceable Obtainable Market (SOM).
From an entrepreneur's perspective, marketing is all about connecting your customer to your product or service. The first step in this process is:
connecting the two through the value proposition.
A customer role that describes a person in an organization who is responsible for choosing which product or service will be obtained is the __________.
decision maker
According to the Panel Study of Entrepreneurial Dynamics (PSED), when an entrepreneur comes up with the idea from others, the single greatest idea source is from:
discussions with friends and family.
Marcie works at a public library and she is responsible for purchasing all audiobooks for the library. Marcie reads reviews of the titles from the available monthly circulars, choosing the titles she would like to add to the collection. Marcie then sends the order to the technical services department where Linda places the order. In this case Linda is playing the customer role of _________.
purchaser
